Homes in Nunaka Valley neighborhood of East Anchorage. (Loren Holmes / ADN)
Last year in Anchorage, housing reached its least affordable level in the last 21 years — worse even than during the Great Recession more than a decade ago, according to new data from the Alaska Department of Labor and Workforce Development.
State economists reported a similar statewide trend in May. In 2023, housing in Alaska was at the least affordable level since 2006.
The cost of home ownership in Alaska has increased dramatically since 2018, according to data provided by Alaska Housing Finance Corp. The average mortgage payment — principal loan amount plus interest, but excluding property taxes, insurance and other costs — rose by 52% between 2018 and 2024.
Rents have soared in that same time period.
“The rental market has gone up by about 24% in terms of the pricing escalation across the state,” said Daniel Delfino, an economist and director of planning at Alaska Housing Finance Corp.
City officials have called the situation in Anchorage a housing crisis. They’ve pointed to a tangle of factors: the spike in housing costs, a low rental vacancy rate, a rising number of short-term vacation rentals, a decline in housing development, increasing building costs and a labor shortage, among others.
The new data sheds further light on the difficulties of renting or buying a home in Anchorage today.
It’s become a central issue in recent city policymaking and discourse. Mayor Suzanne LaFrance, sworn in on Monday, says housing is a top priority for her administration.
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The Assembly has aimed to spur more housing development with a series of changes made to city code over the last two years. Late last month, the Assembly voted to essentially eliminate single-family zoning in the Anchorage Bowl, by allowing duplexes to be built in areas that were previously zoned only for houses.
To Assembly Vice Chair Meg Zaletel, one of the sponsors of last week’s measure, a housing crisis means that people across the economic spectrum “can’t achieve appropriate housing, attainable housing that’s suitable to their needs,” she said.
“That’s renters who are stuck at the top of the rental market who can’t move into home ownership. That’s people needing to double or triple up in order to afford rent. That means there just aren’t enough housing units for the market to respond to the various circumstances and needs,” she said.
More expensive, fewer homes for sale
Downtown Anchorage, photographed from Fish Creek. (Loren Holmes / ADN)
The median rent in Anchorage increased by 7.8% since last year, rising from $1,275 to $1,375 in 2024, according to AHFC’s data. That doesn’t include the cost of utilities.
AHFC’s rental data comes from a yearly survey in March done by the state Department of Labor. It “runs the full gamut” of rental housing, from studios to four bedrooms and larger, and excludes rentals that have income restrictions, like those for affordable housing programs, Delfino said.
This year’s increase comes after Anchorage rents rose 14.2% in 2022 and jumped another 5% in 2023, according to state data.
The U.S. Department of Housing and Urban Development defines being “housing cost burdened” as spending more than 30% of a person or household’s monthly income on rent or mortgage payments and utilities.
Among economists, there isn’t a broadly used definition of a “housing crisis,” nor is there a defined level of ideal affordability, said Rob Kreiger, an economist with the Alaska Department of Labor and Workforce Development who authored the May report.
That’s because what may be affordable varies by the circumstances and income of an individual, he said.
But with Anchorage housing at its “least affordable level” in two decades, “I think right now, what we’re seeing is, it’s really prohibitive for first-time buyers to afford a home, and it’s really expensive to rent as well,” Kreiger said.
Statewide, “it’s more expensive, and there are fewer homes on the market,” Delfino said, adding that the reported number of homes sold and mortgage loans recorded has dropped “pretty significantly over the past couple of years.”
According to the National Association of Homebuilders’ chief economist, more than 86% of residents can’t afford the cost of a newly constructed home in Anchorage.
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State economists measure home purchase affordability with the Alaska Affordability Index, a calculation that uses the average mortgage payment and average monthly wages to determine how much income it takes to afford a home.
An average index of 1 would mean that average monthly wages are just enough for one person to afford the average monthly mortgage payment for an average priced home.
The state and Anchorage saw the lowest indexes — the most affordable housing — in 2020 and 2021. Mortgage interest rates dropped significantly during that time as the federal government took actions to stabilize the economy during the pandemic, Kreiger said.
But by 2023, Anchorage’s affordability index jumped to 1.8. That means to afford the average Anchorage home, it takes about two people working full time at the average wage.
The Anchorage-specific data only dates back to 2002, and housing last year was at its least-affordable level in that timespan.
In 2023, Alaska’s overall affordability index was 1.66, the highest since 2006. That dataset dates back to 1992.
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‘Alaska has a problem with keeping young people’
What the state data doesn’t show or quantify is how the rapid increases in housing costs are affecting everyday residents, Delfino and Kreiger said in separate interviews.
“Given that things have moved a lot, and so quickly recently, it’s that stuff underneath the data set that affects real people that I would say is probably really pressing when we talk about the affordability,” Delfino said.
Before passing the zoning measure, the Assembly last month heard an outpouring of testimony from Anchorage residents. Many described struggling to find homes to rent or buy, or told stories of loved ones moving away because housing here is scarce and expensive.
“Based on my experiences as a renter and as a young person in Anchorage, it is very difficult for young people to find adequate housing in Anchorage. If you have a pet — forget about it,” said Sean McDowell, a renter in South Addition. McDowell said he lost his previous housing because the owner turned it into an Airbnb for the summer.
“We all know that Alaska has a problem with keeping young people. If there’s nowhere to live for young people, if it’s difficult to find a long-term rental in Anchorage, young people are going to keep leaving,” McDowell said.
Sean McDowell testified before the Anchorage Assembly about the lack of affordable housing at a meeting in June . McDowell is a renter in the South Addition neighborhood, where he was photographed this week. (Anne Raup / ADN)
“To what extent is housing playing in people’s decision to leave or stay here? It’s hard to say,” Kreiger said.
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As homeownership becomes more expensive, the point in a person’s life when they switch from renting to buying a home moves further out, Kreiger said in his May report.
“That gap is wider and wider, so it’s harder and harder to make that transition. So we see people that, six years ago, would have become homeowners, staying in an increasingly tight renter market,” Delfino said.
And then there’s wages.
For some Alaskans, raises and regular cost of living pay increases have helped to defray the pressure of rapidly rising housing costs.
But for many residents, it’s unlikely wages will increase quickly enough in the near term to make up the difference, Kreiger said.
“When we’re looking at inflation that’s as recent as it is, how quickly everyone’s salaries have caught up to the increased cost of living, I think, drives how acutely people feel the affordability pinch,” Delfino said.
A worker in Alaska, paid at the state’s minimum wage, $11.73 an hour, needs to work 75 hours a week in order to afford a modest, one-bedroom apartment at the statewide fair market rent, according to the National Low Income Housing Coalition’s annual report.
A full-time worker in Anchorage needs to make at least $27.96 per hour to afford a two-bedroom at the fair market rent of $1,454. A person making minimum wage would need to work 96 hours to afford the same apartment, according to the report.
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Getting back to average
Homes in Anchorage’s Westpark development south of Ted Stevens Anchorage International Airport. (Loren Holmes / ADN)
Another factor in increased housing costs is how rapidly mortgage interest rates have risen. Interest rates are a “critical component” making housing less and less affordable, Kreiger said.
When rates dropped during the pandemic, “it brought a lot of competition and buyers to the market that wouldn’t have otherwise been able to participate,” Kreiger said.
The average sales price for a single-family home in Anchorage rose 26% between 2019 and 2023, from $389,477 to $490,596, according to state data.
“Because you had that big rush of buyers and all that competition, and you have on top of that, this limited amount of homes for sale and limited construction … that’s really what I think put prices up so high,” Krieger said.
Since then, the average interest rate for 30-year fixed-rate mortgages has seen an unprecedented rise, according to Kreiger’s May report.
The average rate in Alaska is 6.33% — the highest since 2006.
Not only is it more difficult for a first-time home buyer to purchase a place to live, but the high interest rates can keep people stuck in homes they’ve owned for a few years.
“When the costs go up, especially if you’re a person who locked in an interest rate at 2.5% and you’re looking at moving, it’s the question of, could you afford your own home if you had to buy it today?” Delfino said.
For many residents, the answer is likely no, he said.
It’s another impact that’s difficult to quantify.
“We know all these things are happening,” Kreiger said. “… We know that there’s people who are stuck, we just don’t know how many there are.”
Still, for many longer-term homeowners who’ve built up equity, the market has never been better, Kreiger said in his report.
Housing affordability is unlikely to change much in the near term, Kreiger said. Wages will rise over time, but not quickly. Home sales prices “may level off and may come down a bit,” but not significantly, he said.
Interest rates are the most realistic variable that could help drive the index back down, he said.
Barring another major event like the pandemic, the rate is “not going to come down to where it was,” Kreiger said. “And depending on how things go with inflation, it may not actually happen for quite some time, but eventually they will come back down and create more of a normal situation.”
Anchorage’s average affordability index between 2002 and 2023 is 1.47.
In order to get back to the average affordability, wages would need to increase 22.5%, or home sales prices would need to drop by 18.4% — or around $90,000.
If only the average interest rate for a mortgage changed, it would need to drop to 4.5%.
As a type of alternative investment, real estate can add diversification to a portfolio and act as a hedge against inflation. Real estate investment trusts (REITs) and real estate crowdfunding offer two unique entry points to this alternative asset class.
Both allow you to invest in real estate without being required to own property directly. Comparing the pros and cons of real estate crowdfunding vs. REIT investing can help you decide which one makes the most sense for your portfolio.
Understanding Real Estate Investment Trusts (REITs)
Real estate investment trusts are legal entities that own or finance income-producing properties or invest in mortgage-backed securities. The types of properties a REIT may invest in can include:
• Hotels and resorts
• Office space
• Warehouses
• Storage space
• Multifamily apartment buildings
• Data centers
• Medical facilities
• Retail shopping centers
• Single-family homes
The primary attraction of REITs is the ability to enjoy the benefits of property investment — namely, dividend income — without purchasing real estate directly.
REITs are also considered a type of alternative investment. As with many alternative investments, real estate-based assets don’t tend to move in sync with the stock market. For this reason, investing in REITs may provide portfolio diversification.
REITs may be publicly traded, meaning they trade on an exchange like a stock. REITs must pay out 90% of their taxable income to shareholders as dividends, though some may pay as much as 100%.
If you compare REITs vs. real estate mutual funds, dividends aren’t always required with the latter. Real estate mutual funds can invest in REITs, mortgage-backed securities, or individual properties. While you may have access to a broader range of properties, you may enjoy less liquidity with real estate funds.
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Overview of Real Estate Crowdfunding
What is real estate crowdfunding? It’s a strategy that allows multiple investors to pool funds for property investment. In return, investors share in the profits generated by the investments. Regulation crowdfunding makes real estate crowdfunding possible, as entities can raise capital from investors without registering with the SEC, as long as they offer or sell less than $5 million in securities.
In terms of how it works, real estate crowdfunding platforms seek out investment opportunities and fully vet them before making them available to investors. Individual investors can then choose which properties they’d like to invest in.
Depending on the nature of the investment, you may collect interest payments, rental income, or dividends. Real estate crowdfunding can offer access to a variety of property types, including:
• Multifamily housing
• Industrial space
• Build-for-rent projects
The minimum investment varies by platform — it is commonly upwards of $5,000, but may be $500 or even lower in some cases. Some real estate crowdfunding platforms require investors to be accredited, meaning they must:
• have an income exceeding $200,000 (or $300,000 with a spouse or spousal equivalent) in each of the two prior years, with an expectation of the same income for the current year, OR
• have a net worth exceeding $1 million, alone or with a spouse/spousal equivalent, excluding the value of their primary residence, OR
• hold a Series 7, Series 65, or Series 82 license in good standing
Comparing REITs and Real Estate Crowdfunding
When choosing between a REIT vs. crowdfunding, it’s helpful to understand each option’s potential advantages and disadvantages.
Pros and Cons of REITs
Here are the main benefits of investing in REITs vs. crowdfunding.
• Risk management. Alternative investments like real estate may help you balance risk in your portfolio. REITs and real estate in general have a lower correlation with the stock market.
• Accessibility. Purchasing an actual investment property usually requires getting a loan and raising capital for down payments and closing costs. REITs can offer a much lower barrier to entry for investors.
• Dividends. REITs must pay dividends to investors, which may be attractive if you want to generate passive income with investments.
• Liquidity. Publicly traded REITs offer liquidity since you can buy and sell shares as needed, similar to a stock.
• Returns. REITs can potentially generate significant returns in a portfolio compared to stocks or other investments.
Now, here are some of the drawbacks of REIT investing.
• Fees. You’ll typically pay management fees to invest in REITs, as with any investment, but some may charge more than others. Paying attention to investment costs is key, as the more fees you pay, the less of your investment returns you keep.
• Overweighting. You can choose which REITs to invest in, but you don’t have a say in the underlying properties. Investing in REITs that own similar properties could overweight your portfolio in a single sector (e.g., malls or office buildings) and thus increase your risk profile.
• Interest rate risk. Changing interest rates can affect the value of REITs, which can influence the yield you might get. When rates rise, REIT values can decline, requiring you to adjust your expectations for a profit.
• Taxes. REIT dividends are typically taxed as ordinary income, up to 37% (plus a 3.8% investment surtax). But investors may also see a short- or long-term profit from the REIT, which would be taxed as capital gains. There is also the potential for return on capital, which can be complicated. It may be wise to consult a professional.
Pros and Cons of Real Estate Crowdfunding
Here are the main pros of crowdfunding real estate investments.
• Diversification. As with REITs, real estate crowdfunding allows you to diversify beyond traditional stocks and bonds.
• Low minimums. Some, though not all, real estate crowdfunding platforms allow you to get started with as little as a few hundred dollars. That can make entering this alternative asset class or spreading your investment dollars out over multiple property types easier.
• Geographic diversification. Real estate crowdfunding platforms can offer investors exposure to markets across the country. That can make it easier to target a specific region if you’re looking for the next “hot” market.
• Returns. Crowdfunded real estate may generate above-average returns, or exceed the returns you could get with REITs.
• Passive income. Owning a rental property can be time-intensive if you’re managing the property yourself. Real estate crowdfunding allows you to reap the benefits of rental income, without the typical headaches that go along with being a property owner.
And now, here are the cons.
• Fees. Just like REITs, real estate crowdfunding platforms can charge fees. Fee structures can sometimes be complex, making it difficult to assess what you’ll pay to invest.
• Illiquidity. Liquidity in the stock market is one thing, but when it comes to real estate crowdfunding, it’s an even bigger consideration owing to the length of time your capital may be locked into an investment. Once you invest in a property, you’re essentially committed to owning it for the duration of the holding period. It’s not unusual for real estate crowdfunding platforms to offer investments with holding periods of five years or more, making them highly illiquid.
• Accreditation requirements. Some crowdfunding platforms only accept accredited investors. If you don’t meet the standards, you won’t be able to invest through those platforms.
• Taxes. Income from crowdfunded real estate investments is taxable, though not always in the same way. You may be subject to different tax rates based on how dividends and interest are paid out to you. You may want to consult with a professional.
Which Investment Strategy Is Riskier?
It’s difficult to pinpoint which is riskier when comparing a REIT vs. real estate crowdfunding, as each one has different risk factors.
With REITs, the biggest risks may include:
• Liquidity risk, which could make it difficult to sell your shares if you’re ready to leave an investment.
• Changing market conditions or rising and falling trends, either of which could directly impact real estate values.
• Interest rate sensitivity, which can influence REIT values.
The main real estate crowdfunding risks may include:
• Platform risk, or the risk that the marketplace you’re using to invest could shut down before you’re able to withdraw your capital.
• Poor vetting, which may allow unsuitable investments to make it onto the platform.
• Changing regulations, which may affect the real estate crowdfunding space as a whole.
Whether you choose a REIT vs. crowdfunding, lack of education or understanding is also a risk factor. If you don’t understand the basics of how either type of investment vehicle works, you could be putting yourself in a position to lose money.
Due Diligence Considerations
REITs and real estate crowdfunding platforms should perform due diligence in vetting investments to make sure they’re suitable. However, it’s wise to do your own research to understand what you’re investing in, who you’re investing with, and the potential risks.
As you compare REITs or real estate crowdfunding platforms, keep the following in mind:
• Minimum requirements to start investing, including accredited investor status
• Range of investment options
• Transparency concerning fees and investment selection
• Holding periods
• Performance track record
• Overall reputation
Talking to other investors who have used a particular crowdfunding platform or invested in a certain REIT can offer perspective on the good and bad.
The Takeaway
Real estate can be an addition to your portfolio if you already have some experience in the market, and have an affinity for real estate. As a type of alternative asset class, investing in real estate can add diversification to your portfolio, and potentially act as a hedge against inflation. Both REITs and real estate crowdfunding enable you to invest in real estate without the hassle of actual property ownership and maintenance, but come with different risk factors than you’d find with traditional securities.
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FAQ
What are the main advantages and disadvantages of investing in REITs?
Investing in REITs can offer the benefits of dividend income and portfolio diversification, without requiring you to own property directly. The disadvantages of REITs can include interest rate risk and market risk, both of which can affect the value of your investments.
How does real estate crowdfunding differ from traditional REIT investments?
Real estate crowdfunding allows investors to pool funds together to invest in property and collect interest, dividends, and/or rental income. REITs own and operate investment properties and pay dividends to investors. REITs and real estate crowdfunding can differ concerning the types of properties you can invest in, the minimum investment required, and the fees you’ll pay.
How are taxes treated for REITs and real estate crowdfunding?
REIT dividends are primarily treated as ordinary income for tax purposes (although you may face capital gains on any profits). Real estate crowdfunding returns may be subject to capital gains tax and/or ordinary income tax rates, depending on how they’re structured. Because the tax treatment of these two entities can be complicated, it’s probably wise to consult a professional.
Photo credit: iStock/kate_sept2004
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Ignoring student loans can damage your credit score, lead to wage garnishment, and accrue interest and fees. It may also result in legal action, tax refund offsets, and impact co-signers, making it crucial to address repayment issues promptly with your loan servicer.
Student loan debt in the United States stands at $1.727 trillion as of 2023. The repayment process may seem overwhelming if you’re among the more than 43 million borrowers with outstanding student loan debt. When the bills start piling up, you may ask yourself, “What happens if I don’t pay my student loans?” Here, we’ll take a closer look at student loans and what happens if you ignore them.
What Happens If I Don’t Pay My Student Loans?
Technically, failure to make just one student loan payment could put you in default. However, the default period for federal student loans is generally 270 days, while the default period for private student loans depends on the terms of the loans.
Once you default on your loan, lenders can take steps to recover these funds. It’s essential to understand what could happen if your student loan debt goes into default.
Consequences of Not Paying Student Loans
If you’re struggling to meet all your financial obligations, you might consider not paying your student loans. However, ignoring this debt tends to lead to even more trouble. Below are several consequences you could face for not paying your student loans.
Drop in Credit Score
Depending on the student loan type, missing just one payment could damage your credit. Because payment history accounts for up to 35% of your overall FICO® credit score, having just one missed or late payment often hurts your credit. Unfortunately, these missed payments remain on your credit report for up to seven years.
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Poor credit might impact your ability to purchase a car or a home, rent an apartment, or even land your dream job. It’s important to take action before you miss a payment.
Fall Deeper Into Debt
Ignoring your student loan debt won’t make it go away. In fact, it will only make matters worse. Failing to make your monthly payments only prolongs the time it takes to pay off your debt, and your loan continues to accrue interest during this time. The longer it takes to pay off your student loans, the more you’ll end up paying in interest.
Wage Garnishment
If you have federal student loans, it’s important to realize that the government has power to collect this money if you fail to pay. One of these powers is wage garnishment—the federal government can garnish up to 15% of your disposable income. This can be a huge hit to your budget and should be avoided if possible.
Loss of Tax Refund
Are you expecting a tax refund this year? If you default on your federal student loan, there’s a good chance you’ll lose it. Once in default, the federal government has the power to take all or a portion of your tax return until the amount due is paid.
Damage Cosigner’s Credit
You may not be the only one impacted by ignoring student loan debt. If a cosigner helped you get one or more of your student loans, they can be impacted by late loan payments. It’s critical to speak to your cosigner when you realize you may not have the funds to pay your student loans.
Go to Court
While the government doesn’t have to take you to court to collect federal student loan payments, private lenders do. Depending on the terms of your loan, you could be in default after missing just one payment. Private lenders can sue you to collect payments. If you’re sued, you may need to find an attorney who works with student loan debt cases to help you through the court process.
Debt Doesn’t Go Away
Student loan debt doesn’t disappear just because you ignore it. Instead, it could haunt you for the rest of your life. There’s no statute of limitations for collecting federal loans.
On the other hand, private lenders must adhere to state statutes of limitations. While this may limit the time they have to sue you in court, it doesn’t stop them from trying to collect this debt. This means debt collectors could hound you for the rest of your life.
What to Do If You Can’t Afford to Pay
If you simply don’t have funds to pay your student loans, the last thing you want to do is ignore the problem. There are several steps you can take to avoid making this situation worse.
Check Your Credit
Before you take any action regarding your student loans, take the time to check your credit report. Credit.com’s Free Credit Report Card can help you see what debt is already impacting your credit health.
Check the National Student Loan Database
If you have federal loans, you can use the National Student Loan Database to check the status of your loans. This database provides information about your payments and total debt amounts.
Switch or Update Your Repayment Plan
If you have federal student loans and you’re struggling to keep up with your current repayment plan, you may be able to change it. Start by contacting StudentLoans.gov and explaining your situation. They can help you switch or update your repayment plan to make the payments more affordable.
Contact Your Lenders
If you have private loans and are struggling to make your monthly payments, start by contacting the lender directly. If your situation is temporary, such as a loss of employment or medical condition, you can request a deferment of your payments. This step essentially pauses your payments for a set period, such as six months, to give you time to deal with your situation.
Consider Debt Consolidation
Making monthly payments on multiple student loans can be extremely difficult. If you’re in this situation, it may be time to consider debt consolidation. This strategy allows you to combine all your student loans into one. Rather than having several monthly payments to make, you’ll just have one.
Talk to an Attorney
If you simply can’t afford to pay your private student loans, bankruptcy is another alternative. However, filing for bankruptcy can negatively impact your credit for up to 10 years. You should only consider this step after trying all other methods.
Apply for Student Loan Forgiveness
Check your student loan forgiveness options if you haven’t done so already. Depending on your specific situation, you may qualify for student loan forgiveness, discharge, or cancellation of debt.
Be Proactive About Your Credit
Now that you know about the potential negative consequences of not paying your student loans, you know how important it is to be proactive about them. Start by checking your Free Credit Score with Credit.com to see how where you stand and how your student loans could impact your credit.
From the bluesy rhythms of the Delta to the scenic landscapes of the Natchez Trace Parkway, Mississippi is a beautiful state with so much to discover. But what else is Mississippi known for? Whether you’re considering renting a home in Jackson, looking to settle into an apartment in Oxford, or just planning a visit, you’ll soon find that Mississippi has much more to offer than meets the eye. In this article, we’ll dive into what makes Mississippi truly special and why so many people are drawn to the Magnolia State. Let’s get started.
1. Birthplace of the blues
Mississippi is famously known as the birthplace of the blues, a genre that has deeply influenced American music. Towns like Clarksdale and Indianola celebrate this musical heritage with landmarks like the Delta Blues Museum and the B.B. King Museum. Music lovers flock to the state to experience the Mississippi Blues Trail, which highlights significant sites related to blues legends.
2. Natchez Trace Parkway
The Natchez Trace Parkway is a scenic drive that stretches over 444 miles from Natchez, MS, to Nashville, TN. This historic route follows a path used by Native Americans, European settlers, and traders. Travelers enjoy stunning views, hiking trails, and historical landmarks along the way, such as the Emerald Mound and Mount Locust Inn. The parkway is perfect for road trips, offering numerous opportunities for outdoor activities and picturesque stops.
3. The University of Mississippi
The University of Mississippi, commonly known as Ole Miss, is a prominent educational institution in the south. The campus renowned for its beautiful architecture and lively student life. The university’s Grove, a central gathering spot, is famous for its tailgating parties during football season, attracting thousands of fans.
4. Mississippi Delta tamales
Mississippi Delta tamales are a culinary delight unique to the region, blending Mexican and Southern influences. These tamales are typically smaller and spicier than their traditional counterparts, wrapped in corn husks and slow-cooked. Greenville is renowned for its tamale scene, hosting the annual Delta Hot Tamale Festival, where locals and visitors indulge in various tamale creations. To try this dish yourself, restaurants like Doe’s Eat Place and Solly’s Hot Tamales are famous for their mouthwatering tamales.
5. Elvis Presley’s birthplace
Tupelo is the birthplace of Elvis Presley, the King of Rock ‘n’ Roll. The modest two-room house where he was born is now a museum that offers an intimate look into his early life. The Elvis Presley Birthplace complex includes a museum, chapel, and a park with a statue of young Elvis. Fans from around the world visit to pay homage and learn about his humble beginnings. Tupelo celebrates Elvis’s legacy with events like the Tupelo Elvis Festival, featuring concerts, contests, and exhibitions.
Fun facts Mississippi is famous for
Home to the first lung transplant: The world’s first human lung transplant was performed at the University of Mississippi Medical Center in Jackson in 1963 by Dr. James Hardy.
Largest man-made beach: Mississippi’s Gulf Coast possesses the longest man-made beach in the world. Stretching for 26 miles, it offers pristine white sand beaches along the shores of the Gulf of Mexico.
World catfish capital: Belzoni is considered the “Catfish Capital of the World” due to its significant catfish farming industry. The town hosts an annual World Catfish Festival celebrating this local delicacy with food, music, and activities.
6. The Mississippi River
The Mississippi River is one of the longest rivers in the world. It flows through the heart of Mississippi – shaping its geography and culture for centuries. Cities like Natchez and Vicksburg offer stunning views of the river and numerous riverfront activities to enjoy. Riverboat cruises provide a nostalgic way to experience the river, complete with historical narratives and scenic vistas. Additionally, The Great River Road runs alongside the river and is a popular route for road trips, featuring charming small towns and natural beauty.
7. Biloxi’s Gulf Coast
Biloxi’s Gulf Coast is loved for its beautiful beaches, seafood, and dynamic nightlife. The coast is dotted with luxurious casinos like the Beau Rivage and Hard Rock, offering gaming, entertainment, and fine dining. Patrons enjoy activities such as deep-sea fishing, boating, and exploring the Biloxi Lighthouse, one of the oldest in the region. The area also hosts the annual Biloxi Seafood Festival, celebrating the local culinary tradition with fresh seafood dishes and live music. Biloxi’s Gulf Coast blends relaxation and urban excitement, making it a favorite destination.
8. Rowan Oak
Located in Oxford, Rowan Oak is the historic home of famed author William Faulkner. Faulkner wrote many of his classic works, including “The Sound and the Fury” and “As I Lay Dying,” in this Greek Revival house. The estate is now a museum open to the public, offering tours that explore Faulkner’s life and literary legacy. The surrounding grounds feature walking trails and gardens, providing a peaceful retreat for those who visit.
9. The Mississippi Petrified Forest
The Mississippi Petrified Forest near Flora is a fascinating natural landmark featuring ancient trees turned to stone over millions of years. Sightseers can walk along a nature trail that winds through the forest, with interpretive signs explaining the geological processes that created the petrified wood. The on-site museum showcases impressive specimens and offers educational exhibits about the area’s prehistoric past. The forest also provides picnic areas and interactive gem mining activities.
10. Jackson Zoo
The Jackson Zoo is home to over 200 species of animals from around the world. The zoo’s exhibits include the African Savannah, the Asian Garden, and the Mississippi Wilderness, each providing an immersive experience into the habitats of the animals. You can also enjoy interactive experiences such as the petting zoo, train rides, and educational programs. Special events like ZooBrew and Boo at the Zoo add a festive atmosphere during holiday seasons.
11. Tunica casinos
Tunica has transformed into a major gaming destination, second only to Las Vegas and Atlantic City. The area contains numerous casinos, including the Gold Strike, Horseshoe, and Hollywood, offering a wide range of gaming options, entertainment, and dining experiences. Tourists enjoy live shows, concerts, and luxurious accommodations, making Tunica a popular getaway for those seeking excitement and relaxation.
Jenna is a Midwest native who enjoys writing about home improvement projects and local insights. When she’s not working, you can find her cooking, crocheting, or backpacking with her fiancé.
Teachers often find themselves with extra time during the summer break, making it the perfect opportunity to earn some extra money! If you’re looking to boost your income, there are plenty of side hustles that can fit seamlessly into your summer schedule. From tutoring to freelance work, these easy summer side hustles can help teachers make the most of their time off while supplementing their income. Let’s explore some of the best options to keep you busy and financially secure this summer.
Resell your Curriculum
Image Credit: Wavebreakmedia from Getty Images.
Teachers can make extra money by selling their lesson plans and study guides. Platforms like “Teachers Pay Teachers” and Etsy let you sell your materials to other educators. You might as well make money on lessons that work well in your own classroom!
Sell Printables
Image Credit: Dean Drobot.
Create and sell printables like habit trackers, meal planners, and chore charts. Use tools like Canva to design the printables and sell them on Etsy for extra cash.
To learn more: Digital Products to Sell on Etsy: Best Way to Make Money Online Fast
Rent Out Baby Gear
Image Credit: Pixelshot.
Make money by renting out baby gear to parents and tourists. Use BabyQuip to list your items and help families while earning extra income.
Trade Stocks and Options
Image Credit: Ipopba from Getty Images Pro.
Earn money by buying and selling stocks. It requires discipline and patience, but with learning and practice, it can be a profitable side hustle.
To learn more: How Fast Can you Make Money in Stocks? The Real Answer
Be the Party Planner
Image Credit: Pixelshot.
Use your organizing skills to plan parties and events. From birthdays to weddings, help people celebrate while making extra money. Use your social skills to shine!
Get Paid to Housesit
Image Credit: Fizkes from Getty Images.
Housesitting is a great way to earn extra cash. Take care of homes and pets while homeowners are away. Platforms like HouseSitter.com can help you find gigs. Maybe even travel to a new destination and experience the culture!
To learn more: Get Paid to House Sit and Find Lucrative Housesitting Gigs Easily
Become a Referee or Umpire for Sports
Image Credit: Filo from Getty Images Signature.
Combine your love for sports with extra income by becoming a referee or umpire. It’s a flexible job that fits well with a teacher’s schedule. There is a shortage of referees, so there are plenty of opportunities.
Start Tutoring
Image Credit: JasonDoiy from Getty Images Signature.
Offer private tutoring services to help students with their schoolwork. You can tutor in person or online. This is probably the most logical side hustle for most teachers.
Dog Walking or Pet Sitting
Image Credit: Kzenon.
If you love animals, consider dog walking or pet sitting. Use platforms like Rover to find clients and make extra money while spending time with pets.
Be a Babysitter, Nanny, or Caretaker
Image Credit: Pixelshot.
Earn money by babysitting or providing childcare. Parents need reliable and caring individuals to look after their children, making it a great side hustle for teachers. Great side hustle as children are off when the teachers are!
Find More Side Hustles Ideas for Teachers
Image Credit: Wavebreakmedia from Getty Images.
Teachers can explore these 50 side hustles to make extra money. From online opportunities to hands-on jobs, find the perfect fit to boost your income.
Find more ideas: 50 Best Side Hustles for Teachers to Make Extra Money
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Massachusetts is home to many historic landmarks, esteemed universities, and scenic coastlines. From the cobblestone streets of Boston, where American independence was first forged, to the intellectual hub of Cambridge, home to prestigious universities like Harvard and MIT, Massachusetts is a place where the past and future coexist. But what else is Massachusetts known for? Whether you’re considering renting a home in Greenfield, looking to settle into an apartment in Cambridge, or just planning a visit, you’ll find that Massachusetts has much more to offer than meets the eye. In this article, we’ll dive into what makes this state special and why so many are drawn to the area. Let’s get started.
1. Freedom Trail
The Freedom Trail in Boston is a must-see for history enthusiasts. The 2.5-mile-long path takes visitors through 16 historically significant sites, including the Massachusetts State House, Paul Revere’s House, and the Old North Church. Tourists enjoy guided tours that bring the past to life, complete with tales of famous patriots and pivotal events. The Freedom Trail provides an engaging way to explore Boston’s rich history and heritage.
2. Harvard University
Harvard University is located in Cambridge and is one of the most prestigious universities in the world. Founded in 1636, it’s the oldest institution of higher education in the United States. While visiting, you can take guided tours of the historic campus, including iconic buildings like Harvard Yard and the Widener Library. The university’s museums, such as the Harvard Art Museums and the Museum of Natural History, offer additional cultural and educational experiences.
3. Fenway Park
Fenway Park, home of the Boston Red Sox, is a legendary baseball stadium. Opened in 1912, it’s the oldest Major League Baseball stadium still in use. Fans love the park’s unique features, such as the Green Monster, a towering left-field wall. Attending a game at Fenway Park is a cherished tradition among locals, allowing them the chance to see baseball history in action. The stadium also hosts tours that allow visitors to explore its storied past and iconic architecture.
4. Clam Chowder
Massachusetts is famous for its New England Clam Chowder, a creamy soup that has become a culinary staple in the state. The dish features tender clams, potatoes, onions, and celery, all simmered in a rich, creamy broth, often paired with oyster crackers. Restaurants across the state, such as the Union Oyster House in Boston, serve up some of the best clam chowder. If you’re in Massachusetts, you can’t miss the opportunity to try this delicious dish.
5. The Berkshires
The Berkshires in western Massachusetts offer a scenic escape with rolling hills, lush forests, and charming towns. This region is known for its cultural attractions, including Tanglewood, the summer home of the Boston Symphony Orchestra. The Berkshires also host renowned art institutions like the Norman Rockwell Museum and the Massachusetts Museum of Contemporary Art. Looking to enjoy the outdoors? People can enjoy outdoor activities like hiking, skiing, and kayaking in the area, making it a year-round destination.
6. Martha’s Vineyard
Martha’s Vineyard, an island off the coast of Massachusetts, is a popular summer destination known for its picturesque landscapes and coastal towns. Visitors can explore quaint villages like Edgartown and Oak Bluffs, famous for their gingerbread cottages and historic lighthouses. The island offers beautiful beaches, scenic bike trails, and exceptional seafood restaurants. Martha’s Vineyard also hosts annual events such as the Martha’s Vineyard Film Festival, drawing celebrities and film enthusiasts from around the country.
Fun facts Massachusetts is famous for
The birthplace of basketball: The sport of basketball was invented by James Naismith in Springfield, MA in 1891.
Boston Tea Party: One of the most famous events leading up to the American Revolution, the Boston Tea Party, took place in Boston Harbor in 1773.
First public park: Established in 1634, Boston Common is the oldest city park in the United States.
7. Plymouth
Plymouth, often called “America’s Hometown,” is a historic coastal town where the Pilgrims first settled in 1620. Explore the iconic Plymouth Rock, where the Mayflower Pilgrims are believed to have landed, and tour the Mayflower II, a full-scale replica of the original ship. The town also features the Pilgrim Hall Museum, which houses an extensive collection of Pilgrim artifacts and exhibits. Plymouth’s scenic waterfront offers charming shops, restaurants, and scenic boat tours.
8. The Boston Marathon
Held annually on Patriots’ Day in April, the Boston Marathon is one of the world’s oldest and most prestigious marathons. Runners from all over the globe participate in this challenging race, which spans 26.2 miles from Hopkinton to Boston. Spectators line the route, especially at famous spots like Heartbreak Hill and the finish line on Boylston Street. The event embodies the spirit of endurance and community, attracting both elite athletes and amateur runners.
9.The Basketball Hall of Fame
The Naismith Memorial Basketball Hall of Fame in Springfield is a shrine to the history of basketball and its greatest players, coaches, and contributors. The museum features interactive exhibits, memorabilia, and a full-sized basketball court where patrons can shoot hoops. Fans can also explore the careers of legends like Michael Jordan, Larry Bird, and Kareem Abdul-Jabbar through extensive displays and multimedia presentations.
10. The Cape Cod National Seashore
Established by President John F. Kennedy in 1961, the Cape Cod National Seashore encompasses 40 miles of pristine beaches, dunes, and marshes along the Atlantic Ocean. Here, you can enjoy a variety of outdoor activities, including swimming, hiking, and birdwatching. The seashore is also home to historic lighthouses, such as the Nauset Light, and scenic trails like the Great Island Trail.
11. The Big E
The Big E, also known as the Eastern States Exposition, is the largest agricultural event on the East Coast and takes place annually in West Springfield. This multi-state fair features everything from livestock competitions and agricultural displays to thrilling rides and concerts. Locals enjoy a wide variety of food vendors, showcasing regional specialties and fair favorites. The Big E draws huge crowds, making it a highlight of the fall season in New England.
12. Old Sturbridge Village
Old Sturbridge Village in Sturbridge is a living history museum that recreates rural New England life in the early 19th century. The village features more than 40 historic buildings, including homes, workshops, and a schoolhouse, all staffed by costumed interpreters. Visitors can watch blacksmithing demonstrations, participate in farm activities, and learn about early American crafts and trades. Seasonal events and reenactments bring the past to life, making Old Sturbridge Village an educational and entertaining destination for people of all ages.
Jenna is a Midwest native who enjoys writing about home improvement projects and local insights. When she’s not working, you can find her cooking, crocheting, or backpacking with her fiancé.
Understand how much extra income you could get from a side hustle like DoorDash and get a budgeting and investing basics refresh.
This Week in Your Money: How much extra money can you really make from side hustles? What are budgeting and early investment strategies for young professionals? Hosts Sean Pyles and Sara Rathner discuss the realities of gig economy jobs with Tommy Tindall, a NerdWallet writer who tried working for DoorDash to see what kind of income it would give him. He shares tips and tricks on the ease of starting with DoorDash, the practical challenges involved, and how your location and lifestyle can impact your earnings.
Today’s Money Question: Host Elizabeth Ayoola joins Sean and Sara to help answer a listener question from a recent college graduate about early investment strategies. They discuss how young professionals can apply the 50/30/20 rule to their finances, the importance of setting clear savings goals, and how to start investing at a young age. They discuss the benefits of starting investments early, the differences between active and passive investing options, and the importance of automating investments to build wealth over time.
Check out this episode on your favorite podcast platform, including:
NerdWallet stories related to this episode:
Episode transcript
This transcript was generated from podcast audio by an AI tool.
Sean Pyles:
Have you ever gotten a food delivery or a ride in an Uber and wondered whether these gigs are really worth the effort as a side hustle? Well, this episode will deliver some answers.
Sara Rathner:
Cute. Welcome to NerdWallet’s Smart Money Podcast. I’m Sara Rathner.
Sean Pyles:
And I’m Sean Pyles. This episode, Sara and I are joined by our co-host, Elizabeth Ayoola, to answer a listener’s question about money goals, especially when you’re early on in your financial journey. How do you get a grip on your finances and set yourself up for long-term success?
Sara Rathner:
But first, we’re turning to side hustles. This month on Smart Money, we’re running a special series about how you can increase your income, whether you want more money to invest or you’re working on building up your savings, or you really just want some extra cash to spend on whatever junk appears in your social media feeds.
Sean Pyles:
And we are not here to judge you for whatever you spend your money on, but watch any social media influencer or read any article about ways to increase your income and inevitably someone mentions taking up a part-time job in the gig economy like Uber, DoorDash, Airbnb, take your pick. And I’ve always been pretty skeptical that these gigs will net you meaningful amounts of cash, especially considering all the time and effort involved.
Sara Rathner:
Absolutely. If you’re going to put miles on your car or let strangers sleep in your rental property, it needs to be worth it. And we don’t have access to a vacation house for the purposes of this podcast, but we do have a Nerd on staff at NerdWallet who actually did DoorDash for a couple of days to get a feel for whether these jobs live up to the hype. Tommy Tindall is here to share his insights with us. Tommy, welcome back to Smart Money.
Tommy Tindall:
Hey there. Thanks for having me.
Sean Pyles:
So Tommy, you recently made a really fun video for NerdWallet’s YouTube channel where you test drove DoorDash for a few days. What were your hopes and expectations going into this journalistic exercise?
Tommy Tindall:
Yeah, so I study and write quite a bit about side hustles and for this one, I really wanted to go the extra mile, get it, and test it out myself, try to make the advice a little more valuable, right? Give it a true test. And delivery driving is super popular and seemingly accessible, at least that’s what I thought, was my hypothesis, I should say, an easy way to make side money. So I really wanted to answer a couple questions that I think people have about a gig like this, and one is just how easy is it to get started? Can you really sign up on your phone, get a red bag in the mail and start driving? And spoiler alert, yes, that’s what I did. You can. And also can you make real money?
Sean Pyles:
Okay, so what were the main things that you were tracking as you weighed whether this side hustle was worth it?
Tommy Tindall:
I wanted to keep it easy, so I was just keeping a close eye on the time I spent driving while delivering, the miles I drove, and of course how much I earned and really wanted to get to what’s the real pay when you factor in the cost of driving.
Sara Rathner:
So talk with us a little bit about the experience of doing this. Was it fun? Was it boring? Did you get chased by any wild animals? Did you use this as an opportunity to catch up on episodes of Smart Money?
Tommy Tindall:
Well, I wanted it to be fun, but it was kind of hectic. I mean, I remember there were a couple moments of zen where I was just cruising, windows down, just looking outside thinking this is the life. But as soon as I started thinking that way, ding, ding, I’d get another delivery. And I think hustle is a real good term for this because it was kind of a grind. And what really got me, which I thought was interesting, was the constant interaction with my phone. It was draining. I was using maps to navigate, to take orders, and it was just a lot of interaction with the phone while driving.
At one point I, quick story had a 16-mile delivery, which was good pay. It was like $18 of base pay, which was really good. So I took it, but I was so distracted kind of trying to figure out where I was going, that I went the wrong way on 95 and was screaming, pounding the wheel, as you can imagine, and just like, efficiency. That’s what I was going for. Also, keep in mind, I was filming this experience for the video and that totally added to my stress. So maybe more practice without trying to film myself, I could be a little more efficient, get a little more time to enjoy solitude and catch up on my favorite podcasts like this one. But yeah, it was hectic.
Sean Pyles:
Yeah. But you can’t forget that this is a job, right? It’s going to have stressful, difficult moments like any job.
Tommy Tindall:
I was reminded of that quickly, that this is a job and I kind of felt the stress. When I would get a delivery, I wanted to make sure the food was hot and get there quickly, know where I was going. So I had that sense of, hey, you’re on the clock, you’re working.
Sara Rathner:
That distracted driving element is also pretty terrifying.
Sean Pyles:
Tommy Tindall:
Yeah. Now when I see people on the road, I’m wondering are they delivering right now? So before I yell “get off your phone,” I’m wondering that.
Sara Rathner:
Sean Pyles:
Sara Rathner:
They might be.
Sean Pyles:
Either way, get off your phone.
Tommy Tindall:
Sara Rathner:
Tommy Tindall:
Sara Rathner:
I know. So Tommy, you mentioned this in your video, you live in a smaller town, a more remote area. How does that affect your ability to make money from DoorDash or any other app-based job like this?
Tommy Tindall:
I mean, it matters a lot because it’s how busy it’s going to be around you. So location matters. It’s where you live, which towns you have access to with a short drive that may be more populated. So I live, it’s a smaller, more rural but kind of suburban town outside of Baltimore. And what I did before I started was I would watch the DoorDash app, the map section of the app and just kind of see where the hotspots were.
And of course areas closer to Baltimore where it’s more densely populated, more restaurants within close proximity of each other, they were regularly busy during the peak times and they were shaded in pink on the maps. That’s how you know you can go out. When the map is like pink or red, you can Dash on a whim. When it’s gray, which it was sometimes in my town, you have to wait or schedule a Dash for later. But luckily where I live during the busier lunch hour, the option to Dash now was available during the weekday when I tried this. So I was able to stay closer to home, which I think was more realistic, because if I did this, I don’t think I’d want to drive that far. I’d want to stay closer to home, so.
Sean Pyles:
You don’t want to have to commute for your side gig.
Tommy Tindall:
Exactly. You want to get out there and do it maybe on the lunch hour during work, which I was thinking, which we’ll talk about. Probably kind of hard to do because I did find myself going from one end of my town to another because it’s not that populated, so it cost me some time.
Sean Pyles:
Well, that also makes me think about wear and tear on your vehicle and other related expenses like gas. Was that a worry of yours as you were doing the side hustle?
Tommy Tindall:
Yeah, this was a big worry for me because I am somebody who loves cars and I can be a little obsessive about keeping our vehicles maintained. So just all the stop and go driving, it was just kind of giving me a nervous tick. That was on my mind the whole time. I think I kind of make that clear in the video a little bit, and I should also mention that I drive a full size Ram pickup truck, which I thought would be fun to test for this, but not the ideal gig economy vehicle. It’s inefficient, hard to maneuver.
Sean Pyles:
Yeah, lots of storage space, but maybe more than you need for a Starbucks run or something like that.
Tommy Tindall:
Oh, yeah. And the maneuverability. I think at one point I pulled off a busy road into the wrong driveway and I had to sort of Austin Powers my way out. You remember that 20 point turn he had to do in the first movie and all while the customer, the next house over was watching me. So when I finally got over there, we had a little laugh about it and I think she did tip me. I don’t know if she tipped me after the fact or not, which you can do in the app.
Sean Pyles:
You were providing some entertainment along with the delivery?
Tommy Tindall:
Oh, yeah. When I did get to interact with customers like that, I made it kind of fun. I’d be like, “Yeah, you don’t see people driving a truck very often, do you?” But yeah, I was a little anxious about my own vehicle and the wear and tear.
Sean Pyles:
Okay, so Tommy, after three days of Dashing, tell us how much time you spent driving, how far you drove, and how much you earned.
Tommy Tindall:
All right, well here are the stats. I went on three Dashes for this test and drove about six and a half hours on deliveries altogether. I put 90 miles on my personal vehicle, which was my big dump truck as I mentioned. Earned a total of $86, but factor in the 17 MPG that I was getting. And gas was I think around $3.60 a gallon when I was doing this. So less than $19 in fuel costs. True earnings are more like $67 or $10.31 cents an hour. So I mean, not a lot of money.
Sean Pyles:
So I’m going to wager that’s less than you’re making at NerdWallet on an hourly basis.
Tommy Tindall:
Yeah, yeah, yeah. Not giving up the main hustle.
Sean Pyles:
Yeah. Do you think this was worth it?
Tommy Tindall:
So yes and no, and I’ll start by saying I’m glad gigs like this exist because I was really blown away by the accessibility of this gig. I mean, I was signed up and through the background check in literal minutes, and if you, the listener, meets the basic qualifications, I mean you can probably start working and start earning, and I like that. It’s not like saying side hustle options, go be an influencer and wait a couple years to build a following before you make your first dollar. I mean, you sign up and you can make money, which I think is great. And flexibility of course is the selling point of a delivery driving job like this. But at the expense of what? I felt like I was really hustling. I didn’t make a lot of money and thinking back, I mean this would be a real grind for me to do on the side.
It’s really about where I’m in my life. I mean, I have a main job, I have a family, I have young kids in school and sports, a home that continues to break that I have to maintain, I serve in my church and I really covet kind of that little free time that I have left. So I guess all that to say, not quitting my day job. And I think doing this made me more grateful of my main hustle and reminded me that I think there’s merit in what’s become kind of an older way of thinking where you find a good company, work hard, build your skills, grow your confidence, gain expertise, and hopefully increase your salary over time. So whether it’s worth it I think depends on personal situation, because you do make money.
Sara Rathner:
So who do you think a side hustle like this is good for?
Tommy Tindall:
People who do have some extra time or need extra cash and can take advantage of the flexibility to work whenever, because again, that is the selling point of a job like this. Also people who can work the system to their advantage. And you see a lot of YouTube videos of people sort of gaming this and chasing something called peak pay, which is an incentive where you can add plus one, two, three, or more dollars to a delivery if it’s really busy. So the competitive types, which is not me, admittedly, but I do wonder if I would’ve tried this at a different time in my life, like back in college or in my first years working a job when I lived in Washington, DC, had it been available.
Sean Pyles:
Well, Tommy Tindall, thanks so much for talking with us.
Tommy Tindall:
Absolutely. Thanks for having me.
Sean Pyles:
So listener, you just heard Tommy describe an interesting way that he earned some money. Ahead of this month’s series about increasing your income, we have our new Nerdy question of the month for July, which is: what is the most creative thing that you’ve done to earn more money? Maybe you negotiated a significant raise or you’re one of those job hoppers that has a new gig every couple of years. Tell us what is the most interesting thing that you’ve done to increase your income?
Sara Rathner:
I mean, I’ve rented out my basement for a commercial shoot, so there’s that.
Sean Pyles:
Okay. Interesting.
Sara Rathner:
Made 1,400 bucks and bought new storm doors. What a day. Anyway, if you’ve done something like that or something else, call or text us on the Nerd Hotline at (901) 730-6373. That’s (901) 730-NERD, or email us at [email protected]. We might just share your story on a future episode. Maybe inspire some of our other listeners to take up an interesting side hustle.
Sean Pyles:
And while you’re at it, send us your money questions, too. It is our job as Nerds to answer whatever your money question is. So send it our way on the Nerd Hotline, (901) 730-6373 or email it to us at [email protected]. Well now let’s get into this episode’s money question segment after a quick break. Stay with us. We’re back and answering your money questions to help you make smarter financial decisions. This episode’s question comes from Adrian, who left us a voicemail. Here it is.
I’m a recent college graduate. I graduated college in June of 2023 and I am six months into my new corporate world job. I’m trying to save 25% of my income per month and I’m trying to start investing. I don’t really know what my savings goals should be. I’m down for some high risk investments, but I don’t know, I’m trying to just learn the basics of investing, how to plan for life. What would you do if you were in my shoes, if you could go back in time and be 23 and not have kids or a mortgage or anything?
Sara Rathner:
To help us answer Adrian’s question on this episode of the podcast, Sean and I are joined by our co-host, Elizabeth Ayoola. Hey Elizabeth.
Elizabethy Ayoola:
Hey, my favorite dynamic duo.
Sean Pyles:
I love getting a question from a listener who is so young because even though they’re only 10 years younger than me, it does feel like a lifetime ago that I was 23 and making these financial decisions for the very first time. One thing that I find really interesting about Adrian’s question is that while they are so early in their financial journey, their questions really can apply to anyone, because as I’m sure we all know well, plenty of people in their 30s and 40s and beyond are still trying to figure out their budgets and their financial goals. So with that in mind, I think that our listener and all listeners really could benefit from a little bit of budgeting 101. So Elizabeth, where do you think they should start?
Elizabethy Ayoola:
Basically, I think they need to start with a budget. That’s going to tell you how to slice and dice your money. You should probably maybe start with the 50/30/20 budget, which we are advocates for at NerdWallet, or it might be the 60/30/10 budget depending on your cost of living and where you are. Now, for those who don’t know what the 50/30/20 budget is, 50% go to your needs, 30% to your wants and 20% to debt, paying down debt and also saving money. I do think it’s important to know, however, these numbers are not set in stone. It really just depends on your finances and you can adjust the numbers to fit where you are in your financial life right now. I myself currently save above that 20 bucket, but luckily I don’t have that much debt, so that’s why I’m able to save more money and save more than the 20.
Sean Pyles:
Yeah. And our listener wants to save 25% of their income, which is really ambitious, especially for someone who is so young. I think when I was 23, I was saving maybe 2% of my budget, and it wasn’t even intentionally, it was just by chance, because that’s what I had left over at the end of the month.
Elizabethy Ayoola:
You were doing great, Sean, because let me tell you, I was saving 0% of my budget at 20 something. So that is ambitious. I think it’s possible, but it just again depends on where your finances are.
Sara Rathner:
I like an ambitious savings goal, especially when you’re young. Some of the best advice I was given by a CFP that I used to work with was save as aggressively as you can for as long as you can because life only gets more complicated and more expensive. So if aggressive for you is 3%, that’s great. If aggressive for you is 25%, that’s great, and if you have to change it up from month to month, that’s fine too.
Elizabethy Ayoola:
So our listener is dedicated to being a hardcore saver, and I love that for you, listener. So Sean, I know you’re also big on saving and you have some tricks for effectively saving money. What do you think?
Sean Pyles:
So I would start by encouraging Adrian to have something to save for. Again, I’m thinking a lot about myself in my early 20s, I didn’t really have any sort of short, medium, or long-term goals or priorities of any sort because I was just focusing on paying my rent and having fun. So I understand how it can be hard to understand what your priorities might be, and this is where I think something that’s very woo woo but effective can come into play. And that is a visualization exercise. Now, if you’re rolling your eyes, just bear with me because I swear it can be super helpful. So when you are 23, 33, 43, think about where you see yourself in the future in five years, in one year, in 20 years. So maybe that means do you want to move to a new city in the next year? Do you want to buy a house in five years? Do you want to retire in 40 years? Imagine where you will be at these different points in your life and think about how you can save money to get there.
Elizabethy Ayoola:
I would not even say that’s woo woo, Sean. I mean, so I definitely started doing that in my late 20s and honestly, the life I have today was a lot of the woo woo stuff. So it worked for me.
Sean Pyles:
The manifesting is real.
Elizabethy Ayoola:
It’s a real thing.
Sara Rathner:
And if you’re not really into the whole idea of manifesting as a term, that’s fine too. You could also think about it in terms of just naming your goals. Instead of just being like, I’m going to save 25% of my salary. For what? So say what the “what” is. So maybe online savings accounts like high yield savings accounts, you could actually name the account. So you could have, this is the account because I need to replace my car, or this is the account because I need to buy a new computer. Or this is the account that I’m saving up for a down payment on a home for. And then beginning to say, okay, I’m going to put this amount of money in this month for this goal and this goal. Makes it so much easier to stay organized and there’s some science behind it, making it so that you actually are more successful in terms of reaching your savings goals by just naming the goal. So if you don’t want to do the woo woo thing, you could do the practical thing and just put some names on stuff.
Sean Pyles:
Yeah. And what you’re talking about there is really the marriage of the woo woo and the super practical and tactical, where you can start with knowing what you want and then getting the accounts that can help you save the money for that. So for a lot of people, that’s going to mean starting out with an emergency fund, building up over time three to six months of the needs budget that you have. That’s like rent and medicine and groceries, things like that. And then building out the other savings buckets for things like a vacation fund, a house fund, a wedding fund. I have 10 savings accounts across all of the banks that I partner with. And they are all specifically allocated for my different goals. I know 10 is kind of a ridiculous amount, but it works for me.
And what makes it easy is that I automate my deposits into these accounts. So I don’t even have to think about it. One of my accounts is only getting $40 a month, and that’s enough for me to save, to build on that goal over time. But I don’t have to be worried about, oh, okay, am I going to have enough for when I need a new rug for my house eventually. I just know it’s already going in the background.
Sara Rathner:
Yeah, I love this. It’s that concept of reverse budgeting where you automate transfers into your various accounts for different goals every month.
Sean Pyles:
And whenever we talk about savings accounts, it can be easy for we Nerds who are steep in this to maybe even take for granted the fact that high yield savings accounts are such an amazing thing for people to have. People can be getting even around 5% back for what they have sitting in their savings. And if you think about some average returns from the stock market some years are around 7%, and that can be much riskier than just having a savings account. I really do recommend people shop around, look at some of our roundups on NerdWallet and see what sort of high yield savings account might help you meet your goals, because you’ll be getting a much greater return on your money than you would get from a traditional brick and mortar bank.
Sara Rathner:
So our listener, Adrian, is a spring chicken in the world of finance and in the world of investing, which they also mention, having a long time horizon can be one of your best assets. And if you’re in your 30s and listening to this, you still have a long time horizon. So don’t think it’s all over if you didn’t invest in your 30s. Now let’s talk about investing at a younger age. Elizabeth, what are your thoughts there?
Elizabethy Ayoola:
Oh my gosh. I totally get the feeling of being overwhelmed and not understanding where to start. But it’s really important I think, not to let that paralyze you and to just start as soon as you can. And the first step in doing that is creating a strategy. And what the strategy is going to do is it’s going to tell you what your goals are and how much you need to save to achieve them and by what timeline. Now, it doesn’t have to be over complicated because I think that’s where people get tripped up, especially because there’s so many retirement and saving calculators online to help with this. And yes, I’m going to shamelessly plug NerdWallet. We have lots of those, go check them out. But yeah, knowing what age that you want to retire and how much you need will help guide your investing strategy. It’s also going to help you decide what to invest in, the best vehicles to use, and how much to put in each. What do you think, Sara, about time horizons in that sense?
Sara Rathner:
Oh, it’s probably one of the best things you have working for you because the way compound interest works mathematically is the longer of a time horizon you have, the less you can save per month or per year and still come out with a higher amount of money in the end versus waiting an extra 10 years, an extra 15 years, then you have to invest so much more per month just to catch up and still end up with less money overall.
Sean Pyles:
And I would recommend Adrian or anyone else who’s getting started in investing or just taking it seriously for the first time, is to get a lay of the land and understand all of the different investment accounts that are out there. Because there are all these different ones, like a 401k and a Roth and a Roth IRA that people have probably heard about, but really understanding what they are and when one is more beneficial than another for your circumstances can help you make the most of your investments. And something to think about too, since Adrian is so young, is that your younger years are often the best time to take advantage of an IRA because you are getting taxed at a lower rate when you’re earning less money than you will be taxed at later on in your career. So really use these early years to your advantage.
Elizabethy Ayoola:
Yeah, I’m with you Sean. You guys also should decide for those people listening whether you want to do active or passive investing. If you are like me and you ain’t got time for that, and when I say that, I mean checking the stock market every day, then you may want to consider passive investing and some passive investing options include ETFs or robo-advisors and kind of securities like that. But yeah, once you do all those things, the most fun part is automating your investments and knowing that you’re probably growing both while you’re sleeping.
Sean Pyles:
Yeah, I think for a lot of people, sometimes the best strategy to start can be the strategy of “I want my money to make me more money.” And that’s where I started out in my mid 20s when I first started taking investing seriously. I didn’t want to spend a lot of time actively managing investments. And guess what? Actively managed investments often perform worse than passively managed investments. So passive is probably going to be the easiest thing for most people to do. And I just set up an account with a robo-advisor that was trusted and well-reviewed on nerdwallet.com, and I just have automated deposits and it makes it super simple. I’ve been doing it for years and I’m already receiving literal and metaphorical dividends from that.
Elizabethy Ayoola:
Also, you want to think about fees when you’re looking at things like that and what has low fees and performance and other things, but don’t let that stop or overwhelm you as well. Just check out some resources on how to pick an ETF also.
Sara Rathner:
Yeah, I will also add that whenever I hear somebody in their early 20s say that they are, “Down for some high risk investments,” I think somebody’s been talking to their friends about crypto and I don’t know. I mean, for all I know Adrian just means, oh, I really want to dabble in a more stock forward portfolio. Sure. Honestly, you’re probably talking about crypto, aren’t you? Before you dabble in speculative investments, things like cryptocurrency, things like, I don’t know, precious metals and real estate and all sorts of stuff like that, you want to set aside a solid foundation. Just the things that we’ve been talking about, automating transfers of money into retirement accounts, either through your employer or on your own, diversifying those investments. And then, only then, if you have money left over, then you can dabble a little bit, sprinkle a little spice onto your investments, maybe 10% of your portfolio at the most into the higher risk, like crazy stuff. But set a good foundation first. Don’t put all of your money into speculative investments and then wonder why you don’t have any money left because you probably won’t.
Sean Pyles:
And I will just quickly add for the sake of our compliance department, that we are not financial or investment advisors. If you want specific individualized investment advice, speak with a financial advisor, hopefully a fiduciary financial advisor. Okay. Now, I know we’ve been kind of talking around this question for this conversation, but I would love to hear what you two would have done differently if you could go back to when you were 23 and maybe improve your finances, knowing all that you know now?
Elizabethy Ayoola:
That’s a deep, deep, deep sigh. So honestly speaking, the first thing I thought is like, oh my God, I would’ve stopped partying and buying alcohol and save more money. But then I remembered that I was living in Nigeria earning like $400 a month, which was seen as a good salary. So I barely had any money to live, quite frankly. And I think that’s a reminder that sometimes you just ain’t got really barely enough money to save and you just need to earn more. But I definitely would have educated myself more on personal finance and I would’ve at least stashed away something into an investing account. So that’s what I would’ve done. But then again, if I started investing too early, I might be in Turks and Caicos right now instead of chatting to you all. So I guess it worked out how it was supposed to.
Sean Pyles:
I’m glad you’re here with us, but also I would be happy for you if you were traveling the world instead of doing this. Sara, what about you?
Sara Rathner:
So I think a lot of people in their early 20s are, there’s just a lot of fear and uncertainty at that point in your life, and I definitely felt that at that time where there are all these big life milestones that are coming up for you eventually and you just don’t know when they’re going to happen. And so I was so worried about whether or not I’d be able to get to that point. But you’re 23.
Knowing how fast the next 10 to 20 years will go for you, just savor it because everything else is going to pile on really, really fast. And the way you spend your weekends is going to look really different. Do take a couple of steps to improve your position in life later on and use that gift of time. But then, yeah, you should have the wants budget, you should go travel with your friends, go out with your friends. Once you all get partnered up, you’re not going to see your friends as often, so enjoy it.
Sean Pyles:
Well, as someone who definitely enjoyed themselves a lot in their early 20s, I don’t regret any of it, really, shockingly, but it did come at the expense of my financial health in some senses. I really didn’t invest until my mid 20s. I barely had a budget until around the same time. So I would go back and encourage myself to be a little bit more balanced in the having fun and the forward planning aspect of life. But you’ve got to learn your lessons as you learn them. And that’s where I was at the time.
And one thing I think is important to realize and think about as you are trying to map out what having an adult financial life looks like is that the beginning of this financial journey is always going to be the hardest because you simply don’t know what you don’t know. There’s so much to learn. When you’re 23, you’re paying rent on your own for the first time. You’re figuring out how to make meals for yourself for the first time and building these good habits does take time. So don’t feel like you have to do everything all at once, but do make that concerted goodwill effort to try to better your relationship with money and use it to build the life that you want. Well, Elizabeth, thanks so much for coming on and talking with us.
Elizabethy Ayoola:
Thanks for having me.
Sara Rathner:
And that’s all we have for this episode. Remember, we’re here for you, whatever life phase you’re in, and we want to hear your real world questions because we’re here to make you smarter about your money decisions. So turn to the Nerds and call or text us your questions at (901) 730-6373. That’s (901) 730-NERD. You could also email us at [email protected]. Also visit nerdwallet.com/podcast for more info on this episode.
Sean Pyles:
And remember, you can follow the show on your favorite podcast app, including Spotify, Apple Podcasts and iHeartRadio, to automatically download new episodes. This episode was produced by me. Tess Vigeland helped with editing. Sara Brink mixed our audio. And a big thank you to NerdWallet’s editors for all their help. And here’s our brief disclaimer again. 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.
Sara Rathner:
And with that said, until next time, turn to Nerds.
Banc of California Inc., a regional bank, is selling about $2 billion of business-purpose mortgage loans in a process led by Morgan Stanley, according to people with knowledge of the matter.
Banc of California picked up the loans after its acquisition late last year of PacWest Bancorp in a rescue deal, not long after fears of bank failures caused a run on deposits at regional lenders.
By the time of the acquisition PacWest had already sold the lending unit that made the loans, Civic Financial Services, but it held on to the pool of business-purpose loans. Bids for the loans were due on June 28, one of the people said.
Spokespeople for Banc of California and Morgan Stanley declined to comment.
In its first quarter earnings call, Banc of California’s chief executive officer, Jared Wolff, said that it had already sold some of the Civic-originated loans it acquired from PacWest. Wolff added that the bank may look to sell larger portions of the portfolio in the coming quarter as part of the bank’s push to boost its profits.
A number of regional banks have looked to trim their balance sheets ahead of the implementation of revamped bank-capital regulations known as Basel III Endgame. Many of the assets being shed by banks are ending up with private credit lenders, who don’t have to worry about risk-capital requirements.
The loans being sold are known as debt-service coverage loans, which are given to landlords who rent out properties. They’re underwritten based on expected rental revenue rather than bank statements or personal income.
“While population growth is relatively stagnant in the area, people are starting to leave their current households to form new ones, placing pressure on a housing market that simply does not have enough units to support this new demand,” Johnson said. The research, which examines the 100 most populated metro areas in the US, uses … [Read more…]
Looking for second job ideas to increase your income? You’re not alone. Many people look for side gigs to help pay bills, save for big purchases, or simply have extra spending money. Finding the right second job and making extra income can make a big difference in your financial life. With so many options available,…
Looking for second job ideas to increase your income? You’re not alone. Many people look for side gigs to help pay bills, save for big purchases, or simply have extra spending money.
Finding the right second job and making extra income can make a big difference in your financial life. With so many options available, there’s likely something that fits your skills and schedule. Whether you want a job you can do from home or one that gets you out and about, there’s a side job out there for you.
For me, I was able to find a second job and it completely changed my life. In fact, it’s how I paid off my $40,000 in student loans in just 7 months. Making extra money also helped me to stop living paycheck to paycheck and to save more money!
Best Second Job Ideas
Below are the best second job ideas:
1. Blogger
Blogging used to be my side hustle and it is now my full-time job where I have earned over $5,000,000 over the years.
I started Making Sense of Cents just as a hobby, and it eventually turned into my second job. I didn’t know that blogs could make money or that it could become my full-time job. I didn’t even understand what a blog was or how it worked.
Starting a blog can be a great way to earn extra income. You can write about topics you are passionate about, such as travel, food, or personal finance. The best part is that you have the freedom to work on your blog whenever you have free time.
For me, it was a great second job because I could work on my blog before I went to my day job, during my lunch break, after I got home from work, and on the weekends. You get to make your own schedule, so that is a huge plus!
You can learn more about how to begin in my free How To Start a Blog Course here.
Here’s a quick outline of what you will learn:
Day 1: Reasons you should start a blog
Day 2: How to choose what to blog about
Day 3: How to create your blog (you’ll learn how to start a blog on WordPress)
Day 4: How to make money blogging
Day 5: My tips for making passive income from blogging
Day 6: How to grow your traffic and followers
Day 7: Extra blogging tips to help you be successful
2. Proofreader
Being a proofreader is a great second job idea. It’s perfect if you love reading and have a good eye for catching mistakes. You get to find errors in spelling, grammar, and punctuation.
You can work from home as a proofreader. Many companies and websites offer remote proofreading jobs. Some popular platforms include Upwork, FlexJobs, and Scribendi.
You might proofread books, articles, or even student papers. The work can be flexible, letting you choose when to work. This makes it easy to fit into a busy schedule.
Proofreaders can earn a decent amount of money. Some jobs pay by the hour, while others pay by the project. According to some sources, full-time proofreaders can make around $50,000 per year. Even if you don’t work full-time, you can still make a good side income.
I personally have a proofreader for my blog, and I know many others who have proofreaders for their businesses as well. It’s a very much-needed and in-demand job.
You can learn more at How To Start A Proofreading Business And Make $4,000+ Monthly.
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This free training teaches you how to start a proofreading side hustle (and how to earn $1,000+ per month!), even if you are brand new and don’t have any previous proofreading experience.
3. Take online surveys
Taking online surveys can be a simple way to earn extra money in your spare time. Companies want to know what you think about their products, services, or marketing campaigns.
Many websites offer paid surveys. You can sign up for these sites and start taking surveys right away. Each survey usually takes a few minutes to complete.
You might earn anywhere from $0.50 to $5 per survey, depending on the length and complexity.
The survey companies I recommend signing up for include:
American Consumer Opinion
Survey Junkie
Swagbucks
InboxDollars
Branded Surveys
Prime Opinion
Five Surveys
PrizeRebel
Pinecone Research
Online surveys can be done from anywhere with an internet connection, making it easy to fit around your other commitments. Just remember, while this can add up over time, you will not make a full-time income from just taking surveys.
I have taken many, many surveys over the years, and what I like about them is that you can do them on your own schedule – in the mornings, during your lunch break, before you go to bed – whenever. There is no strict schedule and they are super easy to do.
4. Dog walker or pet sitter
Becoming a dog walker or pet sitter is a great way to make extra money. You can set your own schedule and enjoy spending time with furry friends. Plus, many people need reliable pet care (I have personally found it hard to find a good dog sitter in the past, so I personally know that there is a lot of demand for this second job!), so there are plenty of opportunities.
Using dog walking apps like Rover, you can easily find clients. These platforms connect you with pet owners in your area. Depending on how much time you invest, you could potentially earn between $400 and $1,000 a month.
When I have had dog sitters in the past, I was paying around $100 a day for my two dogs to be watched in the person’s home. So, a 10-day trip earned the person $1,000.
Taking care of animals can also be very rewarding. You get to exercise while walking dogs and enjoy the company of pets. It’s a job that keeps you active and can be a lot of fun if you love animals.
No special skills are needed, but being responsible and loving pets is important. You must be punctual and trustworthy since pet owners rely on you to take care of their animals.
My mother-in-law as well as my sister are both dog walkers and pet sitters and enjoy what they do.
5. Virtual assistant
Being a virtual assistant is a great second job idea. You can help businesses and professionals with tasks like managing emails, scheduling appointments, and handling social media. This role tends to have flexible hours, making it easier to fit into your schedule.
One of my first side jobs was working as a virtual assistant. It was a fun and flexible way to earn extra money. There are many kinds of virtual assistant jobs. The money I made helped me pay off my student loans quickly, stop living paycheck to paycheck, and become my own boss. I think it’s a great way to make money, whether you want a part-time or full-time job.
Starting as a virtual assistant can be easy. Websites like Upwork, FlexJobs, and Indeed have listings for virtual assistant jobs. You just have to set up a profile and start applying. For me, I also let my friends and those in my industry know that I was growing my virtual assistant business, and that helped me find jobs as well.
A virtual assistant’s tasks can include:
Managing social media accounts
Scheduling travel and appointments
Managing email inboxes
Organizing events
Communicating with clients
Ordering supplies
Managing calendars
Handling logistics
Coordinating Zoom calls
Moderating online forums
Running personal errands
Answering customer service questions
Performing data entry
Managing websites
Creating presentations
Sending invoices
Now, one virtual assistant most likely won’t do all of these tasks – it simply depends on what the company or person is looking for.
Learn more at Best Ways To Find Virtual Assistant Jobs.
6. Graphic designer
You can make extra money as a graphic designer, and this can be a good second job idea if you want to work from home. A graphic designer is what you think – they design different kinds of graphics.
One way is to create design templates. These can be for websites, social media, or even printable designs. You can sell these templates online and get paid each time someone buys them.
Another option is freelance work. You can sell services like logo design, branding, or social media graphics, and you can find clients on sites like Upwork or Fiverr.
7. Social media manager
Social media managers handle different social media platforms for businesses.
Your job can include creating content, posting updates, and responding to followers. You might also need to analyze data to see what posts are doing well and which ones are not.
They work for one company or multiple clients. It’s important to have good communication skills and a creative mindset. Some social media managers also do graphic design or video editing for their social media posts.
Being a social media manager can be fun and flexible. You can usually work from home and set your own hours. This control and flexibility make it an excellent job for people looking to earn extra income on their own terms.
For me, I have been a social media manager in the past as a second job. It was great as a flexible side hustle!
8. Online tutor
If you enjoy teaching and have a strong understanding of a subject, you can try finding online tutoring jobs. Online tutoring lets you share your skills and help students from anywhere, and you can tutor kids in math, science, and reading, or even help them prepare for tests like the SAT or ACT.
Platforms like Wyzant and Tutor.com connect you with students looking for help. You create a profile, list your skills, and set your rates. Most tutors charge between $30 and $60 per hour. Teaching English as a second language is also a popular option. Many companies need English tutors to teach students abroad.
Online tutoring is flexible because you can choose your own hours and work from home. This makes it easy to fit around your teaching job or other responsibilities. Some tutors even make up to $1000 a week by dedicating just a few hours each day.
9. Bookkeeper
Becoming a bookkeeper is a great second job, and it can typically be done from home.
Bookkeepers keep track of financial records for businesses. This could include recording transactions, managing payroll, and preparing financial reports.
You don’t need a special certification to become a bookkeeper, making it easier to start.
The best part is that you can do this job from anywhere with just a laptop and some software. This flexibility means you can work from home or even when you’re traveling.
Since bookkeeping services are always in demand, you can find clients easily. This can be a very profitable side hustle. Some bookkeepers even charge $60 an hour or more.
Learn more at How To Find Online Bookkeeping Jobs.
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This free training will teach you what you need to know to become a virtual bookkeeper and make money from home.
10. Freelance writer
Working as a freelance writer is a great way to make extra money.
Freelance writers are self-employed and work for magazines, blogs, websites, companies, and more. A lot of what you read online today is written by a freelance writer.
I have been a freelance writer for many years, and I really enjoy it. I have written for many different websites and companies, and I make good money doing so.
You can write from home, at your own pace, and choose projects that interest you. Many companies need blog posts, articles, web content, and social media posts.
11. Photography
Getting paid to take pictures is a popular second job idea.
What’s great is that there are many ways to get paid for photography, such as:
Stock photos – Stock image websites are popular places for photographers to sell their pictures. These sites let customers buy royalty-free photos for personal or business use. Websites, TV shows, books, social media accounts, and more use stock photos all the time. Some popular stock photo websites are Shutterstock, iStock by Getty Images, Adobe Stock, and Dreamstime.
Portraits and event photos – As a photographer, you can focus on taking portraits and event photos. This area is in high demand, especially for weddings, elopements, birthdays, and corporate events.
Post pictures on Instagram or Facebook – Social media platforms like Instagram are great for sharing your pictures and gaining followers. Many people make a full-time income from their Instagram accounts. They do this through sponsored partnerships with companies, affiliate marketing, and selling their own products.
12. Personal trainer
Becoming a personal trainer is a great second job idea. You can help people get in shape while earning extra money.
You can work at a gym or do private sessions at clients’ homes. Some trainers also provide online coaching, which gives you more flexibility.
Personal trainers sometimes create workout plans tailored to each client’s needs. They might also give advice on nutrition, and this way, they can help clients with both exercise and diet for better results.
Personal training can be done part-time, which makes it a good fit if you have another job. Many people want training in the mornings, evenings, or weekends.
13. Etsy seller
Starting an Etsy shop can be a fun and rewarding second job. If you enjoy crafting or creating handmade items, this might be perfect for you. Etsy is a popular online marketplace where you can sell unique products.
There are many things you can sell on Etsy, such as:
Etsy can be a great way to turn your hobbies into extra income.
You can learn more at How To Sell On Etsy Successfully: A Beginner’s Guide.
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.
14. Babysitter
Babysitting is a great way to earn extra money. You can choose your own hours, making it easy to fit it around your main job or school.
Parents always need trustworthy people to watch their kids, and they might need help for an evening out or during the day if they work long hours.
As a babysitter, you can earn around $15 to $25+ per hour, depending on your experience and location. Some families might even pay more if you have special skills, like CPR training or if you are watching multiple children.
You can find babysitting jobs through local community boards, babysitting apps, or word of mouth. Sometimes, friends or family might also need help.
15. Delivery driver
A delivery driver job is one of the most popular side hustle ideas. You don’t need a lot of experience to get started, and all you need is a vehicle and a driver’s license. Many services, like DoorDash, Uber Eats, and Instacart, let you choose your own hours. This flexibility is perfect if you have a busy schedule.
You can deliver different items depending on the service you work for. Some companies focus on food delivery, while others may deliver groceries or packages.
The pay can vary based on where you live and how much you work. Some drivers make around $15 to $25 per hour including tips.
16. Bartender
Bartending is a flexible and fun second job. You can work at bars, restaurants, or special events like weddings.
Some bartender jobs don’t require a lot of experience. You usually have to start as a barback, helping with stocking and cleaning, then learn to make drinks. Then, you may be able to move up and find a part-time job as a bartender.
17. Transcriptionist
Being a transcriptionist can be a great second job. Transcriptionists listen to audio recordings and type out what they hear. It’s a simple job and doesn’t require a lot of training.
You can do this job from home and all you need is a computer and good internet. This makes it a flexible option where you can work on transcriptions during your free time or on weekends.
There are usually some requirements. Many places want you to type fast and accurately. For others, you might need to pass a background check or transcription tests.
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.
18. Rent your extra space
Do you have an extra room, basement, or garage? Renting out your extra space can be a great way to earn some extra cash each month passively.
You can list your spare room on websites like Airbnb or Vrbo if it’s a room or apartment.
If you have a garage or storage space, you can rent it out for storage. Websites like Neighbor allow people to find storage options nearby.
Before you start, check local laws and regulations. Some areas have rules about renting out space, so it’s important to be informed.
19. Handyperson
Being a handyperson can be a great way to make extra money. You can help people fix things around their homes, such as fixing leaky faucets, repairing doors, or assembling furniture.
You don’t need fancy tools for many jobs, just a good set of basic tools.
Many people need small repairs done but don’t have the skills or time. That’s where you come in. You can find clients through local ads, word of mouth, or online platforms like Taskrabbit.
Working as a handyperson has flexibility too and you can choose jobs that fit your schedule.
20. Rideshare driver
Apps like Uber and Lyft allow you to drive people around and get paid for it.
One of the best parts about driving for rideshare apps is the flexibility. You can set your own hours and work whenever you want.
Most rideshare companies have an easy sign-up process. They usually require a background check, a valid driver’s license, and a car that meets their standards. Once approved, you can start accepting rides and earning money.
The earnings vary depending on your location, the time of day, and how many hours you drive. Some drivers make a nice side income by working during peak hours when rates are higher.
21. Restaurant server
Being a restaurant server can be a great way to earn extra money and is popular for evening second jobs. Many restaurants have flexible hours, which is perfect if you need to juggle another job or school.
Servers often get tips, so your income can vary day to day. Some nights are busier and can bring in more money.
22. Clean houses
Cleaning houses is a good way to earn extra money with a second job. You can work on the weekends or after your regular job.
Plus, you can choose your clients and set your own hours.
To get started, all you need are basic cleaning supplies. You can sell your services to friends and family first. Word-of-mouth is powerful, and you might get more clients through recommendations.
23. Write book reviews
If you enjoy reading and sharing your thoughts about books, you can earn money by writing book reviews. Authors and publishers value your honest opinions because they help other readers decide what to read next. Readers also enjoy reading these reviews, making it helpful for everyone involved.
Here are some websites where you can earn money by writing book reviews:
OnlineBookClub.org – They provide free books at first. After your first review, you can earn cash for each review you write, typically between $5 and $60.
Kirkus Media – They look for reviewers for both English and Spanish books, especially for the Kirkus Indie section. Reviews are around 350 words and due two weeks after the book assignment. They cover all genres, with over 10,000 books reviewed annually.
Upwork – Create a profile and set yourself up as a book reviewer. This freelance platform allows you to set your own rates, with book reviewing rates ranging from $15 to $75 per hour.
The US Review of Books – They hire freelance writers for 250- to 300-word reviews that go beyond summary to provide insights into the book. Applicants need to submit a resume, writing samples, and references.
Reedsy Discovery – Review books before they are published and earn through tips from readers, typically ranging from $1 to $5 per review. It’s a way to influence which books gain popularity early on.
Other opportunities – Websites like Booklist (pays $15 per review, focused on short reviews for libraries), BookBrowse, Women’s Review of Books, and Publishers Weekly also pay for book reviews and are actively looking for new reviewers.
You can learn more at 16 Best Ways To Get Paid To Read Books.
24. Mow lawns
Mowing lawns can be a great second job. It’s simple, flexible, and very profitable.
You can start with not a lot of money too. For example, if you already have a lawn mower, you’re ready to go, and you can start by seeing if anyone in your neighborhood needs their lawn mowed.
Pricing your services depends on the size of the lawn and the complexity of the job. Some lawns might be easy and quick, others might take more time. Many people charge between $40 and $50+ per lawn.
Frequently Asked Questions
When looking for second job ideas, it’s important to find something that fits your schedule and goals. Here are answers to some common questions about picking the best side gig and managing two jobs.
What is the best 2nd job to have?
The best second job depends on your interests and skills. Some popular side hustle ideas include blogging, proofreading, taking online surveys, dog walking or pet sitting, and being a virtual assistant. These jobs have flexibility and can often be done from home.
What are some good jobs I can do at night after my day job?
Jobs you can do at night include customer service representative, security guard, bartender, or freelance work like writing and graphic design. These jobs usually have evening shifts or can be done remotely, fitting in well with a daytime schedule.
What are some good second jobs at night from home?
If you want to learn how to make extra income while working full-time, then my favorite way is to find good second jobs that you can work at night from home. This way, you don’t have a commute and it won’t interfere with your day job. Some good evening jobs from home include blogging, taking surveys, proofreading, bookkeeping, writing book reviews, and transcribing.
How can I make an extra $1000 a month?
To make an extra $1000 a month, you may want to try freelance writing, virtual assistant work, or becoming a part-time tutor. These jobs can pay well and offer flexible hours, allowing you to work around your primary job.
How can I make an extra $2000 a month?
Earning an extra $2000 a month may require a higher-paying side gig. Options include freelance web development, consulting, or starting a small business like dropshipping. These jobs can have higher earnings but may require more specialized skills or time investment.
How to get a second job with a 9-5?
You can get a second job with a nine-to-five by looking for evening or weekend positions and looking for jobs with flexible hours such as bartending, retail cashier, or working as a rideshare driver. Online jobs like tutoring or freelancing can also have nice flexibility to work after your main job.
What is the highest paying side hustle?
The highest-paying side hustles can include freelancing in tech fields like software development, graphic design, or consulting. Real estate investment, if you have the money to start investing, can also be very high paying.
Do you get taxed more if you have two jobs?
Having two jobs can put you in a higher tax bracket, meaning you might pay more in taxes. It’s important to understand how this affects your overall earnings. I recommend talking with a tax professional to talk about your tax situation and to make sure that you aren’t overpaying (or underpaying!).
How will my employer know if I have a second job?
Your employer may know if you have a second job if it affects your primary job performance or if you disclose it. Some employers also run social media checks to see if they can learn anything about you that may hurt their business. You may want to check your employment contract if you are worried, as some employers may have clauses about working multiple jobs.
Is having two jobs worth it?
Having two jobs can be worth it if you need extra income for savings, paying off debt, or reaching financial goals. It requires good time management and can be tiring, but many find the financial benefits to be rewarding. For me, I found having more than one job well worth it because it allowed me to pay off my student loan debt quickly, save more money, and pursue my passions.
Second Job Ideas – Summary
I hope you enjoyed this article on the best second job ideas.
As you can see, there are many popular second job ideas that may interest you. From online jobs like blogging, proofreading, and bookkeeping to in-person jobs like personal training, delivery, restaurant jobs, and more, there are many ways to make extra money so that you can reach your goals.
If you need a second job while working full-time, you are not alone. Many people are in your shoes. I recommend finding something that best fits your schedule and is at least somewhat flexible so that you aren’t making yourself too tired.
For me, I have had many side jobs. One thing that has always helped me is to make sure that it would fit with my day job and be flexible – because my day job did come first. Plus, I didn’t want to waste more time than I would need to by commuting back and forth or doing things that weren’t needed.