Nothing is more exciting than going on a vacation, especially if your adventures take you overseas. There’s just one problem: You live far from the airport and a rideshare is going to cost you big bucks. Instead, you decide to drive, but parking at airports can be confusing.
One place where this is true is at Los Angeles International Airport (LAX). If you’re trying to find LAX airport parking, keep reading — we’ll outline the options available, as well as how to reserve a place to park and save money while doing it.
How much is parking at LAX airport?
LAX airport parking rates vary depending on where you leave your car. There’s a range of LAX-run options available, with pricing as low as $13 per day or as much as $75 daily.
Official parking at LAX airport
LAX offers a variety of parking options for travelers, no matter how long you’ll be gone. Electric vehicle parking is available in all garages (except at garage seven).
Here are the costs for parking at an official LAX lot:
Terminal parking: First hour $9, max daily rate $60, prebook from $56 a day.
Economy parking: First hour $8, max daily rate $35, prebook rate from $15 a day.
Valet terminal: $75 daily rate, prebook from $32 a day.
Budget parking: $5 hourly rate, max daily rate $20, prebook rate from $13 a day.
EV terminal: Service fee $2, 45 cents per kilowatt-hour.
To park your car at an official LAX lot, your best bet is to reserve a spot in advance. Not only does this guarantee a spot when you arrive, you’ll save money, too. This can be done via the LAX website.
Short- and long-term parking at LAX airport
Long-term parking at LAX is available at all of its lots, though if you’re planning on being gone for a while, you may want to consider one of the less expensive options. The budget parking lot can be prebooked for $13 per day and includes a free shuttle.
The economy lot is another option. Closer than the budget lot, the economy lot can be prebooked for $15 per day and includes a complimentary shuttle service.
You may not want to pay for a full day’s parking at the airport, especially if you’re just picking up someone who’s arriving. If that’s the case, consider timing your arrival with theirs so that you can wait in the cellphone lot or simply drive up to the curb.
🤓Nerdy Tip
The terminal garages, which are directly across the street from each terminal, allow free parking for 15 minutes. If you are picking someone up at LAX, this can be a good option so you don’t have to wait in traffic and loop around the airport again.
If you would rather park, terminal garages are located at every terminal and cost $9 per hour, with an additional $7 for every extra 30 minutes.
Off-site lots
Although LAX offers plenty of its own parking, you don’t need to limit yourself to airport-run lots. The area around the airport is filled with hotels and third-party parking lots that offer parking.
Consider nearby hotels with shuttle service
One option is to park at an airport hotel. For example, you can park at the Hilton Los Angeles Airport in its indoor parking garage from $12.95 per day. The property offers a complimentary shuttle to and from LAX, making it simple to get around.
🤓Nerdy Tip
Make sure the hotel offers complimentary shuttle service at the times when you are departing and arriving. Some hotels don’t offer shuttle service during off-peak hours.
Parking at a hotel can serve double duty, too. If you have an early flight or return late, you’ll be able to take the property’s shuttle directly to the hotel and stay overnight. It’s better than paying for parking at a separate lot, then, picking up your car and moving it to the hotel, which would result in paying twice to park your vehicle.
Leave your car at a FlyAway bus stop
To avoid the traffic in and around the airport, you might consider parking off-site and taking the FlyAway bus service to and from the airport.
One of the least expensive options for parking is the Van Nuys FlyAway stop, which is 24 miles from LAX. The max daily rate to park there is $6. The FlyAway bus also picks up from Union Station in downtown Los Angeles, and the parking there is $8 per day. Keep in mind, if you use the FlyAway bus, you will need to pay an additional $9.75 each way for the shuttle to and from the airport.
How specialized search engines can help
With so many parking lots in the vicinity of LAX, it can be overwhelming trying to find one that suits your needs. Parking lot aggregators such as SpotHero can be helpful in these circumstances.
Not only will you have access to pricing from multiple parking lots with one search, but you’ll also be able to see what kind of parking situation you’ll have, as well as ratings from customers. SpotHero also shows the operating hours of the parking lot, whether you’ll have entry and exit privileges and if the lot offers shuttles to the airport.
Tips for saving money on parking at LAX
No one likes paying for parking, but there are ways to save money when parking at LAX.
Use a travel credit card
If you’re looking to maximize the rewards you’ll earn when paying for parking, this is a good card to use. Even better, however, is that the Chase Sapphire Reserve® offers a $300 annual travel credit valid toward parking lot charges. This credit is applied automatically; you simply need to use your card to pay for the cost.
Chase Sapphire Reserve®
NerdWallet Rating
Annual fee
$550
Consider rideshares
Depending on how long you’ll be gone, it may make more sense to use a rideshare than to park your car. Remember, parking on-site at LAX costs a minimum of $20 per day (if you don’t prebook a spot). Look at rideshare options, including shared shuttles, to see whether leaving your car at home is a better solution.
Look at public transit
Los Angeles isn’t known for its public transit options, but they’re still there. If you’re looking to save some cash, consider using the bus or the Metro line to head to LAX. With costs as low as $1.75 one way to use the Metro, it’s significantly cheaper than parking your car at the airport.
LAX airport parking recapped
Navigating the parking situation at an airport can be stressful, especially if you’re not prepared. If you’re driving to LAX and want to park your car, you have plenty of options.
Before you go, do your research to find a lot that suits your needs — and prebook your spot to save on the costs.
It’s almost become a trope at this point. Your friend’s aunt bought some Apple stock way back when and now lives full-time on a yacht. Or your cousin knows somebody who knows somebody who bought some Microsoft stock for a few dollars a share in the ’80s, and now they’re a multimillionaire.
These stories are practically the stuff of urban legend. But if you’re looking to buy a first tech stock or want to add some diversity to your portfolio, you may find the reality to be slightly different from the stories. There are many kinds of tech stocks, each with its own performance trends, pros, and cons. Here are a few fundamental truths worth knowing about investing in tech stocks.
Why Investors Are Investing in Technology
Much of the recent growth in the stock market overall has been concentrated in the shares of technology companies. Technology stocks, as measured by the S&P Technology Select Sector Index, rose 129.8%, or 18.11% annually, during the past five years. In contrast, during that period, the broad S&P 500 Index grew by 60.2%, or 9.9% annually.
The top five most valuable companies in the S&P 500 are technology-related companies. These firms — Apple, Microsoft, Alphabet (the parent company of Google), Amazon, and Tesla — have an average market capitalization, or overall stock value, near $1 trillion or more. And during the past five years, the stocks of these companies have experienced substantial growth.
Five Largest Companies in the S&P 500 Index
Company
Ticker
Market Cap*
5-year growth*
Apple
AAPL
$2.5 trillion
302.5%
Microsoft
MSFT
$1.9 trillion
256.0%
Alphabet
GOOGL
$1.4 trillion
134.7%
Amazon
AMZN
$1.3 trillion
170.6%
Tesla
TSLA
$868.5 billion
1,104.6%
*As of Sep. 2, 2022
Investors flock to technology companies, especially the previously mentioned tech giants, because they’re often considered solid businesses.
The products of technology companies — especially software companies — are relatively cheap to reproduce but can be quite expensive to buy. Apple, for example, prices iPhones ahead of their competitors, sells a lot of them, and then operates an ecosystem of apps and services that generate steady revenue. Amazon’s success is attributed to the effectiveness of its operations and low prices. For Alphabet, the sheer scope of its networks and the popularity of its services allows them to sell more ads than its competitors.
Aside from the giants that have established business models, many investors pour money into tech companies due to the promise of future earnings. Even when tech companies are not profitable or see regular cash flows, investors will still support the stocks because of the potential for future earnings. Companies like Amazon and Tesla took years before they turned steady profits.
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Popular Technology Stocks to Own
The technology industry is incredibly diverse. Beyond the five companies mentioned above, these are some of investors’ most widely held technology stocks.
Companies in the S&P Technology Select Sector Index
Company
Ticker
Technology Sector
Market Cap*
5-year growth*
Nvidia
NVDA
Semiconductors
$539.4 billion
233.8%
Broadcom
AVGO
Semiconductors
$198.7 billion
104.7%
Adobe
ADBE
Software
$219.7 billion
137.0%
Cisco Systems
CSCO
Communications Equipment
$187.5 billion
41.6%
Salesforce
CRM
Software
$153.5 billion
59.9%
*As of Sep. 2, 2022
How Can You Invest in Tech Stocks?
At the most basic level, you can invest in tech stock by buying the individual stocks of an appealing company.
Another way to invest in tech is by trading technology-focused exchange-traded funds (ETFs) or mutual funds. Tech ETFs and mutual funds allow investors to diversify their investments in a single security, which may be less risky than buying a specific company’s stock.
If you are interested in a particular tech sector — like artificial intelligence or green tech — you can invest in more targeted funds rather than broad-based technology-focused ETFs.
Different Sectors for Technological Investment
The technology industry is vast, filled with companies specializing in different areas of the market. For an investor, this means it’s possible to diversify, investing in tech stocks across various sectors.
Artificial Intelligence
Artificial intelligence (AI), which refers to ways that computers can process data and automate decision-making that humans would otherwise do, is a burgeoning tech sector. Many companies are operating in this sector, using new technologies to support fields like finance and healthcare. Artificial Intelligence, along with the related field of Machine Learning (ML), has long been one of the most exciting technology areas.
Transportation
Another bustling sector of the industry is transportation. Tech underlies all transportation, and some of the most exciting companies are building electric cars, creating the batteries and software that support the navigation and operational systems in automobiles, or using software to connect drivers and passengers.
💡 Recommended: Investing in Transportation Stocks for Beginners
Streaming
Streaming companies have completely revolutionized the entertainment industry. These companies offer direct-to-consumer content, including shows and movies, that is bundled in a monthly subscription. There are standalone streaming companies, companies that include streaming as an ever-growing part of their business, and companies that build digital and physical infrastructure to support streaming services.
Information Technology
Information technology (IT) is one of the broadest and most valuable sectors of the technology industry. It typically refers to how businesses store, transmit, and use information and data within and between networks of computers.
Semiconductor Technology
Semiconductors are arguably the foundation of all technology. Semiconductor companies make components found in phones, computers, and other electronic devices. The manufacturing process for semiconductors is incredibly precise and expensive, making the industry ruthlessly competitive.
Web 3.0
In recent years, cryptocurrency, blockchain technology, and Web 3.0 have been the focus of many investors. That’s because computer engineers and companies are now developing new technologies that will allow users to interact with the web in a more interactive, personal, and secure way. These new technologies, like blockchain, crypto, and the metaverse, may usher in new opportunities for investors.
💡 Recommended: Web 3.0 Guide for Beginners
Evaluating a Tech Stock Before Investing
When investing, you must carefully evaluate the stocks you’re interested in.
Technology companies, in particular, tend to have high price-to-earnings (P/E) ratios, meaning that the company’s profits may seem low compared to the price of their shares. This is often because investors are expecting rapid future growth.
Other key metrics include price-to-sales, which compares the stock price to the company’s revenue. This is something to consider in the case of a fast-growing company that doesn’t yet have substantial profits.
Another critical factor is the company’s overall revenue growth — the pace at which revenue increases year-over-year or even quarter-over-quarter.
A more detailed metric that can be useful for tech companies is “gross margins,” which is the difference between a company’s revenue or sales and the cost of generating those sales, divided by total revenue. The resulting percentage indicates whether the company can make money on the actual product it sells and how much. If the company’s other costs can go down as a percentage of total revenue, profits can grow more quickly.
💡 Recommended: The Ultimate List of Financial Ratios
Pros of Adding Tech Stocks to a Portfolio
There are many benefits to investing in tech stocks, most notably attractive returns. With artificial intelligence, blockchain, and Web 3.0 technologies on the horizon, there are increasing opportunities to invest in this sector. These are some possible benefits of adding tech stocks to a portfolio.
• There are many blue chip tech companies. Blue chip stocks typically refer to stocks from long-established companies with good returns. Today’s blue chips include huge tech companies like Apple, Alphabet, and Amazon.
• Some tech stocks pay dividends. There can be benefits to dividend-paying stocks, including consistent earnings, which might indicate that the company is positioned to deliver strong performance.
• Investors can buy shares in things they use. Most people use some tech in their daily routines. You might have a smartphone, or a laptop, hop on a social network, or order groceries or clothing online. With a tech stock, investors can buy a little piece of the companies they know and like.
• It’s easy to diversify in tech. Tech stocks aren’t a monolith. Investors can add diversity to their portfolio by purchasing different aspects of the tech sector, for example, buying stock in social media companies, smartphone glass manufacturers, hardware makers, software companies, and even green tech companies.
A great thing about the tech sector investing space is that there’s so much of it out there, and investors should be able to find something that works for their goals, ambition, and knowledge base.
💡 Recommended: How to Invest in Web 3.0 for Beginners
Cons of Investing in Technology
All stocks come with their own risks and potential downsides. Tech stocks are no different. As with any stock purchase, it’s helpful to do a good amount of research before buying a stock. Take these considerations into account before deciding to pull the trigger on a tech stock.
• The potential for tech backlash. Some experts think increased regulation and government scrutiny could lead to a backlash against tech stocks that could affect their prospects. They cite 2018’s passage of the European Union’s General Data Protection Regulation (GDPR) and Facebook’s hearings before Congress as evidence that even more regulation might be coming in the future. But like many other sectors of the stock market, various tech stocks react differently in the face of volatility.
• Buying what you know can be complicated. You might have a solid grasp on some social media giants, for example, but some of the nuances of emerging semiconductor firms might be a little harder to wrap your head around. You may have to ask yourself if you want to invest in a company that you might not fully understand.
• Stocks may be priced too high. Some tech companies, like Amazon and Google, often have shares that venture into the four figures, so for a first-time tech stock investor, those companies may feel out of reach. However, many tech companies occasionally engage in a stock split to decrease their share prices.
Do You See the Most Returns When Investing in Tech Stocks?
Most returns when investing in tech stock can vary depending on the specific company and the current market conditions. Nonetheless, many investors believe that tech stocks generally have a higher potential for growth than other types of stocks, making them a good choice for those looking to generate returns. During the past five years, technology stocks rose a total of 129.8%, while the broad S&P 500 Index grew by 60.2%.
But just because tech stocks have outperformed other industries, it doesn’t mean that it will always be that way. During 2022, for example, tech stocks have declined 22.7% through Aug., while the S&P 500 fell 16.8% year-to-date.
💡 Recommended: Lessons From the Dotcom Bubble
How Frequently Should You Invest in Tech Stocks?
The frequency you invest in tech stocks will depend on your individual investment goals and risk tolerance. Some investors may choose to trade tech stocks monthly or quarterly to take advantage of any short-term price fluctuations. Others may invest in tech stocks on a more long-term basis, holding onto their shares for several years to benefit from any potential long-term growth.
What Percentage of Your Portfolio Should Be Tech Stocks?
The percentage of a portfolio allocated to tech stocks differs for every investor. Some experts recommend that investors allocate no more than 20-30% of their investment portfolio to tech stocks, but this percentage may be higher or lower depending on the investor’s risk tolerance, investment goals, and other factors.
Mistakes to Avoid When Investing in Tech Stocks
Many investors are drawn to tech stocks because of the potential for a significant return. But the allure of large gains may cause investors to take on too much risk or lose sight of their overall investment goals.
For example, you don’t want to invest in a tech stock just because it’s popular. It’s easy to fear you are missing out when you see a particular stock’s price skyrocket. You may hear about a tech stock lot in the financial media, and you know many people who say they own it, but that doesn’t mean it’s a good investment.
Additionally, you should avoid investing in a stock just because the company is a household name. While sometimes the stocks of well-known companies do well, there are other cases of these companies not being well run and thus not being a good investment.
The Takeaway
The tech sector is vast and getting bigger by the moment as blockchain, artificial intelligence, and other technologies push boundaries. New founders are working on startups in garages and basements, potentially developing the next new thing that could change the world. Investors looking to invest in tech stocks can find a stock or ETF out there that could meet their needs. For instance, SoFi ETFs can remove some of the headache from picking individual stocks by allowing you to invest in a bundle of companies all at once.
SoFi makes it easy to invest in tech stocks and more with an online brokerage account. With the SoFi app, you can trade stocks, ETFs, and fractional shares with no commissions for as little as $5. You’ll also get real time investing news, curated content, and other relevant data for the stocks that matter most to you. For a limited time, funding an account gives you the opportunity to win up to $1,000 in the stock of your choice. All you have to do is open and fund a SoFi Invest account.
Get started trading technology stocks and ETFs with SoFi Invest® today
FAQ
Why is investing in tech stocks so popular?
Tech stocks are popular because they are some of the largest and best performing assets in the financial markets. As a whole, the technology sector is one of the fastest growing sectors in the economy. This means that there are a lot of new and innovative companies that are constantly coming out with new products and services. This provides investors with a lot of growth potential.
How can you start investing in tech stocks today?
You can start investing in tech stocks by trading individual stocks, invest in a tech-focused mutual fund or ETF, or invest in a more general stock market index fund that includes a mix of tech and non-tech companies.
SoFi Invest®
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Individual customer accounts may be subject to the terms applicable to one or more of these platforms.
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Neither the Investment Advisor Representatives of SoFi Wealth, nor the Registered Representatives of SoFi Securities are compensated for the sale of any product or service sold through any SoFi Invest platform.
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Shares of ETFs must be bought and sold at market price, which can vary significantly from the Fund’s net asset value (NAV). Investment returns are subject to market volatility and shares may be worth more or less their original value when redeemed. The diversification of an ETF will not protect against loss. An ETF may not achieve its stated investment objective. Rebalancing and other activities within the fund may be subject to tax consequences.
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Want to know how to make $2,000? Here’s how you can make extra money online and offline. Whether you’re a stay-at-home parent looking to bring home more money or saving up for a large purchase, making $2,000 can make a big difference. In this post you’ll learn: Making an extra $2,000 can seem like a…
Want to know how to make $2,000? Here’s how you can make extra money online and offline. Whether you’re a stay-at-home parent looking to bring home more money or saving up for a large purchase, making $2,000 can make a big difference.
In this post you’ll learn:
Ways to make $2,000 fast
How to make $2,000 per day
How to make $2,000 online
Making an extra $2,000 can seem like a big goal, but it’s definitely achievable with the right approach. Whether you’re looking to pay off debt, save for a vacation, or just make more money, there are many ways to reach your goal.
How To Make $2,000 Fast
Here’s a list of ways to make $2,000.
1. Freelancing
If you have skills like writing, editing, programming, bookkeeping, digital marketing, data entry, SEO, graphic design, or transcribing, you can find jobs online. You can also find jobs if you know how to use software like Adobe, Canva, WordPress, or email marketing tools.
I recommend checking out UpWork to see which skills you have (you may be surprised to see what’s listed there) and start applying for jobs.
I’ve done quite a bit of freelancing and have found jobs on UpWork, Fiverr, and FlexJobs. This is a great way to make money since it’s flexible and usually done on your own schedule. There are many other freelance platforms as well!
Recommended reading: 16 Best Freelance Jobs & How To Get Started
2. Blogging
I started a blog back in college and it’s still one of my favorite ways to make semi-passive income. I currently make between $2,000-$4,000 a month on my blog and it’s entirely passive, meaning I no longer do any work on it.
There are tons of ways to make money blogging including affiliate partnerships, sponsored posts, ad revenue, and selling your own goods or services.
You can create your own blog here with this easy-to-use tutorial. Michelle also has a Free How To Start and Launch A Money-Making Blog Course you can join, and it will help you start and launch a successful blog! Once you start a blog, you can learn how to monetize it with affiliate income and sponsored posts.
You can learn how to start a blog with the free How To Start a Blog Course (sign up by clicking here).
3. Proofreading
If you have an eagle eye for detail, love finding spelling or punctuation errors, and want to learn how to make $2,000 online, you may want to become a proofreader. Working as a proofreader is generally quite flexible and you can work from anywhere in the world since your job is done from a computer.
You can find jobs proofreading for authors, law firms, blogs, and more. This is a great way to make a side hustle income or a full-time living as proofreaders can make around $50,000 a year.
Here is a FREE 7-day course just for people who want to stop wasting time and start making more money with their proofreading skills. I definitely recommend that you check it out.
10
This free 76-minute workshop answers all of the most common questions about how to become a proofreader, and even talks about the 5 signs that proofreading could be a perfect fit for you.
4. Flip items for resale
You’ve likely seen TikToks where people flip stuff for profit. In case you don’t know what a flipper is, this is someone who buys something at a lower price and sells it at a higher price for a profit. This can also sometimes mean fixing up the item in order to sell it at a higher cost.
This is a great side hustle that can turn into a full-time job and is perfect if you want to know how to make $2,000 without a job (well, a traditional 9-5 job!).
A ton of people do this full-time!
This job is quite flexible because you can find stuff to flip on your own schedule. If you have kids, you can even take them along to garage sales and flea markets to score items to flip. This side hustle takes about 5-10 hours a week for beginners which can earn you up to $1,000 a month in the beginning.
Here is a free webinar, Turn Your Passion For Visiting Thrift Stores, Yard Sales & Flea Markets Into A Profitable Reselling Business In As Little As 14 Days, that will help you learn how to make money by flipping items as well.
5. Transcription
A transcriptionist is someone whose job is to turn files into text documents. You listen to what is being said in the file and type it into a text format. Transcriptionists usually make between $15-$30 an hour on average.
This job is flexible because you can choose to work part-time as a freelancer or full-time with an agency. As a transcriptionist, you must have good typing skills and a fast typing speed. You need excellent listening skills since you’re listening to files and having to type them up quickly.
A great free resource to take is FREE Workshop: Is a Career in Transcription Right for You? You’ll learn what transcription is and why it’s a highly in-demand skill, who hires transcriptionists, what it takes to become one, and more.
Recommended reading: 18 Best Online Transcription Jobs For Beginners
6. Pet sitting
One of my favorite side hustles is pet sitting. I’ve found all of my pet-sitting jobs on Rover, but you can also check out other dog-walking apps like Wag, Care.com, PetSitter, and more. Finding jobs can be hard at first if you don’t have experience, so it is usually important to set your rates lower than your competitors (this way you can get some reviews!).
Once you get jobs and reviews, you can slowly increase your rates and build your clientele. This is a great way to make a few hundred a week on top of a full-time job or other side hustles.
Recommended reading: 7 Best Dog Walking Apps To Make Extra Money
7. Sell crafts
If you have a hobby or craft you enjoy, you may want to try selling your items on Etsy. With almost 100,000,000 active Etsy buyers, Etsy is a great website to sell your handmade goods to people all around the world.
Here are some things you can sell on Etsy:
Printables
Stickers
Rugs
Soaps
Bath bombs
Crocheted and knitted items
Jewelry
I shop on Etsy all the time, and I love it!
Recommended reading: 16 Best Things To Sell On Etsy
Do you want to make money selling printables online? This free training will give you great ideas on what you can sell, how to get started, the costs, and how to make sales.
8. Virtual assistant
A virtual assistant is in charge of all kinds of tasks including:
Email management
Customer support
Graphic design
Social media management
I’m currently a virtual assistant and love it. The pay is high and I get to work on my own schedule. To find jobs, I recommend checking out UpWork, FlexJobs, and Fiverr. Type in “virtual assistant” on any of these job boards and you’ll quickly find tons of job listings with details including pay, benefits, work tasks, hours, and more.
9. Writing
If you have any kind of writing experience, try finding writing jobs online. There are thousands of online writing jobs out there from companies that need help creating blog posts and content for their company.
Even if you don’t have writing experience, I still recommend checking out job board sites and applying for low-paying jobs. This will get you experience as you build up your portfolio and help you land more jobs down the line.
I have been a freelance writer for years, and it’s a great way to make extra money. In fact, I’m writing this article as a freelancer!
10. Find Craigslist gigs for extra money
Craigslist is still quite popular in cities and there are always new jobs popping up. You’re most likely to find jobs in:
Labor (construction, warehouse work, landscaping)
Customer service (call centers)
Tutors
Short-term freelancing gigs
Moving
Always remember to be careful on any website, especially Craigslist. If anything ever feels suspicious or off, listen to your gut.
11. Delivering food
One of the easiest ways to make money is by delivering food with DoorDash. This is because they are always in need of new DoorDashers.
With DoorDash, your job is to deliver meals to customers. You can work on your own schedule and work as little or as many hours as you want to. Depending on where you live, you can deliver food by bike, scooter, or car.
How much you earn depends on each delivery, how much you earn in tips, and how fast you deliver items. The DoorDash app makes it convenient to accept delivery jobs, find out where to go, and how to get there.
12. Invest in real estate
Though it’s not a quick way to make money, you can make money in the long term by investing in real estate. When done right, real estate investing can be a lucrative way to make passive income and help diversify your investment portfolio.
There are many ways to invest in real estate including:
Buy REITs (real estate investment trusts)
Buy a house and flip for profit
Buy a house, live in one room, and rent out the rest of the rooms
Use an online real estate platform like Fundrise or Crowdstreet
Recommended reading: 23 Best Real Estate Side Hustles To Make Extra Money
13. Develop apps
There are a few ways to make money developing apps including in-app purchases, in-app subscriptions, advertising, affiliate links, and sponsorships.
You can test and research ideas that might do well in app form. Ask yourself what people need help with and how your app can solve their problems. Then, validate your idea by having people fill out a survey to get a better idea of what kind of app you should create.
You also need to figure out how you’ll market your app and get new customers. This might require you to reach out to blogs in your app’s niche, influencers, and media outlets to get coverage for your app.
Also, there is a side hustle related to this – you can test and try out new apps with Freecash. You can get paid from $1.00 to $75 per app. Some apps listed on Freecash (these numbers may change) include TikTok, which pays $8 if you’re a new user, and Upside, a gas cash back app, which currently pays $24.01 to new users. HBO pays $3.96 for new users subscribing to a free trial. There are many other apps you can earn from as well. Click here to sign up for Freecash (it’s free!).
14. Online surveys
Getting paid for surveys is not going to get you rich, but it’s an easy way to make money in your spare time. Companies pay people to fill out surveys because they need opinions on products and services. Once you finish filling out a survey, these survey sites typically pay you with cash, via PayPal, or gift cards.
Surveys aren’t full of hard questions that take hours to complete. The questions are usually short and straight to the point. Companies are trying to better their products and services, and surveys help them do this.
Here are some of the top surveys that pay in cash and free gift cards to sign up for:
Swagbucks
Survey Junkie
Branded Surveys
American Consumer Opinion
InboxDollars
Pinecone Research
Prize Rebel
User Interviews
Recommended reading: 21 Best Free Surveys That Pay Cash Instantly
15. Social media management
Working as a social media manager is a job that seems to be always hiring. I did a quick search on Fiverr and found many job listings pop up. This is because companies look to hire out for their social media management.
To find jobs in social media management, go to job boards like UpWork and type in “Social Media Management.” You’ll see posts from entrepreneurs and companies looking to hire a social media manager. These job listings will tell you what they need, like scheduling posts on Instagram and Facebook, creating visuals using Canva, and responding to comments from followers.
16. Babysitting
One of the easiest and quickest ways to make money is babysitting. I’ve found all of my babysitting and nannying jobs on Care.com, but you can also check out SitterCity, UrbanSitter, or Babysits. People are always looking for babysitters for date nights, errands, and special events.
To increase your chances of landing jobs, make sure to get a background check on the website (Care.com has this option) as this will make you stand out from other candidates. If you have previous experience babysitting, ask for references so hiring parents can see that you’re a good candidate for their job listing.
17. Bookkeeping
Becoming a bookkeeper can be a great way to learn how to make $2,000 from home.
A bookkeeper is someone whose job is to maintain clean and organized financial records for a business. Some tasks can include sending invoices on your client’s behalf, running payroll for your clients and their team, preparing state tax filings, and helping the client make business decisions for future expenses.
A bookkeeper’s income can vary depending on how many clients they have, how much experience they have, and how much they charge. On the low end, bookkeepers can earn $2,000 a month, while on the high end bookkeepers can earn $16,000 a month. Bookkeepers are in demand. According to the Department of Labor and Statistics, about 200,000 new jobs open in the US for bookkeepers each year.
Here is a free training – How to start a profitable bookkeeping side hustle, that can generate $2,000 to $16,000 a month (part-time)!
10
This free training will show you how to start a profitable bookkeeping side-hustle in the next 30 days—even if you have no prior experience!
18. Online tutoring
An online tutor is a teacher or expert who helps someone in a particular subject through the internet. This is done through video calls on a computer. Online tutors can make between $15 an hour to well over $100 an hour. Tutors are most often in needed in subjects like math, science, and foreign languages.
Many sites are hiring online tutors such as Tutor.com, Varsity Tutors, and Outschool.
19. Sell old electronics
Before throwing away your old electronics, consider selling them or trading them in.
Best Buy and Amazon both have trade-in programs and many other places are always looking to buy electronics. Electronics that are most easy to sell include smartphones, tablets, laptops, gaming consoles, smartwatches, digital cameras, and e-readers like Kindles.
You can sell electronics on sites like:
Decluttr
Facebook Marketplace
eBay
Gazelle
If you want to learn how to make $2,000 in 3 days, I usually recommend finding stuff to sell!
20. Photography
There are many ways to make money with photography including freelance photography, portraits, real estate, and product photography. You can also sell your photos to stock agencies like Shutterstock or Unsplash if you want to run an online business that makes $2,000.
To get started selling your photography, build an online portfolio of your work. This is going to help you attract new clients and customers. Always keep your customers satisfied and happy as word of mouth makes a big difference in the photography business.
It’s important to market your services on social media and have a professional website so people can get in contact with you easily.
Recommended reading: 18 Ways To Get Paid To Take Pictures
21. Rent a room
If you have a spare bedroom you’re not using, renting out that spare room is an easy and convenient way to make extra income.
It’s important to do a few things including cleaning and decluttering the room, researching market rates, taking high-quality, well-lit images of the room, and checking local laws to see if it’s legal to rent out a room where you live.
You can potentially rent out your room short-term on sites like Airbnb or find someone who is looking for a room for the long-term. If you find someone renting out a room for the long-term, it’s important to get a security deposit, a contract in place, and references from the renter.
My sister (the owner of this site) has rented out spare rooms in the past, even to me!
22. Rent your car
Renting your car can be a great way to earn extra income, especially if you’re not driving it that often.
First, you’ll want to check with your insurance to see if you’re allowed to rent out your vehicle. You’ll also need to see if you need a special license to rent your car. Once you have those things dialed down, choose a rental platform.
There are many platforms including Turo, GetAroundUSA, and HyreCar.
23. Work overtime
Working overtime is one of the best ways to make the most money. This is because employers usually pay a higher hourly wage for overtime hours. There are tons of jobs that pay extra for overtime including working as a plumber, pilot, home health aid, electrician, automotive technician, and so many other jobs.
Frequently Asked Questions
Below are answers to common questions about how to make $2,000.
How to make $2,000 in passive income?
There are many ways to make $2,000 in passive such as blogging (via affiliate marketing or ad revenue), selling crafts like printables on Etsy, investing in real estate, and renting out your room or car.
How to make $2,000 a week online?
To make $2,000 a week, you need to make about $285 a day. Breaking it down this way makes the number seem less daunting and more achievable. To make $2,000 a week, you’d need to pick up quite a few freelancing or Craigslist gigs, flip high-profit items, or rent out a room on Airbnb or your car on Turo. Doing multiple things will increase your odds of making $2,000 a week online.
How to make $2,000 per day?
Making $2,000 per day is going to require a lot of work and even then it’s not always possible. After all, $2,000 a day would be $60,000 each month! Working gigs won’t be enough and instead, you’ll have to get lucky by flipping a high-profit item (like real estate) or starting your own business.
How to make $2,000 online?
There are many ways to make $2,000 online, such as with freelancing gigs, blogging, virtual assisting, social media management, and selling crafts on Etsy.
Best ways to make $2,000 – Summary
I hope you enjoyed this article on the best ways to make $2,000 fast.
Making $2,000 can seem tough at first, but once you start trying out different side hustles and get into a groove, making extra cash gets easier.
You don’t have to pay capital gains tax on investment profits while they are held in a traditional or a Roth IRA account. In most cases, the question of taxes comes into play when you withdraw money from a traditional or Roth IRA.
Each type of IRA is subject to a different set of tax rules, and it’s essential to know how these accounts work, as the tax implications are significant now as well as in the future.
IRAs, Explained
An Individual Retirement Account (IRA) is a tax-advantaged account typically used for retirement savings. There are two main types of IRAs — traditional IRAs and Roth IRAs — and the tax advantages of each are quite distinct.
Generally speaking, all IRAs are subject to contribution limits and withdrawal rules, but Roth IRAs have strict income caps as well as other restrictions.
Contribution Limits
For tax year 2024, the annual contribution limits for both Roth and traditional IRAs is $7,000, and $8,000 for those 50 or older.
It’s important to know that you can only contribute earned income to an IRA; earned income refers to taxable income like wages, tips, commissions. If you earn less than the contribution limit, you can only deposit up to the amount of money you made that year.
One exception is in the case of a spousal IRA, where the working spouse can contribute to an IRA on behalf of a spouse who doesn’t have earned income. Like ordinary IRAs, spousal IRAs can be traditional or Roth in style.
Traditional IRAs
All IRAs are tax advantaged in some way. When you invest in a traditional IRA, you may be able to take a tax deduction for the amount you contribute in the tax year that you make the contribution.
The contributions you make may be fully or partially tax-deductible, depending on whether you or your spouse are covered by a workplace retirement plan. If you’re not sure, you may want to check IRS.gov for details.
The money inside the account grows tax-deferred, meaning any capital appreciation of those funds is not subject to investment taxes, i.e. capital gains tax, while held in the account over time. But starting at age 59 ½ , qualified withdrawals are taxed at regular income tax rates.
If you think about it, this makes sense because you make contributions to a traditional IRA on a pre-tax basis. When you take withdrawals, you then owe income tax on the contributions and any earnings.
With some exceptions, early withdrawals from a traditional IRA prior to age 59 ½ are subject to income tax and a 10% penalty.
Recommended: IRA Tax Deduction Rules
Roth IRAs
Roth IRAs follow a different set of rules. You contribute to a Roth IRA with after-tax money. That means you won’t get a tax deduction for contributions you make in the year that you contribute.
Your contributions grow inside your Roth IRA tax-free, along with any earnings. When you reach retirement age and start to make withdrawals, you won’t owe income tax on money you withdraw because you already paid tax on the principal (i.e. your original contribution amounts) — and the earnings are not taxed on qualified withdrawals.
Boost your retirement contributions with a 1% match.
SoFi IRAs now get a 1% match on every dollar you deposit, up to the annual contribution limits. Open an account today and get started.
Only offers made via ACH are eligible for the match. ACATs, wires, and rollovers are not included.
What Are Capital Gains Taxes?
Capital gains refer to investment profits. In a taxable investment account you would owe capital gains tax on the profits you made from selling investments: e.g., stocks, bonds, real estate, and so on.
You don’t owe capital gains tax just for owning these assets — it only applies if you profit from selling them. Depending on how long you held an investment before you sold it, you would owe short- or long-term capital gains.
Retirement accounts, however, are subject to their own set of tax rules, and traditional and Roth IRAs each handle capital gains taxes differently.
Are Gains Taxed in Traditional IRAs?
Traditional IRA plans, as noted above, are tax-deferred, which essentially means that investment profits are not subject to capital gains tax while they remain in the account. Given this, the sale of individual investments like stocks inside an IRA is not considered a taxable event.
However, with tax-deferred accounts like traditional IRAs, you do have to pay ordinary income tax on withdrawals (meaning, you’re taxed at your marginal income rate).
So when you take withdrawals from a traditional IRA, you will owe income tax on the amount you withdraw, including any investment gains (i.e., earnings) in the account.
Are Gains Taxed in Roth IRAs?
The same principle applies to Roth IRAs, even though these are after-tax accounts: You don’t have to pay taxes on investment income or any assets that you buy or sell inside your Roth IRA.
Because you contribute to a Roth IRA with after-tax money, your money grows tax-free inside your IRA. Also, the earnings in the account grow tax-free over time and those gains are not taxed within the account.
In addition, qualified withdrawals of contributions and earnings from a Roth IRA are tax free. But remember: early or non-qualified withdrawal of earnings from a Roth IRA would be subject to taxes and a penalty (with some exceptions; for details see IRS.gov).
Roth IRA Penalties
Because you contribute to a Roth IRA with after-tax money, you can always withdraw your contributions (meaning your principal) without paying any tax or penalties.
If you wait to withdraw money from your Roth IRA until you reach age 59 ½, you can also withdraw your earnings without tax or penalties — as long as you’ve had the account for at least five years.
If you withdraw Roth IRA earnings before age 59 ½ or before you’ve held the account for five years, you may be charged a 10% early withdrawal penalty, though there are IRA withdrawal rules that may help you avoid the penalty in certain situations.
Are Gains Taxed in 401(k)s?
An IRA and a 401(k) work in a similar way when it comes to capital gains tax. Just as there are traditional and Roth IRAs, there are also traditional and “designated” Roth 401(k) plans, and they work similarly to their corresponding IRA equivalents.
So, generally speaking, you do not owe any capital gains tax on the sale of any investments held inside either type of 401(k) account.
Opening an IRA With SoFi
Most people are familiar with the basic tax advantages of using an IRA to save for retirement. Traditional IRAs are tax-deferred accounts and may provide a tax deduction in the years you make contributions. Roth IRAs are after-tax accounts that can provide tax-free income in retirement.
But the fact that you don’t have to pay capital gains tax is also worth noting. With both a traditional IRA and a Roth IRA, buying and selling stocks or other investments is not considered a taxable event. That means that you will not owe capital gains tax when you sell investments inside your IRA.
Ready to invest for your retirement? It’s easy to get started when you open a traditional or Roth IRA with SoFi. SoFi doesn’t charge commissions, but other fees apply (full fee disclosure here).
Help grow your nest egg with a SoFi IRA.
FAQ
Are Roth IRAs subject to capital gains tax?
No, buying and selling stocks or other investments inside a Roth IRA is not considered a taxable event. This means that you will not owe capital gains tax for buying or selling investments inside your Roth IRA. And because contributions to Roth IRAs are made with after-tax money, you also won’t owe income tax on qualified withdrawals.
Do you have to pay taxes if you sell stocks in a Roth IRA?
Selling stocks inside a Roth IRA is not considered a taxable event. So whether you regularly buy and sell stocks inside your Roth IRA, or just have unrealized gains and losses, you won’t need to worry about capital gains tax.
What happens when you sell a stock in your Roth IRA?
Buying and selling stocks inside an IRA is not considered a taxable event. So you won’t owe capital gains tax on stock you sell, but you also won’t be able to offset gains with a loss you capture from a stock sale inside your IRA.
Photo credit: iStock/designer491
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INVESTMENTS ARE NOT FDIC INSURED • ARE NOT BANK GUARANTEED • MAY LOSE VALUE
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Individual customer accounts may be subject to the terms applicable to one or more of these platforms.
1) Automated Investing and advisory services are provided by SoFi Wealth LLC, an SEC-registered investment adviser (“SoFi Wealth“). Brokerage services are provided to SoFi Wealth LLC by SoFi Securities LLC.
2) Active Investing and brokerage services are provided by SoFi Securities LLC, Member FINRA (www.finra.org)/SIPC(www.sipc.org). Clearing and custody of all securities are provided by APEX Clearing Corporation.
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Neither the Investment Advisor Representatives of SoFi Wealth, nor the Registered Representatives of SoFi Securities are compensated for the sale of any product or service sold through any SoFi Invest platform.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
Disclaimer: The projections or other information regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results, and are not guarantees of future results. Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Summer breaks can feel like a pressure cooker for parents — it certainly feels like one for me. I’m tasked with working full time, keeping my pantry fully stocked, entertaining my energetic 6-year-old son and engaging him in learning activities.
But as summer ends, the pressure surrounding back-to-school shopping builds. I’m sure many parents can relate, especially with the recent increases in the cost of living, even though inflation is cooling.
According to NerdWallet’s 2024 back-to-school shopping report, those who are parents of K-12 or college students and who plan to do back-to-school shopping this year will spend $541, on average, on school supplies and clothing for their kids’ upcoming school year.
Four moms — including myself — with children of various ages share tips on how to shop for clothes and supplies on a budget. Even if you’ve already gotten a head start on shopping, these gems may still come in handy for next year.
Separate needs from wants if you have a larger family
Back-to-school supply lists can seem endless. When you do finally get to the end of the list, you may find that you’ve broken your budget. Kimyatta Williams, a day care owner from Atlanta, has a vibrant family with six children and has mastered staying within her budget by separating needs from wants. Williams’ oldest child is 23 and her youngest is 9, so she’s well-versed in back-to-school shopping.
“I can’t afford to get all these things on the list. So I’m making the priority to prioritize the needs from wants,” Williams says.
“So crayons versus markers. I’m not gonna buy both. They both do the same thing. So I may purchase the markers versus the crayons or I may purchase the big pack of 64 crayons versus the markers, especially at a grade level of a first grader or a second grader,” she adds.
Additionally, Williams attends back-to-school events, which usually give out free supplies. You can search for these events on Google, Eventbrite, Facebook or your local government’s website.
“When you’re a family size like mine, I can only do what I can. I make sure that they have everything they need for the first day to be successful in school,” Williams says.
Consider sustainable clothing if you have younger kids
Clothing can be a major expense for parents when their kids are going back to school. Gyna Uhrlass, an entrepreneur and content creator in Manhattan, New York, is a mother of three who focuses on using sustainable clothing options to help budget for clothing expenses.
She says one of the most frustrating things about back-to-school shopping for her is how expensive everything is, especially because of inflation. She finds that clothes and shoes are her biggest expense.
“My family is Caribbean. When I was growing up, we never did any hand-me-downs. Now that I’m older, I am all about hand-me-downs,” she says.
Uhrlass regularly gets used clothes from her friend who has a son a year older than hers.
“I have not had to buy a significant amount of clothes for him in years,” she says.
She also keeps the tradition within the family by keeping items like her older kids’ vests to pass down to her younger kids.
Set a budget and negotiate if you have older kids
Samantha Danielle Sharpe, a content creator and mother of three located in Nashville, Tennessee, has a home full of teenagers, ages 14, 16, and 18. Since her kids are older, she approaches back-to-school shopping by setting a budget and negotiating with them. However, that’s sometimes hard to do because of social media’s influence.
“I think there’s just a lot of pressure to get your kids so many different trendy items,” she says, adding that her daughter requested all pink supplies.
Sharpe tackles this issue by setting a budget for each of her children so they can learn to manage money and prioritize.
“As a single mom, I’m really honest with my kids. For me, it’s not just about the resources that I have. It’s about me wanting to make sure that I set my kids up for realistic expectations in life,” she says. “I don’t wanna set the expectation that everything that you want, you’re gonna always get.”
Other strategies Sharpe uses include following moms who share saving tips on social media and tapping into her community. Her family has a group chat where they post any items they aren’t using and share sales they come across.
“It may only be for like $100, $150, but it’s like my little reward back to myself for shopping for my kids,” she says.
Shop multiple sales and buy over time
I’m a single mom with one child who is going into the first grade this year. I opted to give myself one less thing to stress about by spreading out back-to-school shopping. I started buying my son new shoes — which he outgrows in a scarily short amount of time — during the summer. When buying household items in stores like Ross and Marshalls, I would also pick up a pair of sneakers from the sales rack because that tends to be my biggest expense after clothing.
As for clothes, I have also shopped between sales. Comparison-shopping has taught me that just because an item is on sale doesn’t mean that’s the best price. Also, I look for websites with deals on multipack shirts or shorts so I’m paying less per item.
I also pay attention to the clothing brands and materials I bought last year that held up and bought more of those items this time around. Having clothes that can withstand school activities that include slime, soil and Play-Doh has definitely saved me money over the past year.
Caleb writes in this week with a SPICY question. The answer surprised me. It might surprise you too.
Jesse – I work for a small company that does not currently offer a 401(k) match. Do the numbers still suggest I should utilize it?
Caleb
What Are We Comparing?
We need a point of comparison. If Caleb doesn’t use his company 401(k), we’re going to assume he contributes money into a normal taxable brokerage.
As you’ll see, I analyzed various “employer match” percentages (100%, 50%, 0%) and also looked at skipping the 401(k) to use a taxable brokerage.
The Expectations
I’ve always believed that “you need to get your employer match.” (Spoiler alert: it’s still true! It’s free money!)
But I’d wager many people also believe that the tax-deferred nature of a 401(k) is a huge selling point. Even without a match, I bet they simply gush over the tax deferral.
But I’m going to show you that tax-deferred growth doesn’t move the needle without an employer match.
The Numbers
We need to agree on some numbers. You can view my assumptions on this Google Sheet.Feel free to go to File –> Make a Copy to play around with it yourself. As with any anaylsis, the assumptions make all the difference! I assumed the following:
Caleb’s current marginal tax rate = 24%
Caleb’s future marginal tax rate = 22%
Caleb’s future capital gains rate = 15%
401(k) match percentage = variable
Investment growth rate (inflation-adjusted) = 6% per yearI
401(k) plan fees = 1.00% (source)
Brokerage investment fees = 0.05%
If I had to argue with myself, the two assumptions I’d push back on are the future marginal tax rate and the future capital gains tax rate. With smart financial planning, those two variables have the capability of being significantly lower than 22% and 15%, respectively. But I’m ok where they’re at for now. Again – please Make a Copy of the Google Sheet if you’d like to play around.
The Results
Over a ~25 year investing horizon, I calculated final portfolio values for our various cases. These values are net of all taxes, providing an “apples-to-apples” comparison.
401(k) with 100% Employer Match = $430K
401(k) with 50% Employer Match = $323K
401(k) with 25% Employer Match = $269K
401(k) with 0% Employer Match = $215K
Taxable Brokerage Account = $225K
A 401(k) with 0% Employer Match underperforms a simple taxable brokerage account. Not to mention: the 401(k) is intentionally illiquid prior to retirement, while the taxable brokerage account can be flexibly used.
Who would intentionally sacrifice liquidity and ~5% of their overall return? Sounds like a raw deal!
That’s why a 401(k) without a match is a bad deal for the investor.
Thankfully, most online sources suggest that anywhere from 90% to 98% of all 401(k) plans offer some level of match. But as the Results show above, the size of the match is important. The match makes a 6-figure difference, even when “only” contributing $5000 per year.
I also don’t want to overlook the important behavioral value of a 401(k). In short, illiquidity has it’s benefits. Quoting myself (I know, I know…):
The mere ability to buy or sell an asset tempts investors to do so at the worst possible times.
From “The Easiest Money That Investors Ignore”
401(k) accounts make it difficult for investors to do the common dumb things that cost them money. That’s an important behavioral benefit. On the other hand, taxable brokerage accounts can easily be tapped into ASAP for that new yacht.
Nevertheless, if you’re the kind of disciplined investor I’m used to interacting with here on The Best Interest, then I say this:
A 401(k) without a match is a raw deal! You can do better using a simple, taxable brokerage account.
Thank you for reading! If you enjoyed this article, join 8500+ subscribers who read my 2-minute weekly email, where I send you links to the smartest financial content I find online every week. You can read past newsletters before signing up.
-Jesse
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Building a business often requires financing, but it can be hard to get approved with a credit score that’s low or that hasn’t been established yet.
Some lenders offer no credit check business loans. Each lender has its own requirements, which may include things like minimum annual revenue amount, time in business, and the requirement to put up collateral.
Keep reading to learn more on no credit check business loans, how to get one, and alternative sources of funding.
Key Points
• With a no credit check business loan, the lender does not conduct a hard credit check or review your credit history.
• Some lenders may offer no credit check business loans, but they will come with higher interest rates because they present greater risks for the lender.
• Alternatives to no credit check business loans include traditional small business loans, equipment financing, and merchant cash advances.
Can You Get a Small Business Loan With Bad Credit?
When evaluating applications, lenders often consider both a business’s credit score and the personal credit score of the owner. If either of these is low, it can hurt your chances of getting approved for a loan or can result in higher rates if you are approved.
The different types of business loans usually require a minimum personal credit score of 670. Online lenders that offer bad credit business loans have a lower threshold, often as low as 580, which is “poor” for some credit agencies and “fair” for others. Building business credit may help you qualify for better terms and larger loan amounts.
As you get financing, considering these steps may help you work toward building a business credit score:
• Make debt payments on time
• Keep credit utilization low by avoiding maxed-out credit lines
• Grow revenue to offset existing debt
Recommended: Paying Back SBA Loans
Can You Get a Business Loan With No Credit Check?
Banks and other traditional lenders that are willing to give loans to business owners want to be sure that the loan payments have a decent chance of being paid back. That means assessing the ability of an applicant for a loan to make those payments. How could a bank or other type of lending organization make such an assessment without even being able to look at the credit history of the business? The challenge is clear.
That said, there are financing opportunities that small business owners can seek out if there is no credit check. Some lenders do offer them, but they are considered risky and often have high interest rates and origination fees.
Recommended: Small Business Loans With Only EIN
Pros and Cons of No Credit Check Business Loans
No credit check loans offer significant advantages and disadvantages. Pros of no credit check business loans include:
• Quick and accessible funding for individuals with poor or no credit history, bypassing the lengthy approval processes associated with traditional loans.
• They can offer a pathway to rebuilding credit if timely payments are reported to credit bureaus.
However, the downsides are substantial. Cons of no credit check loans include:
• Very high interest rates and fees, making them more expensive in the long run.
• Risk of predatory lending practices is higher, potentially trapping borrowers in a cycle of debt.
• The lack of credit checks means lenders are not assessing the borrower’s ability to repay, which can lead to financial strain and default.
While no credit check loans can be a lifeline for those with limited options, they should be approached with caution and as a last resort.
Other Sources of Funding for Small Businesses
There are small business loan alternatives that may work in place of a no credit business loan. Consider the alternatives below:
No Credit Check Personal Loans
No credit check personal loans may be an option worth exploring. However, it’s important to note that personal loans generally cannot be used for business purposes. Make sure you check for any restrictions against using a personal loan for business purposes before applying for one.
Recommended: Credit Score Required for Business Loans
Payroll Loans
Payroll loans are designed to specifically fund employee paychecks in the event of a short-term cash flow issue. Approval and funding times are usually fast to cover last-minute gaps in capital. These loans are seen as a last resort by many because they come with very high interest rates.
Equipment Financing
Equipment financing can help you get funding in place for machinery or office equipment. The actual assets are used as collateral, although you may also need to offer a personal guarantee.
Merchant Cash Advances
A merchant cash advance is based on future sales through your point-of-sale system, also known as your POS system. You can borrow a lump sum, then pay back the loan using a percentage of your daily sales.
Traditional Small Business Loans
It may be possible to get a traditional loan without a credit check, but expect the lender to demand collateral or offer high interest rates. There will be limited options regarding loan types, as well.
Recommended: What to Know About Short-Term Business Loans
Explore Small Business Loans
Not having a good credit score will make it challenging to get a small business loan, but it won’t be impossible. No credit check loans may be a viable way for you to get the funds you need, though they typically come with higher interest rates and fees than loans that require good credit.
If you’re seeking financing for your business, SoFi can help. On SoFi’s marketplace, you can shop top providers today to access the capital you need. Find a personalized business financing option today in minutes.
With SoFi’s marketplace, it’s fast and easy to search for your small business financing options.
FAQ
Can you get a business loan if you have no credit?
Yes, there are no credit business loans available. In order to qualify, your business usually needs to meet other requirements, such as certain revenue numbers, and be prepared to pay high interest.
Do small business loans require a credit check?
Not all small business loans include a credit check, but you may see higher rates and fees with loans that don’t rely as heavily on the applicant’s credit score.
Can I get a business loan with a 500 credit score?
It is possible to get a business loan with a credit score of 500, which is seen as either “fair” or “poor.” There may be a demand for collateral or high interest rates imposed.
Can you get a business loan with your EIN number?
It is unlikely you will get a traditional business loan with only an EIN number, but some less traditional lenders may offer financing. Lenders may also consider your personal credit score, business credit history, revenue, and overall financial health.
Photo credit: iStock/Anchiy
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Los Angeles is a city that promises endless opportunities, vibrant cultural experiences, and an enviable lifestyle. However, potential residents must weigh the benefits against the challenges, like traffic and high living costs. Not sure if Tinseltown is for you? Read on to find out what to expect if you’re considering a move to the L.A. area in 2024.
You know it from: La La Land, Mulholland Drive, Clueless
Average 1 bedroom rent: $2,588 | Los Angeles apartments for rent, Los Angeles houses for rent
Average home price: $1,098,000 | Los Angeles homes for sale
Average cost of full-service moving services: $140/hr for 2 movers
Average cost to rent a moving truck: $19 – $39/day
Top industries: Entertainment, Aerospace, Bioscience
Move here for: The weather, year-round outdoor recreation, the food, the arts
Be sure to bring: Your car and hiking boots or surf board
1. The weather is almost always perfect
Los Angeles is famous for its nearly perfect weather. With over 280 sunny days a year, it’s no wonder residents can enjoy outdoor activities year-round. The Mediterranean climate means mild, wet winters and hot, dry summers. Average temperatures range from 68°F in the winter to 85°F in the summer. It’s a city where flip-flops can be worn most of the year, and seasonal affective disorder is practically non-existent.
2. Traffic is a daily challenge
Los Angeles traffic is infamous and for a good reason. The city consistently ranks among the worst in the nation for traffic congestion. Commuters can expect to spend an average of 119 hours stuck in traffic annually. Peak hours can turn a 20-minute drive into a one-hour ordeal. Investing in a good podcast or audiobook subscription is almost a necessity for those long, slow drives.
Moving Tip: One of the best things you can do for your future L.A.-living self is to rent or buy close to work or school. Think about the locations your household will need to access often and try to find a home nearby.
3. Unique neighborhoods with distinct personalities
Each neighborhood in Los Angeles has its own distinct personality and charm. From the trendy boutiques and nightlife of Silver Lake to the luxurious homes and shopping in Beverly Hills, there’s a neighborhood to fit every lifestyle. Exploring areas like Venice Beach, Downtown LA, and West Hollywood can help new residents find the perfect fit.
Moving Tip: Your neighborhood and those that surround it will be an important part of your day to day life in L.A. because it can take so long to travel to other parts of the city. Make sure to do your research to find the area that will suit your lifestyle AND budget.
4. L.A. is a very expensive city to live in
Living in Los Angeles comes with a hefty price tag. The cost of living is 50% higher than the national average, with housing being the biggest expense. Median home prices are over $1 million, and rent for a one-bedroom apartment averages more than $2,500 per month. While high salaries in certain industries can offset these costs, budgeting and financial planning are crucial for anyone considering a move.
Moving Tip: Most recent transplants to the city note that living in L.A. is probably more expensive than you expect. Yes, housing is expensive but so are other necessities like food, gas, and entertainment so make sure your budget is realistic before moving to the city.
5. So MANY outdoor activities you can do (mostly) year round
Outdoor enthusiasts will find plenty to love in Los Angeles. From hiking in Griffith Park and Runyon Canyon to surfing in Malibu and Santa Monica, the city offers a wide range of activities. The Pacific Coast Highway provides breathtaking coastal drives, and spots like the Venice Beach Boardwalk are perfect for biking, rollerblading, or simply people-watching.
6. A multi-cultural melting pot
Los Angeles is one of the most diverse cities in the world. With significant populations from Latin America, Asia, and beyond, the city is a cultural melting pot. Neighborhoods like Koreatown, Little Ethiopia, and Chinatown offer unique cultural experiences and cuisines. This diversity enriches the city’s arts, festivals, and daily life, making it a vibrant place to live.
7. One word: Hollywood
Los Angeles is synonymous with Hollywood, making it the epicenter of the entertainment industry. The city is home to major film studios, production companies, and countless opportunities in acting, writing, directing, and more. Iconic spots like the Hollywood Walk of Fame and the TCL Chinese Theatre are just the tip of the iceberg for film and television enthusiasts.
Moving Tip: You will see celebrities out and about in L.A. If you want to seem like a true Angeleno, practice looking nonchalant in the face of mega stars.
8. Competition for housing is high
The housing market in Los Angeles is highly competitive. Homes and apartments can be snapped up within days of being listed. Prospective renters and buyers should be prepared to act quickly and often need to offer more than the asking price. Working with a knowledgeable L.A.-based real estate agent can be invaluable in navigating this fast-paced market.
9. Get your fitness on
Los Angeles residents are known for their health-conscious lifestyles. The city is filled with yoga studios, gyms, and outdoor fitness classes. Vegan and organic food options are widely available, with restaurants like Café Gratitude leading the charge. The city’s focus on wellness and fitness is evident in its numerous hiking trails, outdoor activities, and health food markets.
10. Incredible educational opportunities
Los Angeles boasts a range of educational institutions, from top-rated public schools to prestigious universities like UCLA and USC. The city also offers specialized schools in arts, technology, and trades. Parents and students alike have access to a variety of educational resources and extracurricular activities that cater to diverse interests and career paths.
11. Diverse food scene
Los Angeles is a food lover’s paradise. The city’s diversity is reflected in its culinary offerings, from authentic street tacos in Boyle Heights to high-end sushi in Little Tokyo. Farmers’ markets, like the one at The Original Farmers Market, provide fresh, local produce year-round. Food trucks are also a big part of the culture, offering gourmet meals on wheels across the city.
Moving Tip: L.A. has some of the best asian food and tex-mex in the country so come hungry!
12. World-class music scene and museums
The arts and music scene in Los Angeles is thriving. The city is home to world-class museums like The Getty Center and LACMA. Music venues like the Hollywood Bowl and the Troubadour host performances from top artists and emerging talents. Art walks, street performances, and film festivals are regular occurrences, providing endless entertainment options.
13. Public transportation is improving but still very limited
The Los Angeles Metro is expanding, with new lines and extensions regularly added. L.A.’s TransitScore is only 53, which means it’s still not as comprehensive as in other major cities. While downtown and some neighborhoods are well-served, many areas still require a car for convenient travel. The Metro Expo Line connects downtown to Santa Monica, making beach trips more accessible, but overall, a car remains essential for most residents.
14. Close proximity to nature and weekend getaways
Los Angeles offers easy access to a variety of natural landscapes and weekend getaway options. The city is just a short drive from the beaches of Orange County, the mountains of Big Bear, and the deserts of Joshua Tree. This proximity to diverse environments makes it easy to escape the urban hustle and enjoy the great outdoors.
Methodology: Average rent prices sourced from Rent.com July 2024. Home prices sourced from Redfin July 2024. Average moving costs sourced from MoveBuddha. Employment data sourced from Grand LA.
Staying at a beach house with friends can be a lot of fun. Deciding which house to rent via a poorly organized group chat? Not so much.
Using vacation rental platforms like Airbnb and Vrbo for group trips makes sense. In most cases, they’re more affordable than hotels for large groups, according to a 2022 NerdWallet analysis, and they foster group activities like cooking and playing games. So it’s hardly surprising that more than 80% of bookings on Airbnb are for groups, according to data shared by the platform.
Yet these benefits come with trade-offs. There’s the whole shared bathroom issue and the “which-couple-gets-the-much-nicer-bedroom” dilemma. But before check-in, there’s the question of which rental to choose that matches the group’s preferences.
In May, Airbnb added features aimed at making group travel easier to plan, including shared wish lists and group messaging with hosts. These features smooth out some of the logistics of planning a group trip, yet no feature in an app will make herding cats (i.e., your friends and family) easy.
Here are some tips and guidelines to help your group communicate when choosing your next vacation rental.
Set a budget
Determining how much everyone is willing to pay is probably the most fundamental question facing your group. It’s also the one most likely to be skirted. Talking about money can feel uncomfortable or embarrassing, yet failing to do so can lead the group to spend more than everyone is comfortable paying.
Some members of your group might be embarrassed to share their budget, for fear of spoiling the fun or coming across as cheap. So being the first to suggest a low-end budget can actually be a service (and relief) for others.
Zainob Fashola, a travel expert, recently planned a group trip to the Bahamas with friends. Their group quickly landed on a budget.
“We wanted a modern villa close to the beach, at a max of $1,000 per person for five nights, managed by a well-reviewed host or company,” Fashola said in an email.
Determining a budget early can narrow the range of options, smoothing the decision-making process and making sure everyone feels comfortable. Make sure to check “final” prices — not listed prices — when searching for properties, as add-on fees can balloon the final bill.
Assemble your options and take a vote
After you’ve set a budget (and, presumably, a destination), the next step is identifying potential rentals. This is where things can get messy in a hurry. Think group chats with members randomly sharing links. Here are some tips to streamline the process:
Appoint a leader. This doesn’t have to be a formal process. As the one reading this, you’re likely a good candidate.
Create a list. You can use one of Airbnb’s new shared wish lists or create a spreadsheet. Make sure everyone can see and edit the list, wherever it lives.
Keep an eye on location. It can be easy to get lost in the pretty pictures of the rental itself and forget the importance of its location. You might want to decide on a neighborhood ahead of time, to further winnow the options and avoid choosing a rental in the hinterlands.
Double-check the bedroom situation. Many rentals say they can accommodate large groups, but what they really mean is that there are a bunch of air mattresses in the living room. Make sure each option has enough bedrooms for your group.
Some group members will likely have strong preferences, while others couldn’t care less as long as they have a bed. It’s important to get as much of the group’s input as possible, but don’t wait for everybody’s input.
“When we decide on a destination, the more vocal members, usually those familiar with the area, have specific requests regarding neighborhood, views, and house style,” said Fashola.
Once the top choices have been determined, settle it with a vote. This can be as informal as an emoji-based system in a group chat or a secret ballot survey.
“That trip was last minute, so we skipped the Google Sheet, listed four available options in the chat, voted in minutes, and booked the villa immediately,” Fashola explained.
Herd those cats
Group decision-making is always an exercise in patience and communication, and deciding on the perfect vacation rental poses its own challenges. Since it involves money and budgets, it can strike nerves for some or leave others bitter they’re overpaying. And the stakes are high to make sure the rental itself doesn’t get in the way of a successful trip.
Airbnb has launched some features that help with organizing the task itself, yet the real struggle comes from competing personalities, preferences and communication styles.
For Fashola, finding the perfect rental for her Bahamas trip proved relatively easy, but splitting the restaurant bill is still proving trickier. After letting one member choose the restaurant itinerary on a recent trip to Greece, the group was shocked at the final price tag.
“Now, we always check menu prices before trusting her suggestions.”
Moving to New Hampshire provides residents with picturesque landscapes, charming small towns, and lively cities. The state is known for its four distinct seasons, outdoor recreational opportunities, and a strong sense of community. Whether you’re browsing homes for sale in Concord, considering renting in Manchester, or exploring houses for rent in Nashua, here’s what you need to know before moving to New Hampshire.
New Hampshire at a glance
From the stunning White Mountains to the serene lakes and coastline, the state caters to those who love nature and city life. The largest cities in New Hampshire—Manchester, Nashua, and Concord—are hubs of cultural activities. Manchester, the largest city, is a thriving center for business and culture, while Nashua offers suburban charm and urban convenience. Concord, the state capital, is rich in history and provides a welcoming community atmosphere.
New Hampshire’s economy thrives on sectors such as technology, healthcare, education, and manufacturing, with major companies like BAE Systems, Dartmouth-Hitchcock, and Fidelity Investments headquartered here. The state’s cultural scene is diverse, featuring world-class museums, annual events like the New Hampshire Film Festival, and a culinary landscape that celebrates farm-to-table dining and fresh seafood. Educational excellence is anchored by institutions like the University of New Hampshire and Dartmouth College. Affordable living options can be found in towns like Hudson, and Derry, making New Hampshire an enticing choice for those seeking quality of life.
1. There’s no sales tax here
New Hampshire is one of the few states in the U.S. that does not impose a sales tax on goods and services, making shopping more affordable. This tax advantage attracts shoppers from neighboring states and extends to a wide range of purchases, from everyday items to big-ticket goods. Additionally, the lack of sales tax contributes to the overall lower cost of living and can be particularly beneficial for large purchases such as vehicles and home appliances. This financial perk enhances the state’s appeal by allowing residents and visitors to save money on both routine and significant expenses.
2. New Hampshire has many charming small-towns
The state is dotted with picturesque small towns that exude New England charm. Places like Hanover, home to Dartmouth College, offer quaint downtown areas with boutique shops, cafes, and historic architecture. Portsmouth, with its waterfront location, has a rich maritime history and vibrant arts scene. Each town has its unique character and attractions, making New Hampshire a delightful place to explore and live.
3. Get ready to experience the autumn foliage
New Hampshire is renowned for its spectacular autumn foliage, drawing visitors from all over to witness the vibrant colors. The Kancamagus Highway, which runs through the White Mountains, is one of the most famous scenic drives for fall foliage. Additionally, Towns like Conway and Lincoln become hotspots for leaf-peeping, with numerous hiking trails and scenic overlooks providing breathtaking views of the red, orange, and yellow hues.
Travel tip: Visit early in the season, as peak foliage can vary year to year. Also, consider starting your drive early in the morning or late afternoon to avoid crowds and get the best light.
4. New hampshire has beautiful coastlines
New Hampshire’s coastline, though relatively short at just 18 miles, offers stunning seaside scenery and charming coastal communities. Hampton Beach is a notable destination with its sandy shores, bustling boardwalk, and vibrant summer events that attract visitors and locals. In addition to Hampton Beach, the town of Rye offers a more serene coastal experience with its scenic Rye Harbor and nearby Odiorne Point State Park. This area provides beautiful rocky shorelines, tidal pools, and walking trails with expansive views of the Atlantic Ocean. The park’s natural beauty and peaceful atmosphere make it a great spot for coastal exploration and relaxation.
New Hampshire has top-rated educational institutions, from esteemed private schools to renowned universities. Dartmouth College in Hanover is an Ivy League institution known for its rigorous academics and beautiful campus. The University of New Hampshire, located in Durham, offers a wide range of undergraduate and graduate programs. These educational opportunities contribute to the state’s reputation for high-quality education.
6. The breweries and wineries are thriving here
New Hampshire’s craft beverage scene is thriving, with a growing number of breweries and wineries showcasing local flavors and innovations. The state is home to renowned breweries like Redhook Ale Brewery in Portsmouth, known for its diverse beer offerings and vibrant beer garden, and The Portsmouth Brewery, which has been a staple in the craft beer community since 1991. In the wine sector, LaBelle Winery in Amherst produces a variety of high-quality wines, from crisp whites to robust reds, and offers guided tours and tastings that highlight their commitment to local ingredients.
Insider scoop: Visit during seasonal events like Oktoberfest or harvest festivals, where you can sample limited-edition brews and wines while enjoying local festivities and live music.
7. There are four distinct seasons
Residents of New Hampshire experience four distinct seasons, each bringing its own beauty and activities. Winters, with temperatures often dropping below freezing, are perfect for skiing and snowboarding in places like North Conway and Bretton Woods. Spring sees temperatures warming to the 50s and 60s, bringing blooming flowers and fresh greenery, ideal for hiking and outdoor adventures. Summers, with temperatures ranging from the 70s to 80s, are warm and great for lakeside activities in the Lakes Region. Autumn, with temperatures cooling to the 50s and 60s, features stunning foliage, making every season special and enjoyable.
8. The activities on the White Mountains are endless
The White Mountains in New Hampshire offer a virtually endless array of activities year-round, attracting outdoor adventurers and nature lovers. In the summer, visitors can enjoy hiking trails such as the challenging Mount Washington and the scenic Franconia Ridge Loop, which offer stunning views and diverse terrain. Winter transforms the region into a haven for snow sports, with ski resorts like Bretton Woods and Cannon Mountain providing excellent opportunities for skiing, snowboarding, and snowshoeing.
Travel tip: Be sure to check weather conditions and trail statuses before heading out, as conditions in the mountains can change rapidly. Consider investing in a trail map or guidebook, and if you’re visiting in winter, make sure to bring appropriate gear and check avalanche forecasts for safety.
9. The cost of living varies throughout the state
The cost of living in New Hampshire varies significantly across the state, reflecting differences in housing markets, local economies, and amenities. In cities like Nashua, the median home sale price is $475,000, which is higher than the national median of $442,479. Conversely, in smaller towns such as Keene, median home prices can be around $315,000, offering more affordable housing options. Rental rates also show variation, with average monthly rents for a one-bedroom apartment in Manchester is $1,837, while in smaller towns like Concord, rents can drop to about $1,405. Rural areas and smaller communities generally present more budget-friendly options, making them appealing for those seeking lower living costs.
If you’re planning on moving to New Hampshire, you’ll want to consider the pros and cons of living in the Granite State to learn more about what life is like.
10. The state is close to major cities
Living in New Hampshire provides easy access to several major cities in surrounding states. Boston, MA, is just an hour’s drive from the southern parts of the state, offering urban amenities and job opportunities. The city of Portland, ME, is also within a short driving distance, known for its vibrant arts scene and coastal attractions. This proximity allows residents to enjoy the tranquility of New Hampshire while benefiting from the resources and opportunities of nearby metropolitan areas.
Methodology
Population data sourced from the United States Census Bureau, while median home sale prices, average monthly rent, and data on affordable and largest cities are sourced from Redfin.