A business plan is a must-have for any company, no matter how long it has existed.
A three-year business plan gives you a healthy timeframe to work with when you’re writing up a plan. It’s long enough to let you develop robust strategies and revenue estimates, but it’s not so far out that your projections aren’t based on quality data.
Learn how to create a business plan structure that is easy to craft while also able to serve as a compelling resource for anyone interested in your company’s overall strategy — especially lenders and investors.
Why Should You Write a Business Plan?
Writing a business plan offers you several benefits, both in terms of operating the company and seeking out small business loans.
Taking the time to write a thoughtful business plan can help you have a firm understanding of where you’re taking the company and how you’re going to get there. Without a plan, it can be easy to be pulled in many directions, especially if you’re a new small business. Use your business plan as a reference for how to prioritize in order to best meet your goals.
Using a three-year business plan template can make it easier to get started since you’re focusing on the near-term. It’s simpler to create milestones in a shorter time frame compared to making the projections required by a five-year business plan or longer.
Finally, a solid three-year business plan could help you secure external financing. Both lenders and investors typically want to see a business plan as part of the vetting process. Having one on hand lets you be more flexible in seeking financing exactly when you need it. This three-year project business plan is especially helpful for startups who need capital to launch to the next level.
Recommended: Getting a Million Dollar Business Loan
What to Include in a 3-Year Business Plan
Here are the key things to make sure you do in your three-year business plan.
Describe Your Business
This section is often called an executive summary. It should outline the goods or services you plan to provide.
This is also where you should state where and how you plan to sell your product, and whether it’s an online or a brick-and-mortar store.
Another important component of this section is your differentiator. Are you marketing to a specific audience? Are you selling a product that’s new to market? Investors and lenders want to know how you plan to outperform your competition.
This is also where you can talk about where your company is today and where you plan to be in the next few years.
Define Your Goals
Once you outline the structure of your business, it’s time to set goals for the next three years.
Revenue is a frequently used metric here. Provide a year-by-year estimate of expected revenue growth based on your specific company and the broader industry.
Gross margin is another important goal to consider, especially since your expenses may grow as your revenue increases.
All of this information helps you figure out how to calculate cash flow and prepare for any upcoming financing needs to meet these goals.
Depending on your business structure, here are some other goals that might make sense to include in your three-year business plan:
• Number of new and repeat customers
• Net profit
• Net income
• EBITDA
• Locations
• Product line revenue
• Sales closing ratios
• Market share
Analyze Your Potential Market
In order for your new small business to be competitive, you need to understand the market you’re entering. Or if you have a more established business, a market analysis helps you figure out where you currently stand.
In this section, you can explain the size of your industry, as well as growth projections and current trends.
Also, research your target audience to determine its size and buying habits. You should also perform an in-depth analysis of your competition to identify their strengths and weaknesses.
Explain Your Marketing Plan
Your three-year business plan outline should include a clear strategy for your marketing efforts.
Describe any advertising or promotions you plan to do, whether it’s through online, print, TV, or radio media. Also include the costs involved and the reach you expect to gain with your target audience.
A key part of your marketing strategy should be a calendar outlining your campaign schedule. Creating that calendar gives you the chance to think about the upcoming seasonal flow of your business. It’s also helpful for lenders to see that you’re thinking ahead, in case you need to get a business loan in the future.
Recommended: What You Should Know About Short-Term Business Loans
Estimate Costs and Revenues
As you nail down the details of your business operations and marketing strategy, it’s also important to estimate your costs and revenues.
Figure out your business’s current amount of capital, whether from a business loan, investor capital, early earnings, or your own personal money.
Then calculate the costs of business activities you outlined in the sections above. Find a conservative balance between inventory and customer demand.
Or, if you’re a service-based business, figure out how quickly you can scale your workforce size to meet your customers’ needs.
Lenders and investors also want to see your customer acquisition cost, which accounts for the expenses involved in your marketing strategy.
Example of a 3-Year Business Plan
Start your business plan by covering each of the previous sections under its own heading. Then you can write your strategy in narrative form and input graphs and tables as appropriate.
You can also create a timeline using this three-year business plan template example:
Year 1
Year 2
Year 3
Goal:
Goal:
Goal:
Strategy:
Strategy:
Strategy:
Quarterly Target:
Quarterly Target:
Quarterly Target:
Q1:
Q1:
Q1:
Q2:
Q2:
Q2:
Q3:
Q3:
Q3:
Q4:
Q4:
Q4:
The Takeaway
A three-year business plan will require some effort, but thinking it through can give you some clarity on what you want from your small business and how you can best achieve it. And it can help your company in several ways, from giving you clear objectives to attracting external funding.
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
Why write a business plan?
A business plan keeps you organized and focused when you’re growing your company. The process allows you to set goals and milestones, along with providing plans for actually reaching them. It’s also an essential part of any type of small business financing application, which can help build your business credit.
What should you include in a 3-year business plan?
There are five core components to include in your 3-year business plan: business description; goals; market analysis; marketing strategy; and cost and revenue estimate.
How do I describe my business?
Start by defining what your business plans to sell, whether it’s a product or a service. Also directly state what makes your business stand out from the competition.
How do I write an executive summary?
An executive summary is the description of your company and your products and services. It also includes high-level information on your target audience and financials. Positioned at the beginning of your three-year business plan, your executive summary is meant to encourage the reader to learn more and keep reading about your business.
Photo credit: iStock/cagkansayin
SoFi’s marketplace is owned and operated by SoFi Lending Corp. See SoFi Lending Corp. licensing information below. Advertising Disclosures: SoFi receives compensation in the event you obtain a loan through SoFi’s marketplace. This affects whether a product or service is featured on this site and could affect the order of presentation. SoFi does not include all products and services in the market. All rates, terms, and conditions vary by provider.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Many small businesses provide goods or services to their customers and issue invoices for payment. These invoices usually have payment terms that specify when the customer should pay, such as 30 days. However, waiting for customers to pay can create a cash flow gap for the business. They may need funds to cover immediate expenses like payroll, purchasing inventory, or paying suppliers.
One solution is invoice financing. With this alternative type of business financing, a company is able to use its unpaid invoices as collateral to obtain a loan or line of credit from a financial institution, such as a bank or a specialized lender. This allows the business to improve its cash flow while waiting for customers to make outstanding payments.
But before you sign on the dotted line, it’s essential to carefully consider the costs and terms associated with invoice financing to ensure it’s the right financial solution for your needs. Here’s a closer look at how invoice financing works, its pros and cons, plus other financing options you may want to consider.
What Is Invoice Financing?
Invoicing financing is a type of short-term small business financing where companies leverage their unpaid invoices to access immediate cash. Instead of waiting for customers to settle their bills, the business uses these outstanding invoices as security to obtain a loan or credit line. Essentially, it’s like getting an advance on money owed by customers, which can help businesses address short-term cash flow needs without having to wait for payment.
While it’s not designed for all types of businesses, invoice financing (also sometimes referred to as accounts receivable financing) can help many companies with longer billing cycles.
How Does Invoice Financing Work?
Invoice financing primarily benefits B2B companies rather than B2C companies, which generally rely on individual customers who buy products through a point-of-sale system. Instead, it’s designed to let companies borrow against outstanding invoices for customer orders.
To qualify for invoice financing, you generally need to have accounts receivable from creditworthy customers that have a history of paying invoices on time. While the lender may also look at your company’s credit and financials, they usually aren’t their main concern. A personal guarantee isn’t usually required, but check the terms of your loan just to make sure.
Some lenders allow you to finance 100% of the invoice amount, while others limit you to borrowing up to a certain percentage of your outstanding invoices. When your customer pays the invoice, you’ll pay the lender back the amount loaned plus fees and interest.
The fee structure varies depending on your loan agreement, but typically invoice financing companies charge a flat percentage (1% to 5%) of the invoice value. This percentage may be charged for every week or every month it takes your customer to pay. So if your customers are slow to pay, costs can escalate; if they default, you may end up having to cover their invoices.
You may also encounter other kinds of fees with invoice financing, depending on the lender. There may be new account and renewal fees, a minimum volume fee, and/or an early termination fee if you decide to stop using the service. It’s always a good idea to check out the full cost of financing before you sign a contract.
Example of How Invoice Financing Works
Let’s say you decide to finance a $50,000 invoice with 30-day terms. You submit this invoice to a lender as collateral. The invoice financing company approves the invoice and provides you with a cash advance of 90% of the invoice ($45,000). The lender charges a 3% fee for each month the invoice is outstanding. Your customer pays the $50,000 invoice in three weeks, so your total fee for the advance is $1,350. Once you receive the customer’s payment, you repay the lender the money you borrowed plus fees ($46,350) and keep $3,650.
Recommended: Business Cash Management, Explained
Invoice Financing vs Invoice Factoring
Invoice financing and invoice factoring are terms that are easy to confuse. While you might even see them used interchangeably, they aren’t the same thing.
Invoice factoring, also known as accounts receivable factoring, differs from invoice financing both in terms of structure and repayment process. With invoice factoring, you sell your outstanding invoices to a factoring company at a discount. The company gives you a percentage of the invoice amount up front and then assumes responsibility for collecting the full amount from your customer. Once the customer pays the invoice to the factoring company, you receive the remaining balance minus a factoring fee that is withheld by the factoring company.
If you opt for invoice factoring vs. invoice financing, your customers will likely know that you’ve outsourced this part of your business. Some businesses may prefer to keep the collection process in-house to maintain their customer relationships.
Both invoice financing and invoice factoring involve ongoing fees. Typically, the longer each invoice goes unpaid, the more you’ll be charged. That adds some uncertainty to how much you’ll actually owe.
Recommended: What Is a Business Liability?
Pros and Cons of Invoice Financing
Invoice financing can potentially help your business in a number of ways, but it also has its drawbacks.
Pros of Invoice Financing
Here’s a look at some of the advantages of using invoice financing.
• Improved cash flow: Invoice financing provides quick access to cash, which can help businesses cover day-to-day expenses, invest in growth, or handle unexpected costs.
• No debt: Invoice financing is not a loan, so it doesn’t add debt to your balance sheet. It’s a way to unlock the value of your invoices without taking on long-term debt.
• Flexible: You can use invoice financing as needed, depending on your cash flow situation. There’s no requirement to finance every invoice or maintain a minimum level of financing.
• Accessible: Invoice financing is often easier to qualify for than traditional loans since it’s primarily based on the value of your invoices and the creditworthiness of your customers.
Cons of Invoice Financing
There are, of course, some downsides to consider as well.
• Cost: Invoice financing can be more expensive than traditional loans or lines of credit. You’ll typically pay a fee plus interest on the advanced amount.
• Dependence on customers: Since invoice financing relies on your customers paying their invoices, you’re somewhat dependent on their payment behavior. If they pay late or default, it can affect your financing costs.
• Not suitable for all businesses: Invoice financing works best for businesses that have a steady stream of invoices from creditworthy customers. If your business doesn’t meet these criteria, you may not be able to use invoice financing.
• Potential for confusion with customers: If you opt for invoice factoring, some customers may be confused or concerned if they receive payment requests from a financing company instead of directly from you.
Is Invoice Financing a Good Idea?
Invoice financing can be a useful financial tool in some cases.
If your company has seasonal fluctuations, a lengthy billing cycle, or inconsistent revenues, but also has clients who reliably pay their invoices in a timely way, invoice financing may be a good way to keep a regular cash flow through the highs and lows.
If your business has less reliable clients, using funding like this could end up costing you in the long run.
Recommended: What You Should Know About Short-Term Business Loans
Alternatives to Invoice Financing
Invoice financing is far from the only type of financing out there. Here are a few other small business loan options to consider before you make a decision.
Inventory Financing
Inventory financing is short term, asset-based financing that’s used exclusively to buy the inventory or products your business sells. The loan (or credit line) is secured by the inventory or products that you’re purchasing. That means you don’t have to offer the lender any personal collateral. But if you default on the loan, the lender can repossess the inventory you purchased as payment.
Some lenders may finance 100% of the inventory value, but more typically a lender will offer somewhere between 50% and 80% of the inventory’s value.
Inventory financing can be useful before a busy season or when you experience sudden demand for your product. But like invoice financing, inventory financing typically comes with higher costs than a regular business loan. You’ll likely also need to demonstrate a high inventory turnover rate to qualify for higher loan amounts.
Merchant Cash Advance
A merchant cash advance can be better suited to businesses with B2C sales. You borrow a lump sum and then the lender automatically deducts a portion of your credit and debit card sales until the loan (plus accrued fees) is repaid.
As with invoice factoring, a factor rate is used with a merchant cash advance instead of an interest rate. Another similarity is that your sales history, rather than your credit history, is typically the most important factor in qualifying for a merchant cash advance. Generally, approval also happens pretty quickly, allowing you to get fast access to funding. Just keep in mind that the cost of borrowing is typically higher than other types of business financing.
Recommended: Recommended: Guide to Merchant Bank Accounts
Traditional Business Line of Credit
A business line of credit is a flexible type of financing that allows a small business to borrow money up to a predetermined limit and will only charge interest on the amount of money borrowed (similar to the way a credit card works). Unlike a term loan, where you receive a lump sum of money upfront, a business line of credit allows you to borrow only the amount you need, when you need it. This can be useful for managing cash flow or covering unexpected expenses.
Business lines of credit typically have variable interest rates and can be either secured or unsecured, depending on the lender and the borrower’s creditworthiness.
Traditional Term Business Loan
Term loans provide a lump sum of money that is repaid over a fixed term, typically with a fixed interest rate (which is often lower than other types of small business financing). The funds can be used for a variety of purposes, including working capital, equipment purchases, and expansion.
This is a common type of business loan offered by banks, credit unions, and online lenders. Newer businesses typically have a better chance of approval through online lenders because they typically offer more flexible qualification requirements. However, interest rates tend to be higher.
Your business’s history, annual revenue, and creditworthiness (including your personal credit) typically determine which loan terms you’ll have access to and how much you can borrow.
Recommended: A Guide to Trade Credit in Business
The Takeaway
Cash flow can be an issue for many small businesses. If your business is a good candidate for invoice financing and you need cash quickly, this type of funding may be able to help tide you over. Just keep in mind that costs can run higher than traditional banks loans and lines of 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.
Photo credit: iStock/pixdeluxe
SoFi’s marketplace is owned and operated by SoFi Lending Corp. See SoFi Lending Corp. licensing information below. Advertising Disclosures: SoFi receives compensation in the event you obtain a loan through SoFi’s marketplace. This affects whether a product or service is featured on this site and could affect the order of presentation. SoFi does not include all products and services in the market. All rates, terms, and conditions vary by provider.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
I got active on Twitter over the past year and change and to my surprise (not sure why it’s surprising really), encountered lots of housing bears on the platform.
Many were/still are convinced that the next housing crash is right around the corner.
The reasons vary, whether it’s an Airbnbust, a high share of investor purchases, high mortgage rates, a lack of affordability, low home sales volume, rising inventory, etc. etc.
And the reasons seem to change as each year goes on, all without a housing crash…
So, now that we’re halfway through 2024, the obvious next question is will the housing market crash in 2025? Next year’s got to be the year, right?
But First, What Is a Housing Crash?
The phrase “housing crash” is a subjective one, with no real clear definition agreed to by all.
For some, it’s 2008 all over again. Cascading home price declines nationwide, millions of mortgage defaults, short sales, foreclosures, and so on.
For others, it might just be a sizable decline in home prices. But how much? And where?
Are we talking about national home prices or regional prices? A certain metro, state, or the nation at large?
Personally, I don’t think it’s a crash simply because home prices go down. Though it is a pretty uncommon occurrence to see nominal (non-inflation adjusted) prices fall.
Over the past few years, we’ve already experienced so-called home price corrections, where prices fell by 10%.
In 2022, we were apparently in a housing correction, defined as a drop in price of 10% or more, but not more than 20%.
Ostensibly, this means a drop of 20%+ is something much worse, perhaps a true housing crash.
But you have to look at the associated damage. If home prices fall 20% and there aren’t many distressed sales, is it still a crash?
Some might argue that there’s simply no other outcome if prices fall that much. And maybe they’d be right. The point is a crash needs to have major consequences.
If Homeowner Joe sells his home for $500,000 instead of $600,000, it’s not necessarily a disaster if he bought it for $300,000 a few years earlier.
He’s not happy about it, obviously, but it’s not a problem if he can still sell via traditional channels and even bank a tidy profit.
Of course, this means others who had to sell wouldn’t be so lucky, since their purchase price would likely be higher.
Still, this hinges on a major decline in prices, which historically is uncommon outside of the Global Financial Crisis (GFC).
Stop Comparing Now to 2008
One thing I see a lot is housing bears comparing today to 2008. It seems to be the go-to move in the doomer playbook.
I get it, it’s the most recent example and thus feels the most relevant. But if you weren’t there, and didn’t live it, you simply can’t understand it.
And if you weren’t, it’s hard to distinguish that time from now. But if you were, it’s clear as day.
There are myriad differences, even though they’re quick to mock those who say “this time is different.”
I could go on all day about it, but it’s best to focus on some main points.
At the moment, housing affordability is poor thanks to a combination of high home prices and equally high mortgage rates, as seen in the chart above from ICE.
Despite a big rise in prices over the past decade, the high mortgage rates have done little to slow down the party.
Yes, the rate of home price appreciation has slowed, but given the fact that mortgage rates rose from sub-3% to 8% in less than two years, you’d expect a lot worse.
It’s just that there’s really no correlation between home prices and mortgage rates. They can go up together, down together, or move in opposite directions.
Now, proponents of a housing crash often point to buying conditions right now. It’s a horrible time to buy a house from a payment-to-income perspective. I don’t necessarily disagree (it’s very expensive).
But that completely ignores the existing homeowner pool. And by doing so, it’s a totally different thesis.
You can say it’s a bad time to buy but that the average homeowner is in great shape. These statements can coexist, even though everyone wants you to take one side or the other.
Look at the Entire Homeowner Universe
To put this perspective, consider the many millions of existing homeowners coupled with prospective home buyers.
Your average homeowner today has a 30-year fixed-rate mortgage set somewhere between 2-4%.
In addition, most purchased their properties prior to 2022, when home prices were a lot lower.
So your typical homeowner has a rock-bottom interest rate and a relatively small loan amount, collectively a very attractive monthly payment.
To make matters even better for the foundation of the housing market, which is existing homeowners, most have very low loan-to-value ratios (LTVs).
They’ve also got boring old 30-year fixed-rate loans, not option ARMs or some other crazy loan program that wasn’t sustainable, as we found out quickly in 2008.
These homeowners also haven’t tapped their equity nearly as much as homeowners did in the early 2000s, despite home equity being at record high levels (see above).
This is partially because banks and mortgage lenders are a lot stricter today. And partially because of mortgage rate lock-in. They don’t want to give up their low mortgage rate.
In other words, the low mortgage rate not only makes their payment cheap, it also deters taking on more debt! And more of each payment pays down principal. So these loans (and their borrowers) become less and less risky.
Some have turned to home equity loans and HELOCs, but again, these loans are much more restrictive, typically maxing out at 80% combined loan-to-value (CLTV).
In 2006, your typical homeowner did a cash-out refinance to 100% CLTV (no equity left!) while new home buyers were coming in with zero down payment as home prices hit record highs.
Take a moment to think about that. If that’s not bad enough, consider the mortgage underwriting at that time. Stated income, no doc, you name it.
So you had virtually all homeowners fully levered along with a complete lack of sound underwriting.
Slumping Home Sales in the Face of Poor Affordability Is Actually Healthy
That brings us to home sales, which have slumped since the high mortgage rates took hold. This is normal because reduced affordability leads to fewer transactions.
The worry is when this happens supply could outpace demand, resulting in home price declines.
Instead, we’ve seen low demand meet low supply in most metros, resulting in rising home prices, albeit at a slower clip.
While housing bears might argue that falling volume signals a crash, it’s really just evidence that it’s hard to afford a home today.
And the same shenanigans seen in the early 2000s to stretch into a home you can’t afford don’t fly anymore. You actually need to be properly qualified for a mortgage in 2024!
If lenders had the same risk tolerance they had back in 2006, the home sales would keep flowing in spite of 7-8% mortgage rates. And prices would move ever higher.
That spike in home sales in the early 2000s, seen in the chart above from Trading Economics, shouldn’t have happened. Fortunately, it’s not happening now.
At the same time, existing homeowners would be pulling cash out in droves, adding even more risk to an already risky housing market.
Instead, sales have slowed and prices have moderated in many markets. Meanwhile, existing owners are sitting tight and paying down their boring 30-year fixed mortgages.
And with any luck, we’ll see more balance between buyers and sellers in the housing market in 2025 and beyond.
More for-sale inventory at prices people can afford, without a crash due to toxic financing like what we saw in the prior cycle.
Before creating this site, I worked as an account executive for a wholesale mortgage lender in Los Angeles. My hands-on experience in the early 2000s inspired me to begin writing about mortgages 18 years ago to help prospective (and existing) home buyers better navigate the home loan process. Follow me on Twitter for hot takes.
When it comes to flying, most people want to avoid sitting in the dreaded middle seat. But how do you choose between an aisle or window seat?
Both seats have distinct advantages depending on how you like to travel. Learn more about the pros and cons of an aisle seat versus the window, things to consider when choosing and tips for getting the seat you want.
Aisle seats vs. window seats
Choosing between a window seat or aisle seat depends on how you like to travel and what you plan on doing during the flight.
While many travelers prefer window seats, aisle seats have a lot to offer as well. In short, the “better” seat is a personal preference and may change based on your travel plans.
Learn more about the pros and cons of the aisle versus window seats so you’ll know which one to pick on your next trip.
Pros and cons of choosing an aisle seat
Pros of aisle seats
Unrestricted access to the aisle. The aisle seat has easy access to getting up and sitting down. You don’t need to disturb anyone when heading to the bathroom or stretching your legs.
Get off the plane faster. You’re the first one into the aisle when it’s time to disembark. This makes it easier to grab your bag and catch your next flight.
Easier to stretch your legs. Seat pitch seems to be shrinking no matter which airline you’re flying. When you’re in an aisle seat, you can stretch your legs into the open space as long as you’re not blocking someone walking down the aisle.
Cons of aisle seats
Blocking access to the aisle. When row-mates want to get up to use the bathroom, grab a drink or stretch their legs, you have to get up to let them out.
Drink cart and passing passengers can hit you. If your elbow, knee or other body parts stick out into the aisle, you may get hit by the drink cart or another passenger.
Possible spills. Flight attendants try to be careful when passing drinks to passengers, but when you’re in the aisle seat, you’re more likely to get spilled on. These spills can damage electronics, ruin papers and harm clothing.
Limited view. It’s hard to compete with the window seat’s scenery.
Pros and cons of choosing a window seat
Pros of window seats
Better position to sleep. With a window seat on the plane, you can lean your head and body against the window and get some shut-eye. Even better, by sitting next to the window, others in the row don’t need to wake you up if they need to use the bathroom.
Incredible views. Aerial panoramas of Earth offer unparalleled views.
Control of the window shade
Cons of window seats
Harder to get up. If you want to get out of your seat, you need to “ask permission” from other passengers in your row. If they’re sleeping or their tray is full, accessing in-flight services, the bathroom or the overhead bin can be more cumbersome. This limited mobility can be a bummer.
Stuck getting off the plane. When it’s time to depart, you’re at the mercy of the speed (or lack thereof) of your seatmates. For travelers with tight timelines, it can be challenging to hurry them up without seeming rude.
Temperature variability: The wall of the plane can sometimes be cooler or warmer than the rest of the cabin, leading to potential discomfort.
Other things to consider when choosing a seat
On your next flight, consider these factors before choosing your window or aisle seat.
Is there a cost for seat selection?
Airlines are doing what they can to keep fares down and attract passengers. One strategy to increase revenue is charging for seat selection. On most airlines, the cost to choose your seat ahead of time varies based on how attractive the seat’s location is.
Typically, the added expense focuses on specific rows, but it can be on a seat-by-seat basis as well.
If you have a travel card that covers airline incidental charges as part of its benefits suite, you might not end up paying out-of-pocket for the privilege of seat selection.
Cards with airline incidental credits
The Platinum Card® from American Express
The Business Platinum Card® from American Express
Chase Sapphire Reserve®
on Chase’s website
Bank of America® Premium Rewards® credit card
on Bank of America’s website
Annual fee
Airline incidental benefit
Up to $200 annually with your preferred airline. Enrollment required. Terms apply.
Up to $200 annually with your preferred airline. Enrollment required. Terms apply.
Up to $300 annually. Terms apply.
Up to $100 annually. Terms apply.
Still not sure?
Do you have a tight connection?
If you have a tight connection for your next flight, your seat position can mean the difference between making or missing your flight. When you have limited time between flights, pick an aisle seat that’s as close to the front of the plane as possible.
Some passengers will be kind and let you through, but not everyone is so generous… especially if you’re sitting near the back of the plane in a window seat.
Are you planning to sleep on the flight?
Many travelers choose to sleep during their flight. Whether you’re taking a quick nap or sleeping on a red-eye flight, sitting in a window seat provides a better sleep experience. You’ll control the window shade to make it darker in the cabin, and you can lean against the wall for head and neck support.
There are also fewer disturbances from middle and aisle seat passengers, as well as flight attendants.
Do you use the bathroom often?
Travelers who use the bathroom frequently are better off selecting an aisle seat, since these seats provide easy access to the aisle for a quick getaway when needed.
Additionally, not only do your fellow passengers have to get up when you leave for the bathroom, you have to disturb them again when you return. Shy passengers sitting by the window may be hesitant to bother others and choose to hold it instead.
Will you be working on the flight?
Business hours often extend beyond the normal 9-to-5, especially with Wi-Fi more accessible on flights. If you’re someone who plans on working during the flight, sitting by the window is typically a better option than an aisle seat. You can spread out without fear of having to get up for someone to use the bathroom.
Plus, you can control the window shade if glare is an issue on your laptop or mobile device.
Do you need extra room to stretch out?
With legroom shrinking as airlines try to squeeze extra passengers onto planes, travelers must be strategic in order to stay comfortable while flying. Choosing an aisle versus window seat provides the opportunity to use the aisle to stretch out your legs even more.
The only downside is that your body parts may get bumped.
Tips for getting your seat of choice
Now that you’ve made a decision between a window seat or an aisle seat, follow these strategies to secure your preferred location.
Select seats during the booking process. When booking your flight, you may have the opportunity to select your preferred seat for free or a small fee. This is often your best shot at getting first dibs on a window or aisle seat in a desirable location.
Review the plane’s seating map. Seat maps vary widely across types of planes. Research the plane’s seating map on a site like SeatGuru to find the best seats for your flight, including exit row seats, away from bathrooms and avoiding bad seats.
Sign-up for the airline’s loyalty program. Signing up for frequent flyer programs is free, and your activities may earn you enough miles for a free flight in the future. When you fly enough to earn elite status, you may be able to select your seat before other travelers.
Choose seats without paying fees. If your airline charges a fee for picking a seat ahead of time, wait until check-in time. Typically, the seat selection fees are waived at this point unless you’re trying to pick a seat in a different fare class.
Confirm your selection ahead of the flight. Even though you picked your seat ahead of time, it is wise to confirm your seat selection one or two weeks before your flight. Glitches can happen in the reservation system that cause you to lose your assigned seat.
Watch out for plane swaps. If your flight changes aircraft, your assigned seat may change due to the new plane’s configuration. When this happens, the airline typically assigns you a new seat that may be different than what you want.
The bottom line
Among the travel community, there are strong opinions about whether the window or aisle is best. Both seat locations have a lot to offer, and the ideal seat often depends on what you plan on doing during the flight.
Before making a choice, consider the pros and cons when picking a seat. Then, use our seven tips to increase the chances of getting the seat you want.
To view rates and fees of The Platinum Card® from American Express, see this page.
To view rates and fees of The Business Platinum Card® from American Express, see this page.
The information provided on this website does not, and is not intended to, act as legal, financial or credit advice. See Lexington Law’s editorial disclosure for more information.
PayPal is an online payment system that’s been a major part of online transactions since 1998, and you may have seen that they offer a credit card. Before applying for a PayPal credit card, it’s helpful to ask, “How much does a PayPal credit card affect my credit score?” Every credit card has pros and cons, and they can also have an impact on your credit score.
A good credit score helps you get lower interest rates on credit cards and can improve your financial well-being.
Read on to learn more about what a PayPal credit card is, how it affects your credit score and what score you need to improve your chances of getting approved.
How a PayPal credit card affects your credit score
Having a PayPal credit card can positively and negatively affect your credit score, depending on how you use it. Your credit score indicates how financially responsible you are to lenders and other businesses that check your score. Before learning how a PayPal credit card can affect your score, knowing how your credit score is weighted is beneficial.
One of the most popular scoring models is the FICO® scoring model, and it’s based on five factors:
Payment history (35 percent)
Credit utilization (30 percent)
Length of credit history (15 percent)
Credit mix (10 percent)
New credit applications (10 percent)
As you can see, your payment history is the most important aspect, so paying your credit card on time is crucial to having a good score. PayPal reports to the credit bureaus, so your activity will show up on your credit reports, which determines your score.
Should you miss payments on your PayPal credit card, it can negatively affect your score. Next is credit utilization, which is the percentage you owe based on your max credit limit. Making your payments on time and keeping your utilization percentage low are the best ways to have this credit card work in your favor.
How does PayPal Credit work?
A PayPal credit card works similarly to a regular credit card, but you don’t need the physical card when making online payments that have a PayPal option.
If the website accepts PayPal, the checkout option will show you the various accounts you have attached, like your bank accounts and your PayPal balance. If you have a PayPal credit card, it will show you the credit option as well.
You’ll also receive a physical version of the credit card, which you can use in person.
Similar to a regular credit card, you will receive a statement each month with all of your transactions and the minimum payment due. You can also pay the statement balance or current balance if you’d like to pay more than the minimum. To pay, you’ll use your PayPal balance or a linked bank account.
Does PayPal do a hard pull for a credit application?
Applying for a PayPal credit card triggers a hard inquiry on your credit report. New credit is worth 10 percent of your credit score and reflects how often you apply for new lines of credit. Multiple credit card applications in a short period indicate to lenders that you may have money problems and could struggle to make payments.
Although a PayPal credit card application will trigger a hard inquiry and reduce your score, it’s only temporary. Regular, on-time payments and low utilization will eventually balance out the negative impact of the hard inquiry. The inquiry will show as SYNCB/PPC on your report as well as on your credit card statements when you make purchases.
What credit score is needed for a PayPal credit card?
PayPal doesn’t list a specific credit score you need to get approved for their credit card, but in an article, they do say a score of 670 can help your approval odds for good credit cards. Now that you know that hard inquiries can lower your credit score, it’s helpful to get a free credit assessment. This includes your credit score and other helpful information about your credit health.
PayPal may approve you for a credit card with a score lower than 670, but a lower score often means that you pay higher interest fees when you make your purchases. Whether you’re applying for a PayPal credit card or other credit cards, it’s often helpful to use tools like a secured credit card to boost your score so you can get better interest rates.
Improving your credit score can help your PayPal credit card approval odds
PayPal has multiple credit cards to choose from, and one of them may be right for you. Before applying for a PayPal credit card, check your credit score. A hard inquiry into your credit report lowers your score, which you should avoid if you may be denied.
Fortunately, Lexington Law Firm offers a free credit assessment so you can check your credit score and other aspects of your credit health. We also offer credit repair services for those who may have errors on their credit report. Sign up to get your free credit assessment today.
“Until he got all rich and fancy so that he no longer understands the common person’s plight.
Stash probably doesn’t even practice any of these money-saving things he preaches any more!”
When I read things like this, I can’t help but laugh. Because on the one hand, when you put a bunch of personal life details online like this, being misunderstood is just part of the package. But on the other hand, if the critics could peek in and see our real lives – not just mine but those of all the Mustachians – they would have to give up their conspiracy theories and accept the fact that this stuff just works.
Because really, not much has changed when it comes to the basics. Like many MMM readers over the past twelve years, my total wealth level has increased pretty regularly. But also like many of us, I haven’t felt the need to change very much about my spending because I was doing my best to live an enjoyable life in the first place.
How have so many people found such great success? I think we Mustachians have something that’s a bit more rare and special than standard financial advice, which is what makes it work so well:
Standard Advice: Slash your spending and make sacrifices until you reach a certain savings percentage, and beyond that it doesn’t matter, it’s all personal choice. More income? Great, that means you don’t have to sacrifice as much! FatFIRE for everyone!
Mustachianism: Cultivate a love of efficiency, creativity, self awareness, and self improvement. Use this knowledge to improve your life in all ways, including those which help you live better even as your monthly expense rate drops over time.
So what does this mean in practice?
Well, I’ll give you some examples from my own present-day life. Things I do because I happen to enjoy them, which also happen to save a lot of money. Some of these are normal, some are silly and may end up in some future gossip magazine hit piece, but all of them happen to work for me, so the critics can be damned.
As I list each item, I’ll include an estimate of how much the activity saves me per decade, because you should always think at least in terms of decades.
To make that calculation yourself, just use the “rule of 172” – take a monthly expense and multiply it by 172 to estimate how much it would compound into over ten years, if invested.
1) Fixing my own House (and everybody else’s too)
I’m a big believer in self-sufficiency, and working to build up the skills to manage the most important parts of your own life without depending on too many things (or people) that are outside of your control. In other words, one giant recipe for a happy life is simply to Become a Producer of the Things You Most Enjoy Consuming.
And in my case, I happen to love houses. I like living in beautiful, functional spaces and sharing them with friends. But most houses are ugly and poorly designed when you buy them, so I realized that I also love solving problems and redesigning old buildings to become new again. I enjoy this process so much that I spend most of my free time doing it – on both my own properties and the homes of friends.
And I love teaching other people to gain power over their own houses too. It’s amazing how great people feel as they lose their fear and dependence on outside contractors, and gain the ability to fix and maintain things with their own two hands.
Savings: An average of $20,000 per year = $287,000 per decade
2) Craigslist and Community
You know what’s great? Having so much money that you can buy whatever you want – high quality things which get delivered to your front door the very next day.
You know what’s even better? Not buying some of those new things, and instead finding ways to share, repurpose and buy equally high quality items from other people who don’t need them any more. All while building up your own community and creating new friendships in the process.
Craigslist, Facebook Marketplace, and even NextDoor all have Buy Nothing groups for most areas. In the MMM-HQ community, we run a Discord server with about 200 local people, who chat around the clock on a wide range of subjects. They help each other with major projects in one channel called #diyhowto, and give away and sell things on #forsale and #buynothing.
Although our private Discord group is my favorite, I also use Craigslist regularly, and probably save (and earn) a few thousand every year thanks to the habit:
Savings: About $42,000 per decade
3) Bikes over Cars
We all know that Mr. Money Mustache’s biggest contribution to personal finance is to insist that bike transportation is the best way to get around. And I still feel this way. As we learned in The True Cost of Commuting, cars cost at least 50 cents per mile to operate, while bikes are much cheaper, mainly due to reduced depreciation and maintenance costs (which are even bigger than the gas savings).
I do still use bikes (or walking) for at least 95% of my local trips these days, but because I live in the center of a small city, my life is pretty local. So this still only adds up to about 2000 miles per year, a savings of “only” $14,000 per decade.
But when you choose active transportation, there’s much more to the picture than just cutting your car expenses. You’re changing everything about your physical and mental health picture for the better, which brings us to the next point of…
4) Muscle over Motor
Although I’m no competitive athlete, whenever I see an option to make my body work a bit harder, I usually take it. Stairs instead of elevators, running the golf course instead of using a golf cart, moving my own furniture and appliances instead of calling a mover, shoveling snow and raking leaves instead of using a machine.
When I face a decision like this, I simply ask myself the question:
“Well, Mustache. Do you want MORE health and fitness, or LESS?”
Putting it in that context makes the answer obvious. Every bit helps, because when it comes to your body, the rule is pretty much use it or lose it.
But how much money does this save? There’s no real way to calculate it exactly, but I like to think of it this way: The US average health care spending is about $13,000 per person per year. My lifetime costs due to illness or medication so far have been just about zero, plus I know I’ve had more energy and greater productivity due to being healthy. Let’s just put it very conservatively and set the estimated savings and benefits at $10k per year which means
Estimated Savings: $140,000 per decade.
5) Saving Energy by Running my home like a Glamping Retreat
Here’s where things get a bit silly, but my level of joy is actually at its greatest.
My personality type is probably a weird combination of an engineer, a carpenter, an artsy hippie, and a mad scientist. Oh, and a devoted homebody too. Because of this, my favorite activity most days is to just run around my house taking care of things and trying new little experiments and improvements.
Sometimes I’ll cut a few big holes on on the South side of the house and install sliding doors and big windows to allow nice sunbeams and passive solar energy to get into my house and give me free heat in the winters. Other times it’s just smaller things to save energy and live more at at one with the seasons of my area:
optimizing the use of air conditioning by running fans at night and building heat tolerance during the days (we set the A/C to only kick on at about 80F)
Enjoying most of my showers outside, with free hot water from the 100 foot garden hose that happens to be coiled in a sunny spot
Cooling myself and get free energy boosts by jumping in the “cold plunge”, which is simply an unheated hot tub I have set up in my back yard
Doing most of my cooking and dining outdoors with an induction cooktop, gas grill, espresso machine, and mini convection toaster oven deal that I keep set up outside during the warmer months of the year
Drying 99% of my loads of laundry out on the line instead of using the clothes dryer
I even charge my car with a little off-grid array of solar panels set up in the driveway (from Craisglist, of course!), which gives me free electricity for driving without going through the permit-hell hassle of a full grid-tied system in my city’s currently solar unfriendly environment.
Even taken all together, these things are pretty small – the average combined gas and electric bill for my area is about $250 per month, while my usage adds up to about $75. So while we’re only saving about $30,000 per decade for what sounds like a lot of work to most people, I consider this to be the biggest win because I enjoy living in “MMM’s Energy Efficiency Playground” so much.
6) Local Living over Constant Travel
“Hey, we’re having a big back yard pool party next weekend to celebrate Amy’s graduation from kindergarten, can you make it?”
“OH NOOOO!!! We will be off in at Disneyland that whole week! We planned the trip months ago, I wish we could make it!
As I type this in the height of the summer season, I really feel this effect at its fullest: almost all of my friends are off on trips, and my guest suite here at home is almost constantly full. People are traveling a lot, and many of them sound like they wish they could spend a few more of their precious summer weeks and weekends at home.
I’ll let you in on a little secret: you can! The trick is saying, “no thanks” more often to plans that involve you being away, and “yes please” to things that let you stay at home. The benefits are numerous:
You nurture your local friendships more and meet new people who live nearby
You spend way less money on plane tickets, hotels, restaurants gasoline, and car repairs
Your levels of health and fitness can go way up because you aren’t missing workouts and spending hours sitting in plane and car and bus seats. And you can better control your meals – more salads with grilled salmon, less McDonald’s and Pizza Hut
You sleep better
And you have more time to take care of projects around your house where you learn more skills which compound for life
Estimated Savings: Even if you replace just two weeks of travel for a family of four, with equivalent time at home you might save $5,000 per year in direct costs and a further $5,000 per year in incidental benefits like the health and local friendships. This would work out to a shocking $143,000 per decade of wealth increase!
Of course, travel is generally a good thing for broadening the life experience of you and your kids. It’s worth spending on, lavishly at times. But the key is to balance it out and be discerning, keeping the most enriching trips and pruning a few off the bottom of the list. And remembering that home time is valuable and healthy too.
And Whoa! We’ve already built up a huge list and I feel like I was just getting started.
Taken all together, we’ve already detailed things that compound to $656,000 every decade, which already more than double the median wealth that most American seniors have as they cruise nervously into their retirement years – after over 40 years of work!
And now that I’ve been writing this blog for over ten years myself, I can safely say that over $656,000 of even my most recent worth increases are directly attributable to these simple habits. The same ones many of us have been enjoying and preaching about all along, both before and after our retirement dates.
If money is in genuinely short supply, you could go a lot further than the examples in this article. And indeed, there’s a lot more laid out in this blog or the MMM Boot Camp email series.
But one of the points of Mustachianism is that you usually don’t have to try all that hard. Just tweaking your lifestyle to be slightly less ridiculous and more efficient than average is usually all it takes.
—
In the comments: what are your quirks and frugal indulgences? The things you do now to save money, or things you still do even after it’s no longer about the money? I often wonder how widespread this frugality-just-for-fun is. But since we Humans are a naturally curious and problem solving species in our natural state, I suspect there are many more of us out there.
A low credit score may not keep you from getting all types of loans. In fact, some lenders provide loans specifically for people with bad credit. These can include personal loans for bad credit, “buy now, pay later” plans and cash advances from mobile apps.
Here are several types of loans for bad credit (a score below 630), why they’re worth considering and their potential risks.
Personal loans for bad credit
Some online lenders tailor personal loans to borrowers with low credit scores. Bad-credit personal loans can be $1,000 to $50,000, come as a lump sum and are repaid in equal installments over about one to five years.
Why they work: Reputable personal loan lenders cap annual percentage rates at 36%, which is the highest rate consumer advocates say affordable loans can have. They can be large enough to cover expensive home repairs and are typically funded within a few days of approval, making them a viable emergency financing option.
Possible risks: Having bad credit means you’ll qualify for an APR near the top of a lender’s range. Although other bad-credit borrowing options have higher rates, a 20% or 25% APR on a $5,000 loan is still expensive.
Family loans
It may be difficult to ask a friend or family member to lend you money, but it may also be the easiest and least expensive financing option. You can draw up a formal family loan agreement that includes what the funds will be used for and how they’ll be repaid.
Why they work: A friend or family member is unlikely to have a minimum credit score requirement or charge interest, as many other lenders do.
Possible risks: Mixing relationships and money can be dicey, and a loan gone awry may cause conflict.
Small bank and credit union loans
Some banks and credit unions offer small loans of a few thousand dollars or less to customers. Major national banks like U.S. Bank, Bank of America and Wells Fargo offer small-dollar loans, and some credit unions offer payday alternative loans or similar products.
These loans cost less in interest than most other types of bad-credit loans, have repayment terms of a few months, and lenders may look beyond your credit score to qualify you.
Why they work: Because small bank and credit union loans have low rates and long repayment terms, they’re more affordable than small-dollar high-interest loans offered by some online lenders.
Possible risks: Small bank loans and some payday alternative loans are only offered to existing customers. Though your credit score may not be the only — or even a major — factor a lender considers for these types of loans, it may carry some weight on the application.
Buy now, pay later loans
Buy now, pay later apps allow shoppers to split up a large purchase into smaller payments at checkout. The popular pay-in-four plans require a shopper to pay 25% of the cost upfront and cover the rest of the purchase in three biweekly installments. BNPL apps usually don’t do a hard credit check to approve customers.
Why they work: A BNPL plan can reduce the stress of a necessary, urgent expense like a mattress or laptop. Because the pay-in-four plans are interest-free, BNPL can be a no-cost financing option.
Possible risks: Most major retailers, including some grocery stores, offer this type of payment plan, which can make it easy to rely on them for everyday expenses. Frequent BNPL use can lead to overspending and cause people to lose track of upcoming payments. Some apps report payments to the credit bureaus, so missed payments can hurt your score.
Cash advance apps
A cash advance app is a mobile app that provides a small advance — often $500 or less — on your next paycheck. These apps use transaction history from a connected bank account to determine whether you qualify for an advance and how large it should be. There is no credit check, so your score isn’t a factor. The app takes repayment on your next payday.
Why they work: Loan apps can provide an advance within a few days after you request it, or instantly for a fee. Advances can be large enough to cover a modest vet bill or auto repair, or to bridge a brief income gap.
Possible risks: Cash advance app fees — including fast-funding fees and requested tips — coupled with short repayment terms make them difficult for some borrowers to repay without foregoing other necessary expenses or borrowing again shortly after.
Payday loans
Payday loans are small loans with high fees that are repaid quickly after you borrow. You can get a payday loan online or in person and the lender typically requires a post-dated check or access to your checking account to withdraw funds on your next payday.
Why they work: Payday loans are fast and easy to get. Lenders don’t check your credit or report payments to the credit bureaus.
Possible risks: These costly loans are difficult to repay in a short period, so borrowers often end up borrowing again to pay off the original loan or cover regular expenses. Because payday loan borrowers frequently end up in a debt cycle, these loans should be a last resort in a true emergency.
🤓Nerdy Tip
Car title loans and pawn loans are similar to payday loans. They frequently have triple-digit interest rates and short repayment terms, but they require a valuable item as collateral — your vehicle in the case of car title loans, or a personal item for pawn loans. Though these are both fast-cash options for bad-credit borrowers, they’re difficult to repay on time, and failure to pay them means losing the item you provided as collateral. NerdWallet recommends avoiding these loans if possible.
Nonborrowing options for bad credit
Payment plans: If you’re struggling to make a mortgage, utility or doctor bill payment, consider asking to set up a payment plan. Many creditors have hardship plans available for those experiencing financial difficulties, as do many utility companies and physicians’ offices. Request a payment plan before going into debt to cover bills.
Other ways to make money: If you have the luxury of time, consider ways to make quick cash. Options include selling clothes, delivering food, taking online surveys or listing a room on Airbnb.
Get help from the government: Some government programs can help with utility bills and groceries, child care and a down payment on a home.
Local financial assistance programs: A local charity, nonprofit or food bank may help cover some of your financial burden while you focus on a pressing expense. Search NerdWallet’s database of financial assistance programs for local organizations that offer relief.
As a city with deep roots in tradition and a dynamic spirit, New Orleans provides an experience unlike any other place in the United States. Famous for its vibrant music scene, world-class cuisine, and distinctive architecture, the city attracts people looking for a unique cultural experience. Not sure if the big easy is for you? Read on to find out what to expect if you’re considering moving to the New Orleans area in 2024.
You know it from: Bad Lieutenant, A Streetcar Named Desire, The Big Easy
Average 1 bedroom rent: $1,709 | New Orleans apartments for rent, New Orleans houses for rent
Average home price: $369,000 | New Orleans 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: Oil & gas, tourism, logistics, aerospace manufacturing
Move here for: The food, the people, the music
Be sure to bring: Your appetite and social skills
1. The weather is a mixed bag of heat, humidity, and occasional hurricanes.
New Orleans experiences a subtropical climate, meaning hot, humid summers and mild, short winters. The city also faces an annual hurricane season from June to November, with the potential for severe storms. New residents should be prepared for high humidity levels, which can make summer temperatures feel oppressive. It’s important to have a plan for hurricane preparedness, including evacuation routes and emergency supplies. Despite the weather challenges, many find the year-round warmth preferable to colder climates.
Moving Tip: Scheduling your move in the spring, fall, or winter months will make it less sweaty. If your new home doesn’t have central air, you will need to invest in an air conditioner and moisture control solution.
2. The food scene is legendary for good reason.
New Orleans is renowned for its unique culinary offerings, from beignets at Café du Monde to po’ boys and gumbo at local favorites like Domilise’s. The city’s food reflects a blend of Creole, Cajun, and international influences, making it a paradise for food lovers. Weekly farmers markets, such as the Crescent City Farmers Market, provide fresh, local produce and seafood. Dining out is a social activity, with festivals like the New Orleans Wine & Food Experience celebrating the city’s gastronomy. The unique local cuisine and wide array of amazing restaurants make food one of the best parts of living in New Orleans.
3. Music is the heartbeat of New Orleans.
Live music can be found almost every night of the week, with iconic venues like Preservation Hall and Tipitina’s leading the way. Street performers add to the lively atmosphere, especially in areas like the French Quarter and Frenchmen Street. Festivals such as the New Orleans Jazz & Heritage Festival draw crowds from around the world. Whether you’re a musician or a music lover, the city offers endless opportunities to experience and enjoy live performances.
4. Public transportation is limited but biking and walking are popular.
While New Orleans has a public transportation system, including buses and the historic streetcars, it can be unreliable and limited in coverage. With a TransitScore of 44/100, many residents find biking or walking to be more practical, especially in neighborhoods like the Marigny and the Garden District. The city’s flat terrain and relatively compact size make cycling a viable option, and there are bike lanes on many major streets. Programs like Blue Bikes provide easy access to rental bicycles. Walking is also common, with many neighborhoods designed to be pedestrian-friendly.
Moving Tip: Some residents choose not to have a car in New Orleans because the weather is temperate year round, street parking is difficult in some neighborhoods, and insurance can be pricey. If you do have a car, follow the parking laws; if they threaten to tow they mean it.
5. Mardi Gras is a season of celebrations leading up to Fat Tuesday.
Mardi Gras is an epic celebration that takes over the city for weeks on end. The festivities include elaborate parades, balls, and parties, with krewes like Zulu and Bacchus hosting some of the most famous events. Residents often participate by joining krewes or attending multiple events, and many take time off work to fully enjoy the season. The city becomes a colorful, lively place filled with music, costumes, and revelry. For newcomers, experiencing Mardi Gras is a rite of passage and an unforgettable part of living in New Orleans. Just wear close-toed shoes. Trust us.
6. The job market is varied but can be competitive.
New Orleans has a varied job market, with strong sectors in tourism, healthcare, education, and the oil and gas industry. Major employers include Ochsner Health System, Tulane University, and Entergy Corporation. However, competition for jobs can be stiff, and it may take time to find the right opportunity. Networking is crucial, and many jobs are filled through personal connections. The city also has a growing tech and entrepreneurial scene, with initiatives like The Idea Village supporting startups. While opportunities are available, job seekers should be prepared to put in effort to secure employment.
7. The people are hands down the best thing about New Orleans.
Ask any NOLA resident and they’ll tell you that the best thing about this city is the people. New Orleanians are known for their deep sense of pride in the city and they love sharing it with newcomers. It won’t be long before you start to feel the same way about your new home. Neighborhoods often have tight-knit communities, with residents actively participating in local events and supporting local businesses. Areas like Bywater and Mid-City are known for their strong community vibes. The city’s festivals, second lines, and block parties foster a sense of belonging and connectedness. Get to know your neighbors. They can give you insight into how to navigate the best and the worst parts of life in NOLA. Newcomers will find that becoming involved in community activities is a great way to meet people and feel at home.
Moving Tip: New Orleanians are known for their friendliness and hospitality. Learn the local customs, social norms, and unique lingo. Expect to greet the people you pass on the street and hear things like “Where y’at?” instead of “How are you?”
8. The architecture is stunning and historically significant.
New Orleans boasts a rich architectural heritage, with a mix of French, Spanish, Creole, and American styles. The French Quarter is famous for its wrought-iron balconies and colorful buildings, while the Garden District features grand mansions and oak-lined streets. Preservation efforts ensure that historic buildings are maintained, contributing to the city’s unique charm. Walking tours and events like the PRC’s Shotgun House Tour offer opportunities to explore and learn about the architecture. Living in New Orleans means being surrounded by beautiful, historic structures that add character to everyday life.
9. The cost of living is relatively affordable.
Compared to other major U.S. cities, New Orleans offers a more affordable cost of living. Housing costs can vary widely depending on the neighborhood, with areas like the French Quarter and Uptown being more expensive, while Mid-City and Algiers offer more budget-friendly options. Utilities, groceries, and healthcare are generally in line with the national average. The city also provides numerous free or low-cost entertainment options, such as public festivals and parks like Audubon Park and City Park. Overall, residents find that their money goes further in New Orleans compared to many other metropolitan areas.
Moving Tip: The cost of living can vary significantly depending on the neighborhood. Research housing costs, utilities, and other expenses to budget effectively. Renting initially can be a good way to get a feel for the city before committing to buying property.
10. The city has a laid-back and casual vibe.
New Orleans is known for its relaxed and easy-going atmosphere. Dress codes are generally casual, and people often greet strangers with a smile. The city’s pace is slower compared to many other urban areas, allowing residents to savor life’s moments. This laid-back attitude extends to dining, shopping, and socializing, making it a great place for those who appreciate a more relaxed lifestyle. Local traditions like lazy Sundays with jazz brunches at Commander’s Palace contribute to this easy-going vibe.
11. There are numerous parks and outdoor spaces.
New Orleans offers plenty of green spaces for recreation and relaxation. City Park is a massive urban park with walking trails, botanical gardens, and a sculpture garden. Audubon Park, located in Uptown, features a zoo, golf course, and scenic picnic areas. The Lafitte Greenway provides a multi-use trail connecting Mid-City to the French Quarter. These parks are perfect for outdoor activities like jogging, biking, and picnicking. The abundance of outdoor spaces contributes to a healthy and active lifestyle for residents.
12. The city’s festivals are world-famous and frequent.
New Orleans hosts numerous festivals throughout the year, celebrating everything from music and food to culture and history. In addition to Mardi Gras, there’s the New Orleans Jazz & Heritage Festival and the French Quarter Festival. Smaller festivals, like the Po-Boy Festival and the Oyster Festival, focus on local cuisine and traditions. These events offer endless entertainment and are a great way to experience the city’s vibrant culture. For residents, there’s always something to look forward to on the festival calendar.
13. Charter schools are a big part of the K-12 education landscape.
New Orleans offers a range of educational opportunities, from public and private schools to universities like Tulane and Loyola. However, the public school system has faced challenges, including funding issues and varying quality across schools. Charter schools have become a significant part of the education system, offering alternatives to traditional public schools. Parents often research extensively to find the best fit for their children.
14. Each neighborhood has its own unique vibe and personality.
In a city as chock-full of personality as NOLA, it’s no surprise that each neighborhood has its own distinct character and charm. The Marigny is known for its artsy vibe and vibrant nightlife, while the Bywater offers a bohemian atmosphere with colorful cottages. The Garden District features grand historic homes and lush gardens, whereas Uptown is famous for its oak-lined streets and elegant architecture. Mid-City provides a more laid-back, residential feel with easy access to parks and local eateries. Choosing the right neighborhood depends on your lifestyle and preferences, but there’s a perfect fit for everyone in New Orleans.
15. The sports scene is lively and enthusiastic.
New Orleans residents are passionate about their sports teams, particularly the New Orleans Saints (NFL) and the New Orleans Pelicans (NBA). Game days are major events, with tailgating and watch parties bringing the community together. Ceasar’s Superdome is a landmark venue that hosts not only sports events but also concerts and other large-scale events. The city also has a strong college sports presence, with Tulane University and the University of New Orleans offering various athletic programs. Sports fans will find plenty to cheer about and numerous opportunities to join in the excitement.
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 City Data.
Dreaming of making $1000 a day might seem far-fetched, but it’s more attainable than you think. With the right strategies and a bit of determination, you can turn this goal into reality. Whether you want to boost your income, save for something special, or achieve financial independence, these ten brilliant ideas will help you make $1000 a day. From side hustles to smart investments, these methods are practical and achievable for anyone ready to take the next step.
Is it possible to make $1000 a day?
Yes, it’s possible to make $1000 a day. It takes commitment, hard work, and a solid plan. Find a method that suits you, stay consistent, and put in the effort. Having unique skills and interests can boost your chances of success.
Find a high-paying job
Some jobs pay over $300k a year. While many require advanced degrees, some high-paying jobs don’t need a college degree.
Find More: Best 30 Low-Stress Jobs That Pay Well Without a Degree
Offer high-value services
Offer services like pet-sitting, tutoring, design work, or writing to make money. High-value services can quickly add up to $1000 a day.
Start a business
Start a business like a digital marketing agency, freelancing, or service-based business to generate $1000 a day.
Sell items you no longer need
Sell items on eBay, Craigslist, or other online marketplaces to make quick cash. This may be short term unless you decide to source your finds.
Find ways for your money work for you
Invest in stocks, real estate, or property to earn upwards of $1000 a day. Let your money work for you and grow your wealth. If your money is not making money, then you are losing money.
To learn more: How to Make Your Money Work for You
Day trading stocks or options
Day trading stocks or options are high-risk but can be highly rewarding. It requires knowledge, discipline, and good risk management. An investing education is very beneficial.
To learn more: How To Invest In Stocks For Beginners: Investing Made Easy
Become a YouTuber
YouTube can be a great source of income if you create quality content. Earn money through sponsorships, affiliate marketing, and ads. Be patient as this avenue can take time to build up your followers.
Sell Printables from Home
Selling printables online is a popular way to make passive income. From coloring pages to budget spreadsheets, you can sell digital products on platforms like Etsy and make good money.
To learn more: Digital Products to Sell on Etsy: Best Way to Make Money Online Fast
Selling on Amazon
Selling products on Amazon, especially with Amazon FBA, can be highly profitable. Send your inventory to Amazon, and they handle storage, shipping, and customer service, making it a great option to scale your business.
Start Hustling
Side hustles can boost your income. With effort and creativity, you can make up to $1000 a day from various side hustles.
To learn more: Find the Perfect Side Hustle for You!
Find More Ways to Make $1000 a Day
Looking for quick and easy ways to make money? This guide offers tips to help you make $1000 a day, from selling services to side hustles. Find the best ways to make money fast and achieve financial independence.
To learn more: How to Make 1000 a Day: 30 Best Ways to Make Money Really Fast
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More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!
Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.
Are you looking for the best online jobs that pay daily? Online jobs that pay daily are great opportunities if you’re looking to earn money quickly and conveniently. These online jobs let you work from home or anywhere with an internet connection. There are many tasks that you can get paid to do, from taking…
Are you looking for the best online jobs that pay daily?
Online jobs that pay daily are great opportunities if you’re looking to earn money quickly and conveniently. These online jobs let you work from home or anywhere with an internet connection. There are many tasks that you can get paid to do, from taking surveys and playing games to writing and freelancing.
For me, I like work-from-home jobs that pay daily because of their flexibility and ease of starting, which is great if you want to get paid daily instead of waiting for a weekly or monthly paycheck.
Plus, some of the online jobs that pay daily below will allow you to earn a full-time income, or just some spare extra income – so you have flexibility to choose what will fit your schedule best.
Best Online Jobs That Pay Daily
Here’s a quick summary of my top online jobs that pay daily:
Below are the best online jobs that pay daily.
1. Blogging
Blogging is a great way to make money online and get paid daily. You don’t need to spend a lot to start, and all you need is a computer and an internet connection.
You can blog about any topic you like and I recommend to think about what interests you. Popular topics include travel, personal finance, lifestyle, and food.
To make money blogging, you can use ads, sponsored posts, and affiliate marketing. This means you earn money when readers see ads, companies pay you to write about their products, or you get a commission when people buy through your referral links.
Plus, because there are so many different ways to make money blogging, there is a good chance that you can earn several payouts throughout the month. I get money deposited into my bank account nearly every single day from my blog, which is nice!
I have a free training that you can take – How To Start A Blog FREE Course. Want to see how I built a $5,000,000 blog? In this free course, I show you how to create a blog, from the technical side to earning your first income and attracting readers.
2. Online surveys
Online surveys are a simple way to make extra money from home. You just need a computer or a cell phone with internet access. You can earn points (and redeem your points for cash and gift cards if you accrue enough) the same day as you answer surveys.
And, taking surveys doesn’t require any special skills. You just need to answer honestly, so it’s an easy and flexible way to bring in some extra cash.
Some paid survey sites where you can take surveys include:
Freecash
Prime Opinion
American Consumer Opinion
Survey Junkie
Swagbucks
InboxDollars
Five Surveys
Branded Surveys
I’ve answered many surveys over the years. I liked doing them during short breaks in my day, like before and after work, during lunch, or while riding in a car. They are easy and usually only take a few minutes.
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Swagbucks is a site where you can earn points for surveys, shopping online, watching videos, using coupons, and more. You can use your points for gift cards and cash.
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Once you complete five surveys, you’ve earned $5, which you can cash out using the payout options offered by the site (such as PayPal cash and free Amazon gift cards).
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Prime Opinion is a survey website that helps people to earn extra money by sharing their opinions at home. It’s a simple survey site to use: you share your thoughts, and they pay you for them.
3. Proofreading
Proofreading is a great online job that pays daily. As a freelance proofreader, you can invoice your clients after you complete a project and get paid the same day.
Writers often make errors in their work, and proofreaders help catch those mistakes. This job involves checking for grammar, spelling, and punctuation errors in different kinds of writing.
For example, proofreaders proofread blog posts, student papers, articles, ads, and more. It’s a flexible job you can do from home or anywhere in the world.
The pay for proofreading jobs can vary. Beginners might make around $20 to $25 per hour. With more experience, you could earn up to $50 or more per hour. Specialized fields like medical or technical proofreading may pay higher rates.
The best part is, you can start even if you have no experience as this is something you can learn. You will need a good eye for detail and a strong grasp of language to succeed.
If you enjoy reading and spotting errors, proofreading could be a fun and profitable job for you. Plus, it’s an excellent way to make money every day while working on your own terms.
You can learn more at 20 Best Online Proofreading Jobs For Beginners (Earn $40,000+ A Year).
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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. Bookkeeping
Bookkeeping can be a great online job that pays daily. If you like working with numbers, this is a flexible option for you. You can work from home and you don’t need a degree or much experience to get started.
Bookkeepers handle tasks like recording financial transactions and organizing receipts. They also create financial reports and manage budgets. Many businesses need these types of tasks done so that they can stay organized.
Many online bookkeeping jobs pay well, around $40,000 or more each year. This can be very good if you’re looking for a stable income from home.
You can learn more at Online Bookkeeping Jobs: Learn How To Get Started Today.
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This free training will show you how to start a profitable bookkeeping side-hustle in the next 30 days—even if you have no prior experience!
5. Play online games
Playing online games can be a fun way to earn money from home. There are many apps available that let you play games and collect real money or gift cards as rewards.
You can earn points (and redeem your points for cash and gift cards if you accrue enough) the same day as you play games.
Here’s a quick list of the top game platforms that pay real cash:
KashKick
Freecash
Swagbucks
InboxDollars
Game apps give real money rewards because they make money from ads and in-app purchases. They share some of this money with players like us to keep us playing their games.
Recommended reading: 23 Best Game Apps To Win Real Money
6. Sell stuff online
Selling things online is a great way to make money every day, and you can sell clothes, old phones, books, unused gift cards, kitchen items, and jewelry.
Many people have lots of items just lying around, so you could easily find things to sell without spending money on new stock.
You can quickly sell your items by listing them on sites like eBay, Craigslist, or Facebook Marketplace.
I have sold many items over the years and gotten paid the same exact day. It’s a great way to make money the same day with the things that you already have.
7. Transcriptionist
Transcription work is one of the top online jobs that pay daily with no experience needed to get started. Their job is to listen to audio or video files and type out everything that is being said. Transcriptionists need good listening and typing skills to do this job well.
One of the best things about transcription is you can work from home and have the flexibility to set your own schedule. This means you can work in the evenings, on weekends, or whenever you have free time.
There are different types of transcription jobs.
General transcription involves typing out things like interviews, podcasts, and videos.
Medical transcription requires you to type out doctors’ notes and medical records.
Legal transcription involves court hearings and legal documents.
Beginners can find work easily, especially in general transcription. You don’t need special training for most general transcription jobs. Sites like Rev, TranscribeMe, and Scribie are known for hiring beginners. They usually pay per audio hour, which means you get paid for each hour of audio you transcribe.
Beginners usually make $15 to $20 per hour, but your speed and accuracy can affect your earnings. The faster and more accurate you are, the more you can make.
As a freelance transcriber, you can invoice your clients after you complete a project and get paid the same day.
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.
8. Freelance writing
Freelance writing is a great way to earn money daily from home and you just need a computer and good writing skills. Many websites pay you to write articles, blog posts, and other content.
Freelance writers typically start at around $50 to $100 per article and with experience can earn over $1,000 per article.
I have been a freelance writer for years, for many different types of clients and different niches – travel, personal finance, lifestyle, and more.
As a freelance writer, you can invoice your clients after you complete a project and get paid the same day.
You can learn more at 14 Places To Find Freelance Writing Jobs – (Start With No Experience!).
9. Virtual assistant
Virtual assistants help businesses with tasks like managing emails, scheduling meetings, social media posting, helping with SEO on a business website, and making travel arrangements. Many companies look for virtual assistants because it saves them time and money.
I have had a virtual assistant for many years now, and she helps my business run much more smoothly so that I can focus on other tasks – it is a much needed service!
One of the best things about being a virtual assistant is the flexibility. They can often set their own schedule and work from anywhere.
Virtual assistants can work for one company or several clients at once. This can keep the work interesting and help you build a wide range of skills. Plus, you can offer different services like social media management, customer service, and research.
Payment can vary and some virtual assistants are paid hourly, while others get a set fee for each job. Many platforms let you choose the payment method that works best for you. This can be helpful if you prefer getting paid daily or weekly.
You can learn more at Best Ways To Find Virtual Assistant Jobs.
10. Online tutoring
You can make money by tutoring students online, and this job lets you share your knowledge with kids or adults who need help with their studies.
All you need is a computer, a good internet connection, and a quiet place to work. Many tutoring jobs pay well, around $30 per hour on average and up to $50 or $60 per hour for advanced subjects like SAT Prep or calculus (and other higher level math subjects). Some subjects even pay well over $100 per hour.
You don’t always need to be an expert to start. Some jobs only require you to be good at what you teach and be able to explain it well. This makes online tutoring a great job for college students and part-time workers too.
Some sites to find online tutoring jobs include Pear Deck Tutor (formerly TutorMe), Wyzant, and Course Hero.
As an online tutor, you can invoice your clients after you complete a tutoring session and get paid the same day. Typically, with these types of same-day pay jobs, your client will pay right away.
11. Data entry jobs
Data entry jobs involve entering or updating information in a computer system or database, such as by typing info from documents into a digital format.
One perk of data entry is the chance to work from home as many companies hire for remote jobs that pay daily, letting you balance work with other activities.
You can find data entry jobs on websites like Indeed, Upwork, and Remote.co. Many of these online jobs pay daily after you complete a project, which makes it easy to get quick cash.
You’ll need good typing skills for this work because your typing speed and accuracy are important since you’ll be working with lots of data.
These jobs can pay well, too. Pay rates can range from $20 to $35 per hour. The rate can depend on your skills and the company’s budget.
You can learn more at 15 Places To Find Data Entry Jobs From Home.
12. Freecash
Freecash is a fun way to make extra money online. You can get paid for trying out apps, playing games, and answering surveys. The tasks are simple and only take a few minutes.
When you sign up, you’ll find many different offers. Each offer can earn you coins, which you can convert into cash or gift cards. The rewards can be used for PayPal, bank transfers, free gift cards, or even crypto.
One great thing about Freecash is that you can start earning almost right away. On average, it takes about 17 minutes to earn enough coins for your first cashout. This makes it one of the quicker ways to earn online.
I have personally redeemed over $400 in free gift cards from Freecash, so I know this site is real.
Click here to sign up for Freecash.
13. Sell printables on Etsy
Selling printables on Etsy is a great idea because you only need to create one digital file per product, which you can sell unlimited times.
Printables are digital products that customers can download and print at home, such as grocery shopping checklists, gift tags, candy bar wrappers, printable quotes for wall art, and patterns.
You can sell printables all day long, which means that you can get paid each day.
You can learn more at How I Make Money Selling Printables On Etsy.
Do you want to make money selling printables online? This free training will give you great ideas on what you can sell, how to get started, the costs, and how to make sales.
14. Website testing
Website testing is a great way to earn money online and get paid right away. Many companies will pay you to test their websites and apps, and all you need is a computer or mobile device and you can start making money.
You don’t need any special skills to get started either – most website testing platforms just want your honest feedback on how easy their site is to use.
Common tasks as a website tester include checking links, testing navigation, and reporting any issues. You might also be asked to complete certain actions, like making a purchase or signing up for a newsletter.
The pay you can make for website testing varies. Some tests pay as little as $5, while others can pay up to $90 for more detailed work. Generally, you can expect to earn around $10 to $30 per hour depending on the platform and the complexity of the test.
Platforms like UserTesting and IntelliZoom are popular choices. They have frequent testing opportunities and pay through PayPal, which makes it easy to get your money quickly.
In a typical week, you might get 1 to 3 testing opportunities. This makes it a good side hustle, especially if you need extra cash quickly. Plus, it’s a flexible job you can do from home or anywhere with an internet connection.
For me, I have personally hired a website tester to test my website, Making Sense of Cents. They sent over a video of their screen and them talking, where they talked about what they liked and didn’t like about my website. I found it very helpful to see what someone thought of my website from an unbiased view.
15. Dropshipping
Dropshipping is a great way to start an online business without much upfront cost. Dropshippers sell products directly to customers without having to keep the items in stock.
They choose a product, list it on their online store, and when someone buys it, they order it from a supplier (typically, this is done automatically). The supplier then ships it straight to the customer. And, you get paid the same day as the sale.
It’s important to pick the right products and reliable suppliers. Good suppliers help to make sure that customers get their orders quickly and in good condition.
You also need to market your store, of course. Use social media and online ads to attract buyers.
16. Microtask websites
Microtask websites give you the chance to earn money by completing small tasks. These tasks can be simple and quick, like answering surveys or testing apps.
One popular site is Amazon Mechanical Turk (MTurk). It’s known for its diverse range of tasks, such as transcription, writing, market research, moderating forums, labeling photographs, data collection, categorizing products, and more. You can pick what you want to do and get paid for each task you finish.
Fiverr is another option. You can list your skills, whether it’s writing, graphic design, voice-over work, or something else (there are literally thousands of different kinds of tasks that you can list). Clients hire you for gigs and you get paid once the job is done.
17. Translator
If you know more than one language, you can work as a translator. This job lets you use your language skills to help others understand different texts.
You will translate documents like medical, legal, or technical papers. You may even be translating articles or books. Many platforms allow you to sign up and start translating after passing a test.
Platforms, like Upwork, have many translation jobs. You set up a profile and showcase your skills, and you can choose the jobs that match your expertise and agree on a payment rate with the client.
Hourly rates for translators can vary. Some jobs might pay around $20 per hour, while more specialized or urgent work can pay up to $100 per hour. Your pay depends on the complexity of the job and your speed.
As a freelance translator, you can invoice your clients after you complete a project and get paid the same day.
Frequently Asked Questions
Below are answers to common questions about how to find online jobs that pay daily.
What app lets you work and get paid daily?
Apps like DoorDash, Postmates, and Instacart allow you to deliver food and get paid the same day. These are apps where you work in person and not strictly online.
How to make $25 dollars an hour online?
Freelance writing can help you earn $25 an hour if you’re a fast writer. Proofreaders can also make good money. For me, I am a full-time blogger and I make over $25 per hour online.
How to make money and get paid the same day?
To make money and get paid the same day, you can do things like freelance writing or proofreading, starting a blog, selling printables, taking online surveys, playing games online, data entry, and more.
What are free online jobs that pay daily without investment?
There are many online jobs that pay daily without investment that you can start, such as proofreading, bookkeeping, writing, and translating. There are also sites that you can sign up for and earn spare cash, such as by answering surveys, testing out cell phone apps, and playing games online.
What are remote jobs that pay daily?
There are many remote jobs that pay daily in areas like writing, proofreading, and bookkeeping. Website testing on platforms like UserTesting can pay quickly. Data entry jobs can also have frequent payout options. These jobs let you work from home and earn fast.
What are the best online jobs that pay daily for students?
There are many online jobs for college students that can pay daily, such as selling items on Amazon, answering paid online surveys, starting an online store, reselling items online, and more.
How To Find Online Jobs That Pay Daily
I hope you enjoyed this article on how to find the best online jobs that pay daily.
There are many online jobs that pay daily cash and even some where you can work online and get paid instantly.
These include blogging (my favorite way to earn income every day), answering online surveys, proofreading, bookkeeping, selling stuff online (I have done this many times and it’s easy!), transcribing files, writing, selling printables, website testing, dropshipping, and more.
These fast-paying jobs may pay via direct deposit, check, free gift cards, PayPal cash, and more. It all just depends on what you are looking for.
What do you think are the best online jobs that pay daily?