One of the trickiest aspects of homeownership is unloading an existing property while acquiring a replacement.
Aside from being stressful, it can also be difficult it not impossible thanks to financing constraints and unwanted contingencies, which a home seller likely won’t accept in a hot market.
Unfortunately for those in this predicament, real estate is red hot at the moment, thanks to a lack of inventory and record low mortgage rates.
This means contingent offers, where you must sell before you commit to buy, aren’t likely to be accepted. And worse yet, even an offer that requires a mortgage could be denied in favor of an all-cash offer.
Enter “Knock Home Swap,” which as the name implies, looks to solve this common conundrum by giving the concurrent home buyer/seller some helpful tools to compete.
How Knock Home Swap Works
First you get pre-approved for a mortgage with Knock Lending LLC
This allows you to make offers on a replacement home with down payment assistance included
Once you find the right home you can move in and make just the new mortgage payment
In the meantime, your old home will be prepped, listed, and sold while they cover monthly mortgage payments
We’ve heard of home swapping before, with it being a common feature with popular iBuyers.
For example, Opendoor, HomeLight, Reali, and Offerpad all offer trade-in programs where you can sell them your home and buy one from them at the same time.
But unlike an iBuyer, Knock doesn’t purchase your old home from you—instead, it’s sold on the open market via a licensed real estate agent. Ideally for a much higher price.
To close the buy/sell gap, they integrate a “competitive mortgage,” along with an interest-free bridge loan (similar to the one Compass offers) that covers the down payment on the new home, along with mortgage payments on the old home.
You can also claim up to $25,000 for “home prep and repairs” on the old property so it sells quickly and for top dollar, similar to the service provided by Curbio.
So it’s almost like Knock combined several different fintech offerings into one to make the home selling, buying, renovating, and mortgage financing process one smooth transaction.
In exchange for all these services, Knock charges a 1.25% convenience fee when you close on your new home, which can be rolled into the mortgage if you wish.
Once your old home sells, you pay back Knock for any monies advanced, such as down payment assistance, mortgage payments, and home preparation costs.
Speaking of, they’ll advance up to six mortgage payments on your old home, $25,000 in home renovation costs, and up to 5% down payment on the new purchase.
Which Homes Qualify for Knock Home Swap?
Property must be located in their service area (new markets launching soon)
Must be single-family residence, condo, or townhome that is eligible for traditional home loan financing
Title must be clear and held by seller
Must be owner-occupied or vacant (no tenants)
Knock must value home at $150k or higher (or combined value of old/new homes must be at least $350,000-$400,000)
At the moment, Knock Home Swap is live in a limited number of cities, mostly located in Florida and nearby states.
Those cities include Atlanta, Austin, Charlotte, Dallas-Fort Worth, Fort Lauderdale, Houston, Jacksonville, Orlando, Miami, Phoenix, Raleigh-Durham, San Antonio, Tampa, and West Palm Beach.
Several more markets are expected to launch this year and in 2021, so stay tuned.
It should be noted that both homes must be in those markets in order to qualify. Additionally, the property cannot be in an age-restricted community, nor can it be a distressed sale or bank-owned.
They also won’t go for homes with a solar lease, unpermitted additions, or significant foundation or water damage.
It is available exclusively through local broker and real estate agent partners who have been trained as Knock Certified Agents.
Why Use Knock Home Swap?
You can buy a new home before selling your old home
You can get down payment assistance (up to 5%) for new home purchase
They provide the home loan and bridge financing that pays old mortgage before you sell
Can get up to $25,000 in home renovation costs fronted to sell your home for top dollar
Fee is only 1.25% plus standard real estate commissions and closing costs
There are several reasons why an existing homeowner might consider using a service like Knock Home Swap.
For one, it can be difficult to buy and sell a home at the same time because contingencies are often frowned upon.
So again, if the market is hot, or a particular property you have your eye on is popular with other buyers, the seller likely won’t accept a contingent offer.
Additionally, there can be complications when trying to juggle two mortgages at once, especially if affordability is already stretched.
There’s also the sheer timing of things when selling one property and acquiring another – will you need a leaseback before you move into the new home?
With Knock Home Swap, you can get the ball rolling on your new home and concurrently renovate and prep your old home to list, without worrying about where you’re going to live.
And you aren’t selling your home at a basement price to an iBuyer – it’s sold on the open market after suggested repairs are made, meaning it should go for a decent price.
Additionally, there’s more certainty overall if one company has approved your mortgage and is covering the old one while your former property sells.
In terms of gotchas, they do charge a fee of 1.25% for the service, which while not free, seems reasonable. I believe it’s based on the new home sales price.
Of course, they are also originating your mortgage and presumably taking full real estate agent commission on both the new home and the old home.
This could mean a standard fee of 2.5% to 3%, which might be more expensive than what other discount real estate brokerages charge.
Still, you seem to get a lot of good value out of it, and if the repairs they suggest result in a higher sales price for your home, it could cover the fees and then some.
Knock Lock and Shop
In early October 2022, the company unveiled a new solution known as “Lock and Shop,” which is basically a mortgage pre-lock option.
It allows prospective home buyers to lock an interest rate while shopping for a property to buy.
If rates go up during that time, they will enjoy their lower, locked interest rate regardless.
If rates happen to go down, they might receive the option of a float-down to capture some of that improvement.
The rate lock periods are being offered in 60, 75, 90, and 120-day increments, with longer lock periods resulting in higher interest rates. And vice versa.
The Lock and Shop feature can be used in conjunction with Knock Home Swap and Knock GO (Guaranteed Offer), which allows first-time home buyers to compete with all-cash buyers.
Knock also recently launched an interest-free equity advance loan that can be used to buy down your mortgage rate and/or increase your down payment to lower monthly mortgage payments.
It can also be used to cover the cost of a rate lock extension via the Lock and Shop program.
Today’s post is all about the best car buying tips so that you can save money when buying a car.
Not all car dealerships and car salesmen are bad. I know this for a fact because my husband used to be a new car salesman (and he was nice! I promise!). My husband knows all about the flack that salesmen get.
Despite the reputation car salesmen get, the car buying process is not perfect either.
Whether you are purchasing a new or used vehicle, there are several car buying tips and tricks you should know of so that you can walk away with the best deal possible. There are so many options and extras that come up when buying a car, which means there are many ways for you to end up leaving confused or paying more than you should be.
Whether you are buying a $500 car or a $50,000 one, you want to get the best deal possible. To make sure you don’t walk away from a deal angry or regretful, it’s important to be as knowledgeable as possible.
According to Edmunds.com, the average person in the U.S. spends $483 on a new car payment and $361 on a used car payment.
That’s a lot of money, which can leave a lot of room for mistakes and overpayment.
Before we begin, I want to tell you about several ways that car dealerships make their money. These are things you will want to be mindful of:
Your trade-in vehicle. To make a profit on your used car, they will want to offer you less money than they can sell it for. Of course, this is normal, but you want to be mindful of this so that you can get the most money out of your trade-in vehicle.
Incentives and bonuses from the car manufacturer. This means that if you can buy a car when a dealership hasn’t reached their selling quota, you may be able to get a great deal on your car purchase. Many times car dealerships will take a loss on the vehicle if it means that they will be able to reach their quota.
Financing the vehicle. Dealerships make money when you finance vehicles through them.
Extra options, such as an extended warranty.
Buying a new car can be fun and stressful at the same time. You don’t want to get tricked or duped, so here are car buying tips and tricks before you start shopping!
The best car buying tips:
Don’t just think about the monthly payment.
The most important car buying tip I can offer in this blog post is that you should not just care about the monthly payment.
You should only purchase what you can actually afford. Just because the monthly car payment looks affordable, it doesn’t mean that it actually is.
There are car payment terms that are as long as 96 months, which is just crazy to me. A car salesperson may stretch out the car payment so that it looks to be more affordable for you, but you should be aware of the whole cost, which includes things like interest and taxes.
Please, please, please, look at the whole cost and see if that’s actually an affordable amount for you to be paying.
Shop around for your own financing.
If you have to finance your car purchase, make sure you shop around before you agree to the dealer’s interest rate. Sometimes the dealer has the lowest rate, but sometimes they don’t.
You may be able to save yourself hundreds of dollars a year by simply shopping around. Plus, it’s extremely easy to shop around for the best interest rates – start with local credit unions and banks!
Go to a few car dealerships.
You can shop around car dealerships both online and offline.
I recommend shopping online before you go to a dealership, this way you can be prepared by learning as much as possible in advance. You also won’t be wasting your time at car dealerships that can’t get down to the price you want.
Don’t add small and unnecessary extras at the end of your purchase.
When you are about to purchase a car, you will be encouraged to buy many small options that you may not need. This may include extras such as:
Tire replacement
Paint protection
Extended warranties
While you may believe that you need some of the above options, you should make sure that you’re not just thinking about the monthly cost. The financing manager will offer you these extras in a way that makes it seem affordable. But, these extras only appear inexpensive because they are padded into your monthly cost, so don’t be fooled by how “affordable” they seem.
Yeah, $1 or $5 each month may not seem like much, but it can add up to a lot over a 5 year period!
Trust me, you are paying for these, and it’s not just a good deal that you are getting.
Related: 30+ Ways To Save Money Each Month
Determine how much your trade-in is worth.
If you have a trade-in vehicle, you should figure out how much it is worth before you step foot into a car dealership.
Kelley Blue Book is a great resource for doing this. While you may not get the exact amount that Kelley Blue Book claims you will get, it can be a good estimator or starting point when negotiating with the car dealership.
Know the right time to go.
There are certain times of the month and year that are better for car shopping than others. If a dealership is trying to meet their sales quota, they are more likely to give you a deal than when they’ve already beat their quota or if it’s the beginning of their quota.
This is because car manufacturers will give bonuses and extra incentives to car dealerships who sell a certain amount of vehicles. This gives car dealerships extra motivation to give really good deals if they are close to their quota.
I know someone who was able to lease a brand new car for just $70 per month, with no money down, because a car dealership needed to meet their quota. They got one heck of a deal!
To know the best time to go, you may want to make friends with a car salesperson, find out when their end of month or end of quarter is, and so on. Or, you could just ask. My husband would always tell people when the best time to buy was and would even call them, but many people did not believe him. If they only knew!
Don’t be afraid to negotiate.
Even if you get a discount, such as a car manufacturer discount, you should still negotiate. Many times, those friends and family discounts mean that you are not able to haggle at all, which can lead to you actually paying a higher price.
Cars sales are meant to be negotiated, whether it is a brand new vehicle or a used one. If you don’t haggle, you will most likely lose out on a lot of money, because negotiating is expected.
Other aspects of the vehicle buying process can be haggled on as well, this includes your trade-in vehicle, warranties, interest rates, add-ons, and more.
Learn more about negotiating at How To Rock At Negotiating On Everything.
Be nice.
No matter what, you should be a decent human being.
Being rude won’t get you the best deal, instead it may make the salesperson and the dealership not want to help you. After you purchase a car you are asked to go through the car manufacturer to grade your car salesperson. If the salesperson knows that you might give them a bad grade, they may not want your deal because it’s not worthwhile to them to have a bad score (which decreases their salary/income).
Plus, you should always be nice anyways. Salespeople are just doing their job and trying to make a living, and the majority of them are good people.
Miscellaneous car buying tips and tricks.
Here are several other car buying tips and tricks:
Never shop when you’re hungry or tired. You should always be well-rested and ready for an eventful day.
For the car dealership to beat their quota, sometimes they will buy a new car themselves and put it on the “used” car dealership side. The car is still brand new, but is now considered pre-owned. This can allow you to save a good deal of money. However, you do want to be mindful of the warranty, because the warranty has most likely started once the car was officially bought the first time (by the car dealership).
Purchase a car at the end of the car’s model year. Dealerships want to move out last year’s model to make room for the new ones, which can lead to a good discount.
Look into car insurance rates before you purchase. You may want to contact your car insurance agent so that you are not surprised by a high insurance rate after you make a purchase.
Don’t tell the salesperson what your budget is for a monthly payment. You should always negotiate on price first. A dealership will try to get you into something that will just barely fit your monthly payment budget, which can cause you to spend a lot more money in the long run.
Be confident. When negotiating, you should always be confident in what you are saying, and do not be afraid to walk away. If it’s not meant to be, then it’s just not.
Find the best car insurance. What is the most reliable car insurance company?
What other car buying tips and tricks do you know of? Share in the comments below!
Looking to buy a new car? Here are 10 top tips for buying a new car so that you can learn how to save money with your next car purchase. Enjoy this new car buying guide!
I’ve recently heard a lot about people spending an exorbitant amount on their monthly car loan. Personally, I know several people who spend over $1,000 a month on their car loans while barely making enough to cover that and all of their other bills.
So today, I want to give you some tips for buying a new car so that you can save money on your next car purchase.
According to USA Today, the average new car price is around $37,000, with the average new car buyer paying around $550 a month with loan terms of 69 months. Many people are buying more expensive cars and taking out loans with high interest rates in order to “afford” them.
In fact, according to Edmunds, the current average annual interest rate on in 2019 is 6.19%. I’ve even seen car buyers with interest rates of 20% and higher.
And, people are extending their car loans for longer periods of time in order to get an even lower monthly car payment. While 72 months used to be a crazy long time to finance a car, terms of 84 months are even starting to become the norm.
Now, I’m not saying that you shouldn’t have a car loan or buy a new car. But, I do want people to be more mindful of their car spending and be more knowledgeable going into the car buying process.
Today’s post is all about the best tips for buying a new car so that you can save money when buying your next vehicle. And, many of these tips for buying a new car are also tips for buying a used car.
Not all car dealerships and car salesmen are bad. I know this for a fact because my husband used to be a new car salesman (and he was nice, I promise!). My husband knows all about the flack that salesmen get, and he even helped with some of the tips for buying a new car that I’m going to tell you about.
Despite the reputation car salesmen get, the car buying process itself can be really stressful for everyone.
Whether you are purchasing a new or used vehicle, there are several car buying tips and tricks you should know of so that you can walk away with the best deal possible. There are so many options and extras that come up when buying a car, which means there are many ways for you to end up leaving confused or paying more than you should be.
Whether you are buying a $500 car or a $50,000 one, you want to get the best deal available. To make sure you don’t walk away from a deal angry or regretful, it’s important to be as knowledgeable as possible.
Cars aren’t cheap, which can leave a lot of room for mistakes and overpayments. You can buy a car that doesn’t meet your needs, is too expensive, and more.
We’ve had a lot of vehicles in our life, from a really cheap $500 car that ran well (yes, you can find good vehicles for cheap), to expensive new vehicles. And, we’ve used all of the tips I’m going to share with you today.
Before I tell you the top tips for buying a new car, I want to tell you about several ways that car dealerships make their money. These are things to be mindful of:
Your trade-in vehicle. To make a profit on your used car, car dealerships will offer you less money than they can sell it for. Of course this is normal, but you want to be mindful of this so that you can get the most money out of your trade-in vehicle. Even though it takes a little more work, you can often make more money if you sell your car privately instead of selling it to a dealership.
Incentives and bonuses from the car manufacturer. This means that if you can buy a car when a dealership hasn’t reached their selling quota, you may be able to get a great deal on your car purchase (this is covered more in my list of tips for buying a new car). Many times car dealerships will take a loss on the vehicle if it means that they will be able to reach their quota.
Financing the vehicle. Dealerships make money when you finance vehicles through them.
Extra options. These are things like an extended warranty and upgrades.
Buying a new or used car can be fun and stressful at the same time. You don’t want to get tricked or duped, so here are tricks and tips for buying a new car before you start shopping!
Here are my best tips for buying a new car (or used one):
Think about the WHOLE COST of the car.
The most important of these tips for buying a new car that I can offer you is that you should think about more than just the monthly payment. This is the smartest way to buy a car.
You should only purchase what you can actually afford. Just because the monthly car payment looks affordable, it doesn’t mean that it actually is.
There are car payment terms that are as long as 96 months, which is just crazy to me. A car salesperson may stretch out the car payment so that it looks to be more affordable for you, but you should be aware of the whole cost, which includes things like interest and taxes.
Please, please, please, look at the whole cost and see if that’s actually an affordable amount for you to be paying every month.
Even if you aren’t buying a brand new car, used cars can still cost you more than you think in insurance and taxes, so always think about the total cost before you purchase your next vehicle.
Related: Jerry Insurance Review: How To Save Up To $800 A Year On Insurance
Shop around for your own car financing.
If you have to finance your car purchase, make sure you shop around before you agree to the dealer’s interest rate. Sometimes the first dealer you visit will have the lowest rate, but sometimes they won’t.
You may be able to save yourself hundreds (or even thousands) of dollars a year by simply shopping around. Plus, it’s extremely easy to shop around for the best interest rates – start with local credit unions and banks!
I’m in quite a few Facebook groups about personal finance, and this topic comes up over and over again: people who are excited about getting a car loan with an interest rate of over 20%. And sadly, many of these people are buying brand new cars, not realizing how much they are about to pay because they don’t know much about personal finance.
20% is not a good interest rate for a car loan – so please don’t be excited about that! I am saying this to help you, not to be mean in any way.
You should shop around and make sure you are getting the best possible rate. If you are getting a 20% interest rate on a car loan, then you should probably not be buying a brand new car. There are plenty of more affordable vehicles that are older but still quite reliable.
Visit more than one car dealership.
You can shop around car dealerships both online and offline.
I recommend shopping online before you go to a dealership, this way you can be prepared in advance with the costs, loan terms, extras, and more. While shopping around does take time, you won’t be wasting it on a dealership that can’t get down to the price you want.
Skip the extras at the end.
When you are about to purchase a car, you will be encouraged to buy many small options that you may not need. This may include extras such as:
Paint protection
Extended warranties
Upgrades
While you may believe that you need some of those options, you should make sure that you’re not just thinking about the monthly cost. The financing manager will offer you these extras in a way that makes it seem affordable. But, these extras only appear inexpensive because they are padded into your monthly cost, so don’t be fooled by how “affordable” they seem.
Yeah, $10 or $50 each month may not seem like much, but it can add up to a lot over a 5 year period!
Trust me, you are paying for these. Dealerships make money on these extras.
Related: 30+ Ways To Save Money Each Month
Figure out how much your trade-in is worth.
One of the best tips for buying a new car if you’ll be trading in your vehicle is to know how much it is worth before you step foot into a car dealership. This is important for car buying negotiating tips.
Kelley Blue Book is a great resource for researching what you’re old car is worth. While you may not get the exact amount that Kelley Blue Book claims you will get, it can be a good estimator or starting point when negotiating with the car dealership.
Know when to shop.
There are certain times of the month and year that are better for car shopping than others. If a dealership is trying to meet their sales quota, they are more likely to give you a deal than when they’ve already beat their quota or if it’s the beginning of their quota.
This is because car manufacturers will give bonuses and extra incentives to car dealerships who sell a certain amount of vehicles. This gives car dealerships extra motivation to give really good deals if they are close to their quota.
This is one of the best tips for buying a new car that my husband learned from selling cars.
To know the best time to shop for a new car, you may want to make friends with a car salesperson, find out when their end of month or end of quarter is, and so on. Or, you could just ask someone at the car dealership.
Don’t be afraid to negotiate.
Even if you get a discount, such as a car manufacturer discount, you should still negotiate. Many times, those friends and family discounts mean that you are not able to haggle at all, which can lead to you actually paying a higher price.
Cars sales are usually meant to be negotiated, whether it is a brand new vehicle or a used one. If you don’t haggle, you will most likely lose out on a lot of money.
Other aspects of the vehicle buying process can be negotiated on as well, this includes your trade-in vehicle, warranties, interest rates, add-ons, and more.
Learn more about negotiating at How To Rock At Negotiating On Everything.
Be nice.
No matter what, you should be a decent human being. This is one of my tips for buying a new car that applies to most other aspects in your life.
Being rude doesn’t get you anywhere. It won’t get you the best deal, and it may actually make the salesperson and the dealership not want to help you.
After you purchase a car you are asked to go through the car manufacturer to grade your car salesperson. If the salesperson knows that you might give them a bad grade (for no reason at all), they may not want your deal because it’s not worthwhile to them to have a bad score, which decreases their salary/income.
Plus, you should always be nice anyways. Salespeople are just doing their job and trying to make a living, and the majority of them are good people. If you’re nice to them, they may be willing to help you out a little more.
Miscellaneous tricks and tips for buying a new car.
Here are several other tips for buying a new car (or used one):
Never shop when you’re hungry or tired. You should always be well-rested and ready for an eventful day.
For the car dealership to beat their quota, sometimes they will buy a new car themselves and put it on the “used” car dealership side. The car is still brand new, but is now considered pre-owned. This can allow you to save a good deal of money. However, you do want to be mindful of the warranty, because the warranty has most likely started once the car was officially bought the first time, even if it was bought by the car dealership.
Purchase a car at the end of the car’s model year. Dealerships want to move out last year’s model to make room for the new ones, which can lead to a good discount.
Look into car insurance before you purchase. You should contact your car insurance agent so that you are not surprised by a high insurance rate after you make a purchase.
Figure out what you’ll need to pay in personal property taxes for your car, which varies state to state. You will need to add this into the total cost of your car.
Don’t tell the salesperson what your budget is for a monthly payment. You should always negotiate on price first. A dealership will try to get you into something that will just barely fit your monthly payment budget, which can cause you to spend a lot more money in the long run.
Be confident. When negotiating, you should always be confident in what you are saying, and do not be afraid to walk away. If it’s not meant to be, then it’s just not.
What other tips for buying a new car can you share? Leave them in the comments below!
In the past nine months I’ve found $12.89 in singles and specie. The cash has shown up in a number of places, but most of it is from coins I picked up.
As usual, I’ll squirrel away the found funds until Thanksgiving, at which time I’ll write a check to a food bank. I’ve been doing this for a couple of decades, including a span of several years during which I had neither a vessel into which to urinate nor a casement through which to dispose of it.
This was a painless way to help others at a time when I worried nonstop about my own ability to stay afloat. Giving to others got me out of my own head, reminding me that plenty of people lived with considerably fewer resources (financial, emotional, practical) than I had.
It also reminded me that despite my fears I actually did have enough to get by. In fact, I had so much enough that I could afford to share a little with others. What richness!
Maybe you’re in a tight spot of your own, or maybe your paycheck covers the basics without much left over. But writing a check isn’t the only way to give. Our time, our talents and even our frugal hacks can make a difference in the world.
The Ultimate Social Network Why give? Because there’s need — and because it’s as good for you as it is for the people to whom you contribute.
Helping others connects us with the bigger picture, i.e., life outside our own little circles of circumstance. Giving is the ultimate social network, because it connects us with the wider world vs. the virtual one.
Suppose you spent an hour driving a veteran to the doctor and back. For you it would be an hour you could spare. For the vet you drove, it would be a lifeline.
Note: You shouldn’t give anything — even your time — if it endangers your equilibrium or your budget. A single parent with one and a half jobs already has enough on his or her plate, and you should chase the wolf away from your own door before you pick a name off the Angel Tree.
The following tips are not one-size-fits-all. For example, maybe you:
Live in a high-rise and don’t know your neighbors.
Aren’t the kind of person who would ever pick up recyclables.
Can’t donate blood for medical reasons.
But surely one of these suggestions will resonate. And if not? Share your own ideas in the comment section.
“Used,” but still useful
Charity thrift shops. Goodwill and others can use clothing, housewares, books and maybe even furniture. However, keep in mind that the stuff you think “still has some use left in it” might not be saleable. Get a receipt in case this is the year you itemize; see “Getting the most from your charitable deductions” for specifics.
The Freecycle Network. Not all chapters are created equal, but I’ve had tremendous success with people coming to get stuff I no longer need.
Got books? This American Library Association fact sheet offers information on libraries that accept donated materials.
Got children’s books? Ask if you can leave your kids’ outgrown titles in the waiting room at a public health clinic or social service agency.
Periodical sharing. When you finish with magazines, ask if it’s OK to leave them at laundromats, job-source organizations or other places adults tend to sit and wait. Cut the mailing label off the front of the mag; it doesn’t hurt to be wary even though identity theft is generally more high-tech than that.
Rags that rock. Before tossing worn-out towels or blankets, see if pet rescue groups could use them.
Holidays for kids. This doesn’t have to cost a bundle. Shop the Black Friday or pre-Black Friday sales, or the loss leaders during the holiday season. If experience has shown you which stores have the best stuff, shave off a few more bucks by paying with a discounted gift card.
Holidays for adults. Social service agencies or places of worship will likely let you know who’s in need. Shop the same sales as noted in “gifts for kids,” above, and also watch daily deal sites like My Bargain Buddy and Dealnews.com.
Clothing drives. Got a second coat, a like-new hat, an extra scarf? If you’re in a cold climate a collection box is waiting somewhere. When I lived in Alaska I carried extra hats, scarves and mittens in the trunk of my car, in case I met a homeless person who needed them. (And I did.)
Pro bono es bueno. Lawyers and doctors aren’t the only ones who donate their time, incidentally. Whether it’s social media savvy or landscape architecture, your skills might be needed by a town landmark, a group home, an elementary school.
Helping hands. Not everyone has an in-demand skill, but just about any of us can stuff envelopes or help clean up after a PTA meeting.
Teach a class. Take stock of what you know well — web design, cake decorating, Excel spreadsheets? — and offer that knowledge to others through a club, afterschool program, fraternal organization or place of worship.
Be a youth-group leader. This is a huge time commitment, and some people (including me) aren’t nuts about certain organizations’ policies on gays and lesbians. But if you can find a match — scouting, 4-H, youth sports, Sunday school — your help is needed.
Mentoring. Big Brothers/Big Sisters is the group people most often choose, but other options exist. Maybe your place of worship has a way to match kids in need with caring adults. Perhaps a professional organization arranges job-shadows for teens interested in your industry. A recent college graduate in your field might need advice and/or networking.
Yard work. Got an elderly or chronically ill neighbor who can’t manage snow, leaves or lawn? Step up.
Give blood. If the bloodmobile comes to the workplace, well, score: You get a break from the job plus juice and cookies! If not, look for blood drives. Donation doesn’t take very long and it’s a literal lifesaver.
Frugal-hack giving
Use your coupon powers for good. By combining sale prices, coupons and instant store rebates, you can pay nothing or next to nothing for toiletries, cleaning products and food items. I’ve donated numerous bags of these things to a shelter and a couple of emergency pantries.
Coupon powers, part 2. Michael’s and Jo-Ann’s have dollar sections and they run “50% off any non-clearance item” coupons in their Sunday ads. Thus I pay 50 cents for knitted gloves that aren’t good to 30 below but do keep out the chill. Shelters can use these.
Clearance tables rule! Speaking of gloves: I found them priced at two pairs for 33 cents a couple of late-winters ago. (I bought 100 pairs to give away.) Clearance tables can also yield gifts for next year’s holiday donations.
Recycle for credit. Trade in spent ink cartridges for store credit at Office Max, Office Depot and Staples, then buy school supplies to donate. Deliver office supplies to your favorite local nonprofit. Drop off teabags or coffee filters at the senior center. (Cartridge trade-in policies vary, so be clear on the rules before you do this.)
Recycle for cash. If you walk for exercise, carry a bag and pick up cans and bottles along the way. Give the money you earn to your favorite cause.
Plant a little extra. If you have one zucchini plant you have enough; if you have two, you have enough to share. Seriously: Put a few extra seeds in the ground and donate extra produce to food bank or soup kitchen.
Calendar creep. Do charities send you calendars, greeting cards and notepads? Offer calendars to teachers (animal-themed ones are a big hit with younger kids), group homes, senior centers or nonprofits, or bundle up the cards and notepads and donate them to charity thrift shops.
A non-pay phone. Got a plan with unlimited minutes? Maybe someone in a veterans’ or long-term-care home wants to call family or friends but can’t afford it. Ask a social worker if you can temporarily donate your phone on a weekend afternoon.
House-caring hack. Next time someone offers you $50 to pick up the mail and feed the cat for a week, make a counter-offer: You’ll do those chores if he or she will make a donation to the charity of your choice. If you’re a cynic, just accept the money and donate it yourself.
Readers: How do you give on a budget — or for free?
What was your first reaction when you saw “salvage title” in the headline? Cringe and shudder? Outrage, that anybody could seriously suggest something so risky on a respectable site like this? In mixed company, no less? Step away from the ledge, slowly, exhale, and then hear me out.
I used to feel the same way … until my friend Peter showed me his “new” 4Runner. Peter is a super-frugalista, and he saw the surprise in my eyes. He laughed, “Hey, it’s a salvage title — I got it real cheap.”
He bought his son one of those, seven years back, and that car has run problem-free all that time. So he thought, “Why not get one for myself?”
Why not, indeed?
What is a Salvage Title?
It begins with what people sometimes refer to as a car being “totaled” or “written off.” “Total” is simply shorthand for “total loss,” meaning the amount an insurance company pays out for the car’s full insured value. Most often, it’s a collision that causes a car to be totaled; but they can also be totaled after a fire, flood, hail, or even theft. (If a car is stolen and not recovered for three to four weeks, depending on the jurisdiction, the insurance companies have to pay the insured, which, of course, turns the theft into a total loss.)
Insurance companies typically total a car damaged by accident, fire, hail or flood when that damage is greater than its value. They naturally want to pay the smallest amount possible and, if that’s the value of the car, then that’s what they pay. When they do that, they effectively buy the car and its title passes to them. If they subsequently sell it, they are required to sell it with what’s called a salvage title.
Why Even Consider a Salvage Title?
A car only gets a salvage title when something bad happened to it. Buying a used car is such a crap shoot to begin with, why compound that by even thinking about buying one with a salvage title?
One word, the word we associate most with Get Rich Slowly — “money.”
A fully repaired car with a salvage title typically sells for 30 to 40 percent less than one with a clean title. If you were eyeing that $15,000 used minivan, a comparable (i.e., fully repaired) one with a salvage title would typically go for $9,000. That’s a savings of $6,000.
That’s a pretty compelling number if you’re interested to save money.
I don’t know if you heard, but someone just paid more than $30 million for a used Ferrari at the Pebble Beach auctions last week. The car was in a major wreck, but it was restored. The point is: a wreck doesn’t necessarily mean the utter demise of a car. Any car can be repaired or restored to mint condition. The trick, of course, is not to overspend —and to know it was done right.
Does a Salvage Title Make Sense for You?
The first thing you need to do is find out if your state allows vehicles with a salvage title on the road. Colorado, where I live, does. (That’s how I found out about it.) So, if your state allows it, you could potentially save a lot of money on your next car if you are one of the following kinds of people:
1. You drive your cars for many years. A salvage title stays with the car for the rest of its life. If you bought it for 60 percent of its normal value, you will only be able to get 60 percent of its normal value when you sell it. The longer you drive the car, the smaller the penalty at the time of selling. The net result is that you save a lot when you keep it for a long time. However, if you sell your car every two or three years, your savings at the time of buying will be negated at the time of selling, when you’ll have a harder time trying to sell it and you’ll have to take less. (In most states, sellers have to disclose a salvage title at the time of sale.)
Also keep in mind that most dealers will not take a car with a salvage title as a trade-in.
None of those issues present a problem if you plan to drive the car into the ground and then give it to your son going off to college in thirty five years’ time. 🙂
2. You usually buy older cars to begin with. The cost to repair a new car is not much different than repairing an older car. That means it will take pretty extensive damage to a fairly new car to get it totaled, because it’s still quite valuable. On the other hand, an older car is worth much less, even if it’s in good condition, and it doesn’t take much in the way of damage to get the insurance company to total it. In fact, a fender bender will often do it.
What that means is you can save 30 to 40 percent on an older car with a salvage title that has suffered only minor damage. (It’s a good general rule to stay away from salvage-title cars less than three or four years old.)
3. You’re not afraid to do some repair work yourself. If you know your way around a junk yard and you’re not averse toscraping your knuckles a bit, you can save even more than the 30 to 40 percent by buying a salvage-title car that hasn’t been fully repaired yet. If you can figure the cost of the repairs still needed, you deduct that from the 60 to 70 percent before you make your offer. Then you add some weekend and evening sweat equity to add that value back to the car —and you know the quality of the work that’s been done.
Buying a car with a salvage title is obviously not appropriate for everyone, and this post doesn’t try to make that point. All I hope to do is spotlight an option you may not have considered before but which might work for you.
Tips for Buying a Salvage-Title Car
As the saying goes, there’s no free lunch. In order to capture the gain of having a serviceable car at a 30 to 40 percent discount, you have to put in some time you wouldn’t ordinarily spend. Remember your first reaction above when you first heard the term “salvage title”? Everyone you deal with will have the same reaction. And because they’re not getting a big discount on their purchase, they don’t have any incentive to stray outside the box to accommodate you. That means more work for you.
1. Negotiate. Sellers will try to slide by with a discount of, like, 15 to 20 percent on the normal price, hoping buyers won’t know the appropriate discount from normal. Salvage-title vehicles is a buyer’s market; be sure to pursue the maximum advantage.
2. Financing: You should be able to get financing for a car with a salvage title, but it won’t be nearly as easy as for one with a regular title. The bank’s problem is the resale value of the car, which is much less than that of a comparable car with no title problems. If you are paying a lot less for the car to begin with, this isn’t that much of a problem. Expect to do more shopping, though. Personally, I think cash is the best way to buy a salvage-titled car, especially because of the next point.
3. Insurance: Insurance companies, for the most part, won’t offer the comprehensive insurance lenders require. They will offer collision and liability coverage; but, again, expect some push-back and more time shopping around for insurance. If you buy an older car for cheap, your insurance requirements aren’t that much, and you can get what you need. Most insurance companies will insure salvage titles cars just fine. Just be mindful that for them there’s not much difference in repair costs; so don’t expect any price break, even though your car was a lot cheaper than a comparable “regular” car.
4. History: Before you even make an offer on a car with a salvage title, you would be well advised to spend the time necessary to track the entire history of the car’s title. In particular, it’s important to find out (not from the person trying to sell you the car) what happened: what type of crash and the extent of the damage. CARFAX is a good starting point, but expect to do more digging.
Also included in the history research is the seller. Some businesses who sell salvage-title cars are reputable; others are not. Be sure to check with the Better Business Bureau to see if this seller has had issues.
5. Inspection: It is good practice to have a professional inspect any used car you’re interested in buying. Although it may cost a hundred or two, I look at that as insurance: It’s much better to find out about any defects before you plonk down your money. If it’s a good idea for all used cars, it’s essential for a salvage titled car. In particular, you need to have someone check out the wheel alignment. In the old days, they used to talk about frame damage, but most of today’s cars don’t have frames any more — the entire body acts as the frame. If the axles get twisted out of alignment, the car is a pain to drive and it will double your tire wear. A body shop inspection will quickly reveal if that’s a problem or not.
6. Pre-registration: Some states require a police inspection and a certificate from the police before they will register a car with a salvage title. This is aimed at making it difficult for stolen cars to get back into circulation. You will need to do your homework on this issue before making your purchase as well.
In Conclusion
Good wisdom says even if you buy a clean-titled, used car you should do most of these things (e.g., have someone check out the car and research the title history) so the additional legwork might not be that much for you.
My wife and I tend to buy used cars and then keep them till they’re seriously long in the tooth, and then we give them away. Given the success my friend had with his salvage-title car, I’m seriously going to consider going that route next time we buy. The key, I believe, is to be very careful and to be prepared to kiss many frogs before finding the salvage-title prince.
Like many things in life, there’s a reward for risk and/or hard work. If you’re prepared to consider buying your next car with a salvage title, you may be able to pocket a significant savings. It’s not for everyone, obviously, but it’s nice to know an option like this exists.
Buying and selling real estate used to be really hard
And very time consuming
I remember driving around with a real estate agent
It felt like a grueling process back then and hasn’t really changed a whole lot
Back in the 1980s, I vividly remember a day when my father took me along with him to a real estate agent’s office. He was looking to buy a new home and this was how the process began – by getting into a vehicle.
We showed up to an office replete with ornate furniture and classic paintings (probably of old timey ships) to meet with an English expat wearing a smart suit and tie. It made sense that he had an accent because back then a real estate agent was meant to exude style and sophistication.
After a brief chat, he grabbed some paperwork, we climbed in his car (probably a diesel Mercedes), and proceeded to drive around a neighborhood to look at potential properties to buy.
This was how you purchased a home back then. The agent compiled a list of homes in a target neighborhood yet to be seen and invited the client to do a ride-along.
Assuming you found one you liked, you’d make an offer and eventually the seller would counter or accept your offer. A few weeks after that you’d get your mortgage from a local thrift or savings and loan (while putting at least 20% down) and the home would be yours.
Oh, the bank would actually hold onto your mortgage, instead of turning around and selling it on the secondary market. And you could make your mortgage payments in person at the local bank while taking care of your other banking needs.
Has the Process Really Changed?
Real estate is different to some degree
The fact that you can find your own listings and view properties online
Certainly makes things a lot easier
But the transaction itself is still mostly the same
Today, it’s different, but not too much different. You’ll probably still drive around with a real estate agent looking at homes. The only difference is that you can choose which homes you’d like to view beforehand online (or on your phone) thanks to websites like Zillow and Redfin.
Other than that, the process appears to be the same. You go and tour properties with your agent and make a bid. Once accepted, you apply for a mortgage with a lender, either locally, online, via a broker, or through some national chain.
Once the loan closes, there’s a very good chance your loan will be sold off to a different company. And you probably didn’t put down 20%. Instead, maybe just 3% down (or even less). In any case, it’s pretty much business as usual.
The only real difference is all those pretty pictures on websites, and the ability to check out homes before viewing them in person. Still, we all know pictures often fall short, and without seeing a property in person it’s nearly impossible to make a decision.
Real Estate Is on the Cusp of Disruption
All the tech players know real estate is ripe for disruption
And that’s why we’re beginning to see a ton of newcomers in the space
One major player that is emerging is Opendoor
Which buys, sells, and now even finances properties
So we know there’s a new way to search for real estate, but the process seems to be the quite the same otherwise.
However, it does appear as if we’re inching closer to a point where you you might be able to ditch your real estate agent, or forego the typical lengthy timeline to buy and sell a home.
Though the businesses attempting to effect change are facing some headwinds, it’s becoming increasingly common to find companies looking to challenge the status quo.
Late last year, a company called Faira launched with the promise of selling homes for free. Instead of paying a 6% commission, you pay nothing. But this company has yet to make waves.
Then there’s Skupit, which allows individuals to make an offer on a home online using a single agent to make their bid more competitive. Again, early goings here but the potential to disrupt is clear.
Opendoor Trade-in Program
While you could already buy/sell homes with Opendoor
They recently launched a home trade-in program
Where you can actually find a new home
Then simply sell them your old home to them, concurrently
That brings us to a new service from Opendoor, the folks who want to sell homes in three days, which now aims to transform the process of buying and selling a home concurrently.
Put simply, they want to make it easier to buy a new home without worrying about what you’ll do with your old one, an issue many Americans face, especially with inventory as light as it is.
Instead of fretting about your existing home, you can shop for a new home as you would a first-time home buyer, then make an offer without it being contingent on the old home being sold.
All you have to do is make an offer and tell Opendoor the closing date. From there they’ll buy your old home at “market price” and handle the funding of the new purchase so you can get both sales done in a single transaction.
You won’t have to worry about making two mortgage payments, or the complications involved with supporting two mortgages. Or the issue that arises when your offer isn’t competitive because it relies upon your old home selling.
Buy and Sell with Opendoor at the Same Time
While the trade-in program allows you to buy any home on the MLS
It’s also possible to sell your home to Opendoor
And buy an Opendoor home at the same time
Thereby making the entire transaction really fly
There’s also the opportunity to buy your new home from Opendoor to make the process super streamlined and fast.
For example, you can buy and sell in a matter of days (literally) if you find the new home in Opendoor’s for-sale inventory. I believe they provide a 2% discount if you do this.
This would really change the real estate process, though it should be noted that the standard 6% commission structure remains.
If you’re curious what Opendoor will offer for your old pad, you can get a trade-in price on their website so you can determine the amount you will have for a down payment and closing costs.
The clear downside here is that Opendoor may offer you significantly less than what you’d fetch on the open market, with the upside being one less roadblock to snagging a new home, and much less legwork.
There’s also a “market risk charge” of 0-6% that may come into play if values drop while they own your old home and attempt to resell it. And potential repair costs that Opendoor will split with you to make the home marketable.
This new service is available in the Phoenix and Dallas housing markets. At first glance, there were some 116 listings in Phoenix currently available for purchase. But I’m sure inventory will grow over time.
Whether this will finally change real estate as we know it remains to be seen, but pressure to evolve is clearly mounting. The question remains if it’s actually in the best interests of homeowners, or simply a play on convenience like many other new startups.
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Whether you like flashy sports cars or practical minivans, shopping around for cars can feel like a fresh start. The problem is, most people can’t afford to pay out of pocket.
So how do you get a car loan to help turn your motorized dreams into reality? Like most big purchases, creating a thorough plan is a must. Understanding all your financing options, how a car loan will affect your credit, and how you can get the most bang for your buck will save you headaches—and debt—down the road.
Have a specific question in mind? Use the links below to get straight to the information you need:
What Are the Steps for Getting a Car Loan?
Throughout the financing process, remember that you’re shopping for two different products: the car and the car loan. Before setting foot on a dealership, take the time to weigh all your options so you feel 100% certain that investing in a new car is the best decision for your financial health as a whole.
Start with a Budget
If you don’t have a monthly budget, it’s time to create one. Assess all the monthly debt payments you currently have—such as rent, student loans, and credit card bills—and then figure out how much you’ll be able to afford on a monthly car payment.
Your car payment calculations should include not only the amount paid back to the lender, but also gas, insurance, and maintenance fees. If you come up with a number that won’t work with your income, consider saving for a larger down payment so you won’t have to take out a large car loan.
Check Your Credit Score
Request a copy of your free credit report to determine how your score will affect the loan shopping process. When doling out the best rates, lenders look for a score of 760 or higher and will give you a better deal the higher your score. Payment history, debt-to-income ratio, and the history of your credit lines all affect that magic three-digit number.
Start by fixing any inaccuracies you find on your report that could be dragging down your score. Within a month or two, you should see the mistakes removed which may make your number rise. If you aren’t in a rush to purchase the car, work on bringing your score up to help you get more favorable loans when it does come time to apply.
If you don’t have the time or ability to raise your credit score before purchasing the car, you could find a co-signer for the loan. Consider asking a parent, friend, or family member with a good score to co-sign. It’s important to remember that the co-signer is responsible for paying back the loan if you’re unable to make the monthly payments, and the credit score of both you and the co-signer will be affected by late or missed payments.
Explore All Your Loan Options
There are two main ways to get a car loan: direct lending and dealership financing. After picking out the car you want to buy, consider which option makes the most sense for you.
Direct Lending
Direct lending entails receiving a loan from a bank, credit union, or online lender. You’ll agree on the amount of the loan and the finance charge, or interest rate, that you’ll pay on the loan. Some things to note about receiving direct lending:
Banks often offer competitive interest rates but are more exclusive about who they offer a loan to. It is more likely you will need to have a good or excellent credit score to obtain a desirable loan from a bank. You don’t usually have to be a member at the bank to apply for an auto loan or get pre-approval.
Credit unions may have an easier loan application process and lower interest rates. However, you must be a member to apply for a loan.
Online lending websites often contact several lenders at the same time so you can easily obtain competing loan offers. Just like a bank or credit union, you will determine the terms of the loan with the lender. Make sure to always do background research on each lender you contact to ensure they aren’t predatory lenders.
Dealership Financing
Some dealerships offer on-site financing, which means you agree on the loan amount and interest rate with the dealer. Here are some things to keep in mind:
The dealer will gather all your information and send it to one or more prospective auto lenders, who will then give the dealer a “buy rate.” This could be higher than the interest rate you negotiate because it could include a compensation fee for the dealer handling your loan.
Because you are treating the dealership as a one-stop-shop for all your car needs, you might be offered special deals or rebates that include low interest rates.
Get Pre-Approval
Whichever financing option you decide to pursue, don’t just take the first loan offer that comes your way. Take the time to shop around and get competing rates through the pre-approval process. This entails asking multiple lenders to look at your credit report and draft up the loan amount and interest rate they’d be willing to offer you.
Pre-approval may give you more bargaining power with a dealership than if you went in without a financing plan. You also might be able to hunt down the best deals because lenders are competing for your business. Remember, just because you receive pre-approval from a lender doesn’t mean you have to take their offer.
An important element of loan shopping is keeping your pre-approval applications and final loan applications within a short window of time. Every time a lender looks at your credit report, it triggers a hard inquiry. If you build up too many hard inquiries, it could lower your credit score.
Fortunately, Turbo uses VantageScore, one of the common scoring models, which offers a 14-day grace period. If multiple hard inquiries are made during this time period for an auto loan, it will only be counted as a single inquiry—thus protecting your score.
Negotiate the Total Cost
Once you’ve found a lender that you want to finance your car loan, consider negotiating the final deal. This includes:
Length of the loan. Typically, a shorter loan will have higher monthly payments but lower interest rates. A longer loan will have smaller monthly payments and higher interest rates.
APR and interest rate. Depending on your pre-approval offers, you might be able to negotiate for a lower interest rate. This means you’ll pay the lender less to borrow the money over the length of the loan.
Additional add-ons. Extended warranties or additional insurance can raise the total cost of the loan.
Special offers or discounts. If you’re getting your loan through a dealership, use the negotiation process to ask about any manufacturer rebates that could get you a lower price on the car, therefore reducing the amount of money you need to borrow.
Close the Deal
Before driving off into the sunset, make sure to tie up any loose ends that could impact your car loan. Per the federal Truth in Lending Act, lenders are required to provide you with important information about your agreement so you can verify all the terms match what you discussed.
Sign all paperwork before taking your new car home, and make sure you have multiple ways to contact your lender if you ever have any questions. Whether you make online or by-mail monthly payments will be discussed during the negotiation process. It’s crucial that you pay these back on time every month to avoid severe late fees or repossession of your brand new set of wheels.
Will Trading In my Car Affect an Auto Loan?
If you plan to trade in your current car before purchasing a new one, it could lower the total cost of your car loan. The credit or cash you receive from the trade-in can be put to use as a down payment, thus reducing the amount you need to borrow from a lender.
Before trading in, make sure you know whether the total amount you still owe on your car is less than what it’s worth. Carrying an old auto loan onto a new auto loan may raise your interest rates and limit your options for the best deals. While trading-in can significantly help some buyers, it may not always be the best option if you want to get a favorable loan for your new vehicle.
Can I Get a Car Loan with Bad Credit?
Despite many lenders being wary of borrowers with poor credit scores, there are still options available to obtain a car loan. As mentioned earlier, paying off any existing debt, finding a co-signer, or saving for a larger down payment are all ways to help offset bad credit.
However, if the purchase can’t wait, lenders may still offer you a loan—but likely at a high price. Interest rates and additional fees skyrocket for borrowers with less-than-ideal credit scores, and it may dig you into a deeper hole of debt than you started with.
If you think you might be late on a payment, contact your lender immediately to discuss the possibility of adjusting your payment plan. While most of the original terms you negotiate will likely stay the same, you may be able to make a delayed payment. But if you consistently default on your payments, the lender is allowed to repossess your car, sell it, and use the money to pay off your remaining debt.
Despite its complexities, getting a car loan can be a straightforward process if you make a strategic plan. Assess your current financial health, loan shop, and negotiate a deal that suits your needs; in no time you’ll be able to hit the streets with a shiny new toy and feel confident in your abilities to manage debt.
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Inside: Do you want to make quick money? If so, you’ll love this collection of ways to make cash in one day. Start these tasks and start making extra cash fast.
In today’s world, there are many ways to make quick money in one day.
The internet and technology have created opportunities that were non-existent just a few years ago. You can now make money in your PJs from the comfort of your own home! I do!
We all have those times when we need cash fast. Maybe it’s for an emergency car repair, an unexpected medical bill, or a last-minute plane ticket home.
Whatever the reason, there are plenty of ways to make quick money in one day.
We will include some of my personal favorites as well as methods I researched.
In today’s blog post, we will outline the best ways to make quick money in one day.
How can I make immediate money?
If you need immediate money, you need to look for ways to get cash in your hand quickly.
This would be by selling your possessions, participating in focus groups, find a gig job that pays cash tips.
These ideas will get cash in your hand within 24 hours.
How much money can I make in one day?
Many people wonder, “How much money can I make in one day?”
The amount of money you can make in a day depends on a variety of factors, such as your job, side hustles, and financial opportunities.
With a bit of hustle, creativity, and smart financial decisions, it is possible to make up to $1,000 a day.
However, you need to develop a smart strategy for achieving this goal. Investing in education will help you put that money to work growing for you.
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
50 best ways to make quick money in one day
Making money quickly is possible with some time and effort.
There are a lot of ways to make quick money in one day. In fact, many ideas center around how to make money online for beginners.
Here are 50 of the best methods that you can use to make some extra cash.
1. Work on freelance projects
Working on freelance projects can help you make quick money in one day by providing you with one-off jobs that can benefit from your skill set.
With the percentage of freelance workers in the workforce climbing steadily, there are many online marketplaces that make it easy to connect with businesses and individuals who need your services.
Sites like Upwork, Fiverr, and Toptal allow you to create a profile and showcase your work, making it easy for you to set your own rates and decide on the length of the project.
Additionally, the more experience you get, the more you can charge and the higher your demand will be, potentially leading to full-time work.
2. Sell items on consignment
Selling items on consignment can help you make quick money by providing an easy, fast way to earn a profit from gently used items.
With consignment shops, you can take your clothes, electronics, jewelry, musical instruments, or even your car to be sold without having to take an active role.
For a cut of the profits, your items will be placed in front of buyers, allowing you to make quick cash.
3. Take on odd jobs
If you’re looking for ways to make money quickly, odd jobs are a great way to do so.
Think of day laborer types of jobs. You can use an app like TaskRabbit to find work in your area.
Some of the common odd jobs you can consider include:
Gardening – you can offer to do gardening work such as weeding, planting, mowing, and trimming.
Furniture Assembly – if you have experience in assembling furniture, you can offer your services to people who need help.
Cleaning – you can offer cleaning services to keep homes and offices tidy.
Painting – you can offer your painting services to those who need help with their walls.
General Handyman Work – if you are good with your hands and have experience in repairing and fixing things, you can offer your services to people who need help.
Moving Gig – people are always looking for help with moving.
4. Trade Options
If done correctly, trading in options can help you make quick money and generate substantial returns in a relatively short period of time.
However, trading options come from experience and should not be taken as a get-rich scheme. Personally, I trade options for a living.
You can make quick money trading options if you know what you’re doing. The key is to identify when the market is going to move in a certain direction and then make the right trades to capitalize on the profits.
Here is the one and only investing course I recommend.
5. Become a rideshare driver
Becoming a rideshare driver can be an easy and convenient way to make money quickly.
All you need to get started is a valid license, active insurance coverage, and an approved vehicle. With Uber and Lyft, you can set your own hours and receive a base rate plus tips and distance or time-based bonuses.
From one of our rideshare drivers, we learned some tricks of the trade such as working in peak hours or in areas with popular nightlife scenes or active airports.
6. Offer house cleaning services
Nowadays, people don’t want to learn their own house, so starting a house cleaning service is a great way to make quick money.
With countless opportunities available online or on local job boards, you can easily find a job that works for you. There are even ways to market yourself so potential customers can find you!
If you have a background in cleaning and don’t mind physical labor, you can make up to $25 an hour or more.
Becoming a housecleaner is a great way to make extra money on the side and you can even make up to $200+ per weekend.
With a bit of effort, you could have a great side-hustle in no time!
7. Rent out your parking spot
If you live in a busy area and have a spot that’s in high demand, you can easily rent out the space for a premium price.
This can be especially profitable if you live near an event center and can offer parking to visitors who don’t want to pay a premium to park in a lot or parking structure. You can put your parking spot to work with services like Just Park or Neighbor.com and earn up to $300 per month.
Renting out your parking spot offers a great way to make extra money while utilizing unused resources or space.
8. Proofread documents
Whether you are a stay-at-home parent, a teacher looking for extra income during summer vacation, or someone with a passion for grammar and punctuation, you can make up to $65,000 a year by proofreading documents.
Make sure to take a Free Training Course: Caitlin Pyle offers a free workshop on how to use the most popular proofreading tool and how to become a work-from-home proofreader.
With some hard work and dedication, you can start earning quick money as a proofreader. Good luck!
9. Walk dogs
Walking dogs can be a great way to make some quick money.
Apps like Rover provide pet owners with a platform to find dog walkers in their area and pay for their services.
A dog walker can make $15-18 per 30 minute walk, with occasional bonuses for boarding or pet-sitting. This is a simple way to get your exercise and make cash.
10. Take an online survey
Companies and websites are always looking for consumer feedback in order to improve their products and services, and offer incentives such as cash, rewards, and gift cards for filling out surveys that can take as little as a few minutes.
Popular survey sites like Survey Junkie and Swagbucks offer these incentives, enabling individuals to make a few quid in just a few minutes of form filling.
Most surveys will only take a few minutes, so you will have to do a bunch to add up to serious cash for your feedback.
Here are the top legit survey platforms:
11. Sell your old junk
Are you looking for an easy way to make some extra money? Why not start by looking around your house and attic/basement for things you no longer use?
You can turn those things into cash by selling them online or having a yard sale.
With a little effort, you can easily make hundreds of dollars by selling your old stuff. It’s a great way to declutter your home and make some extra cash in the process.
Make sure to list your items with attractive descriptions and photos to draw in potential buyers.
12. House sitting
House sitting is a great way to make quick money. It allows you to watch someone’s home while they are away and take care of tasks such as feeding pets, watering plants, and taking out the trash.
You can usually make between $25 to $50 per day depending on the market demand in your area. It’s easy to start, with most sites having a minimum age requirement and a sign-up process that takes only minutes. Payment is typically made when the job is completed.
More importantly, beyond making good money, you are able to housesit in beautiful locations that you may not be able to do otherwise. Personally, this is something I want to start doing.
Build your profile on Trusted Housesitters now.
13. Babysit
Babysitting is a great way to make extra money, especially for those who are looking for flexible jobs that match their availability.
Whether you’re an experienced babysitter or a novice looking to give it a try, there’s no doubt that you’ll find plenty of opportunities available. With a little bit of effort and a lot of dedication, you can make a great living out of babysitting.
Most babysitters earn way more than minimum wage making this a great gig.
14. Deliver food orders
Delivering food orders can make you money quickly by taking advantage of the increasing trend in the popularity of food delivery apps.
With driver-friendly apps like Instacart, DoorDash, and Uber Eats, all you need is an insured vehicle and a smartphone to start delivering food to customers in need.
The pay per delivery can go even further if you work on busier nights like Friday or Saturday. With many apps, you can also choose your own hours and the flexibility to work as much or as little as you’d like. This can be a great way to make some fast cash on the side.
15. Earn money with eBay
eBay is an amazing platform for anyone looking to make some extra money by selling items they don’t use. Whether you’re looking to get rid of an old phone, clothes, or books, eBay is an easy and accessible way to do so.
You can start by selling items you don’t need or don’t use anymore.
You can also consider buying items at a low price with the intention of selling them at a higher price.
If you’re looking to make a full-time income from home, selling items on eBay could be a perfect way. You can start small by buying a thrifty item for a low price and selling it at a much higher price.
With the right knowledge and resources, you can make money on eBay easily. So get started today and watch your earnings grow!
16. Write articles for websites
Writing articles for websites can be a great way to make quick money in one day.
With the increasing amount of new content created daily, business owners often don’t have the time to create content for their websites themselves.
Freelance writers can fill this gap by providing quality content for clients in exchange for payment. Depending on the complexity and length of the article, writers can make anywhere from $25 to $500+ in a single day.
By specializing in a niche, writers can showcase their work as samples to potential clients. Furthermore, writers can establish relationships with other bloggers in their niche, guest blogging, and approach websites in their niche with their writing services to further increase their chances of finding work.
17. Become a pet sitter
Personally, I have a friend who makes money by being a pet sitter and has help from her kids.
With Rover, pet owners in your area can easily find and hire pet sitters for their pets. Dog sitting is the most popular pet sitting activity, and it can earn you around $20-35 for overnight stays.
Plus, you get to decide when and how you want to work, and you can fit it around your own schedule. With the right amount of communication and excellent service, pet owners may even offer you recurring gigs.
18. Participate in focus groups
Participating in a focus group can be a great way to make quick money in one day.
Focus groups are usually based on interesting products or services, and they can pay participants anywhere from $50 to $400 for their time. Not only is it a great way to make money quickly, I have found many focus groups can also be a lot of fun.
The hardest part with focus groups is it is not a steady stream of income as you may not qualify for each opportunity.
19. Do yard work
Just like housecleaning, this is a popular job to be hired out.
Yard work such as basic gardening and landscaping, shoveling snow or salting walkways, and even cleaning gutters can all be done for a fee. Advertising your services through flyers, door knocking, or posting on local job boards can help you find potential customers.
By doing quality work, you can turn this into a weekly gig for quick money.
20. Shop at thrift stores and buy low and sell high
You buy items for a fraction of the cost and resell them for a higher price. For example, you can find brand-name clothing, electronics, antiques, and children’s toys at thrift stores that you can resell on online platforms such as eBay, and Facebook Marketplace.
You can also look for items marked as “free” on the side of the road and spruce them up to sell for a profit.
Shopping at thrift stores can help you make quick money in one day, and with time and experience, you’ll discover which items sell the fastest and for the most money.
To make money flipping items, you must do your research upfront and know how much you can pay for something while still turning a profit. With time and experience, you will learn which items sell the fastest and for the most money.
21. Photography gigs
You can make money with photography in two ways:
Turn your photographs into cash by selling them through stock image websites such as Shutterstock or iStock.
Offer your photography services for family sessions, birthday cake smashes, and even weddings.
Either way, you are able to turn your passionate hobby into a way to easily make a decent income in one day.
22. Participate in sweepstakes
Participating in sweepstakes can help you make quick money in one day by giving you a chance to win big.
Yet, this option comes with a lot of RISK!
There are a variety of competitions and prizes available, ranging from online product giveaways and gift vouchers to big-money TV game shows. You want to look for sweepstakes that are free to participate in and not pay money.
This one ranks up there with the left hand itching principle.
23. Use your Writing Skills
Are you looking to make money with your writing skills? There are lots of opportunities available that pay you to write. From blogging to freelance writing, to reviewing music, you can find the perfect job that allows you to utilize your writing skills and get paid.
You can also make money by helping people refine their writing. If you have a good grasp of grammar and can help people write in a more engaging and structured way, then you can charge for your services.
Publications often hire freelance writers, so that’s another avenue to explore.
No matter what you decide to do, there are plenty of ways to make money with your writing skills – all you have to do is find the right opportunity for you.
24. Become a home staging stylist
Becoming a stylist can help make quick money in one day by offering services to those who are in need of help staging their homes for sale.
Realtors often hire outside help to ensure that the home is presented in an attractive and appealing way, and these services can be provided for an hourly or flat fee.
This is a great part-time gig.
25. Donate plasma
You can make money quickly by donating plasma.
Plasma is the liquid part of the blood that contains antibodies. It can be used to create medications and other medical products. Plasma donation is a safe procedure that can help people in need.
Typically, you walk out with cash immediately.
Check with your local blood bank or hospital to learn more.
26. Host workshops
Hosting workshops can be a great way to make money in a short period of time. There are endless webinar ideas you can try, such as live-at-home fitness classes, cooking, a writing workshop, an Excel class, nutrition coaching, or even a first-time homebuyer class.
With the rise of video conferencing, it’s easy to set up webinars to teach people your skills and knowledge.
Typically, you will need to build an online presence with a social media following to hold successful workshops.
27. Trade Stocks
Trading stocks can be a lucrative way to make quick money, but it is essential to understand the risks involved.
With the help of online market trading platforms, anyone can start to trade stocks with a minimum amount of money.
Learning how fast you make money with stocks, but realizing you need to learn to trade stocks is like going back to school for a stock trading education.
Although trading stocks has the potential to generate quick money, it is important to note that all trading involves risk and that you should only invest what you can afford.
28. Become a courier
Being a courier is a great option for flexible income, as they allow you to set your own hours and work as much or as little as you’d like.
Think outside the box of UberEats or Instacart. This would likely be for a local business that needs to move documents from location to location.
You will need to be reliable and trustworthy.
29. Deliver Pizza
Even today, this is a classic gig to make quick money by delivering pizza!
Businesses are desperate for workers, so finding a job should be fairly easy. However, be prepared to work more than one day.
30. Repurpose your skills
Those skilled in writing, graphic design, coding, bookkeeping, or any other number of computer-based skills, can use these sites to find freelance jobs that require their skills.
Additionally, those with knowledge or experience in a particular field can create and sell an online course via a platform like Teachable or Podia.
Too often, we overlook the things that we are the best at, yet repurposing your skills us a great wat to make money.
31. Dog groomer
The income potential as a dog groomer is considerable.
According to the American Pet Products Association (APPA), pet owners spent $136.8 billion on their pets in 2022.
Dog grooming is a easy way to make money.
Over to pick up dog poop and you can double how much money you make.
32. Sell your unwanted items
Selling unwanted items on eBay and Amazon can be a great way to make quick money.
By scouring online retailers, local thrift stores, and yard sales for hidden treasures, individuals can find consumer goods for cheap and then resell them for extra profit.
Selling on Amazon also provides an opportunity to source products for fulfillment.
Additionally, apps like LetGo, OfferUp, and Facebook Marketplace make it even easier to make extra money, as people jump on items quickly.
For those with a strong entrepreneurial spirit, buying items at a low price and then reselling them at a higher price can generate a decent side income.
33. Sell Printables
If you’re creative, you can create and sell digital products like ebooks, courses, templates, and graphics.
Digital downloads are also becoming increasingly popular, as they require no shipping or fulfillment costs and you can easily make them once and sell them hundreds of times over. Depending on the craft and the demand, your potential earning potential can be quite high.
In fact, selling printables is a popular summer jobs for teachers!
So why not give it a shot? With the right strategies, you could start making a few hundred dollars a month with very little effort.
34. Crafts and handmade goods
One of the best ways to make money quickly is by selling crafts and handmade goods on websites like Etsy.
From jewelry and candles to sourdough bread to quilts and custom T-shirts, there is a huge variety of items that you can make and sell. You can also design and sell custom stationery, pillows, tote bags, coasters, cosmetics, and more.
35. Dropshipping
Dropshipping is an online business model that allows entrepreneurs to start an online shop without having to keep a product in stock. Instead, a business makes a sale and then passes the order along to a third party, known as the dropshipper, who ships the product directly to the buyer.
Dropshipping is a great way to make money quickly, as it requires minimal upfront investment and overhead.
With dropshipping, you can add products to your store without having to buy them in bulk, and you don’t need to worry about shipping or fulfilling orders.
36. Affiliate Marketing
Renting out your property can help you make quick money in one day by taking advantage of the services offered by websites like Airbnb.
Affiliate marketing is a way to earn money by promoting other companies’ products or services. You can do this without a website, by sharing affiliate links on social media, a blog, online forums, post comments, and with friends or family.
When someone buys a product or service via unique affiliate link you provide, you get paid a commission.
It is possible to make money quickly if you have a social media following or a website, as you can start promoting all sorts of companies, products, services and offers online.
37. Work for tips
Making money quickly by working for tips may sound intimidating, but it is actually very achievable with a bit of hard work and determination.
Tips are normally paid in cash, which is exactly what you need.
Jobs that pay tips:
Waitstaff
Bartender
Bellman
Drivers
Casino dealer
Golf caddy
Babysitters
Also, many jobs that pay weekly work for tips.
38. Rent out your property
These services allow you to rent out a room, a condo, or your own home if you’re away on vacation.
Airbnb has revolutionized the hotel industry by allowing everyday property owners to lease their place to travelers. By creating an account and listing your property, you can immediately start earning passive income.
With the right location, you can create a steady stream of income that can help you make quick money in one day.
39. Join a MLM
Joining a Multi-Level Marketing (MLM) company is one of the most popular ways to make money these days. With an MLM, you can potentially make a lot of money by building a team and earning commissions from their sales.
But you need to be careful and do your research to make sure it’s an opportunity worth pursuing.
MLMs can be profitable, but it can take a lot of time and effort to get them off the ground and make them successful. You need to be prepared to take the time to build your team, train and support them, and provide them with the resources they need to succeed.
Personally, I have tried making money with an MLM and found out that it was not worth the time or effort.
40. Collect and sell scrap metal
Collecting metal items such as old swing set parts, metal toys, and other bits of metal can be sold at scrap yards or redemption centers for a small sum of money.
Iron, steel, aluminum, brass, and copper are the most commonly traded types of scrap metal, and the prices vary depending on the type and amount of metal.
This is a simple way to make money if you put in the resources. Just don’t steal metal because that can get you in severe trouble.
41. Deliver for Food Delivery Apps
This industry is booming with no signs of slowing down. You can easily make $100 a shift by delivering food!
Sign up for driver-friendly apps such as Instacart, DoorDash, and Uber Eats. These apps allow you to set your own hours and work as much or as little as you’d like.
Make sure you have an insured car, truck, bike, scooter, or motorcycle. Depending on what you choose to use, certain apps may have different requirements.
Go to the restaurant and pick up the order. You’ll be paid a flat delivery fee, an additional fee per item ordered, and 100% of the tips customers choose to give you.
Deliver the food to the customer.
Get paid instantly, usually within the same day.
Maximize your earnings by delivering for multiple apps at once. This will give you access to more orders, and a larger area to deliver in.
42. Become A Virtual Assistant
Virtual assistants are in demand right now.
Consider becoming a virtual assistant with no experience to help small businesses with tasks like scheduling appointments and managing emails.
Typically, small businesses are looking for someone to take a short-term 3-month stint or a long-term relationship.
If you have marketable skills, you will make an outstanding virtual assistant.
43. Cook and deliver food
Cooking and delivering food can make you money in one day, especially since the demand for convenient delivery is increasing.
If you are cooking food on your own, you need to check with your local state and city regulations to see if you are allowed to sell food from a home kitchen. These food regulations are tough, so make sure you comply with these regulations.
However, many busy families are looking for a personal chef and are willing to pay for the service.
44. Trade-In Programs
Trade-in programs are a way for people to get quick money by selling their old phones, tablets, and other electronics. These programs give customers the opportunity to receive cash or gift cards in exchange for their unwanted devices.
You can trade in your own unused or unwanted electronics or for neighbors who don’t want to deal with the hassle themselves.
When selling through a trade-in program, customers are usually asked to provide a description of the device and its condition. The amount of money received depends on the device and its condition.
Plus you are helping the environment by keeping old devices out of landfills.
45. Become a social media influencer
If you have a large following on social media, you can make money by becoming a social media influencer and promoting products or services.
There are a number of ways to make quick money as an influencer. You can promote products or services by posting about them on your social media account.
Obviously, you must thrive using social media.
46. Flipping items on Poshmark
Making money on Poshmark by flipping items can be a great way to make cash.
You can find items to resell from big box retailers, online retailers, local thrift stores, yard sales, flea markets, eBay, Facebook Marketplace, and Craigslist. Potential items you can flip for profit include brand-name sneakers, clothing, and purses.
You should also figure out which items sell the quickest and for the most money.
Poshmark also has a “bundling” function which allows you to group similar items together for a discounted amount. This is a great way to make more money as you can sell multiple items in one go.
This platform allows followers, so it is easy to build return buyers.
47. Start a small business or side hustle
Small businesses and side hustles can be a great way to make money quickly. Consider your skills and interests and start something that can help you turn a profit.
No matter how you do it, starting a business can be a great way to make money and meet new people.
Building your side hustle to a full-time income will not happen overnight, but you will make progress with hard work and dedication.
48. Take advantage of Swagbucks
Swagbucks is an online rewards and survey platform that provides numerous opportunities to make money.
With Swagbucks, you can earn money by completing surveys, watching videos, playing games, and even shopping online. With each task, you can earn anywhere from $0.40 to $2.00 in SB points which can be redeemed for cash back or gift cards.
Plus, when you sign up, you get a $10 bonus and can even get 500 SBs for referring a friend.
49. Tutoring
Tutoring is a great way to make quick money while using your knowledge and expertise to help others. It involves providing instruction to an individual or a small group on a particular subject, usually to help them improve their understanding.
Tutors can work with students in person or online, depending on the subject and their availability.
No matter your educational background, you can make money tutoring as long as you have a deep knowledge of a subject. With the right resources and platform, you can find tutoring gigs in your area and start making quick money today.
50. Make money with your phone
Making money with your phone is possible with a little bit of effort. You can sign up for apps to complete small tasks and earn money quickly.
Alternatively, there are plenty of mobile apps such as Ibotta, Rakuten, Shopkick, Swagucks, or Receipt Hog which can help you make some extra money with simple tasks.
You can also take on odd jobs through apps like TaskRabbit to make cash.
Finally, you can trade stocks on your phone.
There are so many ways to make money with your phone today.
FAQ
Yes, it is possible to make passive income. This type of income is earned with little effort or direct work.
It can come from investments such as returns and dividends, as well as from sources like stocks, rental properties, and online businesses.
With some creativity and diligence, anyone can create multiple sources of passive income. It may take months or even years to build up these streams of income, but the potential rewards are worth the effort.
Many of the statistics are leaning on the fact that you need a side hustle to make ends meet or get ahead financially.
I started a side hustle to make money to afford what we wanted to do. Personally, my side hustles are blogging and day trading stocks.
The best side hustles are the ones that you are passionate about. More than likely, you will be spending time on them in your free time, so you want to enjoy them.
Regardless of what type of side hustle you choose, you can make extra money on the side. To maximize your earnings, you can even combine several different side hustles together to create multiple income streams.
I always say, if I can make $100 a day, then I am making $3000 a month. That will make a difference in my personal finance situation.
Before you can make $100 a day, you need to find out how you will make money. Look for opportunities that match your skills and interests. Some examples of this include driving for Uber, selling your skills on freelancing sites, creating an online store, or even starting your own blog.
Learn how to invest 100 to make 1000 a day.
When looking to make $1000 fast, you need to up your game – specifically, the time and energy to make your goal happen.
You could start by looking for high-paying side hustles such as trading stocks or options, becoming a freelance writer, setting off as a virtual assistant, or by selling products online.
The key is to make $1k a day consistently. Then, you will be working on how to turn 10k into 100k.
Which Quickest Way to Make Money in a Day Will You Choose?
There are many ways that you can make quick money in one day.
Whether you want to start a side hustle, do some odd jobs, or make money online, which option is best for you?
Whichever option you choose, make sure that you choose something you will enjoy doing as well as the quickest way to make money.
We covered fifty options to make cash and start making extra money today!
Which one is your favorite?
Mine are trading and writing. Comment below on which method you will choose.
Know someone else that needs this, too? Then, please share!!
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