Reaching Financial Freedom Through a Side Hustle: Things You Can Do to Change Your Life

Reaching financial independence is something many of us dream of, and people often fantasise about the luxury of being able to never worry about money. However, this is only practical if you’re motivated and have the time to do something on the side. Side hustles have been something certain individuals do without even thinking, while others simply stick to their day job. There is absolutely nothing wrong with not wanting to earn more money and spending time with your family at home rather than taking on another work commitment. Still, one of the best ways to create financial stability for yourself and your family is to do something else that can help towards special occasions and luxuries. 

Certain side hustles will cost nothing other than a get-up and go mindset, whereas others require the initial start-up capital in order to make it successful. Regardless, you should think about the side hustle you’re starting before you decide on what will work best for you. Only do a side hustle you’re passionate about and know will bring you financial stability in the long-term to keep you going.

  1. Start a Business

There are difficulties and complexities when it comes to starting a business, but if you’re determined enough to make it succeed, you will! Start a business with an idea you feel will benefit others and something that you’re passionate about at the same time. It’s not difficult to think of ideas either, especially with the availability of the internet and countless opportunities on there. Ensure you officially set up your business with HMRC if you’re serious about making some good money from it, as it’s a legal requirement to do so. 

Whether you want to sell some custom made jewellery or you think a recruitment business is the best way to go, get started and set up a business plan. After you’ve done it, get going with your plans and ensure you put all your efforts into it. Bear in mind, if you’re starting a business as well as having a full-time job, you will be busy at times, but that’s why this is ideal for people who love to keep active and motivated!

  1. Invest in Property or Stocks and Shares

Investment has long been considered one of the top ways to make money and reach financial independence. It is, for this reason, we have added both property and stocks and shares investment into this side hustles list. With property investment, you can take a hands-off approach, which means you’ll effectively make money passively and won’t have to worry about tenant demands and issues. However, with investing, despite what you’re investing in, you will need some initial money to use. Property company RWinvest have a range of guides, blogs and podcasts to help you with any initial research you will do before investing. Their website is full of interesting and innovative ideas for you to make use of. As an investor, you need to be sure you’ve got a good company and team behind you in order to succeed, which is why conducting due diligence is vital before handing any money!

  1. Start Freelancing

Do you have a skill or talent you could offer out as services to people who may need your help? Freelancing has become somewhat popular in the last few years as people need more money for luxuries and wish to save for other aspects of their life. Freelancing may not get you to the point of financial independence in the short-term, but if you’re persistent and make the most of all the opportunities that come your way, you can save up your income and eventually have a pot of savings to use if any emergencies occur. The best freelancing websites such as Upwork and Freelancer are great for starting your career as they offer a start-up platform for people who may never have freelanced before and don’t know where to begin. 

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4 Financial Goals To Have By Age 40

Reaching the age of 40 is a significant milestone in someone’s life. For most people, they expect to have a family by then, have bought a home, and have an established career. Getting to the age of 40 for most people means that they’ve carved out a fairly comfortable life for themselves.

One of the best ways to ensure that you set yourself up for success is to set financial goals for yourself. When you’re in charge of your money, then you’ll have a stronger grip on your life in general. Here are some of the most important money goals that you should plan to have accomplished by the time you reach 40.

Career Development

Many people have already comfortably settled into their jobs by this age, but that doesn’t mean you should stop aspiring for more money in your career. Money may not be able to bring you happiness, but it can certainly make things a lot more comfortable if you’re already happy.

A great goal to have is investing in the development of your career goals so that you can reach your maximum salary potential. There are several ways to do this between continuing your education to getting specialized by learning additional skills.  

Get Rid Of Your Debt

The older that you get, the more your debts will start to weigh down on you. It’s in your best interest to get rid of debt as soon as possible By paying off old debts that you owe; you can start putting that money towards your retirement instead. That way, you can enter your senior years comfortably and ready for retirement. The last thing you want to worry about at 80 is unmanageable debt. You will have worked your whole life; it’s essential to enjoy your life! 

Put Aside A College Fund For Your Kids

In the United States, college doesn’t come cheap. It’s helpful as a parent to put aside a college fund for your kids for their education. By the time your 40, you should make it a goal to have put away a nice amount for the time that they’ve finally graduated. The sooner that you begin, the more interest will add up.

Take Out Life Insurance

While 40 is hardly considered an age that you’re at risk of kicking the bucket any time soon, it’s undoubtedly the time to start thinking about insuring yourself. As your family grows, you want to make sure that they’re taken care of if anything were to happen to you. Taking out life insurance may not be a fun thing to think about, but it’s essential to have the peace of mind knowing that if anything happens to you, your family will be well looked after. 

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Tips For Buying a Vacation Home To Rent Out

Tourists searching for affordable accommodation have various options to consider. For budget tourists looking for a more homely experience, vacation rentals are an obvious choice. These properties can be as basic or as sophisticated as you want.

For real estate investors, vacation rentals present great opportunities for generating passive income.

Want to buy a vacation house to rent out? Find out the do’s and don’ts before taking the plunge.

Tips for Buying Your First Vacation Rental Home

i) Research Extensively

Before you buy a vacation house to rent out, research well. In particular, check how desirable the location of the house is, the average market rental rates, your expected ROI, local occupancy rates, and the affordability of the house.

Ideally, you want the home to be conveniently located near areas that tourists frequent, such as mountains, beaches, national parks, casinos, and other attractions.

Search for homes that match your criteria at online listings websites. You can also hire local realtors to help you with the search.

ii) Calculate the Income Potential

Carry out a cost-benefit analysis to determine whether it would make financial sense to make an offer for a vacation rental house. Remember, the home may not be occupied throughout the year. With this in mind, will it still be able to turn a profit?

Check the vacancy rates and rental income of the location where the house is located. After this, compare the expected income against the operational costs, not forgetting to factor in vacancy periods. This should give you a good idea whether it would be profitable to own the vacation home.

iii) Consider Ongoing Costs

There are several costs you will need to cater to as a vacation homeowner. Remember, you are using the home as an income-generating asset. Therefore, there will be recurring costs to be footed. For example, if you hire a realtor to manage the property, you will need to pay property management fees.

Also, depending on where you purchase the vacation home, you may need to pay listing fees, utilities, hotel taxes (occupancy taxes), insurance, HOA fees, licenses, etc.

Note down all the recurring expenses of the vacation home and find out whether they are likely to exceed the income generated.

iv) How Will You Make Money?

Rental income is just one of the multiple ways of making money with a vacation rental home. Apart from rent, the house can generate money through exclusive hotel programs, Airbnb, Vacation Rental By Owner (VRBO), and other ways.

Below is a rundown of the income-generating opportunities available for a vacation rental:

  • Exclusive Hotel Programs. After buying a vacation home, you can partner with hotels to rent it out through their rental program. With such programs, the hotels typically maintain and rent out the house on your behalf.
  • Airbnb. If you want to be directly involved in the management and letting of the home, list it on Airbnb. On the website, you’ll have to describe your property, its features and amenities, bedrooms, and bathrooms. You will be charged a service fee every time someone books your property through Airbnb.
  • Vacation Rental By Owner (VRBO). You can also list your home on VRBO and other vacation rental classified sites. If you don’t want to be involved in the daily operations and management of the home, hire a property manager to help you.

v) Get a Home that You Can Use

A vacation home is meant to be your humble abode where you can rejuvenate away from your family home. Therefore, get a home that you will not have a problem using.

Since you won’t be spending a lot of time at the vacation home, it doesn’t have to meet all the requirements of your family home. However, you still want it to be functional and even luxurious, especially if you plan on renting it out to vacationers.

Location, size, amenities, and features are some of the important factors to consider when evaluating various potential vacation homes to buy.

vi) Get Help Where Necessary

If you are purchasing a vacation home in a different state or jurisdiction, it’s important to follow all the local and state laws regarding the transaction. Here, you may need to get help from a local realtor, a qualified tax professional, and a real estate attorney.

Before investing in a vacation home, find out about the taxes you will be liable to pay. For example, you should know how rental income taxes, occupancy taxes, and property taxes work in the area where the house is located.

To snatch great deals on a vacation home, work with local realtors. These professionals have extensive knowledge of the real estate market and may know of deals that are not publicly advertised, which may fit your bill.

Getting a great deal for a vacation home all boils down to research and patience. Follow the tips above when looking to purchase a vacation home.

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How to Find a Better Loan Deal Easily in 3 Steps

When taking out a loan, the most important factor for most people is the interest and repayment schedule. If you’re struggling to find a loan that isn’t a great deal, then it’s time to do some digging. With a bad loan, you may be struggling to pay it off or find that it’s not even worth borrowing.

If you’re not sure how to get a better loan deal, these three steps will get you the best loan for your needs.

  1. Find the Right Loan Type

When it comes to taking out a loan, you should find the type that meets your borrowing needs. For example, there are short-term loans which may be ideal for a short-term need. In contrast, a long term loan is usually repaid over 2-5 years or possibly even longer.

Before moving forward, make sure to decide which type of loan is going to be best for your situation. Consider the purpose of the loan, how much you can afford to pay on the loan each month, and other features that may be important for you.

  1. Compare Loan Options

Now that you have an idea of the type of loan that will suit your situation best, research your options and compare features. If you have a less than perfect credit history, you could use sites like www.badcreditsite.co.uk or other instant comparison type sites that provide “easy loans” to compare loans that you’re eligible to take. This is usually done without checking your credit file

This is a great asset and well-worth your time. This is especially important if you have poor or no credit and need to determine what’s going to work best for you.

When you’re comparing loans, only compare loans that you’ll be eligible to take. Not all loans are available to all lenders. Make sure that you have all of your financial information ready when searching for loans in order to provide an accurate picture of your finances. This will allow you to qualify for appropriate loans and make this process more efficient.

  1. Take Out the Loan

Now that you’ve researched the type of loan that you need and what lenders will borrow to you, the last and final step is actually to take out the loan. Always double-check the interest rate that you will be charged as well as any upfront and ongoing fees. The comparison rate will provide you with the overall cost of the loan. You can see what your monthly payments are going to be and then determine if you’ll be able to afford those payments.

Once you’ve found the loan that you can make payments on, apply, and you’ll receive your money. Check the terms and conditions to determine how quickly you’ll be able to access funds.

When it comes to the steps needed to take out easy loans and get a great deal, these three steps are all that’s needed.

It may be surprising for some borrowers who haven’t been able to get good options before.

However, people with bad or minimal credit can usually qualify for several loans. Using a website that allows for easy comparisons is a crucial part of getting the best deal.

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Why Your Credit Score Matters

Your credit score might seem like a minor detail in the grand scheme of your life. But it can play a big role at certain points—namely when you need to borrow money. These are a few reasons why your credit score matters. 

Your Credit Score Determines Your Interest Rates

Interest rates are arguably the most important thing to consider when it comes to your own debt. While it might just feel like a number that’s there when you take out a loan or get a credit card, your interest rate can be a massive determinant in how much you pay on a loan.

Along with interest rates set by the Federal Reserve, your credit score is going to help determine the actual interest rate you’ll receive on a loan. Why does credit score matter for this? Because lending institutions don’t see all consumers in the same way. 

If you’re someone who has never missed a credit card payment and has consistently held a credit score in the 700s or higher, you’re typically considered pretty low risk for receiving credit. Banks and other lenders typically want to attract people who they think will pay them back in a timely manner, with a little bit of interest added on top. 

People who, on the other hand, have a history of not making payments on time or having debts go to collections will receive much less favorable rates. This is because the people lending the money can’t be as sure they’ll get it back. The higher interest rate is essentially a way for them to hedge their bets in case the consumer doesn’t repay the loan. 

Over the course of a mortgage, a few percentage points in your interest rate can make a huge difference in the amount you pay on the loan. This is the case with any kind of debt, but especially the longer you owe money. Keeping a high credit score will get you more favorable interest rates, and let you pay less in interest on your balances. 

Your Credit Score Determines Whether You Can Borrow Money

Do you need to take out a loan in order to buy a house or car? Your credit score is going to make a big difference in how smoothly the process goes for you. 

People with good credit typically don’t have trouble getting approved for a loan assuming it’s within their ability to pay it back. Those with poor credit, however, might not even be able to borrow money at all. When your credit is too low, some lenders might decide it’s not worth lending money even with a high interest rate.

People struggling to get a loan due to poor credit should look for ways to boost their credit score over time. Paying bills consistently and on time is the most surefire way of doing this. But what about if you’re at the point where you don’t think you’re going to be able to pay back what you currently owe?

People in this situation might want to get in contact with a debt relief organization like Freedom Financial Network. If settlement can bring your debt down to a more reasonable level, it tends to be easier to pay it off and start rebuilding your credit. 

You Never Know When It Might Come in Handy

It’s important to have your credit in a place that makes it possible for you to borrow money at a reasonable interest rate. You don’t know what the future holds for you. Someday, sooner than you might think, buying a house or car might be a real possibility for you. Having to settle with high interest rates because of a low credit score can make that dream much less achievable. 

It’s wise to take steps now that will help you get to a place where you can easily borrow money when you want or need to. Having a good credit score is a key part of that process. 

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Money Management Tips For Young Adults

Learning to properly manage the money you have makes a huge impact on where you end up in life.  If you can’t get a hold on your finances, you will spend your life juggling payments and debts.  

It’s important that you learn the proper management methods while you’re young, so you’ll have more of a financial cushion for support when you’re old.  Take some time now to read through some money management tips that will get you on your way to financial stability today.  

Live by a budget 

As soon as you are able to earn your own money and pay your own bills, you need to be living by a strict budget.  Spend time cultivating the most fitting budget for your personal situation, and augment your plans as your income matures.  

Knowing where your money is being spent will paint a very clear picture of your income dispersion.  You’ll have more power to control your financial situation with a well-crafted budget.  

Work hard while you can

Work hard when you’re young.  Your body and mind won’t always be as sharp as they are in your 20s, so take advantage of the wealth of health you have at your disposal.  Working hard will help you earn as much money as possible.  

However, it’s still important that you treat your body right.  Don’t overwork yourself to the point of exhaustion. Pay attention to your dietary habits, and make sure you get plenty of sleep.  There are always ways to make a little bit more money too, do your research and make a ways to make extra money list, try each method you find and go get that extra cash. 

Make sure you pay your taxes

You don’t want to have a tussle with the Internal Revenue Service (IRS), as they typically always win.  You need to pay your taxes as you earn money to keep yourself out of legal trouble.  

You could face criminal charges for shorting the federal government of their money, so don’t take any chances with your taxes.  Hire a competent accountant to handle your taxes each year, and rest peacefully knowing your money is protected.  

Always keep a savings 

Ideally, you should have six months’ worth of survival money in your savings account at all times.  Not everyone has the ability to meet that goal, but it’s worth the push to try.  

You need a savings account to handle the financial hiccups that come your way throughout life.  If your car breaks down or you break your arm, you’ll need some extra money to float you through to the other side of such a financial impact.  

Invest in a retirement plan

As soon as you have the option, invest in a 401(k) retirement plan.  You’ll thank yourself when you’re old and you don’t feel like working anymore.  Leaning on your promised social security check is no longer a reliable plan for retirement. 

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5 Ways To Make A Quick Buck

A little extra money in your pocket is never a bad thing.  Making money isn’t as hard as people think, as long as you know the right channels to travel.  There are plenty of simple ways to make an extra dollar.  

If you’ve been searching for a useful opportunity to make some extra dough, you’re already heading in the right direction.  Research will open up new avenues. Here are a few ways to start your endeavor and make some extra money fast.  

You could buy some lottery tickets

You may think it’s a long shot, but you can make a little money scratching off instant lotto tickets.  Stores make good money selling lottery tickets, but the revenue goes towards bettering the surrounding communities.  

You can make a few bucks, while simultaneously giving back to others.  Just be careful to keep it in moderation. A gambling habit is a formidable opponent.  

Try mobile money-making apps

The age of mobile users is upon us, and there are numerous mobile apps available that actually do pay.  Don’t waste your time downloading some ad-ridden trash on your smartphone, and take a hint from us.  

Check out these money-making mobile apps the next time you want to make a quick chuck of change.  

  • Dosh
  • Field Agent
  • Ibotta
  • Swagbucks
  • Inbox Dollars 

You can have the extra money for that hot date you’ve been hoping to plan by next week by making a simple download today. 

Consider freelancing your skills

You can make an extra paycheck if you have marketable skills.  The internet is always in need of new content, so it’s not too difficult to pick up a content writing position.  

If you’re into visual art, you can likely find an outlet for your expression and make some money online.  It’s all about finding the right leads.  Take the time to truly research various leads, and learn what a good lead looks like from the jump.

Sell your things online

You can make money by selling your old things online.  If you’re crafty, you can sell that too. Sites like Etsy, Amazon, and Craigslist offer a simple opportunity to anyone to make a fast buck.  Sell old furniture or electronics, and you’ll receive payment almost instantaneously.  

Make money taking surveys

If you have plenty of spare time to surf the web, then you have the time to make some money by sharing your opinions.  Take surveys, and make money to afford the little perks in life.  

Your survey money could easily afford you a monthly Netflix subscription or a similar entertainment source.  Use your idle time to your advantage, and turn your hours into dollars by taking online surveys.

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3 Tips For Buying Your First Investment Property

If you’re ready to start building your investment portfolio, one of the first ways you might think to do this is by buying a piece of property that you then rent out to tenants. While this can be a great investment opportunity for many people, it’s really only going to be beneficial to you if you go about it in the right way and under the right conditions.

So to help ensure that your choice to start purchasing additional properties isn’t a bad financial move for you, here are three tips for buying your first investment property

Prepare For A Larger Down Payment

For those who are already owners of their own home, you might have been able to get away with a smaller down payment than the traditional 20 percent. Especially if you were a first-time homebuyer or were buying under other conditions, you might have been able to put five percent, three percent, or even zero down on your home.

However, with an investment property, this small amount isn’t really an option when it comes to a down payment. According to DC Fawcett, a contributor to Forbes.com, mortgage insurance isn’t an option if you’re purchasing an investment property. Because of this, you’ve got to have at least 20 percent ready to put down on the property before you’ll be able to go forward with a loan for the rest of the cost of the property. In some situations, this can take quite a long time to come up with, so make sure you’re ready with this big chunk of change. 

Start With A Single-Family Home

Once you’ve decided that you want to get an investment property, the next thing you need to determine is what kind of property you should buy. While you might be tempted to get something that gives you multiple streams of revenue all for one purchase, like a small apartment complex or duplex, this might not be the best choice for your first investment property.

Rather, Kathy Fettke, a contributor to Fit Small Business, recommends that you start with a single-family home first. By going this route, you’ll be able to get your feet wet as a property investor and manager with just one tenant as opposed to multiple tenants across multiple units. 

Don’t Go With A Fixer Upper

To get the most for your money when buying an investment property, you might be considering going with a fixer-upper, putting some money into it, and then making a lot of money quickly with both the value of the property and the amount you’ll be able to charge in rent.

While this option is good in theory, it doesn’t often turn out to be the case with first-time property investors. According to Tim Parker, a contributor to Investopedia.com, if you don’t have experience renovating properties and don’t have a contractor you’ve used before and trust, getting a fixer-upper could be a huge gamble that has a good chance of not paying off for you. So instead of going this route, try to find a property that’s either move-in ready or only needs minor repairs. 

If you’re thinking about buying your first investment property, consider using the tips mentioned above to help you make the right choices from the beginning.

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What You Need to Check Before Buying Seasoned Tradelines

Boosting your credit is one of the most important things for many people today. People with both good and poor credit score want to make it even better. According to information posted online and in other business journals, there are many ways of boosting your credit. What matters most is which one you choose and how consistently you apply it.

The use of seasoned tradelines has a significant impact when it comes to boosting your credit score. It involves linking your credit score file to tradelines that have a good score so that the data can have an impact on your score. But before you do this, there are various things that you need to check carefully.

Understand How Tradelines Work

If you do not know how tradelines work, then you will have a hard time relying on them. Thus, you need to research more and consult with experts to understand the concept. Those who understand the concept get a lot of positive impact from them. It is also easy to know when a seasoned tradeline sellers playing games with you. There are online tools that people can use to monitor and understand how the seasoned tradelines attached to them are working.

Compare Prices

Before you buy seasoned tradelines, you must first understand prices from different sellers. The web is a great avenue to check how much they are worth and what different sellers are offering. For those who do not want to go this way, using a financial consultant will work well for them. They already know the best prices and how they can get you a negotiated rate.

Where to Buy Seasoned Tradelines

Even if you know the rough amount that you need to buy a tradeline, the information is useless unless you have a reliable seller in mind. According to tips given by the Boostcredit101 website, agents who sell tradelines are the best to use. They will offer seasoned tradelines with different powers to boost your credit, and thus they will have different prices. In this case, you will have to choose the one that suits your needs. If you want a bigger boost, then you can try tradelines that have been established for a long time.

Whether They are Legal or Not

There is an Act that allows people to attach tradelines to another person to boost their score. But the main problem is that this can be abused. It ceases to be legal when this is made to be a business. However, mortgage brokers, lenders, and financial agents will use this option as long as it does not violate the law. That is why you need to know whether it is legal to be attached to a specific seasoned tradeline. If it is not, then you can try somewhere else.

Conclusion

After factoring in these things and ensuring that all is good, you can rest assured that you will get some positive results immediately. The beauty of tradelines is that they give positive results within a short time, and that’s why most people trust and use them.

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How Prepared Are You to Retire?

Do you dream of the day you can say goodbye to the 9 to 5 grind? Retirement is something many older adults anticipate, but very few actually prepare for. Unfortunately, most adults nearing retirement have made very little effort to plan for the lifestyle changes that lie ahead. This, in turn, results in debt, limited incomes, and more. As you want to enjoy your retirement, it is important to start planning as soon as possible.

No one wants to end up having to return to work, live on a shoestring budget, or be unable to accomplish any goals after they’ve retired. To ensure you’re on the right path for setting up for a positive future, ask yourself these questions to determine just how ready you are to retire.

Have You Met or Exceeded Your Savings Goals?

You won’t have your stable income to live off of anymore once you retire. Though you may receive social security benefits and/or a pension, the more money you have saved the better you can survive and enjoy retirement. It is recommended that you try and save at least 25 times your annual retirement expenses. So, if you review your retirement account statements, are you on target to save that much? Have you exceeded that amount? Or, are you nowhere near your goal?

Are Your Affairs in Order?

Of course, the plan is to live years and years after your retirement, but it’s never too soon to think about when you pass. You’ve accumulated a lot over the years and want to make sure that your loved ones are secure after you’re passing. An estate planning lawyer can help you to get your affairs in order. From drafting a will and naming beneficiaries to develop a living trust and dividing your assets, they will work with you to ensure you’re secured before you retire. If you haven’t made these preparations yet, unfortunately, you’re not ready to retire.

Have You Paid Your Debts Off?

Remember, you’ll be living on a fixed income once you retire. In order to maximize the money you do receive, you need to reduce the amount of debt you have. If you’re nearing retirement and still have thousands of dollars in credit card, mortgage, and medical bills, you’re putting a huge financial burden on your shoulders. You can determine what kind of shape you’re in by checking your credit reports. Calculate all outstanding debt. Do you have a lot of debt? Are the accounts you still have maxed out or are they under 30% utilization rates? Are you on track to pay off your debts by the time you plan to retire? The answers to these questions will let you know if you’re actually ready to retire.

Can You Live Off Your Retirement Income?

Though some expenses will disappear or reduce drastically once you retire, you still have bills that need to be paid and expenses you have to cover. Before you retire, it’s a good idea to determine whether or not you can live on this limited income. You can start by calculating your retirement income (what you’d receive monthly from social security, pension, and other financial sources). Using that number, tally up your expenses and compare it. Are you able to live on the amount you’ll make in retirement, or are there some adjustments that need to be made?

Have You Thought About What You’ll Do?

Sitting around the house catching up on television shows and rest is fun for a few weeks, but after that, you’ll find yourself really bored during retirement. Seniors who don’t do anything after retirement is at increased risk to suffer from both physical and mental health problems. That’s why it’s important to think about what you’ll do once you retire. Would you like to start a business, travel outside of the country, learn a new hobby, or visit family?

There are a lot of things to consider when preparing for retirement. Whether it’s decades or just a few short years away, planning your future is imperative to living a long, happy, and healthy life. If you’ve answered no to even one of the above questions, the truth is, you’re not really ready to retire. Fortunately, it’s never too late to start. Using information like what was provided above will help get you on the right track for a bright future.

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