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12 Easy Ways To Earn Money After Retirement

by Benjamin Roussey|Posted on May 15, 2023 | 3 minute read | Advertiser notice

Retirement does not have to mean that you stop earning money even if you are fit enough to work. If spending endless hours staring out from the porch doesn’t sound like something you want to do in your retirement, then here are some proven and easy ways to make money after your retire.

1. Host People

You can rent out your extra space and host people from around the world through Airbnb. There are over 192 countries listed on the platform. You can rent your entire home or a room by the night, week, or month. The best way to make money by hosting people is to cash in when there is a big event happening in your city.

2. Try “Rent a Grandma”

You can share your love and wisdom while making some money by uploading your profile on Rent a Grandma. You can accept jobs from families for eldercare, childcare, being a personal assistant, tutoring, and more. You can directly negotiate with the families about payment and job responsibilities. You can also think of starting your own franchise.

3. International House Sitting

There are a growing number of people that are looking for house sitters. You can try international house-sitting websites to spend a few weeks taking care of someone else’s house. Consider signing up with Nomador, Mind My House, or Trusted Housesitters.

4. Handmade Products

The microbusiness movement is taking the world by storm. You can create a store on Etsy and use it for selling products. Creative people across the country are selling handmade products on Etsy and other stores as a side hustle. You may just earn more money retired than you did as part of the workforce.

5. Freelance Tutoring

International students are usually in need of mentoring on specific topics and subjects. Freelance tutors help them through online or virtual sessions. With that said, you should be a subject matter expert. While you don’t necessarily need to have a degree, it’s always appreciated.

6. Try Blogging

A lot of people make staggering sums of money from blogging. In fact, for many, it is their sole income stream. Stemming from this, blogging is a time-intensive opportunity. You won’t be able to make money overnight. You will need to devote consistent dedication. Make things easier by choosing a subject that you really love talking about and know a lot about as well.

7. Mystery Shopping

There are many companies out there that pay people to shop at their client’s businesses. The motive here is to get honest feedback. Business owners use the undercover service as a quality check for customer service. There are several legitimate muster shopping companies across the world. It’s best that you work with a company associated with Mystery Shopper Providers Association.

8. Pet Sitting

There is nothing better than getting paid for doing something you love. You can easily transform your love of animals into earning some extra cash which is great during a recession. You can either sign up with a pet-sitting company or venture out on your own. If confused, you can start by posting flyers advertising your services in the neighborhood.

9. Go Online

It has never been easier to sell your skills online to make some quick cash. Fiverr is a high-energy website that can help you get connected with people that need your services. Things don’t need to be technical. For instance, you can easily make $5 by making a video rant, overreacting, singing happy birthday, or promoting a business wearing a leprechaun suit.

10. Earn Money a Local Guide

Combine your knowledge of the neighborhood and community with your unique perceptions to earn money as a local guide. You can make the tour thematic by digging for hidden gems or showcasing a “best of” tour.

11. Rent Your Parking Space

There is no better way to earn some extra money than by converting dead space into an income stream. Spot Hero and other websites help people do just that. Maybe you have a side driveway, a two-car garage with only one car, or an empty parking pad. Rent out that space online. Spot Hero allows for listing the parking space for free. In fact, they take care of everything else. Spot Hero will keep a small portion of the rental fee and send the rest to you which can help you deal with these high energy costs.

12. National Parks Gigs

There are several outdoor opportunities for earning money while helping people attain a greater appreciation of the environment. National Parks provide guides and other helpers to visitors to make their stays more comfortable. Check out nearby opportunities on Older and Bolder. National Parks gigs will allow you to commune with nature while educating the next generation.

Business, Culture, Lifestyle, Money

P&G Good Everyday – It’s Our Home: Join the Movement to Protect Our Planet

by James Flores|Posted on May 1, 2023 | 2 minute read | Advertiser notice

*In a world facing mounting environmental challenges, the need for collective action has never been greater. P&G Good Everyday presents an empowering initiative that allows you to effortlessly contribute to the well-being of our planet.

By becoming a part of this impactful campaign, you not only gain exclusive rewards but also actively support charitable causes dedicated to environmental preservation. Let’s delve into the realms of P&G Good Everyday and discover how you can play a pivotal role in shaping a sustainable future for all.

Earn Rewards and Get Ready to Ignite Change

With P&G Good Everyday, your every action carries weight and purpose.

You can take the first step towards change just by joining the platform. Get rewarded in simple steps like immersing yourself in captivating quizzes, enlightening surveys, or even by simply scanning your receipts featuring P&G products. Each interaction accumulates valuable points, which you can later redeem for a plethora of exciting rewards. From coveted gift cards to thrilling sweepstakes entries, the rewards are as diverse as your engagement.

So, get ready to embark on this transformative journey, knowing that the more you participate, the more you earn.

Click the banner below to find out more!

Donations that Forge a Difference: Fueling Charitable Causes

At the heart of P&G Good Everyday lies an extraordinary commitment to championing charitable causes.

As you earn points and unlock rewards, P&G automatically extends its support to the very causes that resonate with your values. This profound gesture comes at no cost to you, effortlessly channeling resources to organizations that tirelessly protect our planet. By simply being a part of this program, you become an agent of positive change. It also helps in contributing to the safeguarding of our environment and the preservation of its awe-inspiring beauty.

Nurturing Our Natural Heritage: Planting Seeds of Change

By enrolling in P&G Good Everyday, you directly contribute to the restoration of our natural heritage. With each new member, P&G takes an extraordinary step towards reforestation efforts, planting a tree as a testament to your commitment.

Through your active participation in P&G Good Everyday, you play an integral role in restoring and preserving these essential ecosystems, ensuring a harmonious coexistence for generations to come.

Join the Movement, Empower Our Future!

P&G Good Everyday is far more than a mere rewards program—it is a movement that aspires to build a better world for future generations.

By engaging in this visionary campaign, you become part of a passionate community dedicated to safeguarding our planet. Remember, every action, no matter how seemingly small, possesses the potential for a collective impact. Through P&G Good Everyday, you hold the power to enact change and create an enduring legacy for the environment.

Play Your Part in Fostering a Sustainable Tomorrow!

As guardians of this precious planet, we bear a shared responsibility to embrace meaningful action. P&G Good Everyday empowers you to seamlessly integrate environmental stewardship into your daily life. By signing up, engaging with the platform, and redeeming rewards, you actively contribute to the charitable causes that safeguard our planet’s well-being.

It is time to join this remarkable movement and be an agent of positive change. Together, we possess the capacity to leave an indelible mark, crafting a sustainable future for all. Embark on this transformative journey by visiting P&G Good Everyday – It’s Our Home.

Let us pave the way towards a greener, brighter tomorrow!

*This post is sponsored and/or is an ad.

Finance, Money

5 Retirement Saving Strategies If You Don’t Have A 401(K)

by Benjamin Roussey|Posted on April 10, 2023 | 3 minute read | Advertiser notice

More than 42 million Americans don’t have 401(k) or another similar retirement plan. According to federal data, 14% of small-sized businesses don’t offer retirement accounts. While it is difficult to beat the employer contributions (free money) in a 401(k), you can use these tips to build a retirement nest egg.

1. Create your own 401(k)

You should consider setting up a one-participant 401(k) or solo 401(k) through an online brokerage. Make sure your boss changes your status so that the income gets reported on a 1099 form instead of a W-2 tax form. This way you can be categorized as an independent contractor and set up your own 401(k).

Solo 401(k) has the same rules as an employer-sponsored 401(k). You will have contribution limits depending on your age. With that said, you are both an employer and an employee as a self-employed business owner. You can make contributions as per individual guidelines, which will eventually increase the overall limits.

Your spouse is the only other additional employee you can hire and cover through this arrangement.

2. Get solid investment advice

You need pros for financial advice even if you are among the most conscientious savers. There are a few things that only professional financial advisors can grasp. Financial planners can have a look at your income and savings and help you organize your finances. They will carefully review your existing financial affairs to let you know where you stand. Financial pros will also offer recommendations to help you get where you want to be.

Financial planners have the necessary experience and training to make educated projections about the future. This insight allows them to offer solid advice on investments, savings goals, life insurance, mortgages, taxes, and retirement and wills. The best financial planners will take your aspirations and financial goals into account. They won’t try to hold you back from spending your money. But, will ensure that you spend wisely.

3. Consider an IRA

Individual retirement accounts (IRAs) are a traditional yet flexible tax-advantaged instrument. There are several benefits to opening an IRA depending on your income bracket. Any money you stash will grow on a tax-deferred basis, which means you don’t need to pay taxes on your earnings until it’s time for withdrawal.

In addition, your tax rate and gross income get reduced by IRA contributions which is helpful even more during a recession. You may become eligible for certain deductions, including medical costs by having a smaller adjusted gross income. If you expect to be in a higher income tax bracket on retirement, you may want to consider opening a Roth IRA. It’s easy to open an IRA account if you use an automated investing service.

4. Get a health savings account

Health Savings Account or HSA can help you save enough for retirement if your existing health insurance plan has a high deductible. The money in your account can be accessed anytime to pay for copayments, deductibles, and other qualified medical expenses. Moreover, you cannot use it to pay for insurance premiums.

If you don’t use the money, you can always invest it. HSA balance can be carried to the next year and grows tax-free. You can have a nice golden nest egg if you combine your HSA with an IRA. HSA is one of the better retirement savings strategies since any contributions you make are tax deductible. You should ask your insurance provider or banker about opening an HSA.

5. Persuade your employer

If you don’t have a 401(k), you should try to speak to your employer. It never hurts in asking. Moreover, make sure you do your research first. There are several plans available depending on the size and type of business. You may want to zero down on a few plans that are a right fit for you and the business. Make sure you find plans that don’t require a lot of paperwork or time and effort.

You may also want to rally a few coworkers since there is always strength in numbers. Your employer may not readily agree to a plan. But, over a period of time they may come to realize that a retirement plan is important to their workforce. Don’t forget to harp on the employer benefits of contributing to a 401(k). There are tax incentives for employers that sponsor plans which is great during high inflationary times.

Even if you don’t get anywhere with wheedling your employer – it’s worth a shot. Don’t push the issue too hard though in the times of layoffs. You may have to wait until times are better.

Finance, Money

7 Tips To Streamline Your Personal Finances

by Benjamin Roussey|Posted on March 10, 2023 | 3 minute read | Advertiser notice

Are you tired of feeling overwhelmed and stressed out by your personal finances? You’re not alone. According to the American Psychological Association, money-related stress is a major source of anxiety for 72% of Americans. And financial stress is something that can affect all areas of your life – mental and physical health, relationships, and even job performance.

With such a widespread impact, it’s no wonder that more and more people are looking for ways to streamline their personal finances and alleviate some of the stress associated with money management. Thankfully, there are plenty of simple yet effective tips you can follow to take control of your money. Let’s take a closer look at them.

Minimize the Use of Cash

While not using cash entirely may not be feasible for everyone, it can be a useful strategy for some people to streamline their personal finances. Even though cash transactions are the most frequently used payment method in the country, they can be cumbersome and less secure than digital payments, as they require you to physically carry and exchange money. In addition, cash transactions can be more difficult to track, which can make it harder to keep track of expenses and create a budget.

By using credit or debit cards, online bill pay, and mobile payment apps, you can simplify your finances and have more control over your spending. Digital payments can also help protect against fraud and theft, as they offer stronger security measures than cash.

Utilize Financial Apps and Tools

A recent survey by Mastercard revealed that nine out of ten of their users across America and Canada use financial apps to manage their finances. Apps like Mint, Personal Capital, and You Need a Budget (YNAB) can help you track your expenses, monitor your investments, and create a budget. In addition to mobile apps, there are also various online financial tools available, such as budget calculators, retirement planning tools, and debt repayment calculators. Consider using these tools to gain a better understanding of your finances and make more informed decisions about your money.

Maximize Your Savings

One of the easiest ways to build a strong financial cushion and prepare for future expenses is to maximize your savings. You can do this by setting up automatic transfers to a high-yield savings account, so money automatically goes into it without you even thinking about it. You can also reduce unnecessary expenses, such as eating out or shopping for non-essential items, to free up more money for savings which is vital during a recession.

Another strategy is to take advantage of employer-sponsored retirement plans or individual retirement accounts (IRAs) to save for retirement. By saving as much as possible, you can achieve your financial goals more quickly and with less stress.

Consolidate Your Debts

Consolidating your debts means combining multiple debts into one payment, typically with a lower interest rate or more favorable repayment terms. This simplifies your finances and can save you money in interest charges. Some common ways to do this include balance transfers, personal loans, and home equity loans.

Balance transfers involve transferring credit card balances to a card with a lower interest rate, while personal loans offer lower interest rates than credit cards. Home equity loans allow you to borrow against your homes’ equity. Consolidating your debts can help you pay off your debts faster and more efficiently, allowing you to get your finances back on track which is even more important in these high inflationary times.

Review Your Insurance Policies

Taking another look at your insurance policies may help your finances by ensuring that you have adequate coverage at the most affordable rates. You can compare policies and premiums from different insurance providers to find the best deals.

You can also adjust your coverage amounts or deductibles to meet your current needs and budget. Doing this regularly can also help you identify any gaps in coverage or outdated policies. This is critical so you don’t end up paying more than you need to for insurance and are fully protected in case of an emergency or unexpected event.

Monitor Your Credit Score

Finally, you can simplify your finances by keeping an eye on your credit score to stay informed of your creditworthiness. This can also help you identify any potential errors or fraudulent activity on your cards. You can access your credit report for free once a year from each of the three major credit bureaus (Equifax, Experian, and TransUnion), or sign up for credit monitoring services to receive alerts of any changes to your score.

A higher credit score can lead to better interest rates and loan terms, potentially saving you money in the long run. Staying on top of your credit score can also help you take steps to improve it over time and ensure your financial health.

Automate Your Bill Payments

The simplest step you can take right away is setting up automatic payments for all your recurring bills, such as rent, utilities, insurance premiums, and other monthly bills. The payment amount will be automatically deducted from your bank account or credit card on the due date. This will not only ensure that your bills are paid on time without you having to lift a finger, but it will also reduce the risk of missing a payment or incurring interest charges.

Finance, Money

How To Avoid These 7 Budget Disruptors In 2023?

by Benjamin Roussey|Posted on January 15, 2023 | 4 minute read | Advertiser notice

Budget busters are quite different from your regular monthly expenses. These are extra, unexpected indulgences that get added on top of the essential things you need to get by. Whether you’re new to adopting a cost-conscious lifestyle or hoping to brush up on the latest budgeting strategies, here are some of the notable budget disruptors you should be mindful of and how you can deal with them.

App Purchases

App purchases are easy to make without thinking about how much they cost. And once you’ve spent money on apps, they’re even easier to justify because it’s just a couple of bucks. Of course, who can resist when an app feels like it’s just a dollar? You’ve probably downloaded apps that you thought were free, only to be greeted by the dreaded “Buy Now” or “Upgrade to Premium” button.

Sift through your mobile apps to ensure that your purchases aren’t subject to in-app purchases. If you are on a budget, be mindful of how many apps you upgrade in a month.

Buying Coffee Every Day

While it’s true that coffee can be a delicious, life-giving force, it can also have an insidious way of taking over your life if you’re not careful. For one thing, it’s expensive—at $5 per cup at a typical coffee chain, you might spend $30 or more per week on coffee alone. That’s a hefty amount to be forking over for the privilege of staying awake.

Instead of going down this slippery slope, take advantage of free coffee from your office. You can also invest $20 in an insulated travel mug that keeps your coffee hot for hours. Not only will this save you money by limiting how much you spend on coffee each day, but it can also have positive effects on your health.

Credit Card Interest Charges and Fees

It’s easy to fall prey to an exorbitant credit card bill when you don’t know how to avoid the extra fees. Interest charges are often the most common and least-understood culprit of high credit card bills. Besides, many people don’t know they’re paying thousands of dollars in hidden expenses because credit cards levy extra fees for late payments, returned checks, foreign transactions, and so on. Even if the economy is roaring like it was in 2017 and 2018, for instance, this is not something to write home about.

The easiest way to avoid these charges is to pay off your balances in full each month. If this isn’t possible, try to manage your balance to stay as close as possible to zero. And no matter your situation, be sure to track your credit card activity regularly so that you know exactly what’s going on with your accounts.

Movie Rentals and Streaming Subscriptions

As the cost of cable continues to rise and the availability of content on streaming services increases, more and more people are choosing to watch movies or shows with a digital subscription. The convenience of watching whatever you want from the comfort of your home is hard to beat. Based on this, this change in viewing habits can be costly.

Always return all movie rentals (Redbox) on time. If necessary, set a reminder on your phone to notify you when the due date is approaching. You can also switch to cheaper streaming services for entertainment.

Flash Sales

When you’re on a budget, taking advantage of a flash sale can be tempting. For example, a website offers a product you want at a meager price—such as $40 off an item that normally retails for $200. You might even justify it by saying, “It’s a one-time thing, and I need the product, so I’ll just buy it now.” But then you get home and realize that the budget you set for yourself was actually $100—and now you have to make up the difference.

The best way to combat this is to set your budget before shopping. Don’t let extraneous items squeeze your budget to the breaking point. Think of flash sales as something fun to browse—but always set your budget first. This is even more important in times of high gas prices and runaway inflation.

Eating Out Too Often

Eating out and ordering in can be a way of life for many people, but staying mindful about your spending is essential. Every time you eat out, you’re paying for the labor involved in preparing and serving your food and any costs associated with utilities & maintenance. So even if you’re not eating out every day, it can easily slink into your budget, whether grabbing lunch during your break or treating yourself to a night out with friends.

Reevaluate your habits. Instead of going out for lunch daily, pack a healthy sandwich or salad at home and bring it in a lunchbox. Order a less expensive item from the menu, such as soup or salad—instead of ordering an entrée or appetizer to save money on dinner.

Charitable Donations

The appeal of charitable donation buckets at stores and shopping centers is undeniable, but often you don’t know where that money is going or how much of it will actually get there. While donating a few dollars here and there might feel good, it can add up to a significant amount over a year.

Don’t feel pressured into giving money to charity just because the cashier in the mall wants you to. If you have already budgeted for charitable donations, then that could be enough. You should look at legitimate charities such as The Knights of Columbus or the American Legion, for example.

Finance, Money

Bonds Versus Treasuries: What’s The Difference?

by James Flores|Posted on December 28, 2022 | 3 minute read | Advertiser notice

Bonds and treasuries are both forms of debt securities, but they have some key differences that are important to understand. Let’s start by breaking down what these terms mean and how they work.

Bonds are like IOUs issued by companies, municipalities, and other organizations. When you buy a bond, you’re essentially lending money to the issuer in exchange for a promise to pay back the principal plus interest at a later date. The interest rate on a bond is known as the coupon rate, and it’s usually fixed for the life of the bond.

There are several types of bonds, including corporate bonds, municipal bonds, and government bonds. Corporate bonds are issued by companies to raise capital for things like expanding operations, financing new projects, or refinancing existing debt. Municipal bonds are issued by cities, states, and other local governments to fund infrastructure projects like schools, hospitals, and roads. Government bonds, also known as sovereign bonds, are issued by national governments to pay for public projects and fund their operations.

Now, let’s talk about treasuries. These are debt securities issued by the federal government to finance its operations and pay for public projects. Like bonds, treasuries pay interest to investors, but the interest rate on a treasury is usually lower than the rate on a corporate bond because the government is considered a safer borrower.

There are several types of treasuries, including Treasury bills, Treasury notes, and Treasury bonds. Treasury bills, or T-bills, are short-term debt securities with maturities ranging from a few days to one year. They are issued at a discount to face value and are redeemed at face value when they mature. Treasury notes, or T-notes, are intermediate-term debt securities with maturities ranging from two to ten years. They pay interest every six months and are issued at face value. Treasury bonds, or T-bonds, are long-term debt securities with maturities ranging from 20 to 30 years. They pay interest every six months and are also issued at face value.

So what’s the difference between bonds and treasuries? The main distinction is the issuer – bonds are issued by companies, municipalities, and other organizations, while treasuries are issued by the federal government. This means the risk associated with investing in bonds and treasuries can vary significantly.

Bonds issued by companies and municipalities are generally considered to be riskier than treasuries because the issuer is more likely to default on its debt. The risk of default is generally higher for bonds issued by smaller, less established companies and municipalities, but it can also be a concern for bonds issued by larger, more established organizations. To compensate for the additional risk, investors typically demand a higher interest rate on corporate and municipal bonds.

In contrast, treasuries are considered to be safer investments because the federal government has a track record of consistently paying back its debts. The risk of default is extremely low for treasuries, which is why the interest rates on these securities are usually lower than the rates on corporate bonds.

Another difference between bonds and treasuries is the duration of the investment. Bond investments can range from a few years to several decades, while treasuries generally have shorter maturities. The duration of a bond or treasury can have a significant impact on the risk and return of the investment. Longer-term bonds and treasuries are generally considered to be riskier because they are exposed to changes in interest rates for a longer period of time. If interest rates rise while an investor is holding a long-term bond or treasury, the value of the investment may decrease. On the other hand, shorter-term bonds and treasuries are typically less sensitive to changes in interest rates and may be considered less risky as a result.

One fun fact about bonds is that they can sometimes be used as a way for companies or municipalities to show off their creativity and sense of humor. For example, in 2013, the city of San Francisco issued a bond called the “Poop Bond” to fund the construction of a new wastewater treatment plant. The bond received widespread media attention and was ultimately successful in raising the necessary capital.

Treasuries have also played a significant role in history. During the Revolutionary War, the Continental Congress issued “Continental Currency” to finance the war effort. These early treasuries were not backed by any physical assets and quickly became worthless due to rampant counterfeiting and inflation. In contrast, modern treasuries are backed by the full faith and credit of the federal government and are considered to be a safe and stable investment.

In conclusion, bonds and treasuries are both forms of debt securities that allow investors to lend money to an issuer in exchange for a promise to pay back the principal plus interest at a later date. The main difference between the two is the issuer – bonds are issued by companies, municipalities, and other organizations, while treasuries are issued by the federal government. Understanding the differences between bonds and treasuries can help investors make informed decisions about which securities are right for their investment portfolios.

Money

6 Ways to Make Money Using Your Car

by Benjamin Roussey|Posted on July 8, 2022 | 3 minute read | Advertiser notice

There are numerous ways to make passive income these days, and your car is another way you can earn extra money. With that said, there are a few things to consider before you get started. For example, if you are an independent contractor using your car to earn money, you are responsible for paying your taxes. If you happen to earn over $400 in a year, you will be subjected to self-employment tax.

You also need to factor in that all your car-related expenses would be from your own pocket. These include vehicle repair, fuel costs and maintenance. Find out how much your realistic income is going to be because many times things are not as glamorous as it seems. Side hustles may include increasing mileage on your car, which can also result in wear and tear. The value of your car is also likely to depreciate over time.

That being said, there are many ways you can make substantial money using your car. Below are listed some of the most popular ways to do so.

Become a ridesharing app driver

You can become a driver for a ridesharing app. You need to drive people from one point to another and you earn most of the proceeds from the app. Based on this, you do need to pass criminal background checks, and driving record tests, as well as meet the criteria for age and the quality standards. In addition, you need to pay most vehicular expenses such as insurance, gas, repairs, and maintenance.

If you want to be profitable in this venture, it is best to operate during peak hours rather than a 9 to 5 schedule. For example, weekday rush hours and bar closing times over weekends are the best times to operate. Many drivers earn as much as $25 per hour. There are several ridesharing apps available such as Uber, Lyft, Wingz, as well as local alternatives in your area.

Operate as a food delivery person

There are many apps these days that enable doorstep food delivery. These include apps such as Uber Eats, DoorDash, Postmates, and Grubhub. The modus of operation is similar to a ridesharing app. But the difference is here there are no passengers – you just need to deliver the food. Typically, the peak hours here are during lunch and dinner.

If you already have a 9 to 5 job, then dinner time may work best for this side job. With that said, keep in mind you will have to wait for the food prep staff to prepare the meal before you can deliver it. This process may not always be smooth sailing. Try to register with several food delivery apps, so that you have multiple sources of income which can help you cope with these inflationary times.

Deliver other types of goods

You can also deliver other goods such as groceries, as is the case with the Instacart app. You will be known as a full-service shopper, where you receive the customer’s order on your app, visit the grocery store, assemble the order, and then deliver it to the customer’s doorstep. Shipt is another app that delivers not just groceries but also household goods and pet supplies. Their membership model encourages customers to order frequently. That means, you will have a steady order supply to earn money from.

Amazon Flex is another option where you can earn as much as $25 per hour, and get to deliver the goods in your own time. You can distribute your time across multiple apps so that your earning potential is higher which can help you deal with these gas prices that are superhigh and hurting so many people (EVs will not be practical for another 10 years).

Advertising on your car

If you own a new car and usually do longer commutes, wrapping your car in removable advertising decals is a great way to earn money from advertising. The advantage is that you don’t need to put in extra miles on your car from what you normally drive. Stemming from this, you do need to meet the advertiser’s requirements on the number of miles driven.

Rent your car

Another excellent money earner is to rent your car, especially if you don’t use it as often. Give it for rent on a short-term basis to locals who don’t have a car and to tourists who don’t want traditional rentals.

Help others move

If your car has a sizable backseat and trunk, then you can use this space to help other people move. You can use the car to deliver furniture if space allows. Otherwise, you can also become a DIY mover and advertise your services on social media.

Finance, Money

5 Things You Must Know to Take Control of Your Budget

by Benjamin Roussey|Posted on June 25, 2022 | 3 minute read | Advertiser notice

Managing your finances can be extremely rewarding, but also challenging. If you’ve never tried to budget before, then it can be hard to figure out how to make it work for you. That’s because many factors affect your budget, which can seem quite complicated. But once you break out of old habits and learn to focus on the things that matter most, it’s possible to have fun with your money and save up at the same time. Below are some tips for mastering the budget game.

Know Your Numbers

The first step in budgeting is figuring out where your money is going now — and what you can cut back on. You can’t control your money if you don’t know where your money is going. Start by tracking your spending for a month or two so you have an accurate picture of your income and expenses. You can do this manually, like write everything down in a notebook or use free apps to help keep track of your spending and see what areas of your budget need tweaking.

If you get paid weekly, write down each paycheck every time you get one — don’t wait until the end of the month to do it all at once. This is especially important if you have an irregular income. If you only get paid once per month, once per quarter, or something similar, then write down each payment along with any other transactions. You’ll also want to ensure you’re getting the most out of any credit cards or rewards programs.

Set a Goal for Yourself

Once you know how much money is coming in and going out each month, set a realistic monthly savings goal. For example, if you want to save $500 per month, then plan to spend $500 less than what comes in each month, assuming there are no unexpected expenses.

If possible, try to set aside extra monthly money, say $100, which goes straight into savings without being touched until the next month rolls around. This will help build up your savings account quickly without taking away from other priorities like paying off debt or contributing toward retirement accounts.

Set aside Sinking Funds

A sinking fund is an accounting measure used to allocate funds for an ongoing project. The money is put aside for a specific purpose, such as paying off debt or paying for something in the future. It allows you to set aside money always to have it available for your project. They can be used not just for savings purposes but also for working towards a specific goal, such as saving for college funds because society spends enough on K-12, it just cannot afford to pay for peoples’ college pursuits.

The alternative approach would be to put extra money towards the debt monthly, but in practice, this may not happen because people overspend their normal limits and have nothing left to add to their debt repayment plan. A sinking fund is a way you can pay down your debt and have extra money built up in reserve if you ever fall short on funds which can happen in a high gas costing, inflationary environment.

Anticipate Irregular Expenses

We set budgets for the many things we purchase throughout the year. But one of the most critical areas to budget for is irregular expenses. Inconsistent expenses are just that – not every month or six months, but only once a year, such as saving for festival gifts, vet visits, or medical check-ups.

It is essential to plan for these as they can seriously impact your cash flow and should not be overlooked. Forgetting to add these into your initial budget could make a difference between having money in your account and not.

Automate Money for Savings

Saving money can feel like a challenge. It’s hard to remember to do it every day and don’t even think about saving in between paychecks or on paydays. By automating your savings, you can ensure that you’re saving and setting money aside for emergencies or larger goals like retirement. Saving money on an automatic deposit can seem daunting at first, but once you get into the routine of saving on auto pilot, it becomes second nature. Once you’ve taken the first step of linking accounts and setting up automatic deposits, all that’s left is sticking to it and ensuring that each account has enough money in it so that transactions are completed successfully and without error.

Finance, Money

7 Tips to Ensure Financial Stability During Retirement

by Benjamin Roussey|Posted on May 8, 2022 | 3 minute read | Advertiser notice

How will I afford my expenses in the post-retirement years? That is the one question that crosses everyone’s mind at some point in their lives. A large number of people do not have a plan for their retirement. Having insufficient retirement funds is one of the biggest financial worries of more than 50% of the population.

But it is never too late to start. Even if you are in your 50s, you still have 10-15 years to ‘tighten the reins’ and save for your retirement. It will give you much-needed peace of mind and keep you from all the hassles during any emergency.

If you want to be financially stable during retirement, here are some valuable tips:

Start saving as soon as you can

The earlier you start, the more benefits you have. It is true for every investment. You need to start saving as soon as possible because each penny saved will add significantly to your retirement savings pool. Moreover, the power of compounding will start working to boost your savings exponentially with the passage of time.

Remember that around 30 percent of working adults say they have no savings for retirement funds. But this number declines as they move towards their retirement age. The cue here is to get started whenever you think it is feasible and not keep delaying your decision.

Be debt free

A debt at any stage of life can be harsh on savings. It is when you are close to your retirement age. When your savings are scarce, having debt can be a substantial financial strain. The interest burden on the debts can hit your ability to save. As you approach your retirement age, ensure that you do not have any outstanding debts. If any, whether that is vehicle loans, credit cards, private loans, etc., make a special and aggressive effort to pay off the debts before you retire.

Diversify your portfolio

The age-old adage tells us that we should not put all our eggs in one basket. It holds for saving for retirement as well. You should not put all your savings into one account. Having only one form of investment increases the risk of losing all your savings in an emergency. It is advised that you invest in a diversified portfolio.

Asset allocation plays a crucial role while planning your retirement. You should also have some liquid cash handy when you need it. You should consider your risk tolerance and years in retirement before finalizing an investment.

Consider potential retirement costs

Life after retirement can be full of surprises – there could be runaway inflation and high gas prices, for instance. You may have to incur costs that you may not have planned for. As a result, it is always better to keep a certain buffer amount to cover your expenses. You should also consider the potential expenses in old age, including dental and other medical costs, long-term care charges, income tax, etc. Proper financial planning allows you the freedom to lead a peaceful post-retirement life.

Plan your expenses

It is good to reassess your financial profile and savings and make adjustments if required. Consider downsizing or relocating to a city with a lower cost of living. For instance, while traveling the world can be an enrapturing idea post-retirement, going on vacation during the off-season can save you a significant amount of money.

Keep earning during retirement

A report by Provision Living states that more than 20% of the retired population continues to work – probably even more so when the cost of goods are so high. It adds that it is not due to a shortage of money but because they enjoy their work. Post-retirement, you can take up work you always wanted to take up. It can be either a part-time or full-time job as per your preference.

Retirement time is a golden opportunity to leverage the skills, talents, or hobbies you have always wanted to try out. It can be anything ranging from teaching music to church work on Sundays. In addition to having a purposeful time, it will also add up to your savings.

Work with a financial planner

You can always benefit from expert advice. Financial planners are aware of the unique challenges that retirees face. They can chalk out your investments and expenses and suggest ways to optimize them. Also, if you are not experienced in financial planning, you can always consider working with professionals. They can guide you in choosing your retirement plans customized to your needs.

Finance, Money

4 Financial Milestones You Must Accomplish by Age 30

by Benjamin Roussey|Posted on April 11, 2022 | 3 minute read | Advertiser notice

A popular perception amongst millennials is that they stand a fair chance of becoming millionaires at some point in their lives. The American dream is still alive even despite the problems this country is facing now. Most believe that they will retire by the time they reach the age of 60 or thereabouts. However, for accomplishing these ambitious and admittedly optimistic goals, it is crucial that you first attain specific financial milestones grounded in reality.

In this post, we will discuss 4 realistic milestones that you need to accomplish by the time you reach the age of 30, so that you are set for a strong and growth-oriented financial future.

Goal 1: Strengthen Your Skill Set

Compared to all the other goals, you might find this one the most enjoyable. Your 20s are meant to invest in yourself, whether that involves saving up for further education, traveling or experiencing the myriad facets of life. You have fewer commitments at this stage and can easily pursue activities that interest you the most.

Start by listing your goals, whether you are considering a trip to an exotic destination, attending an upcoming music festival, or gaining admission to a top university. With that done, you need to start saving. The importance of developing the discipline to keep some money aside from each paycheck that you receive cannot be emphasized enough. Living within your means is critically important.

You might even consider an arrangement in which your savings are directly taken out of your paycheck, which deters you from overspending. Whenever you receive a raise, increase the amount of your savings until you reach a point where about 15% of your income is kept away for your financial security.

Goal 2: Keep Your Debt Under Control

On an average, personal debt has scaled new heights in recent times. More than 50% of Americans admit that debt reduction is a top financial priority for them today.

Interestingly, a study found that there was a much higher probability of people accumulating from $5,000 to $25,000 as debt rather than personal savings. This can be because of college loans which can be paid off with dedication.

Considering all this, it is vital to start early in managing your debt, whether it is for car loans, student loans or credit card debt. Keeping your debt under control gives you a better grip on life and helps you focus on achieving greater success in every aspect of your life and career.

Goal 3: Begin Saving For Your Retirement

Even if you aren’t able to do anything else before reaching the age of 30, this one counts as one of the key goals. Don’t fall short of contributing enough to your employer’s 403(b) or 401(k) for maximizing the employer match.

While 66% of millennials are engaged in jobs that include a retirement plan, just 55% of them (in contrast to 80% of Boomers) are qualified for participating in an employer’s plan, a study has found. Workers may fail to be eligible for such a plan due to not having been employed long enough or not working enough hours to be able to qualify.

Taking advantage of your employer’s plan makes for good financial sense. When you’re in your golden years of life, these efforts at frugality will stand you in good stead. The earlier you begin saving, the longer your money will compound, resulting in a comfortable retirement saving.

Goal 4: Acquire the Knowledge and Habit of Investing

You’ll get an idea of the power of investing when you open your first employer-sponsored savings plan like 401(k). However, there are other opportunities available to invest as well for those in their 20s and 30s.

Although it may be somewhat premature to start consulting with a financial advisor, there are quite a few robo-advisors that specifically focus on millennials with less demanding fees and minimums. For a small monthly fee, you can start investing in good retirement products through reliable investment apps.

These apps and robo-advisors can help you open an IRA and select a low-cost portfolio for you in accordance with your risk appetite and investment goals. You can begin investing with very small amounts in a Traditional IRA, Roth IRA or SEP IRA.

Another option for low cost investing is the Robinhood platform – which has a mobile as well as web app. Robinhood allows you to trade in stocks for free and offers a Gold service as well, which comes for a small monthly fee. Robinhood has also launched Robinhood Crypto, which allows users to trade in Bitcoin and other virtual currencies – for which no commission is charged.