Do you need help repaying student loans? There are plenty of options to help you tackle your debt, even when your income is limited or non-existent. Many of us are annoyed by our student loan balances. It’s frustrating to spend hundreds of dollars each month on old debt for a degree you may not be [...]
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In the wake of the COVID-19 global pandemic, many people find their personal finances in complete upheaval. We want to share real stories of how people are coping with the crisis. Our new series, the “COVIDiaries” will share individual experiences with how the pandemic is impacting income, savings, debts, and more. You can read more [...]
The post COVIDiaries: Self-employed 23-year-old faces financial and mental impacts amidst this crisis appeared first on Money After Graduation.
In the wake of the COVID-19 global pandemic, many people find their personal finances in complete upheaval. We want to share real stories of how people are coping with the crisis. Our new series, the “COVIDiaries” will share individual experiences with how the pandemic is impacting income, savings, debts, and more. You can read more [...]
The post COVIDiaries: 27-year-old substitute teacher cuts spending and grapples with becoming poorer appeared first on Money After Graduation.
Mental health and money are inextricably connected. Not only does your money contribute to mental and emotional stressors, but mental illness can lead to financial downfall, if you don’t take proper precautions. According to a 2017 study, people who suffer from mental illnesses such as depression and anxiety are 25% less likely to have savings [...]
The post How Much Money You Should Save in your Mental Health Fund appeared first on Money After Graduation.
The personal finance community is over-enthusiastic about financial literacy, and I get it. The more people know about money and financial services, the better equipped they are to manage their income and financial obligations. But sometimes there’s a key part of the discussion we’re ignoring: financial literacy doesn’t do any good if there’s no money [...]
The post Financial Literacy Won’t Solve All Our Problems appeared first on Money After Graduation.
Happy birthday to me!
Today, I turn fifty-one. Holy cats, that's old! It's also a very, very strange time in this world. Kim and I had planned to celebrate by spending the weekend with my brother somewhere else in Oregon. With the coronavirus crisis in full swing, that's not going to happen. Oregonians have been ordered to stay at home with family unless absolutely necessary. So, we'll celebrate today with the dog and cats.
As I do every year here at Get Rich Slowly, I'm going to commemorate my birthday by sharing some of the most important things I've learned during my time on Earth. These are the core pieces of my life philosophy.
I'm no wiser or smarter than anybody else. And I'm certainly no better. But I am an individual. I'm my own person with my own personal preferences and personal experiences. These have all jumbled together over the past fifty years to give me a unique perspective on life (just as you have a unique perspective on life). To quote my favorite poem:
Much have I seen and known; cities of men
And manners, climates, councils, governments,
Myself not least, but honour'd of them all;
And drunk delight of battle with my peers,
Far on the ringing plains of windy Troy.
I am a part of all that I have met…
So, these fifty-one nuggets of wisdom are things I've found to be true for me — and, I believe, for most other people. (But each of us is different. What works for me may not work for you.) These beliefs make up the core of my personal philosophy of life.
For obvious reasons, some of these notions overlap with the core tenets of the Get Rich Slowly philosophy. Plus, long-time readers will recognize this as an article I update every year on my birthday.
Some of these ideas are original to me. Some aren't. When I've borrowed something, I've done my best to cite my source. (And I've tried to cite the oldest source I can find. Lots of folks borrow ideas from each other. There's nothing new under the sun and all that.)
Here are fifty-one principles I've found to be true during my fifty-one years on this planet. I'll lead with this year's new addition.
True story: Before Kim and I moved to our current country cottage, the dog park near our home had a homeless problem. (And still does.) We early-morning walkers did our best to clean up camps when they were vacated, but it was a never-ending task. Once, I joined a new woman for a stroll down the trail. “Look at that couple,” she said, pointing to a man and a woman who were dragging a tarp down the hillside. “They just woke up and are packing up their camp.” I tried to tell her that no, they were regular dog-walkers who were pitching in to clean things up. She didn't believe me. “I'm going to report them,” she said. Classic example of a faulty assumption.
![[Circle of Concern vs. Circle of Control]](https://www.getrichslowly.org/wp-content/uploads/23783342876_61fe34d89c_z.jpg "This graphic by James Clear shows the Mr. Money Mustache version of Stephen Covey's circles.")
This isn't a comprehensive list of my beliefs, but it's a fair survey of my life philosophy. It has evolved from my philosophy when I was forty or thirty. And I'm sure that my philosophy at sixty will have changed in ways that I cannot foresee right now.
Also note that although I really do believe these things to be true, I also struggle with them. I'm human, just like you. I don't always live up to my ideal self. I don't always adhere to my own life philosophy.
How many of these ideas do you agree with? Which do you disagree with? More to the point: What are the core ideas that make up your personal life philosophy?
Rental car insurance is one of those things I hate spending money on.
It’s so tempting to just opt out of the coverage offered at the rental counter and hope for the best. But if the worst happens, I know I’d really regret not buying the policy.
Sometimes you need the insurance, sometimes you don’t. I break down exactly when to get rental car insurance below.
But let’s assume you need some. What are the best options?
Buying rental car insurance at the counter can cost anywhere from $10 to $30 per day, so a stand-alone policy might be a cheaper option. Here are a few to consider.
Bonzah provides up to $35,000 of coverage for collision, theft, vandalism, or other damage to a rental car with no deductible. It also offers up to $1 million in supplemental liability insurance.
Other benefits include:
To qualify for Bonzah coverage, you must be age 21 or older and possess a valid driver’s license.
Cost: Starts at $7.99 per day
Insure My Rental Car offers up to $100,000 of rental car coverage for damage or theft with no deductible. You can choose between a daily policy that covers you on a per-trip basis, or an annual policy if you rent cars frequently. However, if you select a yearly plan, no single car rental period can be more than 31 days.
When you complete a quote form online, Insure My Rental Car may present other coverage options, such as roadside assistance and personal effects coverage.
Insurance My Rental Car is currently not available to residents of Iowa, Massachusetts, New York, North Carolina, North Dakota, Rhode Island, South Carolina, Virginia, and Washington.
Cost: Starting at $6 per day for daily coverage
Sure provides up to $100,000 of coverage due to theft or damage coverage to a rental car. The coverage also covers your personal effects in the car.
Other benefits include:
Cost: Starting at $7.99 per day
Allianz’s Rental Car Damage Protector provides up to $40,000 of coverage for collision, theft, or damage.
Other benefits include:
Cost: $9 per day ($7 per day for Florida residents)
Before renting a car, there are two places you might want to check to see if your rental car is already covered.
If you own a car, you’re required to have auto liability insurance by state law. Liability insurance helps cover medical costs and property damage if you’re at fault in a crash. Some policies extend that coverage to when you’re driving a rental car.
But are your liability limits high enough? Each state has its own minimum liability limits, which might not be enough if you’re involved in a major accident. For example, Arizona only requires drivers to carry coverage of 15/30/10. In insurance-speak, this translates to bodily injury coverage of $30,000 for all people injured in an accident, subject to a limit of $15,000 per individual, and $10,000 coverage for property damage. If you’re at fault in a fatal accident or one that involves a very expensive vehicle, that might not be enough.
Another component of auto insurance policies is comprehensive and collision coverage. Comprehensive coverage insures the car against non-driving related damage, such as fire, theft, or vandalism. Collision coverage pays for damage to your vehicle if you’re involved in a crash.
Some people – especially those with old or inexpensive cars – don’t carry comprehensive and collision coverage. In that case, you’re responsible for covering any damage to your vehicle out of your own pocket.
Ask your insurance agent or read through your auto insurance policy’s terms and conditions to see whether liability, comprehensive, and collision coverage extends to a rental car. If it does, and your limits are adequate, you can decline the insurance coverage offered at the rental counter and save some money.
Many of our favorite credit cards offer some rental car insurance as a fringe benefit, as long as you pay for the rental with that card.
Rental car benefits vary by company and by card. For example, the Chase Sapphire Preferred card provides reimbursement for damage due to collision or theft as long as the rental period is 31 days or less. It doesn’t cover any bodily injury or property damage, so you may be able to decline the rental car company’s collision insurance. However, you’ ll still need liability coverage. Call your credit card company or read through the guide to card benefits to find out what’s covered before you rent a car.
If you don’t have built-in rental car coverage, you can still purchase stand-alone rental car insurance coverage. By going with stand-alone coverage, you’ll save money compared to buying insurance with the rental company.
The best rental car insurance will depend on your situation. If you’re checking out rental car insurance options, here are a few features or considerations to keep in mind.
Coverage should be your top priority since an insurance policy is only as good as the peace of mind it offers.
Ideally, your rental car insurance policy will cover both liability and damage to the rental car itself. Many coverage options, including those available through most credit cards, only cover damage to the vehicle. They don’t cover injuries to another person or damage to property other than the rental car.
Also, consider the limits. For example, Bonzah only covers up to $35,000 of damage to a rental car. That’s probably enough if you’re renting a standard car. However, if you’re renting a sports car or a luxury vehicle, $35,000 may not be enough to cover a major accident.
What else does the policy cover? Many rental car insurance policies include other benefits, such as coverage for your personal effects and roadside assistance. Others offer those features for an additional cost.
Those benefits may or may not be important to you. Say you’re on a business trip and carrying your laptop and other expensive equipment. It might be nice to know your insurance company will replace it if the rental car is stolen.
Likewise, if your trip involves a long road trip, you might want roadside assistance coverage if the car breaks down in the middle of nowhere. If these coverages aren’t included, consider whether they’re worth the extra cost of adding them on.
Of course, we have to think about the cost. The whole point of purchasing stand-alone rental car insurance is to avoid overpaying for coverage at the rental car counter.
All of the options we listed above offer basic coverage at a price far below the average cost of buying coverage directly from the rental car company. Still, prices can change, and optional features can add up quickly.
Be sure to shop around for the best coverage at the best price and compare it to what you’d pay for the same coverage from the rental car company.
How easy is it to get coverage?
Bonzah, Insure My Rental Car, and Allianz all offer instant quotes online and allow you to purchase the coverage online. However, Sure asks for your name, phone number, email, and address before showing you a price. Personally, I prefer getting a quote before handing over my contact information and potentially opening myself up to unwanted phone calls and emails.
If you prefer a more personal touch over the convenience of booking online, that might factor into your decision.
Keep in mind, all stand-alone insurers require that you purchase coverage before taking possession of a rental vehicle. Trying to buy coverage after picking up your rental car will invalidate the policy.
Don’t get pressured into overpaying for insurance at the rental car counter, or worse, decline coverage and wind up responsible for covering damage to the vehicle out of your own pocket. Do you research ahead of time so you can confidently answer the question, “Do you want to add on insurance?” when you’re standing at the airport counter.
First, check your normal car insurance and credit cards to see if you have enough coverage already.
If not, I’d get one of the options above to save money during your next trip.
Best Rental Car Insurance is a post from: I Will Teach You To Be Rich.
In the wake of the COVID-19 global pandemic, many people find their personal finances in complete upheaval. We want to share real stories of how people are coping with the crisis. Our new series, the “COVIDiaries” will share individual experiences with how the pandemic is impacting income, savings, debts, and more. We hope you find [...]
The post COVIDiaries: 32-year-old mom from Alberta hopes her single-income family can weather the storm appeared first on Money After Graduation.
You can make money with nothing but your phone.
Below, I’ve listed the best ways to turn spare time on your phone into cash.
To be clear, you’re not likely to get rich (at least not quickly) with these methods. We did put together the options that have the most potential, even if they take some extra work.
That’s why we skipped common options like survey apps. They do make money but the hourly rate won’t be nearly as good as the list below.
The investment apps are ridiculously good these days. You can get:
By getting a few of the right apps in place, you can set up an entire investment system that takes care of your future. Check them out:
Acorns: Allows you to invest as little as $1 per month. The app rounds up purchases to the next dollar and invests the difference automatically. It helps you to start investing with such small amounts that you won’t even notice the money missing. There are no account minimums and no overdraft fees. Additionally, Acorns partnered with over 300 companies that offer cash bonuses when you shop at their online store. The money is applied directly to your investment account.
Robinhood: If you’re interested in something a little more complex, Robinhood allows you to trade stocks, funds, and other financial products from your phone. And there aren’t any commission fees on self-directed accounts. This user-friendly option lets you invest as little as $1 in more than 5,000 stocks, ETFs, and cryptocurrency. If you’ve been looking to trade from your phone for free, get this app.
Betterment: Betterment is a combination of investing and savings. You’ll create personal goals (buying a home, paying for a wedding, saving for college, etc.) and Betterment will help you create a personalized investment plan that works for your lifestyle. You can track your investment and make deposits on the app. Betterment charges a .25% annual fee. This is a fantastic option if you want an investment account, plan to set up an automatic monthly deposit, and then never want to think about it again. You’ll be shocked with how much money you made after a few years.
If you’ve got a bit of extra time on your hands, a cell phone, and a reliable car, try working for a grocery delivery service. Once customers place their order, you go shopping for them, then deliver the groceries to their home. Since you get to choose the orders you take, you can maximize your earnings with a bit of planning. The most well-known grocery delivery company is Instacart. If you’re not comfortable delivering to people’s homes, you could sign up just to do the shopping. Ather company that may work in your area is Shipt. The average shopper makes $15-$20 an hour.
Since you’ll receive notifications on your phone, you can take trips that work best for your schedule and earn a little extra cash when you have time.
If you have a smartphone and you don’t mind driving around town, consider using your cell phone to pick up a side hustle as a driver for Uber or Lyft. The average driver makes between $8.50 and $11.70 an hour. If you’re comfortable driving in bad weather or during rush hour, you could make even more. Uber and Lyft apps notify you when there’s a rider nearby and you can accept or deny a fare at any time. You are responsible for your car and having the proper insurance.
Uber: To snag a gig at Uber, you need to have your driver’s license for at least one year, and a reliable 4-door vehicle. If you’re under 23 years old you need to have at least three years of driving experience. Uber runs a background check and you’ll need to submit copies of your driver’s license, car registration, and insurance. Once you’re approved, you can open the app and start scheduling rides. Uber takes 25% of each of your ride fares.
Lyft: Lyft has a similar system, but they also allow drivers to rent a car to use on their routes, for an extra fee. Lyft takes 20 to 25% of all fares, but drivers get to keep all of their tips. Lyft provides extra insurance for drivers, free, and drivers get to rate passengers. Lyft requires a vehicle inspection and runs a background check. Drivers can withdraw cash from their account immediately through Express Pay.
One of the fastest ways to earn some extra cash is to sell things you’re no longer using. There are a lot of apps that allow you to sell everything from electronics to clothing, books, and even unused gift cards. Here’s the most popular one’s:
Poshmark: Poshmark allows users to list their items on the website. Once you sign up for an account, snap a photo of the item you want to sell, include a description, and set a price. The app even lets you host a party so your friends can list like-items together. Poshmark supplies the box and postage free! It allows you to list items free but charges a $2.95 fee for items under $15 and a 20% fee on items over $15.
Letgo: When you’re spending time decluttering or cleaning out your garage, you may as well earn a little bit of money while you’re at it. Letgo is akin to an online thrift store. Letgo works a bit like Craigslist, with a more modern platform and app capabilities. The app is free to use and you can negotiate prices if you really want to get rid of something. You are restricted to selling in your area and you can’t be paid through the app, so you’ll have to work out payment arrangements with the buyer (typically cash or Venmo).
Decluttr: Decluttr lets you sell media items like DVDs, CDs, books, electronics, and gaming items. Decluttr also accepts phones. The Decluttr app is particularly helpful because you can use it to scan the barcode of the items you want to sell and they will give you an instant valuation. Once you get your estimate, just request a kit, and send your items in the mail. Once they receive and review your items, they pay. They guarantee their first valuation (within 30 days) or they’ll send your item back.
Your obsession with the amazing phone cameras could pay off. FOAP allows creators to sell stock photos from their phones. The app is completely free and you can upload photos right from your phone. You can sell and resell the same photo as many times as you want. Photos sell for $10 and they keep 50% of each sale.
In addition to creating a portfolio of work, you can also submit photos to “missions.” The missions are created by big-name companies looking for a stock image. The pay on these are typically much higher, and companies may even purchase the work of photos that don’t “win.”
If you enjoy taking photos and don’t mind spending a bit of time adding keywords and descriptions to garner attention, this could be a good option. Think of it as Instagram that pays you for photos.
Make sure to look through popular photos to see what type of images are selling, and keep in mind most buyers are companies or small business owners trying to find an image for their website or blog.
You may be able to make money working as a customer service representative on your phone. Major companies like U-Haul, Upwork, Getty Images, Dollar Flight Club, Delta Airlines, and JetBlue hire people to answer customer service calls from the comfort of their own home.
Working as a customer service agent from your phone will provide a more steady stream of income, but the jobs can be a bit more difficult to come by. You may also be required to go onsite for some training before you can work from home.
If you have a smartphone and you’re fluent in English, you could make money working as an ESL tutor on NiceTalk. After you download the app, you can submit your registration form to the company. Once you’re approved, you can log on to your app whenever you want and take requests from students. You’ll need to be able to video chat with students.
You may be assigned a random student or students could choose you from a list of available tutors. Your sole responsibility is to have conversations with students. They are trying to learn English through conversation.
You get paid for each full minute you spend talking to your students. NiceTalk pays $10 per hour. The company only pays via PayPal. While the pay isn’t great, if you have a few extra hours to help a student learn English, it could be a fun way to earn some pizza cash.
How to Make Money on Your Phone in 2020 is a post from: I Will Teach You To Be Rich.
Most financial gurus will suggest you build an Emergency Fund with enough cash to cover 3 to 6 months of essential expenses. I’m going to suggest you also start building a 3-month stash of household and personal goods. Initially, my Emergency Fund of Stuff was an accident. I signed up for Amazon’s Subscribe & Save [...]
The post Why You Need An Emergency Fund of Stuff appeared first on Money After Graduation.
Exchange Traded Funds (ETFs) are pretty simple actually.
By the end of this guide, you’ll know everything that you need to on them.
First, what are they and why should we care?
An Exchange Traded Fund (ETF) is very similar to an index fund.
Many of them track different markets or indexes. Some track US and global stocks. Others track specific sectors like technology, energy, and commodities. Others follow currencies.
They let you easily invest in a basket of different types of investments (like stocks, bonds, currencies, and real estate). They have much lower costs than mutual funds too.
The biggest difference from an index fund is that ETFs are listed, bought, and sold on a stock exchange. You can buy ETFs like you buy stocks. Every ETF has a ticker symbol. Similarly, its price changes during the day when the markets are open. In contrast, an index fund’s value changes only at the end of the day.
An ETF is structured like an index fund but trades like an individual stock.
For an index fund, you can’t take advantage of market movements during the trading day. You put your buy order in, it posts, then you see how much it’s worth at the end of the day.
ETFs let you trade during the day. That means you can take advantage of market shifts using ETFs.
I don’t personally spend my time on this. I’d rather stick with index funds since I have no interest in day trading.
But if you’re looking for a way to trade indexes throughout the day, use ETFs.
One of the most significant advantages of an ETF is diversification. With the click of one just button, you can own multiple stocks across a sector.
By buying an ETF, you are lowering your risk as it lets you own a basket of stocks than just one or two companies.
A mutual fund’s holdings are revealed once a month. However, an ETF is required to publish its holdings at the end of each day.
As ETFs are traded on a stock exchange, buying and selling them is just like buying and selling stocks. You own the ETF’s shares the moment you buy them. On the other hand, in a mutual or index fund, you get units of the fund only at the end of the day. The price of an ETF changes throughout the day when markets are open, allowing you to buy it at the price you want.
For all practical purposes, an ETF acts like a stock. That’s why you can short sell, trade intraday, or buy it on margin. You can even place various types of orders like a limit order, stop-loss order, and market order.
The expense ratio of an ETF is usually pretty low, much lower than actively managed mutual funds.. The Vanguard’s S&P 500 ETF has an expense ratio of 0.04%, one of the lowest rates you’ll find anywhere.
Unlike some index funds, ETFs don’t have a minimum investment requirement. You only need the amount of money at which the ETF is trading when you buy it.
You have to look at costs carefully because they can multiply fast and also be a drawback while investing in ETFs.
Some brokerages will charge you a commission every time you buy and sell an ETF. This cost can add up quickly. Let’s say a broker charges $9 per trade. If you are investing $1000 per month into an ETF, the commission itself makes up for 0.90% of the investment. That’s a high amount to pay every month apart from the expense ratio of the ETF.
Specialized ETFs can also have much higher fees than basic ETFs that track a basic index. Always check the fees before picking a new ETF.
Like all stocks, the price of an ETF changes according to its demand and supply. This results in some ETFs being thinly traded on the stock market. There simply may not be enough buyers and sellers. This could become a problem if you want to either buy and sell your ETF shares, and there’s no one willing to sell or buy shares from you. Due to the lack of liquidity, you could be forced to buy higher and sell lower than the price you have in mind.
A solution to this shortcoming is to only invest in the biggest and most popular ETFs.
As it is easy to buy and sell ETFs, you could get into a habit of frequently trading ETFs. While trying to time a market (something that more than 90% of professional money managers fail at), you may end up incurring a loss. You’ll also rack up a bunch of trading fees and taxes by over-trading.
It can be an advantage to have less accessibility.
You can invest in ETFs through your 401K, Roth IRA, and brokerage accounts.
For your retirement accounts, check to see which funds you have available. Many 401Ks have plenty of index funds but don’t offer any ETFs.
With extra cash, you can always open your own brokerage account and pick the ETFs that you want. My favorite online brokers are TD Ameritrade, Vanguard, and Fidelity.
Here’s a hot money-saving tip while investing in ETFs: A lot of brokerages have their own ETFs on which they won’t charge you a commission.
For example, if you buy Vanguard ETFs from your Vanguard brokerage account, Vanguard won’t charge you a commission. Fidelity extends the commission-free ETFs benefit for several funds from BlackRock’s iShares. TD Ameritrade has 100+ commission-free ETFs from SPDR, iShares, and Vanguard. Choose the brokerage with ETFs that you want to focus on, that will save you some trading fees.
Signing up with a broker is simple and doesn’t take more than ten minutes. Keep your bank account and employer’s information handy.
Here’s a quick guide on opening a brokerage account:
The best part of ETFs is the sheer amount of choice that you have.
No matter what you want to get exposure to, there’s an ETF for it.
But that choice can also be overwhelming. With thousands of ETFs tracking almost every imaginable asset, it may seem challenging to pick the right one. Analysis paralysis is a real thing.
Here are some of the different types of ETFs to consider.
Broad market ETFs track indexes like the S&P500, Dow Jones, or NASDAQ.
Similarly, some ETFs track the entire US market, global market, and specific regions in the world. I love such ETFs as they allow you to have a hands-off approach while investing across stocks, sectors, and countries.
Generally, Broad Market ETFs are passive in nature and thus have lower costs. I have the vast majority of my portfolio in funds like this. You’ll get the best performance for the lowest fee.
An industry-specific ETF tracks securities in a particular sector.
For example, let’s say you think that the technology sector is going to do well but don’t know which stocks to invest in. In that case, you can simply invest in a technology sector ETF.
By investing in an industry-specific ETF, you can narrow your focus on a sector that you think will perform well. By investing in multiple stocks within that sector, you are also protecting yourself against individual companies that perform poorly.
Good dividend stocks are attractive to some folks because of the consistent income. Dividend ETFs that focus on high and consistent dividend-paying stocks can be a great buy.
There are different types of Dividend ETFs. Some look at just the stock’s dividend yield, while others look at consistency and future capacity to pay a dividend. Others simply track a dividend index like the Dow Jones US Select Dividend Index.
In most cases, I wouldn’t worry about adding dividend-specific stocks to your portfolio. There’s usually a price-premium for the cash flow compared to selling stocks to generate cash for yourself.
Investing in bonds is an excellent idea as bonds lower the risk of your portfolio. Bond returns have traditionally gone up when stock returns have gone down.
There are Bond ETFs for US bonds, global bonds, and government, and company bonds.
Investing in gold, natural gas, and agricultural products may seem difficult. But commodity ETFs make it easy. Investing in commodities can further diversify your portfolio.
A majority of the commodity ETFs don’t buy the physical commodity but use derivate contracts backed by the physical commodity. Some ETFs track a group of commodities, while others follow only one commodity. The SPDR Gold Shares (GLD) and iShares Silver Trust (SLV) are the largest gold and silver ETFs, respectively. This is probably the easiest way to get exposure to commodities.
Currency ETFs offer you a chance to make a profit when foreign currencies move compared to the US Dollar.
Unless you have a long-time obsession with forex trading, I’d avoid these in most cases. Foreign exchange trading is not for the faint of heart.
Real Estate ETFs mainly invest in Real Estate Investment Trusts (REITs) and real estate companies.
REITs, by nature, are diversified. But very rarely would you find a REIT investing in specific types of properties. That’s where REIT ETFs come in. There’s options for every type of real-estate you could possibly want to invest in. It’s a great way to invest in different kinds of REITs easily.
Understanding ETFs – A Basic Guide is a post from: I Will Teach You To Be Rich.
What if I told you that there’s a legitimate way in which you can turn $0 into $1,000.
No scams or tricks. With a few hours of work, nearly everyone can scrunch together a quick $1,000.
Sell some stuff.
Think about it. We ALL have stuff lying around in our houses that we don’t use. What if you sell it online?
You can even get free stuff (like TVs and utensils) on Craigslist in its “free section” and sell that online. If you have some money, you can even go to garage sales, purchase stuff cheaply and sell it at a higher price online. People who have a garage sale are looking to clear out space in their house, making garage sales a GREAT place to get stuff at a low price.
A few months back, I was tired of some fitness equipment laying around my apartment. I never used it, going to the gym was a better fit for me. I got on Craigslist, listed a few items, and had $800 in my pocket within days.
First, you can make a quick buck by going through the stuff around your house.
Second, you start a decent side hustle by going through garage sales for items like action figures, sports cards, toys, clothes, sneakers, and old electronic items to flip them on eBay and Facebook Marketplace.
I don’t personally “flip” stuff myself but I know a lot of people that do. If you love finding a good deal and haggling over items, you’ll love doing this. And you can make decent money doing it.
But here’s a word of caution: This is NOT a “Get Rich Quick” scheme. I’m also not going to sugarcoat it by saying it’s easy. But using the arbitrage of the Internet and flipping stuff is also not as hard as it seems. With the right intent and a solid plan, you are bound to succeed.
To find out what kind of stuff is trending, I like to look at eBay and search for “sold out” or “completed” bids. Doing this not only tells me what kind of items have a lot of buyers but also the prices at which they are sold.
Another option is to check big categories on Craiglist daily. If you notice that some items get taken down quickly, you know it’s a popular item.
Keeping that in mind, here are the things you can sell to make money online.
People have memories and emotions attached to their favorite characters, TV shows, and movies. So try get your hands on any memorable items like first edition CDs and cool merchandise like T-Shirts and movie posters. You can list them online and make a big profit.
Here’s an example of a “39 Steps” Lobby Card selling for over $500 on eBay:
Thousands of listings like the one in the picture above prove that people are willing to pay an insane amount of money to possess their favorite pop culture items. It’s okay if your item doesn’t get sold for hundreds of dollars. Small profits add up over time.
Just like TV shows and movies, people are incredibly passionate about their favorite athletes. That’s where sports cards come in.
Here’s what I recommend while flipping sports cards. Identify the players that are going to be huge in the next 5-10 years and buy their cards. Even if they indeed play well, the value of your cards will rise exponentially.
For example, I started looking at Panini Prizm Giannis’s rookie card when it was around $300. Check out its price now.
The card’s price has gone up so much that eBay has tagged it as a “Great Investment”.
All of us have old clothes that are in good condition, but for some reason, we haven’t worn them for years. You can also buy clothes cheaply at a thrift store and then flip them online. At times, you will find clothes that still have their original tags. That will further drive up their price when you flip them. I have also noticed that sports jerseys and concert T-Shirts always get sold for higher prices than regular clothes.
If you have high-end clothes, sell them on The RealReal to get a good deal.
The sneaker-flipping market is HUGE. Many large brands like Nike and Adidas often release limited edition sneakers. When their stock runs out, people start flipping them online. As the demand is mammoth, their prices go up.
Here’s an example of one of Nike’s most sought-after sneakers that are called the Jordan 1 Retro High Off-White. When they were released in 2018, they cost only $190. Once its stock ran out, its resale price started shooting up. Today, one pair costs more than $4,400. Plenty of sneaker-flippers bought large quantities of it when it was released. Less than two years later, they are selling it at a profit of more than 2200%.
Yard equipment may not be the first thing that comes to your mind when you think about flipping. But you can purchase used yard equipment and tools at a very low price. By repairing them and making them more presentable, you will be able to sell it at a good profit.
You will find great deals on old furniture at garage sales and on Facebook Marketplace. At times, you can even get some furniture for free when people want to get rid of something in a hurry.
Old furniture made from good quality solid wood can be sold at a higher price as it can last for years. That’s why I love flipping furniture as you make a good profit even after repairing and polishing it.
Craigslist is a great place to flip furniture.
Video games are not just for kids. They even remind adults of their childhood. People and gaming enthusiasts are ready to pay big dollars to get them because of an emotional attachment.
From my experience, garage sales are the best places to buy vintage video games. With a little luck, you could find an original Nintendo in its box. You can flip them on eBay and Facebook Marketplace.
We require bicycles and strollers during a specific time in our lives. When their use is done, they mostly rust in some corner of the house unless we sell them. Most people don’t know their real value. So, you can get them cheaply at garage sales and flip them for a profit online.
Like movies and sports, people love toys as they have an emotional connection with them. That’s why they are a great item to flip. Just like with sneakers, the price of a toy or action figure increases when their production is discontinued. Bidding battles can get intense on eBay. For example, the price of this unopened 1983 Star Wars figure is more than $800.
I’m sure you will find a box of your old toys somewhere in your house. You can also find lots of toys at a garage sale. I have come across action figures costing less than $5 at garage sales. Even if you sell it for $10, you will be making a profit.
Collectibles of all kinds like rare coins, currency, wine, and model cars/airplanes, among other things, are immensely valuable. You may have them at home, or you could get them at garage sales to flip them online.
Almost all of us have old electronics like cameras, mobiles, TV sets, and iPods lying around the house. You will be surprised to know that people are willing to pay a LOT of money for them.
It’s okay even if you don’t have high-value electronics. You can sell something much smaller. Its value is $0 when it’s lying unused in your house. If you list it online, you will definitely make some money from it.
You can also buy vintage electronics like Walkmans, VCRs and cassette players at garage sales and then flip them online for a higher price. Apart from Amazon and eBay, you can also sell vintage electronics on Etsy.
I love selling cuff links because they are cheap to buy. You can get dozens of them at garage sales for a few dollars. As long as they are not too damaged, you will almost always be able to sell them at a profit.
Like sports fans, readers absolutely LOVE owning different editions of their favorite books. From my experience, first editions and entire series box sets/collections draw a lot of attention.
You can also sell the old books you no longer need on Amazon.
At some point, we have all got gift cards that we don’t want or will not use. Luckily, you can sell most gift cards, and convert the plastic money into real cash. I recommend using Card Cash and Clip Kard to sell gift cards.
That treadmill or weight set in the corner that’s collecting dust? It sells like hotcakes on Craigslist. I love re-selling fitness equipment.
As long as you buy quality equipment to begin with, there’s always a market looking for it. Brand new stuff gets pretty expensive. By offering a 20% discount off the MSRP, you’ll sell the equipment instantly.
Since most fitness equipment is built to last, it’s almost always in a good enough condition to re-sell.
15 Things You Can Sell To Make Money is a post from: I Will Teach You To Be Rich.
In highschool, my best friend and I looked through a giant book of jobs and their salaries.
We immediately flipped to the end to find the one that paid the most money.
It was an investment banker.
Without a second thought, we both declared we were going to be investment bankers.
Did we have any clue what an investment bank actually did? Nope! We just wanted the highest pay.
I wish I had known how many options I really had. I could have focused on a path that would have been a better fit right from the beginning.
Turns out, there’s a lot of jobs that pay a lot of money. Whether you’re still in highschool or making a career change, you have a lot of options.
Here are the top 12 jobs that potentially can make a lot of money for you.
An accountant will perform financial calculations for individuals, small businesses, and large corporations. Accountants must know how to examine and prepare a variety of financial reporting forms, helping customers or businesses remain in compliance with accounting rules and laws. Accountants may need to work long hours at certain times of the year, such as during tax calculation time.
A business executive could hold a multitude of jobs at a company, including CEO, CFO, or COO. A founder of a business could end up being a CEO, because he or she knows the industry and the business. On the other hand, someone with a formal business degree and business training could move into an executive role to help any business run more efficiently and profitably. With bonuses included, business executives can earn huge annual salaries.
A computer system manager or IT manager will oversee all computer related systems and processes in a company or organization. This can include things like planning out hardware purchases, installing computing software, managing a network, and performing troubleshooting. IT managers need quite a bit of education, including ongoing education, to stay up to date on new techniques and tech products.
Engineers can design things like aircraft, cars, boats, spacecraft, satellites, large buildings, bridges, computers, and infrastructure. Chemical engineers will work with fuel and drugs to solve problems in the use of these substances. Other types of engineers may try to solve environmental problems or help people perform jobs more efficiently and safely. Engineers rely on math, physics, biology, and chemistry to perform their work.
Jobs like actor, musician, TV or radio show host, producer, and writer can all fit in the entertainment industry. For the most successful professionals in these areas, this job can be extremely lucrative. However, a job in the entertainment industry rarely has a lot of stability. You’re often on your own, working from contract to contract. You’ll also have to hire an agent to negotiate contracts and help you find work. It can also be extremely difficult to break into the industry.
It may not be the most exciting job, and it may not be all that well understood, but an investment banker can make a lot of money each year. In general terms, an investment banker is someone who brokers deals, such as company mergers and acquisitions. Those who broker the largest financial deals receive the largest compensation amounts.
If your idea of a lawyer is someone who is dramatically arguing cases in a courtroom, as happens on TV, this is only a small part of the work. Most of it is spent in research, document review, filing motions, and editing contracts. Lawyers can work in criminal, tax, patent, corporate, or other types of law, so a lot of specialties exist. Lawyers do have an easier time becoming politicians than other professions, if that appeals to you.
A pharmacist works in a hospital, a medical facility, or a retail store, dispensing prescription medication for customers. A pharmacist needs quite a bit of training in how different medications work, including understanding side effects and interactions with other medications. Pharmacists require formal education and licensing to be able to legally dispense prescription medication.
Doctors in the American medical system have the ability to make huge salaries, but it can take a while to hit that level. A physician or a surgeon needs tons of education and on-the-job training. The learning never ends for doctors. When starting out, doctors can work some long, strange hours. But once they reach a certain level of expertise, this job is rewarding financially.
This is one job that kids dream about having that actually also makes a lot of money. Unfortunately, it’s probably the job they have the least chance of achieving. People need some natural talent to succeed in almost any job, but pro athletes may rely the most on natural talent. Beyond receiving millions to play the game, the most well-known pro athletes may receive just as much money for endorsements.
A real estate developer will purchase property and develop it with lucrative commercial and residential projects. These purchases are a bit of a gamble, as a mistake can lead to huge financial losses. You may start as a real estate agent, learning how the markets work, before making your own investments or investing on behalf of others.
A software developer will write software, or code, that controls computers and other personal electronics devices. App developers also can be software developers. In fact, someone who develops a highly popular app could make millions off one app. This is another fast growing profession that will need employees in the future.
Having a list is one thing, picking the right job is a lot harder.
If I was giving “highschool me” some advice, I’d tell him to find a high paying job that’s the best fit. Some jobs are extremely stressful like an investment banker. Others are more routine like an accountant. There’s dozens of different criteria that make up a true dream job.
The best way to figure out which job is the best fit is to develop friendships with people in that field. If you genuinely enjoy spending time with them, that’s a promising sign.
Also look for entry-level roles in those fields to try them yourself. Most of these jobs can be started later on if you discover that a particular path won’t work out.
12 Jobs That Make a Lot of Money is a post from: I Will Teach You To Be Rich.
Believe it or not, the current coronavirus crisis is affecting Get Rich Slowly too. Things are slow around here. Traffic is down. Revenue is down. Production is down. Plus, I have a big deadline at the end of the month. My project for Audible and The Great Courses is due on March 31st.
So, just like the rest of the world, we're going to press “pause” for a couple of weeks. I will return next Wednesday with my annual birthday article, but you'll have to scroll down to see it. I'm going to pin this post to the top of the front page.
The break will allow me to focus my full attention on the FIRE course. Meanwhile, my partner Tom can work on behind-the-scenes stuff (including the nearly-completed site redesign!) without worrying that I'll mess things up haha. And, best of all, maybe we can get ahead on our publication schedule for once. We have two new staff writers. I have some articles planned. Tom has some articles planned. It would be great to resume in a couple of weeks with a backlog of material!
Note: During this break, I'll continue updating the “spare change” links on the front page and Jim and I will continue publishing Apex Money every weekday.
While we're on hiatus, I'll use this post to collect useful coronavirus resources. Some of this will be general info, but I'll also bookmark stuff related to personal finance and the economy.
I'm going to be very selective about what I list here. I'm only going to share the best of what I find. If you know of a resource that should be included, please share it in the comments.
First up, here's some of the best general coronavirus info I've found.
Our World in Data has an amazing page with coronavirus statistics and research. This is the best comprehensive resource I've found for coronavirus facts and figures. It features up-to-date info on growth and spread, plus other essential info. Here's a sample chart from the site.
You can find reliable info regarding the health aspects of COVID-19 at the World Health Organization coronavirus hub. The U.S. Centers for Disease Control and Prevention also have a useful COVID-19 info center.
The FluTrackers forum is collating coronavirus news from around the world, including news from each U.S. state. I've been using this coronavirus live dashboard for a week now, although I cannot vouch for the veracity of its data.
The Emory University school of medicine has created a quick and dirty coronavirus checker. (I've been feeling blah lately, but it's almost surely just my annual tree allergies. This checker gave me this result: “It is unlikely you have coronavirus.”) And, if you'd like to play with possible scenarios, this epidemic calculator uses a classical infectious disease model to project disease spread based on variables that you can tweak.
Here are a few other articles and resources that you might find informative:
To fight misinformation about the current situation, check sketchy claims at Snopes (here are the Snopes search results for ‘coronavirus') or the World Health Organization coronavirus mythbusters page.
As I've written recently, this situation is going to wreak havoc on many families. The financial outfall of COVID-19 is likely to be severe. Here are some of the best resources I've found for tackling the money side of this situation.
Lastly, here's a podcast episode in which Brandon, the Mad Fientist, interviews J.L. Collins about the coronavirus stock market crash (and what to do about it).
Okay, that's it for now.
Although I know folks who have indeed contracted COVID-19, Kim and I (and our families) are currently healthy. I hope that you and your family are doing well too. See you on the other side.
“Fireside Chats with Ramit” — every night, until this is over. I’ll be covering a topic you request on money, business, and psychology, and answering your questions via livestream on my Instagram account: https://ift.tt/1Sh4jUi.
Ramit’s Fireside Chats is a post from: I Will Teach You To Be Rich.
