Monday, 6 April 2020

Personal Loans - Pros and Cons

Personal Loans - Pros and Cons

A personal loan is a loan to help you consolidate debt probably credit card debt or maybe some other debt, give you an installment loan at a lower interest rate than you are probably paying on your credit cards or other debt. In this article, I am going to talk about the pros and cons of personal loans so that you will understand what to use it for.




Pro: You Get To Pay Off Your Debt

You get to pay off higher-interest debt and get a lower interest rate. the other part of this that I think a lot of people don't necessarily think about with personal loans is this could actually be something that can help your credit score as well. If you have credit cards and you have debt on them at the higher interest rate, it is not so much interest rate, but it is having that debt itself sitting on those cards. You may know that one of the aspects of your credit score is how much of your potential credit you are using, if you have run up large debts then you are probably using a fairly large percentage of your overall potential credit.

If you get a personal loan and you pay off those credits, yes, you have a new loan, but you have paid down or paid off those credit cards so you no longer have that higher credit utilization that you had on the credit cards.


Con: Origination Fee

You could have an origination fee on a personal loan. So it is possible that you could pay anywhere from 1% to maybe 6% of the amount of the loan in order to get the personal loan. That is obviously not a good thing to hear upfront but, it still depends on what that interest rate is that you get, oftentimes that origination fee can be rolled into the loan and it is really just a factor in terms of what you are going to end up paying. So you may see initially a lower interest rate but then there will be something within the terms and conditions that should show you an APR that shows you what you will pay when you consider the interest rate plus any origination fees that have put in.

It is not necessarily a con, but you need to be careful if you see a lower interest rate but there is an origination fee, you need to make sure you understand what the total costs are with a personal loan and don't just get caught up by shiny objects that make you think that you are getting a better deal. So make sure you understand all the cost, there is plenty of opportunities out there to get personal loans that don't have an origination fee, sort of depends on how good your credit is to some extent.


Con: You Have To Pay The Same Amount Every Month

The second potential con of having a personal loan versus credit cards, in particular, is, once you get a personal loan, you have fixed payments that you have to pay every month that are a certain amount. The flexibility that you have with credit cards goes away. If you have less money next month then you had this month or whatever, you still have to pay the same amount when you have the personal loan. Because it is every month the same thing, just like a car loan, just like a mortgage, you have to pay. So you lose that flexibility with a credit card where you could say, alright, I'm going to pay $200 this month but I don't have that much next month I'm only going to pay $100.

Pro: The Better Your Credit History, The Better Opportunity

No matter what the situation is the better your credit history, the better terms you are going to get on a personal loan. Again, it is another reason for you to always be thinking about keeping your credit scores high and doing the right things in terms of making your payments. Personal loans, any other loan you want. The better your credit history, the better terms you are going to get and the happier you are going to be.


Conclusion

I like the idea of using a personal loan to consolidate my high-interest credit card debt or any other debt you might have that is at a higher interest rate than what a personal loan might be offering you, The important thing to remember is that once you have a personal loan and you have wiped everything off your credit cards. Just because your credit cards are now down to zero doesn't mean that it is time to start using them again and getting some new balance going.

The reason that you are doing this is to try to get your debt down and down at a lower interest rate so you don't want to take on new debt if you get the personal loan. You are not just shifting money around so that you can get even further into debt, but you probably knew that already.

How To Get A Personal Loan Without A Job

How To Get A Personal Loan Without A Job

If you are unemployed and you need a loan then there are places out there. But at the same time, I wanted to point out some other resources to help you before we start talking about the personal loans that you can get as unemployed. 


Let's Get Started


211.org

What they do is help people in an emergency, for emergency housing, you may be getting your utilities turned off or whatever, and so what they will do they would find resources to help you stay in your current housing or help find you some housing, not only that but for the like utilities and thing of that nature. 


Salvationarmy.org

Another one that a lot of people are not utilizing it is the salvation army. Not only would they pay your rent, pay your utility bills, but they also help get you food, if your kids need clothing for back-to-school, you need clothing so that you can get out and find proper employment or whatever. Salvation Army will help you do that, plus they will actually give you a job. 

The thing about it is utilizing these resources until you get back on your feet with steady employment.


Modestneeds.org

Modestneeds is another place for individuals that are currently unemployed or just need some help.


Let's talk about personal loan


Best Personal Loan For Unemployed


  • Unemployment Benefit, Income From Freelance

With personal loans with an unemployed person, this is what they want you to have. You have to at least either have some unemployment benefits, you can be a freelance worker but have some type of way of making sure you are able to pay that loan back. 


  • Government Benefit

Another one is your government benefits. You may be on Social Security, maybe receiving welfare or something that you are receiving from the government that is temporarily or may be permanent. 


  • Investment

Also, you may be a person that has some investment income coming in, they look at that as well. But at the same time, these are some of the criteria without them looking at your personal credit. So it doesn't just lead to one situation, there are lenders out there that is willing to lend you money, I could not tell you how much they are willing to lend you, 

But at the same time, these are the resources that lend personal loans to unemployed people. So you may want to check them out


  1. Moneymutual.com
  2. Cashusa.com
  3. Backcreditloans.com
  4. Personalloans.com


Yes, the interest rate may be high but again, if you are unemployed, your car broker down and you need this money to fix your car so you can go find a job or whatever, hey, it never hurts to actually look into this company to see if you qualify. 

For those people that are unemployed that need some income to continue paying their bills until they find steady employment, then I would check out 211.org, salvation army, and modestneeds.org. It is more than about just about personal loans or whatever, it is actually pointing out resources that could possibly help you regardless of whatever you have any income or not. 




Hopefully, you got some value from this article

Friday, 3 April 2020

5 Websites To Make Money Online For FREE

5 Websites To Make Money Online For FREE

I want to find 5 entirely free websites where you can make money without having to spend any money to make it. No subscription services, no fees, nothing like that. 


  • Disclaimer: These 5 websites are not going to make you a millionaire overnight but as you will see, you are taking action. People have built up money streams on these websites including passive income that now earns them a full-time income Which I think is very cool so I'm hoping that this article is going to motivate you and smash some of those mental roadblocks that you may have been having. 

1. RedBubble

Redbubble


What is Redbubble and how does it you make money? There is a website that allows you to make money by creating and selling custom products online. So it lets you create things like t-shirts, phone cases. but how do you make them? Well, it is simple.

Once you create an account which is absolutely free and you enter your name and email address, you can start uploading artwork and designs to products literally at least in a minute, no credit card required. You choose which products you want to list and sell with your artwork online and you can customize your products, choose what color they will come in, what style, add in your own custom product description and title, then when a customer purchases one of them such as this t-shirt. 

Red bubbles production warehouse will print your design onto a t-shirt, package that t-shirt up and then ship it out to the customer. Automatically without you having to do anything. In this industry it's called (print on demand). And as you can see once you have created and uploaded your designs onto the products, it is an extremely passive source of income.

With redbubble they pay you a commission on each product sold with the standard commission rate being 20%. Because they pay you out as a commission, you never have to pay any fees and so selling is free. 


For some of you reading this right now, there are two big objections that you might be having right now.


  • What About Traffic?

Don't I have to pay to advertise my t-shirt? The answer is no. You know how people come to eBay and they search for products that they want to buy, eBay has invested lots of money into advertising and now it is so well known that it is what you would call a destination website. People go there and buy products each day and most eBay sellers make their money just by people searching for their products. Well, redbubble is the same. It is a destination website people go there looking for products that they want to buy and most redbubble sellers make money through free traffic that they get to the eliciting sphere the search bar. 


  • What If You Are Not A Graphic Artist?

To make money on redbubble, you don't need to be an artist. You can just write a test and place on the t-shirt just like this one below



That is it, very simple. 


  • How Do You Get Paid

Redbubble have two payment options, first of all, they can pay out directly to a Paypal account or they can direct to a bank. 



On to the next website and I think that a lot of people are probably going to recognize it because it is featured on youtube a lot. But you probably never realized that it could be making you money and then it is making some people over $100,000 a year largely in passive income. Now there are two ways to make money with this website, first is a slow way, and that is the more obvious way to make money with it. However, after that I'm going to tell you about the little know one way to make much faster money with it and to make more money than you would with the first method and don't worry when a lot of people see this website they say, they are not skilled enough, they are not qualified enough, however, if you keep reading, as you will see, you don't need to be special or have any skills at all.


2. Skillshare

This website sponsors a lot of YouTubers. People come here and pay them $10 a month to get access to all their video classes. So for example, If I want to learn how to make a latte, I could just type that into the search box and boom, I'd get given a bunch of free video classes I could watch.

Here is what most people don't know, this class was just made by some random guy because anyone is allowed to make a Skillshare class and start making money with it. And on average, new teachers make between $200 to $3,000 in their first month, which is not the best part. The best part is that once you put your classes up, all that money that you are earning it is passive. And remember, that is how much they earn in their first month with their first course. Imagine what happens when they then go and create another one and then create another one, it all adds up and once your class is live, you don't have to do anything. 

That is how people have been able to make over $100,000 a year with skillshare. 


  • How Do You Get Paid

The way you get paid on skillshare is for each minute somebody watches your videos, you get paid. So if I want to learn how to make French press coffee, I'd watch this 5-minute video and then he would be paid for each of those 5 minutes

As you can see this video is super simple it was probably filmed on a cell phone. And if you want to make even more money from your classes you could put them up on our third website.


3. Udemy

Udemy is another website that also lets you sell your course. If you don't have any skills and you don't have nothing to teach, I will show you how to make money with udemy. Where is what to do. If will come here and type in Photoshop as we can see lot of people want photoshop tutorials.

You can make these for free. Most of these tutorial videos are just a mixture of talking over slideshows and talking over screen captures of people doing the editing and side of photoshop.  

Go over to youtube and type in Photoshop tutorials, you will get a bunch of tutorial videos, you can take the popular topics and videos, recreate them yourself and then go put up those videos on Skillshare and udemy. You don't need to be a Photoshop guru. 


  • Do You Need To Buy A $10 Photoshop Monthly Subscription?

Nope, Photoshop has a free 7-day trial, downloads it and hustle hard for those 7 days and record lots and lots of tutorial videos.


  • Do You Need Money To Buy Screen Capture Software To Make These Videos?

Nope, there is a free Openshot screen software. And there is a free video editing software for you to use.


  • Do You Need mic To Do The Voiceover?

Just have a phone that can record audio.


Skillshare has two different accounts you can sign up for, you can sign up for their $10 a month account which you can easily get a free two month trial for, but you don't need that to create a course. To create a course on there and become a teacher all you need is their free plan and of course, once you have gone ahead and recreated tutorial videos that you found on youtube. What is stopping you from posting them on youtube itself and make money from ads and affiliate links?


4. Fiverr


Fiverr is a place where freelancers can offer their services in the form of gigs that people can buy, it is free to create and list of gigs selling your services. So if you are a freelance this is a great site to make money. And Seriously my friend has spent a thousand buying people gigs this year so I know a lot of money can be made here because my friend paid people thousands of dollars each year. Usually, people hate Fiverr as a suggestion to make money because it is too compete. That's because everyone is trying to make gigs like everyone else is doing, such as offering a blog post rank service, lots of people have this, and so to make sales you need to have lots of reviews to stand out.

The key to making money on Fiverr is to do your research and don't just try to sell what everyone else is. 


5. Textbroker


If you a freelance writer based in the USA and you just want to make money writing, be sure to check out the site textbroker. The way this works is that you sign up for the website and you take a writing sample test, your 4 stars ranking immediately earning you 1.4 cent/word. Once you assign you can then login to the orders portal, choose an order and write the article for it.

I don't know about you but I can easily fire to 1,000 words article in an hour which would be $14 an hour with a 4-star ranking. but if you work on your writing craft and hit that 5-star ranking, now you make $50 an hour. Unfortunately, I'm fairly certain it is only available for Americans.






Those are my top 5 websites for you to make money online. I know it's not easy but if you put some work and do a lot of research, you will definitely see the result in less than a few days. 

Thursday, 2 April 2020

How To Make Money Investing During A Recession

How To Make Money Investing During A Recession

In today's article, we are going to be talking about how to make money investing during a recession. Recessions come around every once in a while, we may actually be in one right now at the time of writing this article, especially the Coronavirus. But what they do is they actually create massive investment opportunities for those who are well prepared. In this article, we are going to talk about 2 asset classes to build wealth during a recession.


Let's Get Started


1. Real Estate

Real Estate

Real estate has created more millionaires than any other asset class out there. I'm just going to give you a real-life example of someone who I personally know, I know someone in 2013 that bought a bunch of HUD properties off the auction site that needs little to no upkeep or maintenance, very little repairs and they're in B Class rental neighborhoods. He now owns about 5 of these.

Example;
  • Property: $30,000
  • Rent: $1,000 Per Month
  • Worth: $100,000
  • Cash Flow Or Cap Gain

The purchase price was literally $30,000, he probably bought them cash. The rent is now at about $1,000 a month if not more. And then the property is actually appreciated from that $30,000 of when he bought it in 2013 to about $100,000 now. 

So let's dissect this, you can either keep this property for cash flow or you can sell it for a capital gain. It is either like flipping a house and making a nice big chunk of capital gain for every little skin in the game or you can keep it as cash flow. Imagine having $6,000 a month of gross income coming into your pocket minus some expenses, you can potentially be finally free. There is no headache whatsoever when it goes into owning the rental property it just runs itself. This is one of the biggest wealth-builders that you can take advantage of during a recession 

The cool thing is that this person now has a dividend that pays him and they also have the ability to sell as mentioned. 


2. Blue-Chip Dividend Stock

  • Criteria
  • Share Price

Dividend Stock

The reason I like blue-chip dividend stocks during a recession is that ultimately it is a great way to create passive income later in life. So this is not a get-rich-quick scheme, this is not something that you just wake up 5 years from now and you are a multimillionaire blue-chip dividend stock investor. This is something that is going to take a lot of time with a lot of reinvesting in these dividends. But the reason I like this during this recession is that the price per share has been cut significantly even though the underlying companies are typically still solid. aka, blue-chip.

Criteria

What we are talking about in my criteria Is companies that have raised their dividends consistently year after year at least over the course of 10 years. Typically I really like 15 to 25 when you are getting into the dividend aristocrats, but at least we are looking for 10 years of dividend growth, with the growth of the dividend you are looking at least 2%. The reason for this is because CPI (The Rate Of Inflation) is typically been around 2½%. So I'm looking for these dividends later on in life to at least keep up with the rate of inflation. That way my purchasing power is not being eroded. 

Bounce


Invest In Yourself


You need to invest in yourself. Unfortunately during a recession, people get laid off, when people get laid off you have some free time, at first, you are excited and you are depressed and then it is a whole mix of feelings depending on whether you can find another job or not. But ultimately what I have found is in times during extra time on your hands or times during recessions when you may get laid off. It is best to invest in yourself. So if you are laid off, learn a new skill, start a side hustle, spend some time forging relationships with your network that you may have neglected by being super busy throughout the years of just being employed. 

On Linkedin, if you don't have a Linkedin create a LinkedIn account then start to connect and reach out to people for strong relationships and also forge relationships with your loved one and your family members. A family that I have found is the number one support network in times of crisis.


That is all I have for you. Hope you got some value from this

Sunday, 29 March 2020

How To Make Money During This Coronavirus Outbreak

Coronavirus Outbreak

The corona is making a lot of people lose all their money. A lot of people don't have money in their savings account. How do you prepare for a recession like this? I think when it comes to preparing for a recession due to the coronavirus, you're probably going to want to look back at our article about budgeting. Back in the day, I talk about budgeting where I say;



Budgeting:
  • 50% of income goes towards Necessities
  • 30% of income goes towards Wants
  • 20% of income goes towards Savings/Paying debt

I would probably remove once altogether right now because there's so much uncertainly giving coronavirus and how that is going to impact the unemployment rates and profitability among all businesses. So I would probably use;



Budgeting Due To Coronavirus:
  • 40-50% of income goes towards Necessities
  • 50-60% of income goes towards Savings

You want to start saving and building up that emergency fund in order to help navigate coronavirus, because at the end of the day is real, as the entire world in a frenzy, people not leaving their homes and as a result that impacts the entire global economy. The economy is driven by people going out and spending their money. Now people are no longer traveling, that's airlines are down, you get a rental car because people are not traveling to work, they're working from home. The Barbershop industry, the restaurant industry, as a result, the biggest thing right now is to start saving and building up your money.


  • Let's also figure out another way to make some types of alternative forms of supplemental income, whether that is doing hair in your house or finding a way to build a website for people in your house, any handwork you can think of doing in your house. I think everybody is going to have their own format to make extra money, but that is key. 

You want to budget better, build up that emergency fund and find a way to make some more money. I hope That helps.


Step Two


You Can Make Money In The Bear Market

  • Sectors To Potentially Invest In:
  • House Hold Cleaning
  • Healthcare
  • Digital Workforce
  • Movies/TV Streaming
  • Gaming
  • Overcapitalized Financials

There are some ways in the bear market to make money. And I think first and foremost, you should study 2008 to get an idea of how the market trades when there is a lot of overall frenzies and people panicking. You want to buy things whether it's toilet paper or Lysol, one company that has benefitted from this is Clorox. Then let's think about healthcare at the end of the day there are many companies that are working on vaccines and trying to rid the world of the coronavirus you got Pfizer, Johnson and Johson, Regeneron. Those are just some things 

Now, let's take a step back and see what's going on, you got the governments around the world saying hey, people should work from home, now what companies are going to benefit from that, you got video conferencing companies like Zoom, as well as companies like Slack. Now you ask yourself in addition to that, what are some other names?

If you are working at work or better yet if you are staying at home, what are people doing while they are home? We're not able to go to the movies, but we are probably watching movies and TV shows on Netflix and Hulu. You got kids playing video games, that's Activision blizzard, that's EA. One other thing you might want to say okay, what companies actually cheap right now? What companies are looking like a discount, that might be Google, might be Amazon, Netflix, Not only that you got some overcapitalized banks that are trading down a lot. 

Anytime there is uncertainly the market gets scared, there are so many ways to making money, you might want to short some companies. Whether that's cruise ships, airline stocks, or restaurants, it's a lot of ways to make money both on the way up as well as on the way down.




I really hope that helps

Saturday, 28 March 2020

3 Websites To Make Free Money Online Worldwide

Make Free Money Online Worldwide

In today's article, I'm going to be giving you 3 websites that people are using to make money online worldwide for free, without needing a credit card. 100% free, no hidden fees, and no hidden subscription costs. And the way that you make money with each of these 3 websites is very similar. What you do is you use them to create and sell simple text-based T-shirts, like this one here, 

That made over $1,000 this past month. But I can imagine that a lot of my reader is thinking, "Wait a minute. You're saying that people are making money 'for free on the internet selling T-shirts? "that doesn't sound free. 'That sounds expensive. "After all, don't I need a T-shirt factory? " Don't I need to hire any staff? "Don't I need to be a graphic designer?" And the answer to all of those is no. You don't need any of that. And I'm going to prove it to you right now.


  • Disclaimer: As you will discover, a lot of these websites, they are very similar. However, I still recommend that you stick around and read the article to find out about all 3 of them because as you'll see, you can combine them all together to make even more money. 

1. Zazzle

Let me show you how people are making money online for free without a T-shirt factory, and without graphic design skills. This is a website that lets you create and sell your own merchandise. It lets you create and sell all sorts of products, such as mug, pillows, and of course, it lets you create and sell T-shirts, without actually making them yourself.

Here is how it works. All you do is sign up for a free Zazzle account, no subscription fees required. It literally takes seconds to sign up, because you can just use your Google or Facebook account to quickly register. Once you sign up for free, you can then select one of the many products they manufacture and sell. 


Once you do, all you need to do is upload a piece of artwork to the website and digitally place it onto the product. You can resize it and place it wherever you like on the T-shirt. 

After filling out your product page details, like giving your product page a title and setting a price for it, you can then post your product for sale on their website. 

Zazzle will handle all sales and payment processing for you. Then when a customer comes to your T-shirt and buys it, Zazzle's factory will then print your piece of artwork onto one of their T-shirts and ship out to the customer for you, automatically, without you having to do anything. 

Zazzle will then take out their fees and payout the profit to you as a commission. In the eCommerce industry, we have a name for this. it is called print on demand, and it allows you to sell phantom products like phantom T-shirts that don't even exist yet because they are only made after the customer has already purchased it from you. 


So we have answer objection number one, how can I make and sell T-shirts?

So let's move on to objection number two. Don't I need to be a graphic designer?

The sleazy thing about Zazzle won't tell you is that, no, no, you don't. They like to advertise their platform as a way for artists to make money online, but really, many of their top-selling products feature little to no artwork at all. The designs are so simple, anyone can make them. Case in point: you see this top-selling t-shirt here? 



This T-shirt is literally just text. That's all this is. It's a funny quote. And you know what? Replicating and making your own funny quote T-shirts like this is ridiculously simple. 

The artist didn't need to be a graphic artist. They just needed to know how to slap a text box onto a shirt. And while copying this exact shirt would be a bad idea, what is a good idea is copying the idea of creating funny text-based T-shirts, and then browsing places like Instagram for funny quotes and phrases, especially trending quotes and phrases, to place onto your T-shirts.

And the wonderful thing about funny quotes, phrases, and words is oftentimes the simplicity of text-based designs adds to the humor, rather than taking away from it. It makes the T-shirt more deadpan, and that makes it funnier. That is why the most common way that people have success with text-based designs, it's by focusing on funny quotes and phrases. 

Whenever I write an article like these, I almost always get comments from people saying things like, 'Sure, but does this actually work? "Because I'm not sure if this actually, 'quote, unquote, works.' 

I'll be honest. This has to be one of the most hated comments that I get on my article of all time. Let me ask you a question. If this didn't actually work,  how it is that Zazzle makes hundreds of millions of dollars?



There are no fees to sell on Zazzle, so the only way that Zazzle is making hundreds of millions of dollars is if they're actually selling the products that their third-party sellers create and actually make them money. Zazzle made $270 million because they sold hundreds of millions of dollars from third-party sellers on their platform. So yes, people do buy these T-shirts, and yes, they do make people money.

Pro-tip, if you want to be one of the people who are successfully making money on sites like these, the people that are successful, they're not the people that put up 1 T-shirt or 2 T-shirts or 3 T-shirts. They experiment, and they put up lots of T-shirts until they find a design that clicks with Zazzle's customers and makes them go, "You know what? "That's hilarious. I want that.'

There is a good question that I get asked a lot, and it's this

How I can get paid out if I don't have a credit card?

That's a good question. When someone comes and buys your T-shirt, Zazzle collects their fees and payout the rest of the profit to you in the form of a commission. And they don't put that commission onto a credit card. They put it either into your PayPal account, or they can send it out in the form of a check. And yes, checks can indeed be sent worldwide. 

If I make a T-shirt design on one website, "can I sell it on another website?'

The answer is that you can sell your T-shirt design wherever you like. Here is an idea.

Why not post it on similar websites to Zazzle, Threadless? This is another website that lets you create and sell products like mugs, towels, hoodies, and t-shirts. And you know what? There's nothing stopping you from listing your Zazzle products there too.







That is it for the top website to make money online, and I hope you got some value at this.

Wednesday, 25 March 2020

7 Ways To Make Money With Your Car

Make Money With Your Car

So you have a car, right? You've got some time maybe that you want to spend on a different side hustle, we've been talking a lot on this blog about diversifying your income stream. You actually got several options available to you, some of which you're probably already aware of and some of which you probably aren't and in today's article what I want to do is take a look at seven different ways that you're able to make money with your vehicles.


Let's go ahead and dive right into the list.


1. Uber

I think this is most obvious and the most expected which is driving for rideshare specifically uber as the most widely known recognized ride-sharing platform in the entire world. Uber is certainly a way that you can make some extra cash on the side by accepting rides through the app and the best time to drive might be either on the weekends or during commuting hours, but you can also drive during the day or the weeks nights as well, and this is becoming more and more popular as people obviously always need a ride and they want to save money by using a service like uber versus taking a taxicab or even driving their own vehicle sometimes having your own car can even be more expensive for somebody than taking rideshare.

Uber driver

Keep in mind that you are going to need to be at least 21 years and you're going to have a vehicle with four doors in order to drive for Uber, you cannot drive a 2-door vehicle for obvious reason and before you can drive you are going to need to pass a personal background check as we as a vehicle safety inspection as well.

2. Lyft

Which is the greatest competitor, the one you're most familiar with and just like uber you can drive for lyft as long as you are 21 years old and you can work as an independent contractor for them? Most drivers are actually going to utilize both uber and lyft in order to stay as busy as possible and according to most of the drivers that I've ridden with, they all have mixed feelings about each of those platforms. So you may find one appeal to you more than the other.

lyft

When you're waiting to accept a ride you can actually check both apps though, and you can choose the better option. You do also need four doors as your lyft driver as well. But you do have the opportunity of earning a $500 cash bonus driving for lyft which I think is appealing and you could also get that bonus by driving a certain number of times when you are first starting with lyft.

3. Delivery Driving

Driving for a restaurant as a delivery driver. And this is great alternative of course, to driving people around. So if you're a fan of having random strangers in your vehicle, driving for Uber or lyft or any other rideshare service that you find you can do this instead. More and more restaurants are actually partnering with foodservice delivery platforms like uber eats or what's known as doordash, and it creates a really wide variety of available food delivery that wasn't here previously.

Ubereat

It's really a great idea for consumers. And it saves the restaurants from having to hire a delivery staff and it gives somebody like you the opportunity to earn some extra cash if you need it as well. This is a really good option for people that are over 18 but under 21, that means extra cash, this is a really good way to do this because you only have to be 18 versus 21 like the rideshare. You could also deliver food on foot, deliver food by bicycles or scooters and you can earn even if you don't have a car through those platforms which I think it's nifty. Again, great side hustles to earn extra cash for the short-term while you're investing in more residual forms of income, but just like uber and lyft you get to name the hours that you want to work. So you get to work on your own terms which I think is really great.

You don't have to work you're not required at a specific shift or anything like that depending on the day you may actually on deliver orders for one restaurant or multiple restaurant brands, so it's really a decent option for those that it's fit for.

4. Personal Shopping And Delivery

You can earn money by using your car as a personal grocery shopper it's just a little bit more personal. And what I mean by that is when you receive an order you're actually going to physically go out and buy the groceries from a store and you're going to deliver them to the customer and since you're physically picking up the groceries, you can earn more than you would by just delivering food from restaurants.


But only if you know your way around the grocery store, it's all going to be about speed and timeliness within that option.

5. Picking Up And Hauling Away Junk!

You are going to be able to collect various scrap metals or junk that could be exchanged for money and if you own a pickup truck or you can tow a trailer, you can make money collecting scrap Mellor, you can haul off bulk items for customers who can't haul away their own discarded items.

Hauling away junk

If you have a vehicle type that can haul. Obviously, you are going to be valuable to a select demographic as well, including but not limited to even helping people move things in your spare time and there's a lot of money you can make on the side by doing that, by just simply posting an ad on Craigslist, you can advertise for free on Facebook and you can just simply obviously share word-of-mouth. There are always people that are in need of those types of service. But when you do pick up things like scrap metal, for example, you can find a local recycling center or scrap metal yard and they'll pay you for that haul.



  • Numbers 6 and 7 are my favorite and as you know we're all about that passive which we call progressive income here on this blog. Progressive meaning that there's some upfront work that's going to need to be dedicated and then over time it gets progressively less involved. I have not identified any income streams that don't require any work at all. So it's important to expect that you're going to need to dedicate your time and effort and attention and even sometimes money on any income stream that you are focused on getting. 


So for me, I'm looking at those that over time progressively get easier and easier to run and require less and less time and/or money in order for that to happen.

6. Advertising Your Car

If you don't mind using your car as a moving billboard, I mean, you can make a lot of great money running out that so-called auto real estate on the car and there are several companies to choose from when you do this. Most popular companies are called Carvertise.com. You can actually learn about how you can earn money and the type of money you can make by just having your car wrapped. 

advertising your car

It's not a bad deal. However, you can also extend this into your own profession. And there have been times where we've used our vehicles to wrap and monetize and advertise for our own business, there's a reason that carvertise exists in the first place, and it's because car wrapping works. it draws attention. 

7. Offering Your Car As A Rental Vehicle

You can do this by using services like turo.com, Airbnb.

turo

With turo you can actually earn between $30 to $150 per day. Listing your vehicle as a rental car. This is the revolutionary auto rental business and it's interesting. The amount that you can earn is really going to depend on the year, the made, the model of the vehicle and it's going to be obviously of course, based on how desirable Turo is in your specific area. This is going to work better in certain geographical areas than others. For example, on turo website you can rent a Tesla - a model S, and you can earn an extra $868 every single month just by renting out your car for 7 days of the month. Think about that, 7 days in a month and you make $868, so you can see the cash flow potential.

You have to be sure to take a lot of photos of the vehicle, you're going to want to make sure that the condition is documented very, very closely before and after each time it's used. You're going to have to make sure you are checking out as many videos ahead of time, watch both the good and the bad experiences there on Youtube regarding turo before you use this in your own practices. But there are people literally turning in this into full-blown businesses just like people are turning Airbnb into full-blown businesses. There are real estate investors that are going out and targeting the only properties they plan to rent as airb&b properties exclusively. And there are people that are buying vehicles that plan to do the exact same thing. 





Conclusion

Beyond these side hustle, it's going to be important to do a lot of additional things in order to maximize your cash flow and in order to minimize your risk. So tracking mileage, of course, on your vehicle is going to be very important. Make sure you talk to a tax professional when you're doing this so that you are following the rules of the IRS and if you are driving people around for uber or lyft and you are doing something along the lines of renting your car out on turo, then you are definitely going to need to get specific types of auto insurance that protect you. Your car insurance providers are most likely going to offer these types of things as an add-on. So you want to make sure that you have it added before you start doing this.

Stay current on your vehicle maintenance is also going to be critical. You don't want to destroy your car with the extra miles that you are going to be putting on it, and you especially don't want to be putting anybody else at risk. So you are going to be want to make sure that you are changing the oil according to the manual, you are going to make sure you're maintaining the proper air pressure and your tires, your brake pads, replacing rotors, replacing your engine air filter when necessary. These are the most basic things to keep in mind. it's just about keeping your car in good condition. 

Tuesday, 24 March 2020

How To Make Passive Income For 2020 - 7 Ways

Passive Income For 2020

We're talking about 7 ways to earn passive income in 2020 and the reason I decided to write this article is that I understand a lot of people are already maxed out to their working capacity with time. So I thought to myself what would be a better article to talk about passive income to earn money while you sleep. 

Disclosure: I am not a fan of the phrase passive income. The reason for that is because it's been bludgeoned to death by all these internet marketers and all these gurus that sell these pipe dreams to naive people talking about oh, you can sit on the beach with the little umbrella and the drink and you'll just have thousands of dollars a day rolling in as you do nothing. That's absolutely not the case. Passive income is not passive at first, you have to work for it.

Some of these have to do with digital products and tangible products. 


1. Start A Youtube Channel

Youtube is the world's second-biggest search engine. The first being Google, Google owns youtube. So you're dealing with the two biggest search engines in the world when you decide to start a youtube channel. The way youtube works is that there's a revenue split. You're paid through ads, the ads that play in the beginning, middle and end of the video are slipt with Google and the creator. You get half, google gets half, or it's roughly a 55/45 split.

So think about it, youtube and google have the platform, you're someone providing eyeballs to that platform. Eyeballs to the advertiser, it's no different than when a radio station sells advertising space to their listens. You get compensated through ads and the reason why I want to talk about youtube is that in 2020 if you have an internet connection, you can make money. There are no excuses as you're only holding yourself back. If you know something about anything, there's definitely a viewer for those videos.

There are 7 billion people on this planet and most of those people at this point have an internet connection, and they are using youtube on a daily basis. So whatever you're good at, whatever you're knowledgeable about, I implore you to start a youtube channel about it. 


  • Pros: Each Vidoe Is An Oil Well

The pros with the youtube channel are that its kind of like a little oil well. The beauty of youtube is that you create a video once, and you don't trade your time for money anymore like you would with a 9:00 to 5:00 job. You can have a video that is a year and a half old and still making you money to this day. It's not life-changing money but it's definitely still money coming in for doing literally nothing. You do the work once, and reaping the benefits. 


  • Cons: Take Time To Build An Audience

Some of the cons of youtube are that it takes time to build up an audience and to build up a viewership of people that actually like, know, and trust you. That way, they keep coming back to your videos.


2. Dividend Investing

Dividend investing is ultimately owning a stock that pays a dividend. So how does this really work? Let's say, for example, you have $10,000 and you buy 100 of a share of a company that is going for $100. You own 100 shares of this company and this company pays a 4% dividend on this share, That means, you're getting $400 per year by doing nothing. Because of this company, every quarter they payout essentially 1%.


  • Investing: $10,000
  • Shares Price: $100
  • Shares Own: 100
  • Company Dividend: 4%
  • Return On Your Investment: $400/year

  • 1% x 100 = $100
  • 4% x 400 = $400/year

These 100 shares not only can go up and down in value with the stock price, but they're always throwing off $400 per year. Companies can increase their dividend, they can lower the dividend, but let's say it's flat for this example. 


Drip = Dividend Reinvestment Program

The beauty of this is that without touching anything or investing any more money than you already have, every year if this stock price stays the same at $100 per shares we're determined, you can buy 4 more shares per year through a dividend reinvestment program. That's called the drip program. Meaning that, that $400 is used to buy 4 more shares at $100, now, you don't own 100 shares, you own 104 shares. Throwing off $416 a year. Then you take that $416 and you buy another 4 more shares, so you have 108, that's obviously assuming if this stock price stays at $100 a share.

You can see overtime dividend are a great way to earn passive income and a lot of investors they base their entire retirement portfolio off of dividend stocks. And a lot of people put those in a Roth IRA where the share value actually increases tax-free over time. 


3. Start A Membership Group

If you're a very good marketer or if you're someone who has an audience already in place, this may not apply to a lot of you people. let's take someone who is a famous Baker or a chef and they have the best recipes in the world and they've built up an audience whether it's on youtube or on their blog or whatever. 


  • Pros: Recurring Revenue

Membership websites are beautiful because the pros of them are that someone is paying you monthly recurring revenue to get access to your content. Say you're the best chef in the world, and your recipes are so good that someone is going to pay $5 to $10 a month to get access to these recipes. That may not sound like a lot, but if you have a big audience, imagine 1,000 people paying you $5 a month, you're not just created a revenue stream of $5,000 a month and you're only doing the work once. You create the recipes once, you inform your group, they come back. 


  • Cons: Have To Create New Content

However, membership sites are kind of a double-edged sword because you have to keep creating new content to keep your members in the group. If you're in the group and the person's not updating the membership site, you're most likely going to cancel your membership. That's one of the cons of the membership.


4. Create A Digital Product.

What is a digital product? A digital product can be something that is very low overhead, meaning that you're not taking up materials and time and all these different things to put together little widgets like you would if you're selling shoes for example or something that you create. 


  • Pros: Create it Once

A digital product is beautiful because you create it once. This could be an e-book, if you want to stay with the gardening or the cooking example, now this famous chef that has the membership site they create a cookbook, They create the cookbook once, but they sell it over and over again, and if it's an online platform, it can be bought 24/7. So they truly can be on the beach and check their phone and say wow, look at that, John bought their cookbook for $10. A digital product can be anything from an e-book, it could be anything that you create.


  • Cons: Lot Of Up Front Work

A lot of upfront work to create the book, to create the cookbook, to create the spreadsheet, but once you do it once, the money keeps coming in.


5. Create An Online Course

Unlike the membership group, it's a course, it's the same thing as creating the digital product. You take the time upfront to create it once and that way, it just keeps selling itself over time. You can make a one-time course, charge a fee for it and if you have enough audience members or if you how to market really well, you make the thing once, and it brings you in money passively over time. 


6. Affiliate Marketing

This all goes back to if you have an audience or if you know how to market properly with Google Adwords, you can easily make money selling other people's products. 


Affiliate = Commission Salesperson

Whenever you recommend a book or something else that you truly believe has helped you, whenever people click on your Amazon link or whatever company you're using, that amazon link plants a tracker like a cookie, amazon knows when you refer people to amazon and when they make a purchase, you get a small commission of whatever that purchase is. Affiliate marketing can work for anything. Any site that has an affiliate program, there's a plethora of ways that affiliates get paid and this can be extremely powerful. 



7. Real Estate Investing

  • Rental 
  • Syndication

There are many ways that you can invest in real estate. You can have "rental Properties", these can be single-family homes, you can invest in a "syndication", this is where a bunch of people is pulling their money together to invest in a really big apartment building. There's multifamily, commercial, industrial, restaurants, mixed-use. There are a million different types of real estate that you can invest in and all of these have different risk profiles and also different returns. Especially if you're talking about class A, class B, class C and obviously location dependent.

Everyone is attracted to real estate especially single-family homes. Because that's what they know, that's what they used to, some people have lived in a single-family home at one point in their life or they lived in an apartment so they know what that's like, your typical investor will gravitate towards a rental property.


  • Pros: Can Truly Be Passive

The pros of real estate are that if you know how to systematize the business and you know how to screen for good tenants, this really could become a nice passive mailbox money passive income stream.


  • Cons: Real Estate Isn't 100% Passive

Unless you have management in place or you have systems in place or if you have economies of scale, it's very hard to manage real estate by yourself. Unless you turn it into a true business. 


Syndication

A lot of people are attracted to the allure of rental properties. Although they may not know the headaches that come with it, however, another truly passive model is real estate syndication. And this is what I'm considering investing in, in the future. These syndicators, these are people that pull together a bunch of money and they put down the down payment on a much bigger, much better easier managed property like a 300 unit apartment complex. they're looking for a market that booming, they're looking for apartments that are recession-resistant and all you do is you invest $20,000 to $100,000 whatever, I know that's a lot of money I'm not saying it's not, I'm just saying that that is a truly passive way to get mailbox money every month or every quarter and not only that, at the end of 5 to 7 years is typically when the investment pans out, you get your money back that you originally invested, plus 8% to 12%, obviously you can lose your money as well.

But this syndication model and being a limited partner in commercial real estate is by far one of the easiest ways to collect quotes unquote mailbox money.






Those are the 7 different ways of earning passive income in 2020. I hope I provided and I hope I explained throughout the whole thing and I hope I explained these clearly.