With money tighter than ever, selling your video games can be the easiest and fastest way to make a good amount of cash.
While most people immediately think of Gamstop when they imagine selling their old PS2, the big box chain is notorious for its low pay-out of electronics, not to mention that the company itself shouldn't be supported, as it endangered the lives of their employees during COVID-19's initial outbreak and is regularly castigated about its poor treatment of their employees. Meanwhile, there remain a handful of reliable companies that pay good money for those dusty video games and old iPod Nanos. Here are just a few of the great places in 2020 where you can sell your Xbox this quarantine.
Video games, old consoles, CDs, DVDs and even books are accepted on Decluttr. They accept a vast array of electronics, just make sure video games are from either a PlayStation, Xbox or Nintendo console. Shipping is free, and payments are sent via direct deposit or PayPal. It's easy to sign up, and you only need to sell $5 worth of goods to get started.
It's true that Craigslist janky layout may seem alarming, but the website has remained incredibly reliable over the years when it comes to selling goods. All of the sales have to be made locally, but other than that there remain few limitations as to what you can sell. Also, local sales mean no shipping costs or secret commissions. Just make sure to give yourself a larger time frame for when you'd need the cash. Since it's strictly local, it may take a bit for buyers to reach out, and the coordination for how to exchange goods can be a bit time consuming.
Has your collection of old '90s video games been collecting dust in your closet for years? DK Oldies is video game specific and remains one of the go-to websites for sellers. Old consoles are DK's speciality and will accept any of the old Game Boys, as well as past Nintendo and Sega consoles. Their pay-out is solid, and when you exchange games for store credit you receive a 20% bonus. They often post listing of games and systems that DK is particularly interested in, so make sure to be on the lookout!
Another site for those who no longer want their video game collection, Gameflip specializes in more modern consoles and games, which generally means people buy faster and spend more. While the company only ships to US addresses, they make it so you can even sell digital games as well.
Do you have a coveted Nintendo 64 with a stacked collection of games? eBay is the place for you, if you want to sell it to the highest bidder. Goldeneye or the original MarioKart are gonna go for a hefty sum on a site like eBay, and all you need to do is watch users bid it out. But if you need money fast, the site also offers a "Buy It Now" instant listing option.
When you take out a loan for a car, charge something to your credit card, or get a personal line of credit, there is going to be an interest rate that applies to your loan.
A lot of different factors go into what you will be charged, including your own personal credit score. But even those with flawless credit still see a minimum charge that they can't get around. That all goes back to the Federal Funds Rate.
One thing consumers rarely realize is that all of our banks are lending money to each other every night. Banks are legally required to maintain a certain percentage of their deposits in non-interest-bearing accounts at the Federal Reserve to ensure they have enough money to cover any withdrawals that may unexpectedly come up. However, deposits can fluctuate and it's very common for some banks to exceed the requirement on certain days while some fall short. In cases like this, banks actually lend each other money to ensure they meet the minimum balance. It's a bit hard to imagine these multibillion-dollar financial institutions needing to borrow money to tide them over for a bit, but it happens every single night at the Federal Reserve. It's also a nice deal for those with balances above the reserve balance requirement to earn a bit of money with cash that would normally just be sitting there.
The Federal Reserve
The exact interest rate the banks will charge each other is a matter of negotiation between them, but the Federal Open Market Committee (FOMC) (the arm of the Federal Reserve that sets monetary policy) meets eight times a year to set a target rate. They evaluate a multitude of economic indicators including unemployment, inflation, and consumer confidence to decide the best rate to keep the country in business. The weighted average of all interest rates across these interbank loans is the effective federal funds rate.
This rate has a huge impact on the economy overall as well as your personal finances. The federal funds rate is essentially the cheapest money available to a bank and that feeds into all of the other loans they make. Banks will add a slight upcharge to the rate set by the Fed to determine what is the lowest interest that they will announce for their most creditworthy customers, also known as the prime rate. If you have a variable interest rate loan (very common with credit cards and some student loans), it's likely that the interest rate you pay is a set percentage on top of that prime rate that your lender is paying. That's why in times of low interest rates (it was set at 0% during the Great Recession), a lot of borrowers should go for fixed interest rate loans that won't increase. However, if the federal funds rate was relatively high (it went up to 20% in the early 1980's), a variable interest rate loan may be a better decision as you would be charged less interest should the rate drop without the need to refinance.
The federal funds rate also has a major impact on your investment portfolio. The stock market reacts very strongly to any changes in interest rates from the Federal Reserve, as a lower rate makes it cheaper for companies to borrow and reinvest while a higher rate may restrict capital and slow short-term growth. If you have a significant portion of your investments in equities, a small change in the federal funds rate can have a large impact on your net worth.
Whether you're leaving a job involuntarily, departing for something new, or just want to prepare for the unknown, it is smart to understand all your options regarding your 401k.
Frugal gifting often gets a bad reputation. However, this shopping method does not make you cheap — it makes you practical. Frugal gifts often avoid waste and overspending and can be just as meaningful (if not more so) as any other present.
With the National Retail Federation predicting each consumer this holiday season to spend upwards of $1,000 on holiday gifts amidst an economic recession —this year might be the perfect time to reconsider your spending budget. We've formulated the ultimate list of frugal gift-giving ideas to get you started.