If you're in need of some extra cash, you may think you'll have to resort to selling your flat screen or laptop to be able to earn interest from shoppers online.
But, you'd probably be surprised to learn, plenty of the items lying around your home that you deem useless, could sell online for a pretty penny. As long as you know what you're looking for, that is. Check out our list of 8 things you may already have that you can sell online to earn some quick cash.
With apps like Mercari and Poshmark, selling clothes you don't wear anymore has never been easier. Got a pair of old boots you've only worn a few times? Simply snap a pic, post it, mail it, and earn money while making room in your closet for items you actually wear.
Rent Out Your Parking Space
If you live near a city and have a parking space you don't use, you can make a killing by renting it out. It takes almost no effort, and the returns can be pretty significant.
We know this isn't quite the same as selling old clothes, but if you're comfortable with the concept, this can be a pretty easy way to earn a lot of cash at once. You can also feel good that you're making a family's dream of a new baby come true. If you're interested in selling your eggs, you can make up to $10,000 with just one batch!
You can sell just about any old book, regardless of its condition (though of course the better the condition the higher the price) but textbooks are probably the most lucrative kind of book to sell. If you've attended college, chances are you have some expensive, lightly-used textbooks laying around that you could sell online for a decent amount of money.
As long as you're clear in the listing that the item doesn't work, it will probably sell to someone looking to refurbish it or use it for parts. Old cell phones, working or not, are also a great option for selling online.
Everyone's go to gift these days seems to be gift cards. But say you have a stash of unused Starbucks gift cards because you hate the taste of coffee, what do you do with them? Sell them before they expire! It's super easy to sell gift cards on websites like Zeek, or even on Ebay.
If you have an old ratty end table cluttering up your apartment, chances are there is someone out there who loves woodworking and would be happy to buy it from you in order to refurbish it! This is true of just about any decent quality wood furniture, no matter how bad its current condition.
Any toy that's still in good shape will probably sell online, but if you have a rare beanie baby or other collectible toy, you can make some serious cash hawking old play things.
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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.