If you work for or own a small business or your day job isn't paying quite enough for you at the moment, embarking upon a side gig is a great way to supplement your income. This side job may be what you really hope to do full-time in the future or just something else you're interested in pursuing casually, but either way, the added income is always welcome.
You may have time to work on your side job just here and there, or have the availability to spend a good chunk of time on this pursuit, so consider your bandwidth before diving into any of these suggested side gig opportunities. But if you think you're just too busy, take note – these supplemental incomes might not take as much time as you might believe. Over time, you can earn supplemental income while still maintaining your current job. And if things go well, you may turn your side gig into a full-time venture. Look into these amazing opportunities if you need a side dish to enhance your main course!
No matter what field you're in, others are searching online to learn more about it, especially from someone who's in or has been in the trenches. There are many easy-to-set up (and even free) blog platforms to start with such as Weebly and WordPress where you can begin posting to see what resonates with readers while perfecting your writing.
But job-related content isn't the only type of blog you can create. Perhaps you're a legal secretary by day but love to bake. Your blog can be all about recipes, dining, and party planning. The point is, blog about what inspires you and makes you look forward to sharing regularly.
But how will this make you money, you may ask? Once you build a decent following, you can make money from what you love. As per Entrepreneur, a blog can allow you to monetize in passive methods such as affiliate marketing, online products, and consulting.
Be sure to stay on top of your blog, answer questions and respond to comments, and follow the best practices for blogging. Moz offers insight on how to get your best blog out there for beginners.
Turn a Hobby Into a Money-Maker
Are you always knitting in your spare time or asking co-workers to taste your latest muffin creation? Do you love painting your friends' fingernails or fixing run down cars? Why not take a simple hobby and profit off what you already do and enjoy?
Hobbies make for great side jobs because they're never a chore. You'll look forward to your work because it isn't really work at all. You can start small by selling your arts and crafts on sites like Etsy. Make a batch of your famous double chocolate chip muffins and test them at a local café. If they sell out, the shop would surely pay you to resupply for demanding customers, and you can grow your business by word of muffin-filled mouth. Save your friends some dough by offering to do their manicures for half the price but double the gossip time instead of them heading to pricy salons. And stop giving away your car services for free. Neighbors will be willing to pay a trusted friend to repair their clunkers rather than being ripped off at a busy garage.
While your added income will be determined by how much you're able to produce or work, finding that others value what you consider to be a hobby is an added perk of being paid for doing what you love.
Get Behind the Wheel
If you have a car and valid license, why not consider becoming an UBER driver? You can work as much as you'd like and can make up to $35/hour. Carpooling the kids around may seem like a chore, but shuttling folks to various destinations for money is a different story. Plus, if you commute into and home from your job, why not make a few bucks along the way?!
You can work weekends, after hours when you finish your regular job, or whenever you have some extra time. You'll get more familiar with your neighborhood and meet new people as well. As UBER puts it, you're the boss, so you pick your hours and schedule. That alone makes the gig so enticing. If you love driving, this could be a nice second income solution for you.
Being good at your job can take you further than the confines of the workplace walls. You can expand your reach and offer valuable insight to others embarking in your field by becoming a paid consultant in your spare time.
You can obtain consulting gigs by word of mouth, via posts on social media, or even the old-fashioned way by advertising your services on billboards in your area. You may find ongoing opportunities by offering your knowledge for free at first at community centers or in schools or small businesses, then with time, you'll be more readily sought after and paid well for your insight.
As per Daily Worth, "Companies pay big bucks every year for outside consultants. But rather than working with large, expensive consulting firms, many are finding they can get the same skills by hiring individuals. For instance, HourlyNerd links highly educated professionals with big and small companies that need consulting help to solve challenges."
Consulting can lead to speaking opportunities, interview proposals, and even another (better) job offer down the road as well.
So instead of vegging out on the couch or keeping your talents to yourself, consider a side job to earn extra income, hone your skills, and further climb the ladder to success!
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.