Tag: Extra Money

The Shame of Debt

Money doesn’t make you happy. That’s how the saying goes, and you can’t deny that there’s some truth to it. However, while having lots of money won’t make you happy, having very little is more likely to make you stressed and depressed. 

The less you have, the more likely you are to stress over the smallest of things, and if debt is forcing that poverty on you, hanging a dark cloud of uncertainty over your head, that stress and that depression will increase.

Psychological Cost of Debt

Debt has a massive psychological cost and a lot of that boils down to shame. Debt stress and debt shame are more common than ever in the United States, as debtors seek to hide their troubles from their families and loved ones. There is an unmistakable link between debt and an increased suicide risk.

A student conducted several years ago looked at the finances of people who had committed suicide and found they were significantly more likely to have massive debts (student loan debt, credit card debt). Similar studies have been conducted on mental health, noting that people are more likely to suffer from debilitating depression, stress, and anxiety when they have problems with debt.

And it’s easy to see why. Not only do many debtors choose to keep their problems to themselves, feeling an immense shame that stops them from telling even their closest friends and family, but debt can also lead to anxieties about debt collectors, foreclosures, repossessions, bankruptcy, and more. 

How to Overcome the Shame of Debt

To improve your mental health, you need to fight debt stress and shame. That’s easier said than done, but there are a few things that you can do:

Understand Where the Shame Comes From

The first step is to understand why you feel the way that you feel. This might not fix your debt shame, but it will help you to understand it more.

There is no single, overriding cause of debt shame. Some debtors feel shame because they see themselves as the breadwinner, the provider, and if they have debt it means they have failed. Others feel shame because they come from frugal backgrounds and have been wasteful or because their debt is the result of a drug, alcohol or gambling problem.

Whatever the reason, you need to find it, address it, and fix it. Get help for that gambling or drug addiction, get advice from that frugal family.

Admit Your Fault

Debt doesn’t mean that you’re a bad or useless person. It doesn’t mean that you don’t care about your family. It’s not a character flaw tied to your personality, it’s a behavioral issue tied to impulsivity and even mental health issues. It’s still your fault, but it’s easily fixed and doesn’t make you a bad person.

Understanding this can help you to get rid of that shame and deal with your stress and mental health issues.

Improve Your Financial Knowledge

Researchers have found a direct correlation between debt and financial knowledge; the more you have of the former, the less likely you are to be competent in the latter.

Fortunately, it has never been easier to educate yourself. Take a look at the many guides here on Pocket your Dollars, spanning everything from pay off strategies for credit card debt to money-making ideas, recommendations for loans and credit cards, and more.

Get Credit Counseling

Credit counseling exists for a reason and can help you in your time of need. They’re not mental health counselors, they can’t prescribe you medication and they can’t help with your insomnia and anxiety. However, they have worked with countless debtors, many of which have anxiety and depression, and they understand what it’s like to be in your shoes.

They can help you to assess and manage your debts before advising on the right course of action. A financial therapist can also provide assistance with any relationship issues, counseling you on who you should tell, how you should tell them, and what sort of reaction to expect.

The problem that many debtors have is that they think they know everything. They won’t speak to a counsellor because they’re convinced they know what the counsellor will say. But let’s be honest, if you’re struggling with debt, there’s a good chance you’re not a financial wizard and even if you are, it always helps to speak with an expert, voicing your concerns out loud and bouncing some ideas around.

Stop Spending

We spend when we’re depressed, get depressed because we’re in debt and are in debt because we spend too much. It’s a cycle that’s keeping your favorite retailer in profit and doing untold damage to your finances. To get out of debt, you need to accept that this cycle exists and that the only way to escape is to stop that spending immediately.

Anything that isn’t an absolute necessity can be left for another day, preferably one when you actually have money to spend. Limit your spending to clothes, food, rent, utility bills, medical bills, and everything else that allows you to continue living comfortably from day to day, but give the alcohol, cigarettes, vacations, and other luxuries a miss.

How to Take Control of Your Debt

The best way to avoid the shame and stress of debt is to get rid of it. Studies on debtors have found that at least 9 out of 10 believe they will be much happier if they didn’t have debt. These beliefs have been confirmed by individuals who successfully pay off debt, claiming = they are much happier than they ever were.

There are many ways you can pay off debt and we’ll look at a few of these options below, but generally speaking, you need to:

  • Assess your financial situation
  • Check your credit report and credit score
  • Get help from a credit counselor or financial therapist
  • If your debt-to-income ratio is low, budget better and pay off more with a debt payoff strategy
  • If your debt-to-income ratio is high, try debt relief
  • Create an emergency fund to prevent future issues

Best Ways to Get out of Debt

There is no debt shame if there is no debt. As discussed above, debt is not something you should be ashamed of, but it’s also not something you should cling onto. It can cause you a great deal of stress, placing strain on your relationships and generally making life very difficult for you.

So, while it’s important to face the truth of the situation and dispel those feelings of shame, it’s just as important to fight your debt and get your head above water. Here are a few debt relief options and debt payoff strategies that can help. For more information, including expensive guides and recommendations on each of these options, take a look at the relevant sections on Pocket Your Dollars.

Snowball and Avalanche Methods

The debt snowball and debt avalanche methods are two of the most popular debt payoff strategies, and ones that we have discussed at great length before (see debt snowball vs debt avalanche). They can make the process more systematic, which, in turn, may provide you with the support and the structure you need to get your debts in order. 

In both cases, you need to make a list of all your debts, covering things such as Balance, Monthly Payment, and Interest Rate. For debt snowball, sort the list by balance and go from the smallest to the largest. For debt avalanche, focus on the debts that have the highest interest rate and get those out of the way first. With both methods, you need to keep meeting your monthly payment obligations, before putting any extra money you have towards your chosen debt.

Debt avalanche provides the most practical benefits as it clears the problematic debts first, thus reducing the total interest. Debt snowball provides more of a psychological boost, giving you motivation as you steadily clear your debts.

Major Sacrifices

The biggest issue with any debt payoff strategy is that it isn’t easy to get the extra money you need to make those additional payments and clear your debts early. However, many debtors are trapped in a cycle of debt not because they can’t scrape the cents together no matter how hard they try, but because they struggle to budget properly and make the necessary sacrifices.

The average American debtor spends thousands of dollars every year on uneaten groceries, lottery tickets, and media subscriptions. They drop hundreds of dollars on luxuries they don’t really need and spend over $3,500 a year eating out. If debt is dragging you down then it’s imperative that you clear it, which means making some sacrifices and getting your priorities in check.

If you genuinely can’t spare a dime and don’t waste money on unnecessary expenses, then look into some of the options below.

Debt Settlement

Debt settlement is tailor-made for unsecured debt and works especially well for clearing credit card debt, as well as private students. Debt settlement companies often request that you stop meeting your monthly payment obligations, which puts the accounts into doubt and means your creditors are more likely to accept a settlement.

This settlement will clear the entirety of the debt for a fraction of the price, often around 50%. This means that a credit card debt of $10,000 would be cleared for $5,000, providing you with some big savings even after the settlement fees have been taken into account.

Debt Consolidation

A consolidation loan is a large loan that pays off all of your debt at a reduced interest rate and for a reduced monthly payment. The loan is often extended by several years, which means you pay more in the long-term, but the reduced monthly payments alleviate some of the burden and make the debt more manageable.

Debt Management

Debt management provides debtors with a debt repayment strategy, with all funds funneled through the debt management plan and then distributed to creditors. This service is often provided by credit counseling agencies and credit unions, who begin the process by negotiating with creditors and then assuming control of all debts.

These companies often ask that the debtors cancel all but one credit card, which can reduce the debtor’s credit score by impacting their credit utilization ratio.

Balance Transfer

A balance transfer credit card lets you move all your credit card balances onto a single card, one that offers a 0% APR for the first 6, 12 or 18 months, allowing you to pay down debt without interest, thus reducing compounded interest and clearing the debt quickly.

This method works with all credit card debt and you can typically move between 1 and 5 balances onto a new credit card, providing that card isn’t offered by the same company.

The Shame of Debt is a post from Pocket Your Dollars.

Source: pocketyourdollars.com

Truth About Reward and Store Credit Cards

On the surface, reward cards are a great way to make a few extra dollars or grab some air miles without increasing your spending or your debt. If you spend a lot of money at a particular shop, store cards will seem like an equally beneficial prospect. But these cards exist for a reason—they’re there to make more money for the providers and the retailers, not you.

Sure, reward/store cards have other benefits if you use them properly, but there are a host of disadvantages and hidden terms that you need to be aware of before signing on the dotted line. 

What are Store Cards?

Store cards are tied to specific stores and offered by chains of retailers. These cards work just like traditional cards and are often branded by networks like Visa and MasterCard. The difference is that they can only be used in the issuing stores and their rewards are tied to those stores.

In essence, they are store loyalty cards that come with a lien of credit attached. 

What are Reward Cards?

Reward cards are also tied to credit card networks, including American Express and Discover, as well as Visa and MasterCard. They award points every time they’re used for qualifying purchases and these points can then be swapped for air travel and other benefits. 

Some reward schemes award a specific amount of cash back, often fixed to 1% or 2% of purchases made on specific items, such as groceries or utility bills.

How Can Providers Offer These Rewards?

If a provider offers you cash back every time you spend money on your credit card, someone has to foot the bill. Many consumers assume that the credit card network covers the cost, and to an extent, they do. But it’s not quite as simple as that.

Every time you use your credit card to make a purchase, the retailer is charged a fee, often between 1% and 3% of the purchase. This is the network’s charge. With reward cards, this fee increases, and the extra money is used to fund the rewards program.

As a result, retailers are not exactly happy with these programs as they drive their costs up and reduce their profits. The only way around this, is to increase the cost of the product or, more likely, to reward customers who pay with cash/debit. Retailers are not allowed to add a surcharge for credit card use, but there’s nothing stopping them from choosing which cards they do and don’t accept.

Your local Mom & Pop enterprise isn’t being antiquated and old-fashioned by refusing credit cards. They just can’t cover the costs. 5% may not sound like a big deal, but for retailers with minimal buying power and the massive overheads of running a brick-and-mortar store, 5% can be a deal breaker.

Smaller retailers are fighting back against reward cards while bigger ones are embracing them by adopting their own store cards. With a store card, they have more say, more control, and they know that those small losses will be offset by the increased purchases.

Issues with Store Credit Cards

Store cards carry a big risk and have far few benefits than reward cards. The advantages of these cards are obvious: If you shop a lot in a particular place, you can save money via the cash back schemes. 

They can also help with emergency purchases, providing you clear the balance in full. But, while the benefits are obvious, the same can’t be said about the disadvantages.

Con 1: They Have High Interest Rates

The average credit card interest rate in the United States is around 16%. The average rate for store cards is over 20%. That 4% may not seem like much, but if you don’t repay your balance every month that interest will compound, grow, and cost you a small fortune. 

At 16% with a $10,000 balance and a 60-month repayment term, you’ll pay $243 a month and over $4,000 in total interest.

Increase that rate to 20% and your monthly payment grows by $20 while your total interest increases by nearly $1,500. The longer you leave it and the smaller your monthly payments are, the greater that difference will be.

For example, if you repay just $200 a month on that balance, the difference between 16% and 20% is 26 extra months and close to $5,000. Of course, store cards rarely offer such high limits, but this is just as example to show you how much of a difference even the slightest percentage increase can cause.

It’s worth keeping this in mind if you ever apply for a traditional rewards card. Getting rewards in return for a higher APR is great if you repay your balance in full every month and terrible if you don’t.

Con 2: They Have High Penalty Rates

If you miss a payment on your store credit card you could be hit with a penalty APR as high as 29.99%, as well as a late payment fee of $39. The rates are high to begin with, but these penalty rates are astronomical and will make a bad situation worse.

That’s not all, as some providers are known to be very unforgiven when it comes to missed and late payments. In some cases, your account will default even if you underpay just once and just by a few dollars. 

Con 3: They Have Low Credit Limits

Retailers are not lenders. They don’t have the time, funds or patience to chase debts and deal with collection agencies. As a result, they don’t offer high credit limits and generally you’ll get a fraction of what an unsecured credit card might provide you with.

This might not seem like much of an issue. After all, a smaller credit limit means you’re less likely to accumulate large amounts of debts. However, this has a massively negative impact on your credit score that few borrowers consider.

30% of your credit score is based on something known as a credit utilization ratio. This looks at the total available credit and compares it to the debt that you have accumulated. If you have several cards with a combined credit limit of $10,000 and a balance of $5,000, then your ratio is 50%, which is considered to be quite high.

If a store card is your only account and you spend $450 on a $500 limit, then you have a credit utilization ratio of 90%, which will reduce your score. Your credit report is also negatively affected by maxed-out credit cards, a feat that’s much easier to achieve when you have a low credit limit.

Con 4: There Are Better Options

It’s better to have one good reward card than multiple store cards. The former will provide you with far better interest rates and terms, while the latter will hit your credit report with several hard inquiries and new accounts. 

A rewards card will still benefit you when shopping at those stores and will also provide you with a wealth of other benefits.

Con 5: You May Spend More

Store cards are not designed to make your life easier and give you a few freebies. Regardless of what the store tells you, they’re not made to reward loyalty, they’re made to encourage spending. 

This doesn’t always work, and research suggests that many individuals use reward cards just like they would normal cards. But for a small minority, the idea of acquiring points is enough to convince them to spend more than they usually would.

Some good can be good debt, such as when it’s used to acquire an asset or something that won’t depreciate. But very rarely do we use credit cards for this purpose and generally, if you’re spending more on a store card it means you’re wasting more money on things you don’t need.

Con 6: You Can’t Use Them Anywhere Else

A store card can only be used in that particular store. This renders it redundant as an emergency card and also means you’re encouraged to shop in that one place. You don’t have a chance to shop around and find the cheapest price; you may spend more just to use your card and get the benefits, with those benefits rarely covering the additional money you spend.

What About Reward Cards?

Some reward cards have very high rates as these rates are used to offset the rewards program. However, this isn’t always the case, because, as discussed above, networks often charge retailers more to offset these purchases and therefore don’t always need to cover the costs themselves.

Some credit cards, such as the Discover It, offer solid reward schemes and would also be included on any list of the best non-reward credit cards. It’s a solid all-rounder and it’s not alone. However, many reward cards charge high annual fees and penalty rates, just like you’ll find with a store card.

It’s important to study the small print and make sure the card is viable. If you’re going to clear the balance every month, a slightly higher interest rate won’t hurt, especially if it comes with some generous rewards. But if there is any doubt and even the slightest chance that you won’t clear the balance, it’s always best to focus on a low-interest rate first.

Even the most generous 5% cash back reward card will not offset the losses occurred by paying a few more percentage points of interest.

Will Reward/Store Cards Affect my Credit Score?

Credit cards trigger hard inquiries, which can reduce your credit score by up to 5 points. This is true for every credit card that you apply for. Rate shopping can combine multiple inquiries into one if they are for the same type of credit, but this doesn’t apply to credit cards.

A new account will also impact your score. This impact is often minimal and if you keep up with your repayments then it will vanish in time. However, if you miss a payment, max-out your card or increase your credit utilization score, it could have a detrimental effect on your score and your finances.

Keep store cards to a minimum and only sign up if you’re 100% sure you’re getting a good deal that will benefit you in the short-term and the long-term.

Truth About Reward and Store Credit Cards is a post from Pocket Your Dollars.

Source: pocketyourdollars.com

15 Home Business Ideas & The Free Courses You Need To Get Started

Are you looking for a work from home job or some at home business ideas?

If so, then I have a great list of free resources, such as courses and guides, that will help you find the best option and learn how to get started. Plus, all of the courses and guides in this article are free!

home business ideasIf you’re looking to make extra money, or even a full-time income, working from home is a great option. There are lots of realistic home business ideas that allow you to work on a flexible schedule.

In fact, around 50% of U.S. businesses are home based, and that number is expected to grow well into the future.

But, many people don’t know what kind of options are available or how to get started with their in home business ideas.

This article is a good starting point because I’m going to tell you about 15 different profitable home based business ideas and link to free courses, workshops, and guides that will help you kick off each of these ideas.

There are lots of valuable paid courses out there, but if you’re not sure about an idea, you might not want to spend hundreds of dollars on a course. That’s why free courses and guides are a great way to start.

You can learn more about each of these small business ideas, learn some of the basic skills, how much money you can earn, and more. You get to test these ideas a little bit before you invest a lot of time and money.

No matter what kind of business you decide to start, I think you’ll really enjoy starting one from home. 

I have been working from home since 2013, and I wouldn’t change it for anything! I absolutely love and enjoy running a business from home.

It has allowed me to travel full-time, save enough money to retire early, love what I do each day, and more.

Many people love running home based businesses for those reasons, but it also cuts your commute, allows you to earn money in your spare time, be your own boss, work on a flexible schedule, and more.

So, to help you get started, today I will explain some of the best small business ideas from home and which free online courses can help you get started.

Here is a quick list of the free work at home courses and resources I’m sharing:

  1. Selling Printables on Etsy Ebook
  2. Sell on Amazon Starter Course
  3. How To Start a Blog Course
  4. Build A Voiceover Action Plan From Scratch Minicourse
  5. Start An Online Advertising Business From Scratch
  6. Start Your Virtual Bookkeeping Business
  7. Turn Your Passion For Visiting Thrift Stores, Yard Sales & Flea Markets Into A Profitable Reselling Business In As Little As 14 Days
  8. General Transcription Mini-Course
  9. Become a Proofreader 76 Minute Webinar
  10. Court Transcript Proofreading Mini Course
  11. Podcast Virtual Assistant Workbooks
  12. Make Money Writing Romance Novels ecourse
  13. Pinterest Virtual Assistant Training Workshop
  14. Jumpstart Your Virtual Assistant Business
  15. Self-Publishing Your First Book

Below, I will be diving deeper into what each option is like, as well as more information about each of those free resources.

Below are 15 home business ideas.

 

1. Sell printables on Etsy.

Are you looking for a smart home business idea that allows you to use your creativity? Are you wondering “What can I sell from home to make money?”

If so, I recommend checking out this option. See, creating printables on Etsy can be a great side hustle because you just need to create one digital file per product, which you can then sell an unlimited number of times.

Printables are digital products that customers can download and print at home. Examples include grocery shopping checklists, gift tags, candy bar wrappers, printable quotes for wall art, and patterns.

You can sign up for this free ebook that helps you figure out where to start when it comes to selling printables on Etsy.

Related content on successful home business ideas:

  • 12 Passive Income Ideas That Will Let You Enjoy Life More
  • 15 Of My Best Working From Home Tips So You Can Succeed
  • 15 Outdoor Jobs For People Who Love Being Outside
  • 24 Of The Best Work From Home Jobs & How To Avoid Scams

 

2. Sell items on Amazon.

Yes, you can make money selling items on Amazon. Actually, this is one of the home business ideas with low start up costs because you can literally start selling items from around your house. Make money while you declutter your home, what’s not to love?!

The first year that my friend Jessica ran her Amazon FBA business, working less than 20 hours a week total, she made over $100,000 profit!

This free course shows you how to start a profitable Amazon business in a 9-part video course. You’ll learn:

  • The exact steps to follow to set up your Amazon Seller account
  • Two easy and affordable ways to find items to sell
  • How to choose profitable inventory that customers actually want to buy

Click here to sign up for the FREE Amazon FBA Starter Course!

 

3. Start a blog to work at home.

For obvious reasons, blogging is my favorite on this list of profitable home business ideas.

It is a business that allows me to travel full-time, have a flexible schedule, earn somewhat passive income, and more.

Blogging changed my life for the better, and it allows me to earn thousands of dollars a month, all by doing something that I love.

My blog was created on a whim as a way to track my personal finance progress. And when I first started my blog, I honestly didn’t even know that this was going to be one of the best small profitable business ideas out there. At least that’s been the case for me! 

You can easily learn how to start a blog with my free How To Start a Blog Course.

Here’s a quick outline of what you will learn:

    • Day 1: Reasons you should start a blog
    • Day 2: How to determine what to blog about
    • Day 3: How to create your blog (in this lesson, you will learn how to start a blog on WordPress – my tutorial makes it very easy to start a blog)
    • Day 4: How to make money blogging
    • Day 5: My tips for making passive income from blogging
    • Day 6: How to grow your traffic and followers
    • Day 7: Miscellaneous blogging tips that will help you be successful

 

4. Become a voice over actor.

A voice over actor is the person you hear but rarely see on YouTube videos, radio ads, explainer videos, corporate narration, documentaries, e-learning courses, audiobooks, TV commercials, video games, movies, and cartoons.

In 2014, Carrie Olsen replaced her salaried day job to become a full-time voice over actor. People are constantly asking her how she got her start and how they can too.

So, she created Build A Voiceover Action Plan From Scratch Minicourse — This free course will help you learn about becoming a voice over artist, even if you’re brand new!

 

5. Run Facebook ads for local businesses.

Did you know that you can make a living from Facebook? With Facebook advertising, you can help businesses expand their reach.

And, yes, this is a skill that you can learn without any prior experience in marketing or advertising.

The going rate for Facebook Ad management is $1,000 – $1,500 per month, per client.

Last year, business owners spent over $88,000,000 per day on Facebook ads. This is expected to continue to grow, and it is one of the largest advertising spaces that exists.

My friend Bobby Hoyt knows a lot about this topic. Bobby is a former high school teacher who paid off $40,000 of student loan debt in a year and a half. He now runs the personal finance blog Millennial Money Man full-time, as well as a digital marketing agency for local businesses that he started in 2015.

Bobby has a free webinar on this topic too. His webinar, Start An Online Advertising Business From Scratch, will teach you how to start this business even if you’re brand new, how to find paying clients, and more.

 

stay-at home business ideas

6. Start a bookkeeping business.

A bookkeeper is someone who tracks the finances of a business. They may handle payroll, billing and invoicing, etc.

These are all skills you can learn without being an accountant or having any previous experience.

Ben, from Bookkeeper Launch, helps people get started as bookkeepers even when they don’t have any experience. Ben is a CPA who founded his business after realizing that many businesses needed better bookkeepers. 

Start Your Virtual Bookkeeping Business will teach you more about running your own virtual bookkeeping business. You’ll learn:

  • Is a bookkeeping business for you?
  • What exactly is a bookkeeping business? What kind of work do they do?
  • How much money can you make as a bookkeeper?
  • How do you find clients?

 

7. Search for items to resell.

Have you ever found something that you thought you could resell to make a profit?

Melissa’s family earned $133,000 in one year by buying and selling items that they’ve found at thrift stores, yard sales, and flea markets.

Some of the best flipped items that they’ve sold include:

  • An item that they bought for $10 and flipped for $200 just 6 minutes later
  • A security tower they bought for $6,200 and flipped for $25,000 just one month later
  • A prosthetic leg that they bought for $30 at a flea market and sold for $1,000 on eBay the next day

This is one of the home business ideas that anyone can start because you can start off selling things in your own house — I know we all have lots of stuff in our house that we could stand to get rid of. Then once you get a feel for the work, you can start purchasing items to resell.

Melissa has a great free webinar, Turn Your Passion For Visiting Thrift Stores, Yard Sales & Flea Markets Into A Profitable Reselling Business In As Little As 14 Days, that will help you learn how to make money by flipping items.

 

8. Transcribe audio or video content into text.

Transcription is when you turn audio or video content into a text document. You listen to what’s being said and type it up.

There are many businesses looking for transcriptionists too – since general transcriptionists convert audio and video to text for virtually any industry, there really isn’t a typical client. Some examples include marketers, authors, filmmakers, academics, speakers, and conferences of all types.

Beginning transcriptionists earn around $15 an hour and it goes up from there.

You can learn more in the Free General Transcription Mini-Course. In this course, you will learn what it takes to become a transcriptionist, how much money you can earn, how you can find jobs, and more.

 

9. Become a general proofreader.

Proofreading is one of the most flexible and detail-orientated home business ideas that work. All you need to work as a proofreader is a laptop or tablet, an internet connection, and a good eye for finding mistakes.

Proofreaders look for punctuation mistakes, misspelled words, lack of consistency, and formatting errors.

You take content that other people have written and then go over it with a fine-tooth comb. You might be proofreading blog posts, print articles, academic articles, website copy, ad copy, books, student papers, emails, and more.

In one year, Caitlin made slightly over $43,000 by being a freelance proofreader.

Caitlin put together a FREE 76-minute workshop, where she answers all of the most common questions about becoming a proofreader, and she even shows you how to use the most popular tools used by proofreaders around the world. You can sign up for free here.

 

10. Become a court transcript proofreader.

Becoming a court transcript proofreader is a more focused version of the last idea.

Here’s what it’s like:

“Court reporters use digital stenography machines in combination with computer-aided transcription software to write verbatim records of various legal proceedings. They report depositions, trials, hearings, arbitrations, case management conferences, compulsory medical examinations, examinations under oath, and pretty much any other type of legal proceeding. Because of the sensitive nature of legal proceedings, it’s imperative that as many errors as possible be eliminated from transcripts — an especially major error could ruin an entire trial!”

Due to this, many court reporters also use court transcript proofreaders.

There is more training that goes into becoming a court transcript proofreader, and that is why I separated it from the general proofreading job above.

Caitlin, mentioned above, also has a great FREE 7 day course just for people who are interested in becoming a court transcript proofreader.

 

Home business ideas with low startup costs

11. Become a podcast virtual assistant.

There’s a big demand for podcast virtual assistants right now.

This is because there are over 800,000 podcasts out there, and that number just continues to grow. Podcasts are still a pretty new area, and that opens the door for lots of home business ideas that help out with all of these podcasts.

While the podcast host is responsible for recording themselves, other tasks like editing and publication take time, so many podcasters outsource their work to freelancers or virtual assistants. Also, some podcasters may not know how to do those things, or they may choose to focus their time on other areas.

Some of the different services you can offer as a podcast virtual assistant include:

  • Audio editing
  • Marketing and promotion
  • Publication
  • Distribution
  • Show note creation

You can sign up here for free information that will tell you more about how to become a podcast VA. In this free resource, you’ll learn exactly what a podcast virtual assistant is, the services you can offer, and starting rates.

 

12. Write romance novels.

My friend Yuwanda Black has found one of the most interesting home business ideas – she writes romance novels, and in one month, she was able to make over $3,000!

With her free Making Money Writing Romance ecourse, she teaches you how to make money writing and self-publishing romance novels.

It is taught from first-hand experience, which Yuwanda has because she’s written and self-published 50 romance novellas since 2013. And, she continues to publish today.

 

13. Work as a Pinterest virtual assistant.

Working as a Pinterest virtual assistant is a growing field as more and more business owners are using Pinterest to grow their business.

Pinterest VAs help businesses improve their reach by doing things like:

  • Designing Pinterest images for a website
  • Helping business owners set up their Pinterest account
  • Scheduling pins because this can be time consuming for the average business owner
  • Brainstorming a marketing plan

Click here and click on “Free Training Workshop” to learn how to become a Pinterest virtual assistant and find your first client. In this free course, you’ll learn what you need to do to get started, what services to offer, and how much to charge as a Pinterest virtual assistant.

 

14. Work as a virtual assistant.

If you’re looking for home business ideas with low startup costs, then virtual assisting is a great one!

Virtual assistance is a field that is growing very quickly and it is one of the very popular stay-at home business ideas.

Not only does the internet allow us to complete more of our daily tasks online, more and more people are working online. This presents a good opportunity for more virtual assistants.

Virtual assistant tasks may include social media management, formatting and editing content, scheduling appointments or travel, email management, and more. Basically, you can get paid to do any task that needs to be done in someone’s business, but doesn’t need to be done by them.

If this is one of the home business ideas you’re interested in, I recommend checking out Jumpstart Your Virtual Assistant Business. In that link, you’ll receive a free worksheet and workbook that will help you decide what virtual assistant services you can offer (there are over 150 choices!).

 

15. Write your own eBook for work from home ideas.

Writing your own eBook is a great way to make money from home, and there is probably something super helpful that you could write about (even if you think otherwise!).

In fact, my friend Alyssa self-published her first book and has sold more than 13,000 copies.

She is now earning a great passive income of over $200 a day from her book ($6,500 in one month alone!).

Learn more at Self-Publishing Your First Book. This free series will teach you what it takes to publish a book, including the strategies used to launch a book, writing tips, and more.

 

What is the best home business to start? What are the most successful small businesses?

As you can see, there are plenty of different home business ideas out there, and this list is only scratching the surface. There are full-time home based business ideas, and then there are part-time business ideas.

The best business home based ideas are going to be different for everyone. For example, some people are naturally good proofreaders, while others will have a knack for finding the right items for reselling.

I would think about what kinds of things you’re good at, what interests you, the skills you already have, etc. That may narrow the choices down some. 

But, what I love about the home business ideas on this list is that the free courses and guides listed mean you can learn more about any of them without a big investment. You can explore ideas without feeling like you’re wasting your money.

What home business ideas are you interested in?

The post 15 Home Business Ideas & The Free Courses You Need To Get Started appeared first on Making Sense Of Cents.

Source: makingsenseofcents.com

3 Ways to Beat Debt Burnout

3 Ways to Beat Debt Burnout

Paying off debt with “gazelle intensity” is a great way to get rid of debt quickly. Cutting your budget to a nearly bare-bones level and working hard to increase your income, speed up debt payments and save up for retirement will help you make great progress on your financial goals, but most people can only live on a strict budget for so long before they begin experiencing debt burnout.

Find out now: How much do you need to save for retirement?

What is Debt Burnout?

Burnout is feeling exhausted with your day-to-day routine or the lack of flexibility in your budget. Some people get tired of not having extra money in their food budget to go out to eat occasionally or buy a wider variety of foods at the grocery store. Others grow tired of having little to no budget for entertainment and fun. Burnout leaves you feeling fatigued, frustrated and ready to give up on your debt-free dreams.

Beating Debt Burnout

After you’ve diagnosed yourself with debt burnout, it’s important to take immediate steps to correct it so you don’t end up un-doing all the progress you’ve made toward paying off your debt. The steps to beating burnout don’t have to be drastic. It’s possible to do it by making a few simple adjustments.

1. Reassess Your Budget

After you’ve paid down some of your debt, it’s common to start feeling some burnout from the lack of flexibility in your budget. This may be a good time to reassess your budget and perhaps give yourself a little more money for things you enjoy, like increasing how much you spend on entertainment or giving yourself a little more money for going out to eat with friends and family. This may decrease the amount of money going to debt payments, but that’s better than getting burnt out and going on a crazy credit card shopping spree down the road.

2. Plan a Fun Trip or Event

While your family is paying off debt, it’s common to give up all vacations, trips and fun events. But when you start experiencing debt burnout, planning for one of these events is a great way to stay motivated and give your family something to look forward to. The trip or event doesn’t have to be a huge and expensive ordeal. Even a short day or weekend trip is something to look forward to when you are living on such a tight budget. Try planning for when you hit a milestone – paying off half of your debt or even for when the whole thing is paid off.

3. Find Some Support

When you start to feel burnt out and unmotivated to continue your debt payoff journey, seeking out an accountability partner is a great way to help you stay on track. Single people can especially benefit from having someone to confide in and bounce ideas off of. But even couples and families can use the outside perspective of an accountability partner to help them keep focused on their financial goals and beat debt burnout.

Debt burnout is a real thing that many people struggle with as they work their way out of debt. The more debt you have to begin with and the longer the time frame for paying it off, the more likely it is that you’ll face burnout at some point.

Find out now: Should I get a fixed or adjustable rate mortgage? 

What other ways can you think of to help beat debt burnout?

Photo credit: flickr

The post 3 Ways to Beat Debt Burnout appeared first on SmartAsset Blog.

Source: smartasset.com

What is Credit Card Churning? Dangers and Benefits

Credit card issuers have consumers right where they want them, lending money at high-interest rates and earning money from many different fees. Even reward cards benefit the issuers, because all the additional perks and rewards they provide are covered by the increased merchant fees, which essentially means the credit card company offers you extra money to incentivize you to spend, and then demands this money from the retailers.

It’s a good gig, but some consumers believe they can beat the credit card companies and one of the ways they do this is via something known as credit card churning.

What is Credit Card Churning?

Many reward cards offer sign-up bonuses to entice consumers to apply. Not only can you get regular cash back, statement credit, and air miles, but you’ll often get a reward just for signing up. For instance, many rewards credit cards offer a lump sum payment to all consumers who spend a specific sum of money during the first three months.

Credit card churning is about taking advantage of these bonuses, and getting maximum benefits with as little cost as possible.

“Churners” will sign up for multiple different reward cards in a short space of time, collect as many of these bonuses as they can, clear the card balance, and then reap the rewards.

Does Credit Card Churning Work?

Credit card churning does work, to an extent. Reward credit cards typically don’t require you to spend that much money to receive the sign up bonus, with most bonuses activated for a spend of just $500 to $1,000 over those first three months. This is easily achievable for most credit card users, as the average spend for reward cards is over $800 a month.

If you have good credit, it’s possible to sign up to multiple credit cards, collect bonus offers without increasing your usual spend, and get everything from hotel stays to free flights, cash back, gift cards, statement credit, and more.

However, it’s something that many credit card companies are trying to stop, as they don’t benefit from users who collect sign-up bonuses, don’t accumulate debt, and then pay off their balance in full. As a result, you may face restrictions with regards to how many bonuses you can collect within a specified timeframe. 

What’s more, there are several things that can go wrong when you’re playing with multiple new accounts like this, as all information is sent to the credit bureaus and could leave a significant mark on your credit report.

Dangers of Churning

Even if the credit card companies don’t prevent you from acquiring multiple new credit cards, there are several issues you could face, ones that will offset any benefits achieved from those generous sign-up bonuses, including:

1. You Could be Hit with Hefty Fees

Many reward credit cards have annual fees, and these average around $95 each, with some premium rewards cards going as high as $250 and even $500. At best, these fees will reduce the amount of money you receive, at worst they will completely offset all the benefits and leave you with a negative balance.

Annual fees aren’t the only fees that will reduce your profits. You may also be charged fees every time you withdraw cash, gamble, make a foreign transaction or miss a payment,

2. Your Credit Score Will Drop

Every time you apply for a new credit card, you will receive a hard inquiry, which will show on your credit report and reduce your FICO score by anywhere from 2 to 5 points. Rate shopping, which bundles multiple inquiries into one, doesn’t apply to credit card applications, so credit card churners tend to receive many hard inquiries.

A new account can also reduce your credit score. 15% of your score is based on the length of your accounts while 10% is based on how many new accounts you have. As soon as that credit card account opens, your average age will drop, you’ll have another new account, and your credit score will suffer as a result.

The damage done by a new credit card isn’t as severe as you might think, but if you keep applying and adding those new accounts, the score reduction will be noticeable. You could go from Excellent Credit to Good Credit, or from Good to Fair, and that makes a massive difference if you have a home loan or auto loan application on the horizon.

Your credit utilization ratio also plays a role here. This ratio is calculated by comparing your total debt to your available credit. If you have a debt of $3,000 spread across three credit cards with a total credit limit of $6,000, your credit utilization ratio is 50%. The higher this score is, the more of an impact it will have on your credit score, and this is key, as credit utilization accounts for a whopping 30% of your score.

Your credit utilization ratio is actually one of the reasons your credit score doesn’t take that big of a hit when you open new cards, because you’re adding a new credit limit that has yet to accumulate debt, which means this ratio grows. However, if you max that card out, this ratio will take a hit, and if you then clear the debt and close it, all those initial benefits will disappear.

You can keep the card active, of course, but this is not recommended if you’re churning.

3. You’re at Risk of Accumulating Credit Card Debt

Every new card you open and every time your credit limit grows, you run the risk of falling into a cycle of persistent debt. This is especially true where credit card rewards are concerned, as consumers spend much more on these cards than they do on non-reward credit cards.

Very few consumers accumulate credit card debt out of choice. It’s not like a loan—it’s not something they acquire because they want to make a big purchase they can’t afford. In most cases, the debt creeps up steadily. They pay it off in full every month, only to hit a rough patch. Once that happens, they miss a month and promise themselves they’ll cover everything the next month, only for it to grow bigger and bigger.

Before they realize it, they have a mass of credit card debt and are stuck paying little more than the minimum every month. 

If you start using a credit card just to accumulate rewards and you have several on the go, it’s very easy to get stuck in this cycle, at which point you’ll start paying interest and it will likely cost you more than the rewards earn you.

4. It’s Hard to Keep Track

Opening one credit card after another isn’t too difficult, providing you clear the balances in full and then close the card. However, if you’re opening several cards at once then you may lose track, in which case you could forget about balances, fees, and interest charges, and miss your chance to collect airline miles cash back, and other rewards.

How to Credit Churn Effectively

To credit churn effectively, look for the best rewards and most generous credit card offers, making sure they:

  • Suit Your Needs: A travel rewards card is useless if you don’t travel; a store card is no good if you don’t shop at that store. Look for rewards programs that benefit you personally, as opposed to simply focusing on the ones with the highest rates of return.
  • Avoid Annual Fees: An annual fee can undo all your hard work and should, therefore, be avoided. Many cards have a $0 annual fee, others charge $95 but waive the fee for the first year. Both of these are good options for credit card churning.
  • Don’t Accumulate Fees: Understand how and why you might be charged cash advance fees and foreign transaction fees and avoid them at all costs. The fees are not as straightforward as you might think and are charged for multiple purchases.
  • Plan Ahead: Make a note of the bonus offer and terms, plan ahead, and make sure you meet these terms by the due dates and that you cover the balance in full before interest has a chance to accumulate.
  • Don’t Spend for the Sake of It: Finally, and most importantly, don’t spend money just to accumulate more rewards. As soon as you start increasing your spending just to earn a few extra bucks, you’ve lost. If you spend an average of $500 a month, don’t sign up for a card that requires you to spend $3,000 in the first three months, as it will encourage bad habits. 

What Should You do if it Goes Wrong?

There are many ways that credit card churning could go wrong, some more serious than others. Fortunately, there are solutions to all these problems, even for cardholders who are completely new to this technique:

Spending Requirements Aren’t Met 

If you fail to meet the requirements of the bonus, all is not lost. Your score has taken a minor hit, but providing you followed the guidelines above, you shouldn’t have lost any money.

You now have two options: You can either clear the balance as normal and move onto your next card, taking what you have learned and trying again, or you can keep the card as a back-up or a long-term option. 

Credit card churning requires you to cycle through multiple issuers and rewards programs, never sticking with a single card for more than a few months. But you need some stability as well, so if you don’t already have a credit card to use as a backup, and if that card doesn’t charge high fees or rates, keep it and use it for emergency purchases or general use.

Creditor Refuses the Application

Creditors can refuse an application for a number of reasons. If this isn’t your first experience of churning, there’s a chance they know what you’re doing and are concerned about how the card will be used. However, this is rare, and in most cases, you’ll be refused because your credit score is too low.

Many reward credit cards have a minimum FICO score requirement of 670, others, including premium American Express cards, require scores above 700. You can find more details about credit score requirements in the fine print of all credit card offers.

Your Credit Score Takes a Hit

As discussed already, credit card churning can reduce your credit score by a handful of points and the higher your score is, the more points you are likely to lose. Fortunately, all of this is reversible.

Firstly, try not to panic and focus on the bigger picture. While new accounts and credit length account for 25% of your total score, payment history and credit utilization account for 65%, so if you keep making payments on your accounts and don’t accumulate too much credit card debt, your score will stabilize.

You Accumulate Too Much Debt

Credit card debt is really the only lasting and serious issue that can result from credit card churning. You’ll still earn benefits on a rolling balance, but your interest charges and fees will typically cost you much more than the benefits provide, and this is true even for the best credit cards and the most generous reward programs.

If this happens, it’s time to put credit card churning on the back-burner and focus on clearing your debts instead. Sign up for a balance transfer credit card and move your debt to a card that has a 0% APR for at least 15 months. This will give you time to assess your situation, take control of your credit history, and start chipping away at that debt.

What is Credit Card Churning? Dangers and Benefits is a post from Pocket Your Dollars.

Source: pocketyourdollars.com

What’s the Difference Between 401(k) and 403(b) Retirement Plans?

Investing in your retirement early is the best way to ensure financial stability as you age, especially when it comes to understanding various retirement options. Getting started may feel overwhelming — luckily we’re here to help. We help break down the difference between 401(k) and 403(b) accounts, and how they can impact your financial life.

You may already know the value in adjusting your budget to make saving for a rainy day a priority. But are you also prioritizing your retirement savings? If you’re just getting started in the workforce and looking for ways to invest in yourself, 401(k) and 403(b) plans are great options to know about. And, the main difference between a 401(k) and a 403(b) is the company who’s offering them.

401(k) accounts are offered by for-profit companies and 403(b) accounts are offered by nonprofit, scientific, religious, research, or university companies. To understand the similarities and differences between plans in depth, skip to the sections below or keep reading for an in-depth explanation.

How a 401(k) Works
How a 403(b) Works
The Difference Between 401(k) and 403(b)
The Similarities Between 401(k) and 403(b)
5 Ways to Grow Your Retirement Savings
What is a 401(k) and 403(b)
$19,500 with your employer matches. Plus, most retirement funds have required minimum distributions (RMDs) by the time you turn 70. This essentially means you have to take a minimum amount of money out each month whether you want to or not.

In most cases, employers will offer 401(k) matching to encourage consistent contributions. For example, your employer match may be 50 cents of every dollar you contribute up to six percent of your salary. For example, with this employer match on a $40,000 salary, you would contribute $200 and your employer would contribute an additional $100 each month. This pattern would continue until your annual contributions hit $2,400 and your employer contributes $1,200.

Employee matching is essentially free money. You’re monetarily rewarded for your retirement payments. Be sure to pay attention to vesting periods when setting up your employer match. Vesting periods are an agreed amount of time you need to work at a company before you receive your 401(k) benefits. For example, some companies may require you to work for their team for a year before earning retirement benefits. Other employers may offer retirement benefits starting the day you start working with them.
403(b) accounts include school boards, public schools, churches, hospitals, and more. This type of account is also known as a tax-sheltered annuity plan — they allow pre-tax income to be invested until taken out.

Employers that offer 403(b) retirement plans may offer a pool of provider options that undergo nondiscrimination testing. This allows employers that qualify for this account to shop around for plans that offer the best benefits and don’t discriminate in favor of highly compensated employees (HCEs). For instance, some 403(b) accounts may charge more administrative fees than others.

Employers are able to offer employee matching on 403(b) accounts if they decide to. To cut costs for nonprofit companies, 403(b) retirement plans generally cost less than 401(k) accounts. Costs associated with starting up these accounts may not affect you, but it may affect your employer.

Account Type 401(k) 403(b)
Yearly Contribution Limit $19,500 $19,500
Employer-Issued Packages For-profit employers:
Corporations, private establishments, etc. and sole proprietors
Non-profit, scientific, religious, research, or university employers:
School boards, public schools, hospitals, etc.
Minimum Withdrawal Age 59.5 years old 59.5 years old
Early Withdrawal Fees 10% penalty, tax, and additional fees may vary 10% penalty, tax, and additional fees may vary
Source: IRS.org

 

The Differences Between 401(k) and 403(b)

Both a 401(k) and 403(b) are similar in the way they operate, but they do have a few differences. Here are the biggest contrasts to be aware of:

  • Eligibility: 401(k) retirement plans are issued by for-profit employers and the self employed, 403(b) retirement plans are for tax-exempt, non-profit, scientific, religious, research, or university employees. As well as Hospitals and Charities.
  • Investment options: 401(k)s offer more investment opportunities than 403(b)s. 401(k) accounts may include mutual funds, annuities, stocks, and bonds, while 403(b) accounts only offer annuities and mutual funds. Each employer varies in retirement benefits — reach out to a trusted financial advisor if you have questions about your account.
  • Employer expenses: 401(k) accounts are generally more expensive than 403(b) accounts. For-profit 401(k) accounts may pay sales charges, management fees, recordkeeping, and other additional expenses. 403(b) plans may have lower administrative costs to avoid adding a burden for non-profit establishments. These costs vary depending on the employer.
  • Nondiscrimination testing: This form of testing ensures that 403(b) retirement plans are not offered in favor of highly compensated employees (HCEs). However, 401(k) plans do not require this test.

 

The Similarities Between 401(k) and 403(b)

Aside from their differences, both accounts are set up to aid employees in retirement savings. Here’s how:

  • Contribution limits: Both accounts cap your annual contributions at $19,500. In the event you contribute over this limit, your earnings will be distributed back to you by April 15th. If you’re under your retirement contributions by the time you’re 50 years old, you’re allowed to make catch-up contributions. This means that, if you’re eligible, you can contribute $6,500 more than the yearly contribution limit.
  • Withdrawal eligibility: You must be at least 59.5 years old before withdrawing your retirement savings. In the case of an emergency, you may be eligible for early withdrawal. However, you may be charged penalties, taxes, and fees for doing so.
  • Employer matching: Both retirement account options allow employers to match your contributions, but are not required to. When starting your retirement fund, ask your HR representative about potential benefits and employer matching.
  • Early withdrawal penalties: If you choose to withdraw your retirement savings early, you may be penalized. In most cases, you need a valid reason to withdraw your funds early. Eligible reasons may include outstanding debt, bankruptcy, foreclosure, or medical bills. In addition, you may be charged a 10 percent penalty fee, taxes, and other fees. During a downturned economy, as we’ve seen with the COVID-19 pandemic, fees may be waived.

5 Ways to Grow Your Retirement Savings
retirement plan options and their benefits. When employers offer retirement matches, consider contributing as much as you can to meet their match.

2. Set up Monthly Automatic Contributions

Save time and energy by setting up automatic contributions. You may feel less interested in contributing to your retirement as your payday approaches. Taking time to set up a retirement fund and budgeting for this change may be holding you back. To meet your retirement goals, consider setting up automatic payments through your employer. After a while, you may not even notice the slight budget adjustment.

3. Leverage Employer Matching

Employer matching is essentially free money. Employers may put money towards your future for nothing but your own contribution. This encourages employees to consistently put money towards their retirement savings. Not only are you able to earn extra money each month, but this “free money” will grow with interest over time. If you can, match your employer’s contribution percentage, if not more.

4. Avoid Early Withdrawal

Credit card balances, student loans, and mortgages can be stressful. Instead of withdrawing early from your retirement fund to pay for these, consider other debt payoff methods. If you’re eligible to withdraw from your retirement early, you may face penalty fees, taxes, and administrative expenses. This may hinder your savings potential or push back your desired retirement date.

5. Contribute Your Future Raises and Bonuses

If you’re saving less than $19,500 to your retirement fund this year, consider contributing more. If you earn a bonus or a raise, stick to your current budget and consider increasing your contributions. Ask your employer to increase your retirement payments right before you receive a bonus or raise. The more you contribute, the more interest you’ll accrue over time.

Whether your retirement funds are established through a 401(k) or a 403(b), these accounts offer you the chance to build your financial portfolio. Consistently funding your retirement account may better your financial plan and set you at ease. As your contributions age, so do your interest earnings. You’ll be able to make money on your pre-taxed income and set your future self up for success. Get started by checking in on your budget and carving out a specific amount to put towards your retirement each month.

The post What’s the Difference Between 401(k) and 403(b) Retirement Plans? appeared first on MintLife Blog.

Source: mint.intuit.com

20 Of The Best Entry Level Work From Home Jobs

Looking for entry level work from home jobs?

Are you wondering, “How can I work from home with no experience?”

I know it may seem like every job out there today requires several years of experience. This makes it very difficult to find a job, especially if you are brand new to the field and trying to get your start.

It can be difficult to find a way to make money from home when you are brand new, but it’s not impossible to find entry level work from home jobs.

Everyone has to start somewhere, and if you want to start working from home, then I have a great list of no experience work from home jobs for you to look into.

Now, just because these jobs, businesses, and ways to make extra money don’t require experience, it does not mean that they will be easy! Remember, good things don’t come easy.

You may have to learn a new skill, take a course, and so on.

Also, please remember that entry level means you are starting from the bottom and working up. That means it may take a while to establish yourself. Still, there is room to grow in many of these jobs.

What you’ll find in this list of entry level work from home jobs are new careers and businesses you can start without having a college degree or years of experience.

There are many ideas on this list that involve starting a freelance career by using existing skills, like if you have a good eye for spotting grammar and punctuation errors, then you may be interested in proofreading.

There are other ideas on this list that will require you to learn some new skills – all ones you can easily pick up online.

The most important part is that all of these jobs are 100% work from home ideas. Yes, these are all jobs you can work from the comfort of your own home, while you travel, etc.

Finding a work from home job can be a great way to make money.

After all, it’s what I do, and I love it!

And, there are so many different options depending on what you are looking for. You may be able to find entry level work from home jobs that are part time, full time, that work while you are traveling, and so on.

Plus, many of the entry level jobs from home on my list allow you to have a more flexible schedule, where you may be able to choose the days you work, your hours, and more.

So, if you are looking to start making extra money or if you want a new career path that lets you earn money from home, this list is especially for you.

Before you’re scared off by any of these ideas, please remember that you don’t need to be an expert in any of them right now. As with any new job, you learn as you go and can find training as well.

Related content on entry level work from home jobs:

  • 12 Passive Income Ideas That Will Let You Enjoy Life More
  • 15 Of My Best Working From Home Tips So You Can Succeed
  • 15 Outdoor Jobs For People Who Love Being Outside
  • 15 Home Business Ideas & The Free Courses You Need To Get Started

Below are 20 entry level work from home jobs.

 

1. Create a blog to earn an income.

If you’re looking to work from home, I recommend that you think about starting a blog.

You don’t need previous experience, and most bloggers are brand new to blogging anyways!

I was brand new when I started my blog many years ago, and I learned everything I know along the way.

I read lots of online articles written by other bloggers who were once in the same spot I was, and I have also taken several great courses to help me improve my blog over the years.

I created Making Sense of Cents in 2011, and since then, I have earned over $5,000,000 from my blog.

Blogging allows me to travel full-time, have a flexible schedule, and I earn a great income doing it.

My blog was created on a whim as a way to track my own personal finance progress. When I first started my blog, I honestly had no clue what I was doing. I didn’t even know that people could make money blogging!

One of the reasons that blogging is one of the best entry level work from home jobs is because blogging is quite affordable to start.

You can easily learn how to start a blog with my free How To Start a Blog Course.

Here’s a quick outline of what you will learn:

  • Day 1: Reasons you should start a blog
  • Day 2: How to determine what to blog about
  • Day 3: How to create your blog (in this lesson, you will learn how to start a blog on WordPress – my tutorial makes it very easy to start a blog)
  • Day 4: How to make money blogging
  • Day 5: My tips for making passive income from blogging
  • Day 6: How to grow your traffic and followers
  • Day 7: Miscellaneous blogging tips that will help you be successful

 

2. Sell items through Amazon.

Yes, you read that correctly. You can sell items on Amazon while working from home.

Even if you have no experience, you can earn money selling all kinds of items on Amazon, from books, work out equipment, electronics, and more. 

Amazon has many people who sell items and earn money from home. Most have no experience selling things online or have ever worked at Amazon.

Jessica Larrew, of The Selling Family, is a friend of mine, and she and her family started selling things on Amazon FBA a few years ago without any experience – they made over $100,000 profit in their first year! And, they were working less than 20 hours a week total.

Jessica now has a FREE 7 day course that will teach you everything you need to know in order to start selling on Amazon. I recommend signing up for it now!

I interviewed Jessica in How To Work From Home Selling On Amazon FBA, and we talk about:

  • How Jessica started selling on Amazon FBA
  • What exactly Amazon FBA is
  • How to choose what to buy and sell
  • How much a person can expect to earn
  • The positives of selling on Amazon, and more

 

3. Teach English online.

This one will probably surprise you, but there are entry level work from home jobs where you teach English to kids in other countries. You don’t need to have been a teacher or speak a language other than English.

The requirements are that you have experience working with kids. That can include mentoring, tutoring, coaching, babysitting, or being a parent.

That’s a pretty easy requirement, though!

You can typically earn around $14 to $22 per hour by teaching English online.

Learning how to teach English online has become extremely popular, making it one of the best online jobs from home for many good reasons – it’s flexible, there’s a high need for teachers, and it pays pretty well.

My top three picks are ones my readers have recommended and ones I have researched:

  1. VIPKID
  2. Qkids
  3. Education First

Learn more at Make Extra Money By Learning How To Teach English Online.

 

4. Tutor from home.

To go along with the above, you can also work from home as an online tutor.

Course Hero is a website that has entry level work from home jobs where you help high school and college students with course-specific questions.

Course Hero was founded in 2007 and is an online learning website where students can find tutors and search by their specific school to find study guides, videos, practice problems, class notes, and step-by-step explanations.

Using the website, students connect with Course Hero tutors on a wide range of subjects and classes, which makes this a great option for people with different educational backgrounds and experience.

What might surprise you to learn is that you don’t need to have experience as a tutor, professor, or teacher in order to become a Course Hero tutor.

However, you will need to share information that proves you have expertise in the subjects you would like to help students with, such as degrees or previous work history.

Tutors earn an average of $3 for each question they answer on Course Hero. Earning between $12-$20 per hour, Course Hero tutors earn an average of $300 a week.

Here’s how this online tutoring job work:

  1. You apply here to become a Course Hero tutor
  2. When you are available to answer questions, you do so on the Course Hero website
  3. You get paid

Learn more at How To Make $300+ Weekly As An Online Tutor With Course Hero.

 

5. Become a virtual assistant.

Several years ago, I was a virtual assistant.

I had no previous experience, and I simply learned skills as I worked.

Virtual assisting is a field that is growing a lot, and there are lots of entry level work from home jobs as a virtual assistant.

Virtual assistant (VA) tasks may include social media management, formatting and editing content, scheduling appointments or travel, email management, and more. Basically, you can get paid to do any task that needs to be done in someone’s business, but doesn’t need to be done by them.

My friend Kayla is a full-time blogger, virtual assistant, and project manager who earns over $10,000 per month while working from home. She is also the founder of $10K VA, a course where she teaches exactly how you can make a consistent $10,000 per month as a virtual assistant!

Kayla used to work a full-time job as a credit analyst, earning about $2,000 per month. She was struggling to make ends meet while paying off debt, so she started a side hustle as a virtual assistant.

I interviewed her at How Kayla Earns $10K/Month From Home as a Virtual Assistant, and we talk about:

  • The amount of money a beginner virtual assistant can expect to earn
  • How to find your first virtual assistant job
  • The steps to become a virtual assistant without previous experience
  • Her best tips for being a virtual assistant

And more!

 

6. Evaluate Google’s search engine results.

A Search Engine Evaluator (also known as a Google Rater) is where you rate websites based on their quality and usefulness.

You are rating websites to help Google improve their search engine results.

This is one of the entry level work from home jobs that almost anyone can do – you don’t need to be a technical person in order to make money as a search engine evaluator.

Another great positive is that you can work in the language of your country, as Google operates in nearly every country around the world.

Learn more at How To Become a Search Engine Evaluator.

 

7. Manage Facebook advertising for small businesses.

Did you know that you can make a living from Facebook? With Facebook advertising, you can help businesses expand their reach.

And, yes, this is a skill that you can learn!

Last year, business owners spent over $88,000,000 per day on Facebook ads. This is expected to continue to grow, and it is one of the largest advertising spaces that exists.

My blogging friend Bobby Hoyt knows a lot about this topic. Bobby is a former high school teacher who paid off $40,000 of student loan debt in a year and a half. He learned how to run Facebook ads on his own to earn extra money. Bobby now runs the personal finance blog Millennial Money Man full-time, as well as a digital marketing agency for local businesses that he started in 2015.

I interviewed Bobby about entry level work from home jobs running Facebook ads, and in our interview, you will learn:

  • How he started earning income through running Facebook ads
  • Why small businesses want Facebook ads
  • How a person can find their first Facebook ads client
  • How much you can make doing this type of work – the average is around $1,000 extra a month per client

Also, Bobby has a free webinar on this topic too. His webinar (you can sign up here) will teach you how to start this business even if you’re brand new, how to find paying clients, and more.

 

8. Get paid to share your opinion.

This isn’t exactly a job, but it is a way to make extra money.

And, you don’t need any previous experience.

Yes, you can get paid to share your opinion!

Companies use surveys all the time to learn what their current and potential customers think of their products, services, and company. With the surveys you take, companies get valuable opinions on how to improve their products, and that’s what they are paying you for.

Below are the survey companies I recommend:

  1. American Consumer Opinion
  2. Survey Junkie
  3. Swagbucks
  4. InboxDollars
  5. Opinion Outpost
  6. OneOpinion
  7. Pinecone Research
  8. Prize Rebel
  9. Product Report Card
  10. Survey Club

 

9. Create an online store of your own.

This is one of the entry level work from home jobs that many people are surprised to hear about. But yes, you can start your own online store, and you don’t need to have tons of experience or a lot of money to do so. Many people start with absolutely no background.

I had the opportunity to interview Jenn Leach of E-commerce and Prosper, who explains exactly how to start an online store.

Jenn is a corporate mom turned e-commerce store owner and blogger.

She started her online business a little over three years ago, and since then, she has developed and grown three successful online e-commerce stores earning an average of $19,000 per month.

She is super successful despite only spending around 5-10 hours per week on her e-commerce business.

You can read our interview at How Jenn Makes Over $10,000 A Month With Her Online Store In Less Than 10 Hours Per Week.

 

10. Start a bookkeeping business.

I’m sure you’re surprised to hear that bookkeeping is an area with entry level work from home jobs, but it definitely is.

A bookkeeper is someone who tracks the finances of a business, handles billing and payments, making spreadsheets, etc., but that doesn’t mean you need to be an accountant or have any related experience.

Ben, from Bookkeeper Launch, helps people get started as bookkeepers even when they don’t have any experience. Ben is a CPA who founded his business after realizing that many businesses needed better bookkeepers. 

In our interview, we talk about:

  • What a bookkeeper is
  • The typical clients a bookkeeper has
  • How much new bookkeepers earn
  • How to become a bookkeeper
  • The positives and negatives of bookkeeping

You can read all of his answers and more in our interview Make Money At Home By Becoming A Bookkeeper.

Also, you can sign up here for a free series that will teach you more about running your own virtual bookkeeping business.

 

11. Find stuff to resell.

This is one another one of the entry level work from home jobs that anyone can start. That’s because we all have lots of stuff in our house that we can probably sell online.

Have you ever found something that you thought you may be able to resell and actually make some money?

Melissa’s family earned $133,000 in one year through buy and sell flipping, and they were working only 10-20 hours per week.

Yes, just 10-20 hours a week!

Some of the best flipped items that they’ve sold include:

  • An item that they bought for $10 and flipped for $200 just 6 minutes later
  • A security tower they bought for $6,200 and flipped for $25,000 just one month later
  • A prosthetic leg that they bought for $30 at a flea market and sold for $1,000 on eBay the next day

You can learn more at How Melissa Made $40,000 In One Year Flipping Items.

 

12. Write online as a freelancer.

I know so many people who have found entry level freelance writing jobs. You don’t need a background in writing or a degree in English or creative writing.

A freelance writer is someone who writes for a number of different clients, such as websites, blogs, magazines, advertising companies, books, and more. They don’t work for one specific company, rather they work for themselves and contract out their writing.

My friend Holly from EarnMoreWriting.com (as well as the popular personal finance blog Club Thrifty) is a very successful freelance writer and has earned over $200,000 writing online!

Her freelance writing course includes nine video modules, several printable worksheets, and awesome add-ons, too. Here are some of the things you can expect to learn if you take her freelance writing course:

  • Discover the #1 most important thing you can do to get paid writing jobs
  • Learn how to find entry level work from home jobs as a writer and move up over time
  • Learn how price affects the amount of work you get
  • Learn which types of jobs help Holly earn the most pay, and where you can find them
  • Find out which online platforms work best for finding paid work, and how to use them
  • Learn how to structure your work day to earn six figures or more

Learn more at How I Earn $200,000+ Writing Online Content.

 

13. Transcribe audio or video into text.

Transcription is the art of turning any audio or video content into a text document.

There are many businesses looking for transcriptionists too – since general transcriptionists convert audio and video to text for virtually any industry, there really isn’t a typical client. Some examples include marketers, authors, filmmakers, academics, speakers, and conferences of all types.

Beginning transcriptionists earn around $15 an hour to start.

There are many transcriptionist jobs that don’t require experience, and most transcriptionists learn more and improve their skills as they work.

You can learn more about becoming a transcriptionist in the interview Make Money At Home By Becoming A Transcriptionist. The interview explains:

  • What a transcriptionist is
  • How you can get started as a transcriptionist
  • What kind of money you can expect to make
  • The type of training you need, and more

 

14. Find proofreading jobs online.

Finding entry level proofreading jobs online is very possible.

All you need to work as a proofreader is a laptop or tablet, an internet connection, and a good eye for pointing out mistakes.

Proofreaders look for punctuation mistakes, misspelled words, lack of consistency, and formatting errors.

In 2014, Caitlin made slightly over $43,000 by being a freelance proofreader.

You’ll learn more about this in my interview with Caitlin that I link to below, but proofreaders take content that other people have written and then go over it with a fine-tooth comb. You might be proofreading blog posts, print articles, academic articles, website copy, ad copy, books, student papers, emails, and more.

This job is for a very specific type of person who LOVES to correct grammar or makes a note of spelling mistakes on a restaurant menu… it takes a certain “eagle eye” ability to be good at proofreading!

I interviewed Caitlin on what it takes to become a proofreader, and in our interview we go over questions such as:

  • What a proofreader does
  • How much proofreaders earn
  • How quickly a person can start making money as a proofreader
  • The steps needed to become a proofreader

You can find out about entry level work from home jobs and more at How To Become A Proofreader And Work From Anywhere.

Caitlin has put together a FREE 76-minute workshop, where she answers all of the most common questions about becoming a proofreader, and she even shows you how to use the most popular tools used by proofreaders around the world. You can sign up for free here.

 

15. Learn how to become a scopist.

Scoping is when you are editing legal documents for court reporters. This is different from proofreading for court reporters.

I interviewed an expert on the topic – Linda from Internet Scoping School. She has been scoping for over 35 years and has taught scoping online for around 20 years.

She also has a free course that will introduce you to scoping so that you can decide if it’s one of the entry level work from home jobs you want to pursue. You can find the free course by clicking here.

Scopists who are working with an average court reporter tend to make around $30,000 to $45,000 per year working pretty much full-time.

You can learn more at How To Become A Scopist.

 

16. Assist with podcasts.

Currently, there’s a huge demand for podcast virtual assistants.

There are over 800,000 podcasts out there, and that number just continues to grow. Podcasts are still a pretty new area, and that opens the door for lots of new entry level work from home jobs helping with all of these new podcasts.

While the podcast host can record themselves, other tasks like editing and publication take time, so many podcasters outsource their work to freelancers or virtual assistants. Also, some podcasters may not know how to do those things, or they may choose to focus their time on other areas.

Some of the different services you could do as a podcast virtual assistant include:

  • Audio editing
  • Marketing and promotion
  • Publication
  • Distribution
  • Show note creation

Learn more at How I Make $1,500 A Month As A Podcast Virtual Assistant.

Also, you can sign up here for free information on learning more about how to become a podcast VA. In this free resource, you’ll learn more about what exactly a podcast virtual assistant is, the services you can offer, and starting rates.

 

17. Work as a freelancer.

Freelancers are people who work for others by doing part-time jobs. A business may hire you on for one-time gigs or you may get a long-term job with a company as a freelancer.

In addition to some of the freelance jobs I’ve already mentioned (writing, proofreading, transcribing, and bookkeeping) there are even more entry level work from home jobs out there for people who are able to leverage existing skills, like:

  • Graphic design
  • Web design and development
  • Video editing
  • Sound design
  • Search engine optimization (SEO)
  • Programming
  • Photography

This is one of the best work from home jobs because you can use a skill you already have and start finding work on job platforms like UpWork and Fiverr.

 

18. Find a work from home job in customer service.

Many large companies outsource their customer service departments to people who are working from home. 

Customer service representatives may be responsible for a number of things, such as:

  • Working at an online call center
  • Working as a chat agent
  • Offering technical support
  • Virtual assistant tasks
  • Working as a travel agent

This is becoming one of the best entry level work from home jobs because the number of large companies who need online customer service reps is growing. Companies like Apple, American Express, UHAUL, and more offer basic training for new hires.

 

19. Secret shop.

Funny enough, many people think that you have to “know someone” or have previous experience in order to become a mystery shopper.

But, that’s not the truth at all.

You don’t need any previous experience in order to become a secret shopper.

This won’t be a full-time job, but it can give you some extra money each month. And, yes, there are some mystery shops that can be done by phone and online.

I remember when I first heard of being a secret shopper. I was working at a retail store and we regularly had mystery shoppers come in to grade how we were doing. We never knew who the mystery shopper was, but we would get to read their report afterwards.

I thought it was so interesting that people were getting paid to shop!

Not long after hearing about it, I decided to try mystery shopping to make extra money to help pay off my student loan debt.

I regularly earned around $150 to $200 a month mystery shopping, and I earned free items/services as well, such as $100 to spend at restaurants (which I had to grade while I was there), makeup, and more.

If this sounds interesting to you, you can join Bestmark by clicking here. This is my favorite mystery shopping company, and the only one I used back when I was mystery shopping, so I know it’s legitimate.

Learn more at Want To Make An Extra $100 A Month? Learn How To Become A Mystery Shopper.

 

20. Become a voice over actor.

A voice over actor is the person you hear but rarely see on YouTube videos, radio ads, explainer videos, corporate narration, documentaries, e-learning courses, audiobooks, TV commercials, video games, movies, and cartoons.

This job doesn’t require previous experience or special skills – you just need to have the right kind of voice that companies are looking for.

In 2014, Carrie replaced her salaried day job to become a full-time voice over actor. People are constantly asking her how she got her start and how they can too.

So, she created a six-week online class, and it sold out. Several of her students booked voice acting jobs before the class was even over!

I was excited to learn more about this work from home job, so I interviewed Carrie to learn:

  • How she got into this interesting career field
  • Who the common clients are
  • How much money a beginner voice over actor can expect to make
  • The positives of this job
  • How to find your first job
  • The costs, and more

You can read my interview with her at How To Become A Voice Over Actor And Work From Anywhere.

 

How can I make money from home with no experience?

As you can see, there are many different options for you if you are looking for an online job or work from home business with no experience.

I hope you are able to find what works best for you and your situation.

What entry level work from home jobs would you add to the list above?

The post 20 Of The Best Entry Level Work From Home Jobs appeared first on Making Sense Of Cents.

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