Money Ideas

Book Review ‘Tricks Of The Rich’ By Paul A. Overy

If you are looking for a book on growing money then this might be the book for you. It is written in very clear and plain English. The chapters are clearly defined and they cover a wide variety of topics.

ISBN: 9780273736356 Price £10.99

The book is very well priced considering the information that the book contains. It is a book full of practical advice on how to increase your wealth and to become financially free. The concept that Overy is using is one that has been in people’s mind more lately than ever before, but Overy is thinking about when you give up work and still have money or an income coming into your home. Many people are using the term, being financially free as a way to live your life not being controlled by debt and that the money that you are earning is yours to spend and not spending money that you haven’t got.

One of the key pieces that Overy talks about is looking how the rich handle their money and look for ways that this might be the better way to handle money. The rich people always pay for their financial advice and this could be something that is vital in today’s market. If you are looking for financial advice if you are prepared to pay for that advice are you going to get better advice than someone who is offering free advice?

The chapters of this book cover a wide variety of topics and they are packed full of information.  Some I would question, he suggests that if you have debt and you have savings then you should use all your savings to pay of the debt. This can work up to a point, you do not want to put all your savings into paying off debt because if there is an emergency then you would need more debt to proceed and this could put you back to square one. I see the point that if you are paying out high interest rates for loans and the return that you are getting is considerably lower for your savings then it is going to make some financial sense, but you will need to keep a proportion back for emergencies.

I liked one of the chapters it is about having a rich check list and you go through and plan your future including having a date and a time frame to accumulate the money that you will need to become financially free in the term of the author.

I feel that the titles of the chapters tell you so much about a book and what it could offer. You will be able to find information in these and be able to dip in and out as you please.

  • What is financial freedom
  • Be advised like a rich person
  • A few simple money-saving ideas to get you started
  • The golden rules of the rich
  • Borrow to create wealth, but borrow wisely!
  • Invest like the rich
  • The rich keep more of their income and how you can too
  • How the rich pay less tax
  • The rich checklist
  • Do it – or stop moaning about money

As with many pieces of advice there are some that are great, review finances regularly and make sure your plan is still on track, and there are other pieces of advice that I question and wonder if it is something that I would consider doing.

This is a book I would recommend as it has some very useful ideas and I am certainly keeping an eye out for future books from this author.

 

How To Make A $100 Before The Holiday Season

Do you want to make some extra money or are you trying to boost your holiday saving budget? These are all tried and tested methods where if you put in some time you might be able to increase your budget before the end of the year.
Sometimes the added pressure of the holiday season can be difficult on any budget and at this time of the year the expenses seem to rocket. If you are able to save some of that expense from ruining your hard work then you need to start thinking sooner rather than later on how you are going to tackle this problem.

International Money Pile with Free Cash and Forex Coins
Selling


This option has become very popular in the last few years selling goods and products that you no longer need or want. There are various different sites including EBay. You log the product that you want to sell and include the postage price too and this is stored on the site for a set amount of time, your choice, and you see what bids you are able to get. You have to sell to the highest bidder and they transfer the money through pay pal and you send off the goods. EBay and PayPal might take a percentage of the money, they are businesses and they are in the business to make money. You have to be cautious that you do not lose money on your sales and you will need to do research before you sell an item.
You have the potential to make some money before the holiday season starts, if you aim to sell $50 of goods in the next two months that will add to the total that you could make.
Cash back sites


It is possible with every purchase that you make you could be saving money with each purchase. You just head to the shop by going through the cash back sites and in return you will be making some of the commission money back.
If you look at the site www.shopathome.com you can earn anywhere from 1.5% to 9% cash back on your purchase, so it you where to spend $200 you could potentially make $10 in cash back if the rate was 5%, obviously if the percentage was higher, the cash back that you would receive would also be higher.
Refer a friend

There are many companies that are on the look-out for new customers and the best way to get them is from friend referrals.

A great friend referral scheme is being run by www.airbnb.com/referals, you can earn $25 for your referral when your friend takes their first trip and a staggering $75 when they rent out their place. So, even if you are just refer a friend that you know is just about to take a holiday then this could add to your holiday season spending money.

If you use moneybookers for your money transfers you can earn money each year with your friend referrals to this site. In one year you can earn a maximum of $135.31 by referring friends to this site. So in the two months before the holiday season you might be able to make in referrals up to $22.5.

Target


With these few ideas you would have made a staggering $107.50 dollars and you don’t even have to leave the comfort of your own home. Just imagine the potential that you could achieve if you started this idea in January and whatever money you made in this way will be used to pay for the holiday season.
Whatever option that you consider trying you need to be able to keep up the momentum which is why I look at these ideas later in the year, that way I am not bored with some of the repetition that some of the sites require you to do to earn points or money.
Other options


One of the fastest growing areas is www.swagbucks.com here you are able to do the normal internet usage but at the same time earn Swagbucks. These are great and you can use them to purchase items in the Swagbucks shop or exchange them for vouchers. You just use the internet as you usually would after registering on their site and down load their tool bar and there you have it a complete system that will allow you to gain Swagbucks for just surfing on-line. I have heard of people using this system during the year and using it to pay for their festive season completely, this will free up the expense and means you will have more money to invest and watch it grow.
Best time to buy


These are just a few great deals that you can get when you are considering increasing your income before the holiday season. But what if you are planning any big purchases do you know when you will get the best deals?
The best time to buy any large ticket item is between January and March, these are the months that for retailers are the hardest months to sell their products and they tend to have the largest sales during these months. So if you are looking to save money then you should consider these months as the best time to get the greatest deals. This is when customers have the least money to spend because they are normally still paying for the festive seasons and if you are able to take advantage of this time and save money, it will help towards the holiday season next year.
Different options

Some of the ideas that you can use to make money are:
• Selling
• Swagbucks
• Friend referrals
• Cash back sites
There are many different options that people use to make points or save for the festive season and having different ideas can always make people think about making their money stretch that bit further, so if there are some different ways that you like to make money or are able to build up points that you can swap for purchasing power please recommend them in the comment section below.

How To Make Money On YouTube

If you have ever thought that you could make the interesting YouTube videos, have you considered making some money from them?
youtube-logo

There are a few steps that you will need to follow to be able to bring in some money but if you are serious and can work hard then it is possible to make some great money here.

  • You will need to open a YouTube account, without this you will not be able to up load your video’s to the site.
  • The aim of the YouTube account is to upload your video’s, you will want to make them as best quality that you can, this will encourage your viewers to come back and watch the next clip that you up load.
  • The content that you upload needs some careful thought, it can’t have material that could get YouTube sued or prosecuted so you do need to be careful with what you are considering focusing on.
  • Make sure that your content is of the highest quality, this will mean that you will get more people prepared to watch the clip.
  • Make sure until you have an established audience that your clips are short and that you are posting them regularly.
  • It is not about posting loads on one day and then leaving it a month before the next installment, it is better to have fewer each day and spread the clips out over a period of time.

You used to have to wait until your audience was larger than 500 so you could apply for the YouTube partner, this meant that you will start to make some money for the channel that you are perfecting. It was important that you were able to advertise on the site and you needed to sign up to a separate advert company like AdSense.

This has all changed all you need to do once you have uploaded your video clips is to press the monetise button and all the hard work is now being done for you. It is the time that YouTube wants you to use your skills to make YouTube even bigger and better than it ever has been.

So, if you are not shy and you are looking to make some money then it might just be an idea for growing money. But beware you might be liable for tax on any of the money that you start to make.

Free Money

If you are looking for some free money or ways to be growing money then you might want to consider what products and services that are out there just waiting for you.

There are many banks and other money institutions that are crying out for new customers and they have some great ways to entice you in. They tend to offer money or great interest rates. Don’t just jump at the first offer that you see, you will need to check out the literature to make sure that it is the right product for you.

You will also need to be aware that if you are applying for financial products it could affect your credit rating so be cautious with any move that you make.

If you are looking for some great deals for your banking then check out these deals.

The First Trade Union Bank are offering up to $100. This is with their FT High-Yield Savings account. This is when you use their new payment app for this account. But you have to consider the rate of interest which is just 0.05% if the account has a balance less than $2500, the rate goes up to 0.7% after this.

If you are already a customer of  Salem Five Bank and you introduce a friend they will give you both $50 visa cards to spend on what you like.

If you are looking for a back account that offers you more than you might do well with a  Huntington Bank account. Here you will find some great service and a 24 hour grace overdraft waiver, you pay money in within 24 hours and you don’t pay overdraft charges. This could save some people more money.

You might find just what you were looking for.
 

Stocks vs Mutual Funds

Lately I’ve been hearing a lot of mutual fund investments and how they are the new “in” thing to grow one’s money. If you google it, you’d see a lot of comparisons between the two. You can go deeper, but for now, I’d  give you a very brief overview of the bottom lines.

Before the overview though, an equally brief background – stocks are shares of a company (see this article for the details), while mutual funds would be a mix of investments (stocks, bonds, etc). Mutual funds are usually a mix of investments decided by the investment company you buy it from.

1. Risk

In the world of finance, one phrase you’ll always hear is that the higher the risk, the higher the returns.

With mutual funds, your risk is minimized. They mix and match, and some of these have lower risks, and therefore, lower returns. For example, let us compare putting $1,000 in XXX Company’s stocks against a mutual fund. The mutual fund, for example, includes $300 in XXX Company’s stocks, $500 in Treasury Bonds and $200 in ABC bonds. Suppose XXX Company’s stocks doubles in value. If you are investing in stocks, you earn $1,000. If you invest in mutual funds, you earn $300. Suppose now that XXX Company’s stocks drops to nil. If you are investing in stocks, you lost $1,000. If you are investing in mutual funds, you only lose $300. You should know though that the investment company decides on the portfolio.

Maybe you’ll now ask, so maybe you’ll just diversify it on your own, in which case we go to item number 2:

2. Transaction costs

Taxes, transaction costs and commissions should be taken into consideration. It will be impractical to buy $100 stocks and pay $10 transaction costs. Hence, these should be considered when investing. The SEC  even has a guide for these.

Mutual funds, in a way, are but a diversified portfolio that is well calculated. Unfortunately, you will be paying for these calculations. It is like having a middleman that takes a cut off your profits. You’ll have to take this in mind when deciding.

However, having a middleman does make things easier. You don’t have to worry about the documentation, applications whatsoever. The middleman will handle it for you.

 

There are other things to consider – like the fact that you can vote using stocks and not with mutual funds – but these two are the main considerations. I do think, however, that if you are really into investing, then stocks the choice for you. But if you just want an egg nest that pays better than the bank (with more risk though), then mutual funds it is – as evidenced by how often it is used for retirement plans. Either way, they are both great ways to grow your money and be a step closer to financial independence.

Earn Extra Money with Moonlighting Business

Need to earn a little extra money but the more traditional options that would require you to sell jewelry, have a yard sale, or sell unwanted items online just don’t sound up your alley? Then perhaps getting into the moonlighting business may be what you are looking for, as long as you are willing to put in a little extra work and give up some of your free time that is.

Starting your own moonlighting business is a great way to earn a little extra income and sometimes a lot! If you have a special interest or skill that can be turned profitable there is no better way to bring in a second income source then to do so by profiting from something you already know and do. Not quite sure what skills you have that could actually turn profit? Here’s a quick list of some examples:

  • You can become an instructor or a tutor. Do you have exceptional writing, math, economics, or other school subject skills? There are countless grade school, college aged, and adults looking for tutors or trainers to assist in a special area where they may be in need of help in. Do you play the piano, guitar, or any other instrument? Again, there are countless individuals looking for someone to teach them how to learn to play a specific instrument. Same goes for cooking, dance, computer skills, fitness, a second language, etc.
  • Sell hand-made crafts and other items. There have been thousands of people worldwide who have struck it pretty big selling items they make themselves. From bird houses, necklaces, paintings, furniture, blankets, clothing, etc.; if you have an interesting in making a specific item, why not make a profit from it? Create your own website, sell by word of mouth, Craigslist, eBay, there are many outlets that can help you get your product out to the world to ensure you bring in those extra funds.
  • Babysit, pet-sit, house-sit. This might sound irrelevant in regards to making a decent profit, but you’d be surprised how many people who are looking for reliable and responsible adults to watch over things that are precious to them.

There are obviously more alternative ways to jump into the moonlighting business in order to earn an extra income, the trick is to find out what works for you and your lifestyle without adding too much extra stress or by letting it affect your regular full-time job.

 

 

Discover Card 0% APR until January 2011

I received a promotion offer for my existing Discover Card, a 0% APR on new purchases made from July 1, 2010 through December 31, 2010. The 0% APR on the balance is good until the last day of my billing period in January 2011, which gives me a 6-month interest-free period. This offer came in at a good time and I have a good idea to advantage of it.

Make Money Combo: Discover Card 0% APR + US Mint $1 Coins
Use the Discover Card to purchase Presidential Dollar Coins from US Mint. The purchases will be charged dollar-to-dollar, which also receives Discover Card cashback Bonus, and the purchases will be interest-free for six months. It is like a 0% balance transfer, except with cashback and without the balance transfer fees.

I have a credit limit of $4,800. I could purchase 4,800 coins with free shipping and rack up 4,800 credit card points. I can either deposit or spend the coins.

Related: Credit Cards

Make Money Ideas and Links #1

Make money ideas can be founded in conventional or creative ways; can be done physically or online, by yourself or with a group.  Below are some links that show how to make money in different ways.

Getting Rich: How I Make an Extra $1,000 Every Month Freelancing (and you can too!)
Mike from Personal Finance Ninja explains how you can capitalize on your skills and knowledge by working as a freelance tutor.

5 Alternatives to Online Savings Accounts
Lisa at DoughRoller lists 5 ways to make money.

How My Friend Made $2,100 From Tutoring
MD from Studenomics talks about how you can make money as a tutor and there’s little to none overhead or capital investment involved.

Royalties: How the Average Person Can Work Once and Get Paid Over and Over and Over
Ron from The Wisdom Journal introduces a way to make royalties that will help you bring in recurring money over time, but it’s not the kind of royalties that would expect.

Making Online Income: How Secure Is It?
20s Money presents different ways to make money online.

How to Make $300.00 a Month with Blogging
My Blogging Fortune talks about how he will achieve his monthly goal of $300.

How I Paid Off Over $70,000 in Debt and Quit My Job

Jaime Tardy shares her story on how she found extra money.

How to Invest in the Economy: The Best Investments for Each Business Cycle
Mike from Personal Finance Ninja talks about finding attractive investments in the stock market.

Make Extra Money: 9 Ways for Women to Increase Cash Flow
Lakita Humber from One Money Design lists 9 ways for women to put extra money in their purses.

Tips To Make Money on Craigslist

SingleGuyMoney shares tips on making money by selling items online

Like these ideas? If you have a good make money idea, please submit your article to the Carnival of Make Money.

House Cleaning – Turning Trash to Cash

I was cleaning up this weekend and I find a lot of things I no longer need anymore. I was about to throw or give them away but I thought maybe I can make a little experiment out of this. I’ll put up the items on the Internet and see how much I can make out of this trash and see if it’s worth the time and effort to post everything up as opposed to just giving or throwing them away. My instincts and experience tell me that it’s not worth the time and effort to post them up. I have posted items up on the Internet before and it is very time consuming to write up a post and attach pictures.

Here are some of the items that I’ll put up for sale. I used to post items up on eBay but eBay takes up too much time and fees. I have recently signed up for Craigslist and I have found it to be a much faster way to post up items. I like the simple interface and it only takes a few clicks to post up items, much quicker than eBay. And postings on Craigslist are free.

Some items for sale:
NetGear MR814 082.11b Wireless Router (box, almost new) – $20
Airnet 108mbps Wireless USB Pen Adapter (Retailed Box, sealed) – $30
Gigafast Wireless USB Adapter 802.11b-g (Retailed Box, almost new) – $25
Belkin Ethernet NIC (Retailed Box, sealed) x2 – $5 each
Linksys Fast Ethernet NIC (Retail Box, almost new) $5
Fast Etherlink NIC (as is) – $2
Motorola 56K modem (as is) – $2
Monitor Switch Box (as is) – $2
Battery Charger & Meter Tester (as is) – $5

As I hate doing the packing and shipping, I will be requesting for pick-ups. Packing and shipping just takes too much time and will make selling these items a drag. It took me half an hour to take pictures and put up those items on Cragislist. I wish there’s an easier way to post all the items up. I would like the idea of a virtual backyard sale where people can browse virtually to see what they want without me having to individually going through every item. That would be an awesome idea. I’ll put a mental note on the virtual backyard sale idea.

I also have a lot of books that I would like to get rid of. Does anyone what is a fast way to get rid of books – say a yard sale or even a donation place that would take books?
I’ll post updates on this experiment in a week and we’ll see how things go.

Money Idea #9: Flea Market


Last Sunday, I went to NY’s Aqueduct Flea Market, the largest outdoor flea market on the East Coast. The flea market area is indeed huge. There are many stores and they sell items ranging from little 99 cent gadgets to sunglasses to clothing to food to luggage bags — almost anything. From what I’ve seen on that day, it looks like a doable business. It would be worth a shot if you can get a lot of items for really cheap. The rent is about $50 for a table.

I know someone there renting two big lots, about $175 each. He sells clothing and fake jewelry and is making over $2000 a day. I walked around the flea market and I see a store selling one-dollar and plus items. While I was there, one guy bought $20 of stuff. Those small items add up!

I’m thinking maybe I can rent the smallest area for about $50 a day and sell iced cold water bottles. I’d charge $2.00 for a half liter bottle. (It was really hot when I was there yesterday. Summer is usually hot, so good for selling water.) I’d need 25 customers to break even for the rent. Let’s play the number game, assuming I will sell 100 bottles a day. Here are the estimates:

Sales of 100 bottles: $200
Rent: $50
Cost of 100 bottles: $20
2 Huge Water Coolers: 40
Ice: $3
Misc: $10 (accounting for anything else, like transportation)

Net Profit: $77
After the one time water cooler expense, it’ll be a recurring $117 net profit.

I think once I get the equipment and things set, I can pick up a nice profit. I can also sell soft drinks.