Welcome To World Best Suggestion: April 2021

Friday 30 April 2021

How to Make Money with Google Task Mate?

Google is now offering a fabulous way for people to make money. The Google Task Mate is an app that allows you to get paid by doing tasks. Currently, only the trial or Beta version of Google Task Mate is available in India. You can download the app from Google Play Store and await their […]

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April 30, 2021 at 06:38PM

15 Best Finance YouTube Channels

The post 15 Best Finance YouTube Channels appeared first on Millennial Money.

Since you’re reading these words, it’s safe to say you’re interested in brushing up on your financial education, getting serious about your financial future, and figuring out how to make some extra money.

Good news: You don’t necessarily have to go back to school to sharpen your knowledge. In fact, you don’t even need to get off your couch!

YouTube offers a wealth of financial advice—you just have to know where to look.

Keep reading for the ultimate list of YouTube finance channels.

Why you should watch financial content on YouTube

Take a look around you and notice what you see. Do you like where you live? Your job? Are you driving the car you want?

Most importantly, are you financially independent?

If not, then it’s time to brush up on the basics and start educating yourself about financial information. And one of the best places to do it is on YouTube.

YouTube offers an abundance of free financial information for consumers, offering insights on just about any topic. For example, maybe you want to learn about mutual funds. There are channels for that. Or, maybe you want to learn how to flip houses. There are channels for that, too.

The key to financial success is education—plain and simple. If you want to become financially independent, you need a foundation of knowledge and YouTube can help.

Tips for watching finance YouTube

Here are some things to think about when watching financial content on YouTube.

Question everything

There is a lot of information on the internet, and not all of it is good or valid. Be very discerning when learning about content and always supplement things you learn with your own research. That’s the best way to avoid getting manipulated or ripped off.

Turn advice into action

With so much content floating around on the internet, it’s easy to spin your wheels. At a certain point, you’re going to need to form your own financial strategy to start making moves.

If you don’t start applying what you learn, there’s no point in learning in the first place. So, after you learn about something like investing, head over to a brokerage firm and start investing. Or log into your bank account and read your monthly statement to make sure it’s on track.

Turn insights into action to become a better financial consumer. You’ll be better off for it.

Tune in regularly

Make it a point to tune in and brush up on finances every day. Set aside 30 minutes or an hour of each day to learn new things.

By making it a point to study finance on a regular basis, you’ll become much stronger in the long run, and you’ll make better choices.

At the end of the day, this could be one of the best personal finance decisions you make.

Frequently Asked Questions

Does it matter how many subscribers a YouTube channel has?

When vetting YouTube content, don’t pay too much attention to the number of subscribers a channel has. Pay more attention to the actual content you see on the page.

YouTube is full of lesser-known accounts that still provide a ton of value. You just have to poke around and explore. Look beyond brand name content for more guidance on reaching financial independence.

Does YouTube have a lot of personal finance channels?

YouTube has a ton of educational content about finance. In fact, the hard part can be narrowing down the available options. There are so many personal finance YouTube channels that you can spend days just browsing.

In addition to what’s listed here, you might want to check out vloggers like Andrei Jikh, Joseph Hogue (host of Let’s Talk Money!), The Financial Diet, and Nick True (host of MappedOutMoney).

Are there scams on YouTube?

YouTube does a pretty decent job of discovering and eliminating content from scammers, but you should always be on the lookout when using social media for information.

Use your best judgment and be wary of channels that don’t have comments sections enabled—there may be a reason for that.

What are some other great YouTube channels to check out?

In addition to the above-mentioned list, there are many other channels to check out. For example, look into CNBC for business news and BeatTheBush for financial tips. Some other YouTubers to check out include Ryan Scribner, Nate O’Brien, Bridget Casey, and Marko.

The Bottom Line

If you’re looking for quality financial content, many YouTubers out there are eager to help you prepare for early retirement and improve your financial life

For example, maybe you want to learn how to make money driving for Amazon or Uber. Or, maybe you want some information on how to pay down credit card debt, embrace minimalism, or generate passive income. YouTube has it all.

So what are you waiting for? Head over to YouTube and start learning. You’ll quickly find out that there are endless personal finance topics to explore.

The post 15 Best Finance YouTube Channels appeared first on Millennial Money.

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April 29, 2021 at 11:17PM

Thursday 29 April 2021

How to Double Your Money

The post How to Double Your Money appeared first on Millennial Money.

The problem with money is that when you start making it, you tend to want more. Once you get a taste of the good life, you’re going to want to keep compounding your nest egg.

Nothing wrong with that. And the good news is that with a bit of time, planning, and patience, you can double (or more) the amount of money you have.

Top ways to double your money

Of course, it depends on your starting point — if your bank account is running on empty, you can double your money by checking the couch cushions. If you’re starting from a significantly higher starting point, it could take a number of years.

But it’s definitely possible to double your money, and there are many ways you can reach that goal that don’t put your financial future at risk (ie, no trips to the casino!). Up next, we’ll explore some of them.

Bring in more income
Get serious about saving
Invest in the stock market
Invest in real estate
Pay down debt

1. Bring in more income

Boring but true, working more and earning a higher salary is the surest way to bring in more money. That could be picking up more shifts, asking for a raise, or finding a more lucrative job. But increased income is your best bet.

For example, suppose you’re earning $3,000 to $5,000 per month after taxes. Unless you have a significant source of passive income or a lot of money in the market already, there’s basically no way to generate a similar level of consistent cash flow through interest or investments.

With this in mind, if you want to double your money, you may want to find a way to double your income. Aside from the employment ideas above, you could start a side hustle painting houses, selling items on eBay, or freelancing in your spare time — and put all of your earnings into savings and investments. You can also decide to host a garage sale or sell your unwanted devices online.

The possibilities are endless. With the right approach, you’ll be amazed at how quickly the earnings pile up.

Learn more:

2. Get serious about saving

As the great American actor Will Rogers once said, the fastest way to double your money is to fold it up and put it in your pocket.

If you want to double your money, start looking for ways to maximize your savings. Stop spending on things you don’t need. Put your money into high interest-bearing bank accounts to earn some extra cash. It’s much better than buying frivolous things on Amazon.

Even if you’re not gaining all that much in interest, simply not touching your money and letting it accumulate is key for growth. Otherwise, you’ll just be spinning your tires and your net worth without seeing any growth. At the same time, you’ll have cash on hand to take advantage of short-term opportunities that may arise.

3. Invest in the stock market

At this point, you should have extra income rolling in and a serious savings strategy underway. The next step is to hit the gas pedal and start investing with a brokerage to supplement your savings strategy by buying stocks and other equities.

Before you do that, you’ll need to determine how aggressively you want to move forward with investing. You can either choose the slow and steady method and double your money safely over time or you can take riskier methods to try and expedite the process.

Learn more:

Day trading and penny stocks

Day trading and penny stocks are two investing approaches that tend to separate people from their money, especially if they are new to it and don’t know what they’re doing.

Too often, unscrupulous players take advantage of people’s fear of missing out, running what are known as pump-and-dump schemes, where they hype a stock and then sell their shares of it as the unsuspecting individual investors pile in. In the end, lots of less sophisticated investors end up holding lots of shares that turn out to be worthless.

There’s always a chance that a tiny company you’ve never heard of and don’t even know what they do could skyrocket … but it’s far more likely that you’re flushing your money away. If that risk-reward balance doesn’t entice you, you’ll be better served looking for low-risk investment options.

Contrarian investing

Contrarian investing is a strategy that involves going against what the majority of other investors are doing. For example, a contrarian investor may buy distressed stocks and hold onto them until a company recovers and then sell them for a profit. But make sure you have a reason for thinking a company can turn around.

Contrarian investing works a bit like value investing. In both cases, the investor looks for undervalued stocks to buy and sell for profit.

Slow and steady investing

The best approach is to play the long game and invest conservatively. This method involves building a non-speculative portfolio that’s diversified with a mix of stocks, as well as index funds, mutual funds, exchange-traded funds (ETFs), and bonds.

By taking this approach, you can protect yourself from market volatility and get rich slowly over time through capital appreciation and dividends.

You can use the rule of 72 to determine how long it will take for your investment to double. To calculate the rule of 72, simply divide 72 by the expected annual return rate.

Keep in mind that you don’t have to pick stocks out of a hat on your own. By reading financial publications like Forbes and The Motley Fool, you can get great ideas about stocks that might be a match for your investor profile while also learning how to avoid scams.

In short, you want to find great companies that you believe in and watch as they gain in value over time. Maybe it’s a business you use or a company that you think will benefit from an emerging trend.

How retirement accounts can help

If you’re focused on the long term and don’t anticipate touching your money, you should look into setting up a tax-friendly retirement plan.

Some employers offer a 401(k), which you can use to put aside up to $19,500 per year for tax-deferred growth. Some companies also supplement savings by offering employer matches.

You can also achieve further growth through traditional individual retirement accounts (IRAs) and Roth IRAs. Ultimately, putting your money into retirement savings is a sound strategy that can allow you to generate a hefty growth rate on your initial investment over time.

Learn more:

4. Invest in real estate

Another way to potentially double your money is with a real estate investment.

Investing in real estate can be expensive — especially if you are applying for a mortgage. However, if you buy a property that you can easily rent or flip, you could generate either a steady cash flow or a large net gain.

Real estate investments can also come with great tax advantages. For example, some investors choose to do a 1031 exchange, swapping a property for another of equal or greater value to enjoy tax benefits. With a 1031 exchange, you can defer capital gains taxes on the transfer of a property and possibly never have to pay it.

You can also make money through real estate investment trusts (REITs), which can enable you to invest in real estate without having to buy any property outright. By investing in REITs, you can avoid costly down payments and upkeep and you don’t have to deal with property management companies or tenants.

Learn more:

5. Pay down debt

If you’re in debt and paying interest rates that hover near 20% each month, then you’re going to wipe out any gains that you make through savings or investing.

Instead of continuing this cycle, pay off your debt as quickly as possible. You will produce a solid return on your investment — even if it costs you money upfront. This will result in cash going back into your pocket each month, allowing your money to grow and eventually double.

If you have the money on hand, consider the avalanche method of paying down debt, which involves making large lump sum payments. If you pay down debt slowly over time, you will wind up paying more over a longer period.

Get out of debt as quickly as possible and you will be much better off. Once you’re out of the hole, take active measures to prevent yourself from falling into debt again. Form a budget and stick to it.

Tips for doubling your money

Avoid gambling

There’s a difference between gambling for fun once in a while and treating it like a job. Attempting to double your money by buying lottery tickets, playing cards, or gambling on sports will cause you to lose more often than not.

Gambling is also addictive, and it’s an easy way to burn through your money very quickly. If you think you may have a gambling addiction, consider seeking help before it’s too late.

Embrace the stock market

The stock market can be intimidating if you’re just starting out as an investor. After all, it’s highly volatile and investors are sometimes spooked by poor economic conditions.

The truth is you shouldn’t fear the market or even downturns. Long-term investors stay in the market no matter what happens and expect — and even anticipate — downturns because they present great buying opportunities.

Instead of avoiding the stock market out of fear, form an investing strategy to protect your investments, ride out downturns, capitalize on low prices, and enjoy the gains during the good times.

Frequently asked questions

What should I invest in?

Beginners often don’t know what to invest in, and that’s perfectly fine. Lots of new investors start with index funds and ETFs, which gives them broad diversification right off the bat. A fund can provide instant access to a broad range of companies, eliminating the need to manually select each one. Index funds and ETFs are usually more affordable than mutual funds.

If you’re keen on technology, you can also use a robo-advisor for hands-free investing. A robo-advisor uses an algorithm to pick stocks and manage your account on your behalf. Companies like Betterment and Wealthfront offer robo-advisors.

What are penny stocks?

Penny stocks are investments that trade for less than $5 per share. The majority of penny stocks are traded over the counter as opposed to through the major stock exchanges.

Penny stocks can make you rich if you buy enough shares at a very cheap price and they appreciate in value. Sounds easy, but beware. The people who most frequently make money with penny stocks tend to be the ones running a pump-and-dump scheme.

I generally recommend avoiding penny stocks because they offer more risk than reward. It’s rare for a penny stock to explode in value. Of course, it happens from time to time. But it’s very difficult to pick a winning penny stock. And like gambling, penny stocks can be addictive.

Can I make money with cryptocurrency?

Cryptocurrency is quickly becoming one of the most popular forms of alternative assets for investors and something that all investors should have on their radar. The most famous example of a cryptocurrency is bitcoin.

Just like penny stocks, the majority of cryptocurrencies are unregulated. As a result, they are extremely risky and highly volatile. However, they can produce significant gains. For example, bitcoin recently had a bull run that saw its value climb from roughly $4,000 to $40,000 in less than a year. If you rode that wave to the top, you could have realized 10x returns. But watch out for swings in the other direction.

Should I put my money in savings accounts?

Savings accounts may not seem very lucrative when considering that interest rates are generally pretty low and have been for quite some time. However, they can offer protection against market volatility, allowing your money to grow without risk.

If you’re putting money into savings, consider using a high-yield savings account (HYSA) from an online bank. This type of account typically provides an interest rate that’s significantly higher than you’d find at a traditional brick-and-mortar bank. Just keep in mind that an HYSA usually doesn’t come with a debit card and some companies have limited customer service.

The Bottom Line

Doubling your money is all about two things: discipline and making the right financial choices. It’s not rocket science; just about anyone can do it.

Use the above-mentioned strategies to grow your money, taking care to do it as safely and strategically as possible. And remember that it’s generally better to get rich slowly by making sound investments in companies that you know and respect.

Stay calm and be determined, and your patience will eventually pay off. You might even be able to double your money before you know it, making a major leap forward in your personal finance journey. Good luck!

The post How to Double Your Money appeared first on Millennial Money.

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April 29, 2021 at 02:44AM

Wednesday 28 April 2021

Top 33 Ways to Make Extra Money

The post Top 33 Ways to Make Extra Money appeared first on Millennial Money.

There’s no getting around it: If you want to get ahead in life, you have to work for it.

Fortunately, there’s no shortage of ways to make extra money. It’s just a matter of finding the right money-making activities you enjoy.

This article explores 33 ways to make extra money.

Best ways to make extra money

Sell unwanted items on Craigslist or eBay
Freelance writing through Fiverr or Upwork
Drive for a Uber or Lyft
Deliver for a Postmates, Grubhub, or DoorDash
Sell items on Etsy
Be a social media consultant
Take jobs on TaskRabbit
Rent your space on Airbnb
Become a caregiver
Care for animals with Rover
Become a virtual assistant
Start a blog
Rack up credit card points
Take online surveys through Swagbucks
Sell graphic designs on Amazon Merch
Be an Instacart shopper
Try your hand at mystery shopping
Launch a podcast
Rent your car on Turo
Try Amazon Flex
Teach an online course
Give feedback through Usertesting
Sell stock photos
Sell unwanted tech on Decluttr
Bartend
Invest with a broker
Answer questions on JustAnswer
Review music on Slicethepie
Earn cash back from Ibotta
Peer-to-peer lending
Explore cryptocurrency
Write an eBook
Flip real estate

1. Sell unwanted items on Craigslist or eBay

Chances are you have a mountain of items sitting around that you no longer want or need. Head over to Craigslist or eBay and list your items for resale. Two other sites to consider are Facebook Marketplace and NextDoor. You can even roll up your sleeves and host an old-fashioned yard sale if you’re feeling ambitious.

Selling your unwanted items can put money into your pocket and free more space around your home. This means less surface area for dust to settle on, less clutter, and more capital at your disposal.

Learn more:

Best Selling Apps for 2021

2. Freelance writing through Fiverr or Upwork

You have subject matter expertise and a way with the written word. It’s time to put your skills to the test and start doing freelance writing through sites like Fiverr and Upwork.

These sites can connect you with companies seeking independent contractors willing to produce content on a freelance basis. Just keep in mind that freelance exchanges charge commissions, and it can be more profitable to network on your own and forge your own contracts independently.

Freelance writing is great because it comes with flexible hours. You can set your own schedule and charge hourly or by the word.

Learn More:

How to Become a Freelance Writer

3. Drive for Uber or Lyft

If you have a decent car and a clean driving record, consider driving for a rideshare service like Uber or Lyft in your spare time for extra money.

The great part about Uber and Lyft is that you don’t have to work exclusively for one or the other. Most drivers use both and go back and forth between them strategically throughout a shift.

These companies provide flexible hours, and you can work from the comfort of your own car. All it requires is patience, courtesy, safe driving habits, and a willingness to get up and go to work.

As an added bonus, good drivers sometimes network and form trusted connections with local riders who are looking for consistent service. It’s possible you could meet someone who wants a personal driver.

4. Deliver for Postmates, Grubhub, or DoorDash

Let’s face it: Not everyone has the patience to deal with passengers, the desire to interact with total strangers, or the willingness to clean up after messy or inconsiderate people.

If this describes you, consider driving for a delivery service like Postmates, Grubhub, or DoorDash. Grubhub and Doordash are exclusively for food delivery, while Postmates also works with local retailers. You can make money shuttling around items ranging from pizza and wings to alcoholic beverages or even office supplies for extra money.

Again, this is where it could pay to forge your own relationships with local businesses, as most third-party delivery services are going to take a cut of whatever you make. Consider going to restaurants directly and offering to deliver items.

Learn More:

Best Delivery Apps to Work For in 2021

5. Sell items on Etsy

You’re the type of person who can transform a ball of yarn or clay into a thing of beauty. Now, it’s just a matter of turning your talents into profits.

It’s time to start making extra money selling your wares on a site like Etsy or Amazon Handmade. These sites handle a lot of backend work most artists don’t want to deal with, like managing a website and driving traffic for your business. These tasks can feel like a full-time job all by themselves. By opening an Etsy or Handmade account, you can list your items in digital marketplaces alongside other creative professionals.

These sites can lead to short-term income, and perhaps even more valuable connections if your work happens to get noticed and shared.

6. Be a social media consultant

Some businesses are really struggling with social media—especially small businesses that can’t afford to hire full-time marketing directors.

Use this as an opportunity to help small businesses with their social media strategies. You can bring in extra money by providing social media content, targeting followers, posting advertisements, providing updates, and responding to customer inquiries.

Social media management is something you can do in your free time, or even during the day while you conduct other work. It can be very lucrative, and it’s both fun and flexible. Once you have the basics down, charging $50 per hour or more for these services is not out of the question.

7. Take jobs on TaskRabbit

If you are great at doing jobs around the house like putting together furniture, painting walls, and raking leaves, then you can make money using an app like TaskRabbit.

TaskRabbit is a service that enables people to post jobs with which they need help. Workers can then browse job listings, apply for them, and get paid through the app, making it a safe and reliable way to make extra money.

You can also find similar work by approaching people in your community and letting them know you’re willing to help with small jobs on a part-time basis. For example, you could offer to work as someone’s snow shoveler, lawn mower, gardener, or pool cleaner.

8. Rent your space on Airbnb

If you’re a homeowner, or if your lease allows you to sublet the apartment you’re renting, you can make easy money renting your space on Airbnb, the leading accommodation rental website.

Airbnb lets you determine when you want to rent your space, how long you rent it for, and how much you want to charge. You can even set specific house rules, like asking people not to smoke or wear their shoes inside if you’re picky about germs. The company also provides insurance for landlords, so your place and things are protected in case something goes wrong.

Airbnb is especially useful if you work a lot and aren’t always home, or if you travel frequently.

Learn More:

How to Make Money with Airbnb

9. Become a caregiver

There is always a demand for people who can take care of others. So if this describes you, consider working as a caregiver.

Babysitting, for example, is one of the most reliable side hustles out there. It’s a great part time job option for responsible young people who like spending time with children.

Some sitters earn $20 an hour or more once they land the right clients. Head to Care.com or Sittercity to find opportunities to babysit.

If watching kids isn’t on your list of favorite things to do, you can also find gigs helping senior citizens and people with disabilities.

10. Care for animals with Rover

If you’re better at working with animals than humans, consider joining an app like Rover, which can connect you with local pet owners in your area.

You can get money for a variety of tasks like pet sitting, walking dogs, feeding pets, or even just stopping by to visit with animals during the day.

Of course, you don’t have to join Rover to become a dog walker. Consider your existing network and ask your friends and family members if anyone needs help taking care of their animals. Pets are a lot of work, and chances are someone you know could use a break—and they just might be willing to pay to have you on a weekly or monthly retainer.

11. Become a virtual assistant

Busy professionals often lack the time and patience to set up appointments, write emails and letters, and receive telephone calls. These types of tasks can pull people away from other, more important tasks, and be distracting. But they’re also important, which is why there is a high demand for the role of virtual assistant.

If you’re highly organized, punctual, and have strong communication skills, consider going to a site like Upwork and freelancing as a virtual assistant. It’s a less physical sector of the gig economy, which could be perfect for those with disabilities or mobility issues. You can get paid for short-term tasks, recurring projects, and even full-time contract work.

Learn More:

How to Become a Virtual Assistant

12. Start a blog

It’s never been a better time to make money online, and one of the best ways to bring in extra cash is to start a blog. All you need is some creativity and subject matter expertise.

Blogging is a great opportunity for mid-career professionals who are experts in their fields and in a position to turn their ideas into a steady cash flow.

For example, suppose you work as a mechanic or know a lot about cars. You could start an auto-focused blog that teaches people about cars and how to fix them. Or, maybe you are a foodie. You could create a blog that offers how-to recipes and restaurant reviews.

To make money blogging, most people add Google AdSense to their sites, or embed affiliate marketing links to their posts. You can then get paid when visitors click on the links and make purchases. Once you build up enough traffic, you can reach out to name-brand advertisers directly for sponsorship opportunities

Learn More:

How to Start a Blog

13. Rack up credit card points

There’s nothing better than getting paid to spend money. If you use credit cards responsibly, you can rack up cash rewards just for making your everyday purchases.

Credit cards can be a dangerous trap, so always make sure to pay down your balances in full each month. But if you can handle using them and stick to a budget, there are many cards offering points and cash rewards.

Shop around for cards that offer enticing payouts like the Citi Double Cash Card, Discover IT Cash Back, and Chase Freedom Unlimited. At the end of the month, you might be able to earn $100 or more in cash back just for using your credit card to buy the things you need.

Learn More:

Best Cash Back Credit Cards

14. Take online surveys through Swagbucks

Online surveys tend to get a bad reputation because there are a lot of scams. However, there are some perfectly legitimate ways to make money taking online surveys. One of the best sites to explore is Swagbucks.

In addition to taking surveys, you can get paid for doing online tasks like watching videos and participating in online focus groups.

As a disclaimer, you can’t make a lot of money taking online surveys. Most sites don’t pay very much, and you have to reach a certain payment threshold before cashing out. Yet if you take a lot of surveys, the money can add up. It’s a good thing to do during your downtime, like when watching Netflix at the end of the day.

InboxDollars is another reputable survey site you can check out, if this direction interests you.

Learn More:

Best Survey Sites

15. Sell graphic designs on Amazon Merch

Artists often love drawing and making graphics, but don’t want to go through the hassle of putting them onto items and selling them.

One service that can handle this process for you is Amazon Merch, a platform where you can upload your graphics and earn royalties whenever someone uses them.

16. Be an Instacart shopper

Instacart is a service where people can order groceries from their favorite stores and have them delivered right to their doors.

As an Instacart shopper, you can earn money working hourly from the company by working inside grocery stories and collecting the items on customers’ shopping lists. You can also cash in on tips from deliveries.

Learn More:

Get Paid to Be a Personal Grocery Shopper

17. Try your hand at mystery shopping

If you love to shop, consider being a mystery shopper. Companies like BestMark and IntelliShop pay shoppers to go to stores and report on their experiences.

When mystery shopping, you can get paid to interact with customer service representatives, report on the cleanliness of a store, or find and purchase specific products.

Learn More:

Best Mystery Shopper Jobs

18. Launch a podcast

Launching and monetizing a podcast isn’t nearly as overwhelming as it sounds.

All you need to do is come up with a great premise for a show—my personal favorite being finance strategies for millennials. Then, outline a few episodes and record them. If your show is a hit, you can post them on a podcasting site like Buzzsprout to get the word out there.

Once you generate some traffic, you can approach companies in your space and get paid to produce custom advertisements and endorsements. You can also create a paid subscription service, or ask for donations from your fan base to fund future projects.

19. Rent your car on Turo

Chances are you’re working most of the day at a computer and not using your car much. You can make extra money by renting your car on Turo.

To rent your car out, simply register it on Turo and post its availability. When someone rents it, you simply transfer the key and let them use it for the specified period of time. Then, you get paid through the app. Turo also offers insurance to protect your vehicle.

This is an excellent way to make money for people who own vans and trucks.

20. Try Amazon Flex

Amazon delivers approximately 1.5 million packages each day, and many of them are actually delivered by people like yourself through its Amazon Flex service.

If you have a car, you can get paid to pick up packages from Amazon distribution centers and deliver them to people in your area. Amazon Flex is a convenient way to make some extra money when you’re out and about during the day.

21. Teach an online course

Teaching online courses is a growing way to bring in some extra income.

For example, you can teach English through a site like VIPkid or Qkids. Or, you can start a YouTube channel that features your lessons on the topic of your choice, and monetize the ads (once you build up enough followers).

You can also create your own course and sell it using an online course creation platform, such as Teachable.

Online tutoring is a solid side job for people who are proficient in subjects like math, science, history, and various world languages.

22. Give feedback through Usertesting

Companies often rely on consumer feedback to make better products. Get paid for your input through a site like UserTesting.

All you have to do is sign up online, take tests and surveys, and provide feedback on products. You can earn $10 for every 20-minute test you take.

In the era of working from home and social distancing, this doesn’t sound like a bad side job.

Learn More:

23. Sell stock photos

You don’t need to be a professional photographer to make money selling photos. All you need is an eye for design and a camera, and you can make money selling creative stock photos online.

The first step is to find a stock photo site, such as ShutterStock. Go through the approval process and see if you have any photos, or ideas for photos, that might be marketable. If they are, you can potentially receive payments every time someone downloads your work.

Additional marketplaces for photos include iStock Photo, Stocksy, and Alamy.

Learn More:

How to Make Money with Photography

24. Sell unwanted tech on Decluttr

Almost everyone has a box full of unwanted tech items like old phones, DVDs, games, and video game consoles. You’re probably never going to use these items again, so it could make sense to get rid of them through a site like Decluttr.

Not only does Decluttr pay you for your stuff, but they’ll also send you a box and cover shipping costs. Plus, they promise to wipe your devices and erase your personal data upon receiving them.

Learn More:

Best Places to Sell Used Electronics Online

25. Bartend

Bartending is a great way to bring in extra cash. You most likely won’t make much in hourly pay, but you can bring in a lot of money in tips, especially if you work at a busy bar during peak hours.

Many successful people I know used to be bartenders back in their younger years. It’s a great way to meet new people, practice your sales skills, and potentially make business connections.

Don’t feel up to learning the skills of a bartender? Many bars and restaurants need bartender-adjacent staff too, including barbacks and bouncers.

One downside is that it can be tiring, especially if you work late hours after working a day job. At the same time, this is also how many people double their income.

26. Invest with a broker

If you already have a little bit of money sitting around, you should invest it. In my opinion, investing is the ultimate form of passive income because you literally don’t have to do anything to make money other than deposit your funds into your investment account. From there, you can just sit back and let the market do the heaving lifting.

The stock market can be volatile and risky, but you can generate massive returns with the right approach. I’ve actually written an entire guide on how you can start investing.

Learn More:

Best Discount Stock Brokers

27. Answer questions on JustAnswer

Are you a total expert in a certain field, such as education, healthcare, or marketing? If so, you can get paid to answer queries on JustAnswer, a leading peer-to-peer question site.

To qualify for JustAnswer, the site requires you to submit proof of experience. Then, you can start answering questions and get paid for each response.

28. Review music on Slicethepie

Music lovers, rejoice! Now you can get paid to review music through a site like Slicethepie.

This site pays music lovers to share their opinions on songs before they get published. Your feedback goes straight to the artist, providing valuable feedback to help them create music that resonates with audiences.

Other sites that pay you to listen to music include Musicxray, WeLocalize, and RadioEarn.

29. Earn cash back from Ibotta

Ibotta is an online rewards service that pays cash back for purchases on groceries, apparel, travel, and more.

To earn rewards, all you have to do is create an account and install the browser extension on your computer or download the mobile app to your phone. From there, when you make purchases through supported retailers, you can automatically earn cash back in your account.

At the time of this writing, up to $20 in welcome bonuses is available for new Ibotta subscribers.

Learn More:

30. Peer-to-Peer lending

Peer-to-peer lending involves issuing loans to other people online through a platform like Prosper or Upstart.

To be clear, peer-to-peer lending is risky. There is no telling what the person you issue a loan to will do with your money. However, most sites (like the ones above) offer visibility into who you’re issuing money to and how they plan to use it.

In addition, you can potentially earn higher interest rates than from traditional investments.

31. Explore cryptocurrency

The crypto market is booming following Bitcoin’s record bull run in 2020 and 2021, when the asset saw a value increase from roughly $4,000 to over $50,000.

There are many coins other than Bitcoin to investigate. Just remember that cryptocurrency is very risky, and you may lose money. If you already have a solid, diversified investment portfolio in the works, it might be worth the gamble.

Learn More:

How to Invest in Cryptocurrency

32. Write an eBook

Writers take note: Self-publishing an eBook through a service like Amazon Kindle Direct Publishing is a real money-making opportunity.

Amazon pays up to 70% royalties on sales to customers across the world. Best of all, you can retain the rights to your work. So if your book takes off, you don’t have to worry about losing control over your title.

As an added bonus, Amazon lets you publish paperback and digital copies of your work.

33. Flip real estate

You don’t need a license or certification to flip real estate. If you’re handy with home repairs or have a good network of contractors, you can potentially buy a fixer-upper, renovate it, and then rent or sell it for a profit.

Real estate investing isn’t for everyone. However, plenty of people have become very wealthy with strategic real estate investments. You could, too, if you play your cards right.

Frequently asked questions

Is it good to get paid in gift cards?

It depends. Many survey rewards sites offer to give participants gift cards instead of cash. For example, you may receive payment in the form of an Amazon or Walmart gift card. If you have the option, always choose to get paid in cash. This way, you can invest and grow your earnings rather than spending it on stuff.

Is a side gig a part-time job?

Yes. A side gig is technically a part-time job. If you’re working and bringing in money in addition to your full-time gig, it’s a side hustle. As you should know by now, side hustles can be a great source of extra income.

Do I need a side hustle?

Side hustles aren’t necessary, but they can be largely beneficial. It depends on your financial goals and how much you’re making. Some people are perfectly fine working their full-time job and calling it a day.

However, if you’re looking to attain financial freedom, having multiple income streams (e.g., side hustles and investments) will probably get you there much faster.

The bottom line

There are countless ways to earn side income, from working as a blogger to walking dogs and everything in between. It all depends on what you want to do and how hard you want to work.

My advice is this: Use some of the ideas mentioned above to bring in extra cash and pad your bank account. Over time, your money will start piling up before you know it. But only you can take the first step.

Here’s to getting closer to financial independence, one gig at a time.

The post Top 33 Ways to Make Extra Money appeared first on Millennial Money.

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April 28, 2021 at 08:31PM

Tuesday 27 April 2021

Vimeo OTT Review: Pros and Cons, and Alternatives (2021)

You’re here. You’ve made it to the place you’ve always wanted to be. Reading a Vimeo OTT review post… Obviously I’m kidding here, but I...Read More

The post Vimeo OTT Review: Pros and Cons, and Alternatives (2021) appeared first on Adam Enfroy.

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Monday 26 April 2021

Easy Ways to Make Money with Everyday Garbage

After all, garbage is garbage. Therefore, most of us would dispose it off without much thought. Possibly, most of us don’t even know what happens to our garbage, once the cleaning company takes it away. What Happens to Our Garbage? Actually, a lot of things happen to our garbage. In most places, we’ve to sort […]

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April 26, 2021 at 05:03PM

Uscreen Review: VOD Features, Pros & Cons, and Pricing (2021)

In this detailed Uscreen review, I’m going to discuss Uscreen’s key features in detail, along with its pros and cons. Let’s get started with the...Read More

The post Uscreen Review: VOD Features, Pros & Cons, and Pricing (2021) appeared first on Adam Enfroy.

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Friday 23 April 2021

7 Best Ways to Sell Your Used Car

The post 7 Best Ways to Sell Your Used Car appeared first on Millennial Money.

Car owners rarely have an end game planned out for selling their used car. It’s just not something most people think about until something goes wrong and the bad news comes back from the mechanic.

If you’re thinking about getting rid of your car, the trick is to start planning ahead of time, before the steering column breaks or the transmission fails.

By planning ahead, you can increase your chances of getting top dollar on your used car, recovering some costs, and perhaps even getting a better deal on your next vehicle.

Top ways to sell your used car

Before you head to the nearest car dealership and try to get a new car, you first need to consider your options for selling your used vehicle.

Trade in the vehicle
Visit CarMax
Donate your car
Sell your car to a private party
Sell to a local dealer
Auction your car
Scrap the car for parts

1. Trade in the vehicle

If you require a car to get to work or shuttle your kids around to practices, then you should consider trading in your current vehicle for another one at an opportune time.

First, visit Kelley Blue Book (KBB) and enter the basic details about your car—like the year, make, and model, to name just a few data points. Know the estimated value of your car in advance to protect yourself when negotiating with dealerships.

Car dealers are notorious for trying to get the best deal possible for themselves, so you can expect plenty of lowball offers.

Unfortunately, new cars depreciate in value the second you drive them off the lot. So don’t be surprised if the trade-in value isn’t what you want.

That said, there may be enough value in the car to get several thousand dollars back, which can lower the asking price of a new trade-in vehicle, which can be new or used.

2. Visit CarMax

Another approach is to visit CarMax, a car retailer that sells used cars in just a few simple steps. CarMax is known for offering fair pricing, and they also have a large selection of used cars for sale.

CarMax—which was originally launched by Circuit City Stores, Inc.—is fair and easy to work with. Using the service, you may be able to get an instant cash offer for your old car.

So, if you don’t want to trade in your car or work with a dealership, check out CarMax. There are CarMax locations all across the United States.

3. Donate your car

In some cases, the value of a car may be too low to get a solid return. In others, you may be in a position where you don’t need to recover any money financially.

Either way, you should consider donating your car to charity to help make a difference. This is possible through organizations like Kars for Kids and the Make-A-Wish Foundation.

When you donate a car to charity, the car is usually taken to a holding center and inspected by a mechanic. Then the car is usually either sold at auction to raise money, scrapped for parts, or given to the charity directly for volunteers to use.

As an added benefit, you can potentially count the donation as a tax deduction as long as you donate it to a registered 501(c)(3) nonprofit or qualified institution. Talk to a tax advisor to walk you through this process.

4. Sell your car to a private party

Cars are expensive. It can also be difficult to find a quality car or gain visibility into its performance and history. For this reason, people often choose to help out their family and friends by selling them their used cars in a private sale.

If you’re thinking about selling as a private seller, scope out your network on Facebook to see if you have any friends who may need an automobile. Maybe someone is down on their luck and needs a break on a car. Or maybe you know someone who is just learning to drive and needs some cheap wheels to get around.

If you take this approach, you can get a few bucks for your car and help the prospective buyer out at the same time for a win-win situation.

5. Sell to a local dealer

You don’t have to trade in your car when getting rid of it. Selling a car and getting cash back is recommended if you’re about to do extensive traveling, work from home, or rely on public transportation. Approach a dealer directly and see what you can get for your car.

Just make sure to visit more than one car dealer before you accept an offer for your vehicle. The general rule of thumb is to talk to at least five dealers in your area to try to get the best price for the car’s value.

And don’t be afraid to play hardball either because the car dealer sure will. Car negotiations can be ruthless. It’s a jungle out there, and only the deal hunters survive.

6. Auction your car

In some cases, it could make sense to sell your car at auction. There are online auctions and live auctions to choose from.

To sell your car at auction, you need to establish ownership, set a sale price as a starting bid, and list the car in an auction.

This is useful if you have an expensive, rare, or souped-up car in pristine condition, or simply one in high demand.

Just keep in mind that auctioning a car could come with some risks. For example: you’ll have less of an audience than if you’re listing your vehicle in an online car marketplace.

At the same time, there could be hidden fees to watch out for—like auction fees and shipping fees—if you participate in an online auction.

7. Scrap the car for parts

If you’re the type of person who runs cars into the ground and keeps going, your car may have little to no trade-in value because its odometer is through the roof. That doesn’t mean it’s worthless, however.

For example: cars made after 1975 contain catalytic converters, which aid with emission control. Catalytic converters contain rare precious metals like platinum, palladium, and rhodium, all of which are valuable.

You may be able to sell a used catalytic converter for $100 or more—and that’s just one of the many parts you can get rid of. Everything from mirrors, seats, steering wheels, windows, and tires can all be scrapped for cash. Visit a local junkyard to get an estimate on your vehicle’s parts. You might be able to pick up a decent chunk of cash this way.

If you’re going to scrap your car, just make sure to remove your license plate and make sure you’ve ransacked your car for personal items.

Tips for selling your car

Selling your car can be a complicated process. Sadly, it’s very easy to get ripped off if you don’t know what you’re doing.

With that in mind, here are some tips to help you get the most out of your vehicle.

Think about why you’re selling your current car

Older cars aren’t always sexy when they have high mileage, worn-out paint jobs, or scratches and dents. However, a car is still a car, and if it gets you where you need to go safely, what more do you really want?

Think hard about why you’re selling and ask yourself if you want to sell or need to sell. This is especially important if you’re considering rolling your vehicle into a more expensive payment on another higher-priced car.

Just because you got a promotion, received an inheritance, or are simply tired of your vehicle doesn’t mean you should start throwing money around. Consider keeping your trusted old hog around for another couple thousand miles or so.

Here’s a tip: If you really can’t bear the sight of the car anymore, try getting it detailed. Take it to a car wash and spruce it up a bit. It’s amazing what a fresh detail can do for a vehicle, and it doesn’t cost all that much compared to buying a new vehicle altogether.

Bring a “third baseman” along

If you’re not a car expert, it can be very difficult to understand dealers and mechanics when they start rattling off words like “suspension” and “steering systems,” “fuel injectors,” “hoses,” “wiring harnesses,” and “powertrain components.”

Most people smile and nod while secretly wishing they could Google these terms mid-conversation.

This can be a real problem when negotiating with car dealers. Once a trained sales team gets wind that you don’t know an axle from an alternator or that you’re an inexperienced negotiator, you’re toast.

One strategy you can use to counter a tough car dealer is to bring along a trusted friend or family member who knows about cars—including how they work and how to work with dealers. In the car industry, this person is called a “third baseman.” Relying on a third baseman is almost guaranteed to get you a better deal on a car.

Shop around

A potential buyer should avoid being an “ace”: a person who signs up for the first offer that comes their way. Receive an offer and then visit every other dealer in your area to try to get a better one and test drive different models.

Dealers expect this. As such, you won’t be doing anything unethical by using an offer as leverage to get a better deal. It’s part of the process, and you don’t owe the dealer loyalty. Dealers have to earn loyalty by consistently giving you unbeatable deals and solid customer service.

Keep in mind that you have right until the last second to shop around. Don’t be afraid to hover your pen over the dotted line, scratch your chin, and break out your cell phone to text another dealer.

You just may throw the dealer for a loop and get a better offer. Be a merciless negotiator to get the best rate.

And don’t forget to check online marketplaces, either. Sites like CarGurus and Carvana might have some vehicles that interest you.

Don’t buy another vehicle

It’s worth considering what your life would be like without a vehicle. The fact is, in the age of remote work and Uber, owning your own car can be a huge hassle.

Imagine a life of no outstanding finance payments to lenders and no insurance premiums, maintenance, gas, or parking fees, either. In fact, you may even be able to rent your parking space or garage without a car taking up space!

Recent advancements in ridesharing and public transportation have, in some cases, made car ownership less of a necessity. Cars are also essentially guaranteed to depreciate or lose value, making them all-around terrible investments.

If you can avoid buying a new car, consider liberating yourself and making a smarter financial move. Just think of all the money you could potentially save and invest each month (assuming you don’t pump that money all back into alternative commuting costs).

This option is best for people who work from home or can walk or bike to work, and those who don’t need to ferry children to school and practices.

Frequently Asked Questions

What is Autotrader?

Autotrader is an online marketplace where people look for used cars. You can place a classified ad on Autotrader to sell your car.

Other useful sites to explore are eBay Motors, Facebook Marketplace, Carvana, Carfax, Cars.com, and Edmunds.

Should I sell a car on Craigslist?

Craigslist is full of scams, so you need to be on full alert when using the site. However, car buying and car selling on Craigslist are very common. This is a great way to connect with local buyers and work out a deal quickly.

If you want to sell a car with minimal hassle and don’t know anyone in your network who is looking, this could be the way to go.

What is a vehicle history report?

A vehicle history report is a complete rundown of a car’s history. It can tell you who the previous owners were, whether the vehicle has been in accidents, what repairs have been done, and a variety of other useful data points.

Always request a vehicle history report when buying a car, and expect a buyer to use one when considering whether to buy yours. Nobody wants to end up with a lemon, after all.

The Bottom Line

Selling a car to a prospective buyer is a lot easier when you plan ahead. Know your car’s fair market value, do plenty of research, and consider the tips mentioned above.

Above all else, sell your car before it becomes a safety hazard or a pile of junk. The sooner you take action to sell your vehicle, the better the return will be.

Good luck!

Looking to sell more of your old things? Check out our post on the best selling apps.

The post 7 Best Ways to Sell Your Used Car appeared first on Millennial Money.

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April 23, 2021 at 10:51PM

What is Retail Arbitrage?

The post What is Retail Arbitrage? appeared first on Millennial Money.

We are living in a golden age for e-commerce. There are countless ways to make money online today, and one way is using a strategy called retail arbitrage.

Retail arbitrage has become increasingly popular in recent years, and there’s no sign that it’s slowing down any time soon. So if you’re looking to make money, you’ll definitely want to look into it.

Keep reading to learn everything you need to know about retail arbitrage, including how it works, how to get started, and how to rake in profits.

First things first: What is retail arbitrage?

Retail arbitrage is a strategy in which individual sellers purchase products from retail stores and sell them through an online marketplace for a higher price.

For example, you can start your own Amazon business just by reselling products on the platform.

With Amazon retail arbitrage, the goal is always to make a profit by selling products for more than you paid for them. If executed successfully, retail arbitrage could net you a lot of money.

However, retail arbitrage also carries a lot of risks, which we’ll touch on in just a bit. It’s not something you should rush into. For the best results, you need to know how it works before getting started.

Is retail arbitrage legal?

Chances are you’re wondering if retail arbitrage is legal or if it’s punishable by law. Rest assured that while this practice may sound shady, it’s actually perfectly legitimate.

In fact, this is an issue that has gone all the way to the U.S. Supreme Court, which concluded that retailers can’t prevent a seller from selling a product.

That said, there are some general guidelines to follow to stay out of trouble with platforms and other businesses.

Products must be obtained legally

It’s perfectly fine to sell a product you buy. Once you purchase an item, you become the owner and have the right to do what you want with it.

That said, the merchandise needs to be obtained through legal means. As obvious as it may sound, you can’t buy boxes of stolen goods and resell them.

Products can’t be counterfeit

If you’re reselling items for a profit, it’s critical that you check to make sure they’re legitimate and not counterfeit or private label knockoffs. This is important when selling clothes and accessories, as it can be difficult to tell if an item is authentic when you’re just scanning apps looking for products on which to make a profit.

Selling counterfeit merchandise could land you in hot water. It’s also unethical, and it can destroy your reputation as a seller. It’s something you want to avoid at all costs.

Follow platform-specific guidelines

It’s also necessary to check each marketplace’s rules for selling items. For example, if you sell items on Amazon as new, they must include an original warranty. Resellers are typically advised to sell items as like-new to steer clear of complications.

To avoid running into trouble, read the platform’s guidelines before starting so you know what to expect before selling products and stay in compliance. The last thing you want to do is get shut down for noncompliance.

Forming an arbitrage strategy

It’s a good idea to have a strategy in place before getting started with retail arbitrage.

There are a few ways to go about this. For example, you may snag a North Face jacket or vintage sweater for a low price online or even from a retailer like a thrift store. Then you may turn around and hawk it online for two or three times the price.

This would be an example of a one-off. In other words, it’s just flipping a product, not launching a business.

The other approach is to form an actual side hustle that produces steady cash flow. With this approach, you may buy products on an ongoing basis and sell them regularly to customers online.

Decide how much time you want to invest

Chances are you’re a busy person with a lot going on. The last thing you want to do is start a side hustle if you can’t budget the time. It’s common to start a side hustle that you think may take two hours per week only to have it turn into 10, 15, or even more.

Decide upfront what retail arbitrage means to you and how it fits into your lifestyle. It may be something you do part-time to make a few extra bucks. On the other hand, it may be an ongoing initiative that you turn into an actual arbitrage business. Only you can decide.

Reduce risk

If your goal is to turn retail arbitrage into a steady gig, it helps to spend some time planning ahead and researching. Try to understand your customer base and the demand for your products. Figure out where your products are going to come from and how steady your supply can be.

You’re also going to need to focus on logistics. For example, think about where you’re going to store items and ship them. You may want to look into a service like Fulfillment by Amazon (FBA) to avoid backend complications. Using Amazon FBA and Amazon’s warehouse, you don’t have to worry about shipping—the company will handle it for you, saving a tremendous hassle and possibly reducing shipping costs.

If you’re thinking about launching a retail arbitrage business on Amazon, you should also check out Seller Central.

TIP: There are tons of ways to make money on Amazon.

Maximize profits

If your ultimate goal is to make money, then you need to outline some ways to make that happen. Do some advanced research and figure out the best time to buy products at the lowest possible rate and the best time to make them available online.

It’s also a good idea to determine if you want to do this seasonally, or around specific times of the year. For example, some people only choose to engage in arbitrage around the busy holiday shopping season or around other attractive calendar dates (e.g., back-to-school sales).

As you can see, there are a lot of issues to think through before launching a retail arbitrage business. Doing some advanced brainstorming can help you save time, reduce risk, and maximize profit margin.

What you need to start retail arbitrage

As with most things in life, it pays to do your due diligence with retail arbitrage. Rushing in could result in wasting money and winding up with a lot of products sitting around that you can’t get rid of.

Here’s a breakdown of what you need to be successful with retail arbitrage.

Liquid cash

Retail arbitrage requires a little bit of money, as it involves buying products from retailers. Unless you get free products somehow, you’re going to need to spend money upfront to acquire items.

How much you spend depends entirely on what you’re selling and how much you’re buying. If you’re buying small items, you may only need $100 to $200 to start. If you’re buying a larger shipment of items, then you may need to save even more.

A great reputation

Buying products online can be a scary experience. It’s very easy to get ripped off or to purchase a product that you’re just not happy with. Unfortunately, this happens all the time.

As such, people like to buy from a store or retailer they know. For this reason, a seller’s reputation is one of the most important elements in successful online businesses.

If you’re selling on a platform like Amazon or eBay, focus on making a few small sales to get your ratings up. Then keep selling and satisfying customers by offering great products with timely deliveries and flexible customer service and support.

The more you sell, the better your reputation will become. Eventually, your reputation will help drive sales.

The right products

When it comes to retail arbitrage, what you sell matters. Think about products in high demand for which customers may be willing to pay a high selling price.

For help, check out the Keepa Amazon price tracker, which provides fresh insights about how products are moving through Amazon arbitrage, including their sales rank. Check and see what items are popular before you buy anything. It’s also a good idea to look at competitors so that you can see what you’re up against.

Timing

Timing is key with retail arbitrage. If you want to capitalize on certain trends, you have to move quickly. Some trends may only last for a few hours or a few days before they die out.

Keep your eye on what’s moving and have products ready to go. That way, you don’t miss out on opportunities when they arise.

For example, think of last-minute school supplies or holiday gifts and accessories. These opportunities don’t last forever. It pays to move as quickly as you can.

Patience

Retail arbitrage requires a lot of patience. You may struggle at first and wind up in the red before you are able to produce a strong profit margin.

Form a business plan and stick to it if you want to be successful. As with any business, retail arbitrage can take time to master.

How to do retail arbitrage

Here’s a quick breakdown of how to get started with retail arbitrage.

Pick your strategy
Find products
Have a backup strategy
Make a budget
Pick the right platform
Start buying and selling
Save and invest

1. Pick your strategy

Don’t beat yourself up trying to form an arbitrage strategy. Pick a plan and go for it. You can always scale up or down as needed. But if you don’t get started at some point, you may never end up giving it a shot.

If you think you may want to pursue retail arbitrage, put the wheels in motion and start before the desire fades away.

It’s good to vet ideas, of course. But eventually, you need to take action.

2. Find products

Once you decide to move forward with retail arbitrage, look around for products. Visit thrift stores, consignment shops, and retailers like Walmart or Target. The trick is to identify gems that you could turn around and sell for more money.

Look for products available as clearance items and try to get items at low prices. You may also want to take a gamble and bank on prices jumping at various times.

3. Have a backup strategy

Buying products and reselling them can be risky; there’s no easy way around that. However, there are some things you can do to reduce risk.

For example, find a list of local businesses that may want to buy back your products. Or form listings on Craigslist to get rid of items. You can potentially even donate certain items and claim tax credits. If you’re thinking about doing that, talk to a tax advisor to make sure you stay on Uncle Sam’s good side.

4. Make a budget

Next, decide how much money you want to spend on retail arbitrage. If you’re not careful, costs could easily spiral out of control. That being the case, it’s critical to set limits.

Take a look at your budget and determine if this is something on which you want to spend $100, $1,000, or even more. By doing this early on, you can prevent yourself from buying items that are more expensive than your budget allows.

Oftentimes, people start very small with retail arbitrage, buying items that don’t cost much and using the money they collect to buy more and more.

For example, you may buy some small radios for a few dollars and flip them by selling them out of your truck at the beach for higher profit to people who want to listen to a ballgame or play some tunes while soaking in the sun. Once you’re out of stock, you may take the $50 or $60 that you make, buy a higher-ticket item, and scale from there.

5. Pick the right platform

If you want to sell items online, shop around and assess different vendors. There are many to choose from, including the Amazon seller app, eBay, Facebook Marketplace, and Nextdoor, to name just a few.

Compare different fees as you go. It’s also a good idea to think about the types of customers shopping on these sites. Nextdoor is great for selling household items like tables and chairs, Amazon is great for selling electronics, and eBay is great for collectibles.

You can also check out our list of the best selling apps.

6. Start buying and selling

Once you have a strategy in place and a platform picked out, start buying and selling products to customers.

As you do so, keep an eye on your bottom line. If you start to sink into the red, try to get out of it and profit as quickly as possible.

7. Save and invest

Once you start bringing in money, it’s a good idea to start saving and put it in the bank.

It’s also important to note that you’ll have to pay taxes on what you make from retail arbitrage. By selling products, you’ll most likely need to file with the IRS as a 1099 contractor. So it’s best to avoid spending all of your money, or you could be on the hook when taxes roll around. You can check out our freelance tax guide for more information.

Once again, it’s a good idea to talk to a tax advisor during this process to make sure your tax situation is taken care of.

Once you’ve settled your tax bill, take whatever proceeds you bring in and save and invest. Start an emergency fund with your earnings and consider putting money into a tax-friendly retirement account to maximize growth over time. You can also use the money to pay down any debt you have from student loans or credit cards.

The pros and cons of retail arbitrage

Here’s a breakdown of the pros and cons associated with retail arbitrage.

Advantages

First, let’s start with the advantages of retail arbitrage.

Relatively low risk

There is relatively little risk associated with retail arbitrage, largely because it’s legal. As long as you follow specific rules from various providers, you shouldn’t have any issues selling products.

Pennies to profits

One of the great parts about retail arbitrage is that you could wind up making a lot of money if you play your cards right. Find great products, buy them at fire-sale prices, and resell them for a higher profit.

Repeat this process enough, and you could potentially make a small fortune.

Very little overhead

Retail arbitrage requires very little overhead. You don’t have to open a storefront or pay employees. This can enable you to pocket most of the proceeds in a lean and efficient business model.

On-demand business

Retail arbitrage is something that you can scale up or down as you like. You don’t need to sell products all the time. For example, you may want to do this to help fund a vacation or to rack up some money to max out your retirement account.

It’s something you can use strategically to make money without the pressure of a full-time gig.

Disadvantages

Here are some of the disadvantages to retail arbitrage.

It can get costly

Again, it’s critical to stick to a budget. Retail arbitrage can get costly, especially if you buy a large number of items at first without a clear plan as to how you’re going to sell them.

Be smart, go slow at first, and focus on making a few successful sales to start. Then, build from there. And whatever you do, avoid taking out loans to fund purchases. You’ll automatically slip into debt and wind up on the hook trying to pay down a loan.

This could be a perilous approach, particularly if you can’t resell the items you’ve purchased.

Customer complaints

When launching any business, you’ll have to worry about customer complaints. If you’re not used to dealing with customers, it’s time to face the reality that some are going to complain no matter what you do, demanding refunds and threatening you with bad reviews.

To mitigate these issues, it’s a good idea to craft a seller’s policy and outline specific terms for the agreement ahead of time so that you can resolve disputes amicably. It’s also a good idea to brush up on basic customer service skills.

Remember: Reputation is everything when selling! People are ultimately buying your brand, not just the products.

Legal threats

Even though retail arbitrage is legal, that won’t stop some businesses from using threatening language or taking action to try to stop arbitrage sellers.

You may receive cease and desist letters or even phone calls. Know your rights and protect yourself in advance. Be ready for issues before they arise so that you know how to deal with them if they do rear their ugly heads.

Tips for retail arbitrage

Here are some things you can do to ensure an optimal arbitrage experience.

Buy general liability insurance

If you’re selling items online and bringing in a lot of online retail business, it’s probably a good idea to look into general liability insurance.

You may also want to form an LLC to protect your personal assets in the event of a lawsuit. Don’t risk losing everything over an online sale—it’s just not worth it. Pay for protection even if you don’t have to use it.

Write off expenses

Talk to a tax advisor about potentially writing off legitimate business expenses. If you’re treating this as a business, there may be some things that you can do to recoup some costs. A tax advisor will be able to assess your situation and determine what’s acceptable to write off.

Get creative about sales

Don’t feel limited to selling items online. Look into selling items in other places, too. For example, you can form partnerships with a retail store or local business that may want to sell items in their storefront. You can also sell items to people you know at a discounted rate.

One creative idea is to have a garage sale and sell items in your driveway. Neighbors will love browsing your selection of cheap televisions, watches, radios, fans, and neckties.

In fact, you may become known as the person in the neighborhood with all the best deals. Let’s be honest—everyone loves a good deal!

Have an attorney on standby

It’s a good idea to have an attorney on call to deal with threatening letters or cease and desist notifications. It can be hard determining what’s serious and what could potentially turn into a more complicated legal situation.

For example, suppose someone buys a bicycle that you sell and then gets into an accident. They may turn around and blame you for selling a faulty piece of equipment. This is where it can pay to have an attorney ready to help you handle the situation.

Watch out for selling fees

Some platforms have high selling fees, which could potentially eat into your profits.

Before you list any items for sale online, be sure to have a clear understanding of selling fees. That way, you won’t wind up giving up more than you need to when making a sale.

Become an FBA seller

Packaging and shipping items can be a real pain. It’s expensive, and it requires storing items and dealing with logistics. Give serious consideration to using a service like the Amazon platform FBA to reduce the hassle of shipping products to customers.

Similar ways to make money

People who have a money-making attitude should consider the following strategies similar to retail arbitrage.

Sell on Etsy and eBay

Why sell someone else’s products online when you can make and sell your own products?

Crafty types who can turn a ball of yarn into a sweater or a ball of clay into a vase should look into opening an account on eBay or Etsy. This can also give you better control over pricing, helping you drive bigger profits.

Sell produce at farmer’s markets

People who have a green thumb can make money growing fruits and vegetables in their backyard and selling them at local farmer’s markets.

It’s also possible to sell fresh produce to grocery stores. Some stores will actually pay you for your vegetables, too.

Deliver products

Online commerce is happening all around you. Every minute, people are buying someone’s product through apps like Door Dash and Instacart.

By signing up for the best delivery apps, you can get paid to pick up and deliver items to people in your community.

Frequently asked questions

Is online arbitrage hard?

Selling items at resale isn’t always easy. It can be difficult to buy products and flip them for a higher price. There is no sugarcoating this. Arbitrage can be extremely risky.

That said, arbitrage can also be a great way to make money for those who can master the process. It may take a bit of time and money to get started, but there is no denying it can be a pathway to profit.

What’s the best strategy for sourcing products?

Read as much as you can about product sourcing. This is one of the keys to mastering arbitrage. It requires knowing what products are in demand or on the verge of being in demand, recognizing great prices, and pouncing on opportunities.

The best retail arbitrage professionals are experts in sourcing products and discovering opportunities.

Can you resell products from a wholesaler?

Check your wholesale membership for specific rules regarding reselling. While it’s legal to sell products, certain companies may limit what you can do. It’s always a good idea to know what’s acceptable before you start doing something.

How can the Amazon seller app help with arbitrage?

The Amazon seller app is a one-stop-shop for Amazon sellers. For example, it offers a barcode scanner to help with certain tasks.

If you’re serious about selling on Amazon, you’ll want an Amazon Seller account, which is a professional account for Amazon users.

Is arbitrage dropshipping?

Arbitrage is a bit different from dropshipping, which involves making a sale and then tasking a third party seller with fulfilling the order. With dropshipping, the business doesn’t actually keep certain inventory—or any inventory, in some cases—in stock. The company is only involved in facilitating the sale without having to worry about fluctuating retail prices.

The Bottom Line

Becoming a profitable retail arbitrage seller takes a lot of time and hard work.

The best sellers are always on the hunt for the next most profitable product. Sometimes they sell new products, and sometimes they sell used products—it’s all about finding whatever is in demand.

Top sellers are also experts at crafting engaging product listings and finding different types of products on clearance to maximize profit.

If this sounds like something you may be interested in, why not try it out? Just think about how great that first sale is going to feel.

Form a strategy, research your options, and start small. Who knows? You might be on your way to achieving an awesome return on investment before you know it.

The post What is Retail Arbitrage? appeared first on Millennial Money.

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April 23, 2021 at 01:37AM

Friday 30 April 2021

Top finance content on YouTube

1. Best for beginners: Pennies not Perfection

2. Best for banking: Bank of America

3. Best for getting out of debt: Debt Free Millennials

4. Best for budgeting: You Need a Budget

5. Best for side hustles: Nick Loper

6. Best for DIY saving: BuzzFeed Nifty

7. Best for stock market advice: The Motley Fool

8. Best for investing strategy: Zacks Investment Research

9. Best for long-term investing: Vanguard

10. Best for real estate: Graham Stephan

11. Best for wealth hacking: Jeff Rose

12. Best for learning actionable insight: WhiteBoard Finance

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Why you should watch financial content on YouTube

Tips for watching finance YouTube

Question everything

Turn advice into action

Tune in regularly

Frequently Asked Questions

Does it matter how many subscribers a YouTube channel has?

Does YouTube have a lot of personal finance channels?

Are there scams on YouTube?

What are some other great YouTube channels to check out?

The Bottom Line

Thursday 29 April 2021

Top ways to double your money

1. Bring in more income

2. Get serious about saving

3. Invest in the stock market

Day trading and penny stocks

Contrarian investing

Slow and steady investing

How retirement accounts can help

4. Invest in real estate

5. Pay down debt

Tips for doubling your money

Avoid gambling

Embrace the stock market

Frequently asked questions

What should I invest in?

What are penny stocks?

Can I make money with cryptocurrency?

Should I put my money in savings accounts?

The Bottom Line

Wednesday 28 April 2021

Best ways to make extra money

1. Sell unwanted items on Craigslist or eBay

2. Freelance writing through Fiverr or Upwork

3. Drive for Uber or Lyft

4. Deliver for Postmates, Grubhub, or DoorDash

5. Sell items on Etsy

6. Be a social media consultant

7. Take jobs on TaskRabbit

8. Rent your space on Airbnb

9. Become a caregiver

10. Care for animals with Rover

11. Become a virtual assistant

12. Start a blog

13. Rack up credit card points

14. Take online surveys through Swagbucks

15. Sell graphic designs on Amazon Merch

16. Be an Instacart shopper

17. Try your hand at mystery shopping

18. Launch a podcast

19. Rent your car on Turo

20. Try Amazon Flex

21. Teach an online course

22. Give feedback through Usertesting

23. Sell stock photos

24. Sell unwanted tech on Decluttr

25. Bartend

26. Invest with a broker

27. Answer questions on JustAnswer

28. Review music on Slicethepie

29. Earn cash back from Ibotta

30. Peer-to-Peer lending