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10 Worst Ways You Probably Have Tried to Earn Extra Money

10 Worst Ways You Probably Have Tried to Earn Extra Money
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No matter what the song says “love” does not make the world go around, it’s money.  Certainly, we all want to make extra money.  There are always little emergencies that pop up and more money is always a good thing.  However, at one time or another we have all been suckered into believing in “easy” money.  I hope you’ve managed to stay away from these “money-makers.”  But if you haven’t, you’re not alone.  The following are some of the more common ways that people have tried and ultimately failed to earn

1. Internet Surveys

It certainly sounds very tempting and oh so easy. Simply fill out a few surveys and earn some easy, cold, hard cash. While there are a lucky few who report success in filling out surveys. The person has to be within a very narrow demographic in order to profit big. Also, the surveys may pay a penny or a nickel and a particular limit must be reached before the money can be withdrawn. The result is hours of wasted time filling out very few surveys, all while the cash-out remains illusive.

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2. Investments

Here the old adage holds very true, “you need money in order to make money.” And most of us simply do not have that kind of disposable cash. If we did, we likely would not need to invest in the first place. Besides the stock market has been very unstable since 2009, when interest rates were kept artificially low. Ultimately, day and foreign market investing are little more than dangerous gambles. Unfortunately, there is no such thing as a “sure” thing when it comes to the stock market.

3. Medical Testing

Not only is medical testing an ultimate waste of time, money, and effort a person is risking their overall good health. The money does sound “easy.” Treatment for certain illnesses is free, plus a small compensation is usually provided. Trouble erupts when one person decides to take more than one experiment at a time. The medication or treatment provided may only make the person sicker. Medical testing only puts the person at unnecessary risk.

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4. Selling Bodily Fluids

Once you get past the “ick” factor and really think about this option, it really is a poor way to make money. The process is very, very time-consuming for what amounts to very low pay. Women can opt to sell their eggs, as well. This practice also takes up time and can be quite painful as fertility shots are often required. Donations simply are not a dependable means of making money and very often the practice is limited to strict time restraints.

5. Holding A Sign For Traffic

These folds are often referred to as “sign spinners.” We’ve all seen them standing on a sidewalk, holding a sign to advertise a particular business. Rain or shine, someone can usually be noticed attempting to attract business. The job is tiring due to the requirement of standing on your feet day in and day out. And the pay is generally very poor. Some dislike the practice because it has the potential to distract drivers.

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6. Renting Your Stuff

This practice has become more popular in the last few years. For example, some may rent out their privately owned vehicle or storage space, while still others may rent out homes. The problem is that the return payment may not fully cover any damages done to the personal property. Another disadvantage is that a renter may simply walk away rather than paying on time. The practice simply doesn’t reap the rich rewards in the end.

7. Illegitimate Work-At-Home Jobs

While it sounds great, unfortunately “envelope-stuffing” is not a thing. There are machines that can do the same thing for far less money than their human counterparts. There are hundreds, if not thousands of sites prepared to take your money and offer absolutely nothing but heartache and empty pockets in return. Some of these sites are designed to sucker good people into laundering money for illegal reasons. The best policy is to stay away from these empty promises.

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8. Treasure Hunting

Who hasn’t dreamed of digging up a Spanish gold piece on some distant beach. Geo-caching is another form of the treasure hunting dream. A prize is hidden somewhere and with the use of longitude and latitude people are encouraged to find the hidden treasure. Instead of a metal detector, a GPS is required to hunt for lost treasure. Great amounts of time are required to invest in something with very low return.

9. World Of Warcraft And Similar Games

What could be better than searching for and then selling virtual treasure? It’d be great save for the fact that the market has become over saturated and many have simply lost interest in the practice. Often the result is extremely time-consuming at very low return. Video game reviews and testimonials end up with the same result, too much time with too little return. Not to mention the fact that companies don’t want negative reviews, only positive ones.

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10. Recycling

Here again we see an extremely time-consuming effort for very little return. Not to mention the fact that a lot of recycling has to be done before a profit can be turned. In most cases, you would have to collect recyclables from others. And unless you have the storage space and the means to move and clean substantial amounts of items, the effort simply is not worth it. Collections of old cans doesn’t even generate the minimum wage that the effort involves.

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Last Updated on July 20, 2021

Financial Freedom is Not a Fantasy: 9 Secrets to Get You There

Financial Freedom is Not a Fantasy: 9 Secrets to Get You There
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Have you ever considered your life now, and how it would be if you had more time to spend with your family and less worries about money?

Nowadays, financial stress is one of the most troublesome weights in life. If you’ve ever encountered financial stress, you know the difficulty of not having enough income to pay your obligations or bills.

Many people say that money is not the ultimate goal of life. While that’s true, money certainly plays a very significant role. The meaning of financial freedom changes with the different phases of our life, but ultimately, it is something that many people strive for.

In this article, we’ll explain how to capture that financial freedom you’ve been looking for. Read on to learn the secrets to financial freedom.

Break Free of Your Finances

Financial freedom is about having a constant flow of cash from your assets to cover all your regular needs.

When you are not worried about your income, or living paycheck to paycheck, you gain a great sense of freedom. It’s the freedom to be obtain and do what you truly need to make your way through everyday life.

Gaining financial freedom, though, is a process of growth, making small improvements and gaining emotional strength.

Though it seems hard to believe, it is really very simple to get financial freedom.

To do so, you simply need to make sure that your assets exceed your liabilities. In other words, you’ll need to find the sweet-spot where your residuals meet or surpass your expenses. This is something that you can achieve with the proper plan.

While not every person will accomplish financial freedom, the potential for anyone to do so is certainly there. Anyone can achieve this success, regardless of their income level.

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Outlined below are 9 secrets that will help you in your goals of achieving financial freedom.

1. Stop Unnecessary Spending

We often spend money inwardly, instead of objectively.

For example, you may spend when you’re anxious, depressed, restless, exhausted, from fear of missing out, or to please others. This is a very unhealthy way to handle your finances.

To stop this habitual spending, log down all your spending over the course of a month.

Just as some people keep a food diary, keep an expense diary. Remember not to just write down how much and what you spent the money on, also include the circumstances of why you spent the money. Was it an impulse buy at the checkout line or was it something you planned to purchase?

This increased self-awareness could enable you to avoid triggering situations in the future when you are considering an impulse buy.

2. Plan a Monthly Budget

This is a great opportunity to get serious.

Take a seat with your spouse or partner and make a monthly budget based on your income, not your expenses. You are never again going to spend more cash then you have on hand.

Overspending is the thing that led you to more financial obligations. Make sure you decide every month what is coming in and what will be going out and stick to that budget… no matter what.

3. Cut-up Credit Cards

Perhaps you are the type of person who always pays your credit card balance in full before the end of your billing cycle, and enjoys the reward points you gain. If this is the case, then you’re already way ahead of the game.

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If not, you may want to consider ridding your life of the burden that credit cards bring.

Many cards have strategies set up so that if you make a certain number of late payments, they will raise your interest rate much higher. This can really add up in the long run and you won’t be doing your financial situation any favors. If you’re prone to late payments or have a large balance due on your cards, cut them up!

Without proper self control on credit card spending and payments, you are basically throwing your money away. To ensure that you have better control over your spending, use only cash or debit for all future purchases (and don’t forget to pay at least your minimum payment on your cut-up cards each month!).

4. Increase Savings

There is no doubt that for a comfortable retirement you must accumulate satisfactory savings throughout your working life.

It’s good practice to save up to 15% of your income.

Start with your workplace 401(k), if you have one. If not, a Roth IRA (if you are eligible) or a traditional IRA (if you are not eligible for the Roth) are the next logical steps.

Increase in longevity means you might be able to look forward to 25 to 30 years in retirement, or possibly even significantly more. Investing now in good retirement plans will ensure that you have a guaranteed a stable monthly income when the time comes to stop working. [1]

5. Invest Wisely

Consider investing in funds.

Specifically, you will gain higher returns if you invest in different types of mutual funds such as Debt funds, Equity funds and Hybrid funds with a proper balance, although it absolutely relies on your personal preferences and sense of risk taking.

To get the most of these benefits, make sure you are investing in a variety of assets. Another resource of investing in mutual funds is SIP (Systematic Investment Plan) where you invest some money every month in funds. SIP works by averaging the per unit price of the stock.

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Mutual fund investors are aware of the benefits of an SIP (Systematic Investment Plan). For one, it is the most secure way to invest in equity mutual plans so that wealth is created over a long period of time. This plan also helps you to gain a better sense of financial discipline, which will come in handy in all your financial endeavors.

6. Invest in Gold

There isn’t really a better way to invest in gold than to have the physical gold itself in your possession.

You can purchase gold coins and bars from mints as well as from coin dealers and other private sellers.

Another way to invest in gold is through ETFs (Exchange Traded Funds).

These are is similar to mutual funds but they are exclusively investments of gold. ETFs are great because they offer more liquidity; the ETF owns the actual physical gold, stores it, and retains the value of the shares. These shares can then be bought and sold in the stock market, and one big benefit is that the transaction costs of gold ETFs are much lower than the that of physical gold.

With its consistently-increasing demand, investment in gold can be very wise long-term investment to make.

7. Stash Emergency Funds

Whether it’s a cash gift or a work bonus, always try to save any extra money that comes your way rather than making unneeded purchases.

If you get paid every other week, you’ll get an “extra” paycheck (three rather than the usual two) twice a year. Either save those paychecks towards your emergency funds or utilize the money to pay down other obligations, such as loans, credit cards or other debts.

Make it hard to get your cash.

Put your savings in an alternate bank, maybe an online bank that forces you to delay for several business days before transferred money hits your regular bank account.

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8. Find Fabulous Mentors

Find a mentor, such as a friend or family member, who has exceptional control over their finances and pay attention to everything they do.

If you do not have any friends or family that are enjoying financial freedom, then find a mentor online! There are numerous blogs and guru websites featuring the advice of many people who have reached financial freedom, and they exist primarily to let you in on how to achieve it for yourself.

There are also plentiful forums available that share tips and tricks on how to best achieve financial freedom. Read as much as you can and start changing your habits for the better.

9. Be Extra Patient

Patience is the key of financial success.

Being patient can be quite tough, especially when you’re struggling with your finances, but having faith is worth it. You’ll continuously be on the right track if you are taking the proper steps above.

So don’t be discouraged, even if you are only saving a few dollars a month; it all adds up. Within just a few years you’ll look back proudly at your accomplishments and be glad that you had the patience to get there.

Financial Freedom for All

Anyone can achieve financial freedom, regardless of their financial circumstance.

Use the tips provided above to get yourself on the track to financial freedom and toss your monetary concerns out the window. If you wish to achieve a life with financial freedom for yourself and your family then you must adopt a disciplined approach towards your finances.

Following the simple secrets above is a great start to making your money work for you, so you can work less and live more!

Featured photo credit: rawpixel via unsplash.com

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Reference

[1] Hartford Gold Group: IRA Retirement Accounts

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