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4 Ways To Turn Your Apartment Into A Money Maker

4 Ways To Turn Your Apartment Into A Money Maker

These days it’s become the norm for people to have more than one source of income. There are so many unique money-making opportunities possible that people are realizing that they can earn a few extra hundred dollars a month by thinking outside the box.

Even though the economy seems to be on the mend, many of us are still living on a tight budget. A potentially lucrative but often overlooked place to make bank is your most valuable asset, your home. It’s a goldmine waiting to be excavated and a great place to boost your income. In the past, this may have meant re-mortgaging to release additional cash, but we have all the basics to be a bit more imaginative.

Besides having a junk-yard sale where one’s trash is another’s treasure, there are several unconventional ways to make a few extra pennies from the comfort of your home.

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1. Rent it out

Whether you have a spare room or an entire house to rent out to travelers, students or even temporary subletters, both options can help you to hone in on the big bucks. Some find it uncomfortable ‘living’ with a stranger, so the other option is to rent out your whole place. Think about taking that vacation you have been day-dreaming about at your office desk, which could possibly be covered by the guests in your home.

Airbnb make the process stress-free. It’s a great way for you to monetize your extra space and advertise it all over the world. If you still feel a little weary and have a fear of not being in control of your precious home, there are services who offer to take care of managing all the logistics remotely for you, such as Guesty, who clean and are available 24/7 for your guests’ needs.

2. See your home in lights

You can have your 15 minutes of fame by opening up your home to film crews or photographers. Many magazine and television companies are always looking for new and different places to shoot or film. If your home is well designed and immaculate, it could be perfect for a magazine. Family homes are often in high demand by television companies. Here’s a few tips to get started.

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This isn’t a surefire way to earn cash, but many agencies have a free registration so there’s no harm in applying. The film crew generally starts early and ends before you’re back from work. If they are a reputable company they will restore the home to the order it was found, paying for repairs and all. If you are not too house-proud this could be a jackpot if your home is picked, but be prepared to have your place turned upside-down as they may move furniture or paint the walls.

3. Lease out your garage or driveway

If you feel that the other options are home-invasions, there’s another alternative – how about letting people park in your drive? There’s plenty of money to be made, especially if you are located near the airport or a sports stadium. The idea is so simple and there are many websites that offer the service to business people traveling abroad who need a place to store their car.

 4. Freelance from your sofa

For some, renting out their home can be uncomfortable, the other option is to ‘sell’ your talents. Instead of spending your free time browsing Facebook, these hours could be used to make some cash on the side at the end of the month. If you are talented in writing, computer skills or even design, you can freelance these skills remotely. Sign up for a freelancing site, such as Upwork, where you can offer your services and get paid in return for your work.

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Freelancing offers consistent opportunities, no matter what the general job role. When companies are cash heavy, they have extra work that requires freelance help or when they’re cash-strapped and they can’t afford to hire full-timers, so they bring on more affordable freelance workers.

These options are just a taste of how you can earn money from your own home. Employment opportunities are becoming rare and it’s good to know that you have the ability to take things into your own hands.

Do you make money working from home? Share your experiences with us!

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Featured photo credit: ApartmentMoney via gratisography.com

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Yoav Vilner

CEO at Ranky

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Published on June 12, 2018

How Much Money Do I Need to Retire? Find Your Answer Here

How Much Money Do I Need to Retire? Find Your Answer Here

It is never too early nor is it ever too late to start planning for retirement. It ultimately depends on your way of life, where are you living, and whether you need to let go of anything. A successful retirement strategy is to have enough pay to cover your expenses with a little cash going into a savings account for sudden financial needs.

With regards to retirement, we all have an alternate vision in mind. In fact, some think about traveling throughout the world, while some think of a peaceful life with their grandchildren. Whether we get ready for it or not, we will one day turn to retirement age and so, we should be prepared for it. I’m going to tell you how in this article.

Benefits of early ventures for retirement

The way this works is you figure out where you need to live, the amount it will cost you to live there (rent/food/transportation), and the various expenses you will need to account for, like travel/insurance/medical bills and taxes. Many people are struggling to put aside money for their future savings and some haven’t started yet. Think you can put off thinking about retirement? The reality is that you need to start thinking about it right now, and putting aside some money from today.

There are a lot of benefits of taking early steps towards retirement. Utilize the power of compounding, low investment for targeted corpus and you can create more corpus investing the same money:

  • If someone saves $100 every month and starts investing for 30 years at 10% return, initially you will see that within 5-10 years, your investments will not multiply. However, after that period, the corpus will increase immensely with the impact of compounding. The investment period expands the extent of profits increments in the corpus.
  • Suppose there are two people, one aged 30, and the other 40. Both need to resign at 60 with the same retirement objectives of $300,000 USD each. Both will put resources into an investment with 10% of the return. Thus, to accomplish their retirement objective, the younger one needs to save $100 USD / month and the older one needs to collect $300 USD / month. Since the older one has started investing ten years later than the younger one, he will pay more than double what the younger one will pay.
  • If someone saves $100 USD every month and starts investing at 30 years old till 60 and gets 10% annual return, his corpus becomes around $170,000. Otherwise, if he starts the same amount spending at 40 years of age with the same 10% return, he will have around $57,000 USD. He can profit by just investing ten years early.

You can’t invest too much money in retirement during the early stage of your career since you may have different objectives. However, you can increase the investment gradually if you start investing just a small amount.

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Average retirement age

For many people who are nearing retirement age or recently resigned, one of their most significant financial regrets is that they did not focus on saving for their golden years. As per the Consumer Reports study, it demonstrates that only 28% of investors with the age of 55 years or older are pleased with the way they have saved for retirement.

As per the report, The Economic Policy Institute breaks down how much Americans have put away.[1] Since you know that when the majority of people retire, you can subtract your age from that more significant number and check down what number of more years you need to work.

But many retirees go back to work. Some of them do part time job while others do seek for a second career. Some even come back to full-time work and then retire again in a couple of years. So deciding their retirement age could be tricky.

Average retirement savings

To get retirement started, saving is pretty easy, though it can seem complicated. These simple five steps will make you go on retirement now. So, you don’t need to stress over having the same regrets as today’s retirees.

1. Invest 15% for your retirement

Your initial step is to save 15% of your income. This will depend on your gross income and does not include any coordinating assets you get through your employer’s retirement plan.

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It’s sufficient to enable you to achieve your retirement investment funds objectives, but not too much to keep you from enjoying your income today.

2. Utilize tax-advantaged retirement plan

Yes, we utilized the T-word; however, don’t daydream! Split your 15% retirement contributing budget between charge conceded retirement plans like your 401(k) or after-tax plans like a Roth IRA.

3. Invest your money around

To put it all in one place is the most significant risk that you can take with your retirement money. With mutual funds, however, you can invest in the biggest and most recognizable brands as well as that new organizations you’ve never known about but has a lot of growth potential.

Opt a growth-stock mutual fund with background marked by solid returns for both your 401(k) and Roth IRA speculations.

4. Stay with it

Since mutual fund investing is less risky than investing in single stocks, it is not risk-free. You can see your savings grow in the long term as long as you can leave your money where it is and keep adding to it.

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5. Work with an investing professional

It is essential to look for an investment professional, as you must have a lot of queries concerning your retirement plan during 30 or more years of investing,

Never make due with an investment professional who recommends or patronizes you to turn over all your investment choices to them. Since this is your retirement, nobody will think or care about it more than you do!

You might analyze or compare your savings against the average retirement savings for your age group to check whether you’re falling behind or getting towards of the curve. On the other hand, it might be conceivable to hang up the work boots and hit the shoreline with fewer savings if you live easily or below your means.

How to achieve your financial goals?

An ideal approach to achieve your financial goals is to stay focused on what you need for your future, ignore everything (and everyone) else that may divert you. There’s a significant business culture out there that requires you to stay in debt, live for the occasion and stress over your future later on.

You need to start planning for your future from now, not when you have more time or money to invest. You can even talk to a financial advisor for any help. Cooperate to set your money goals and make an action plan to reach them. You can retire younger than you thought you could if you create a project and follow up on it.

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Start planning for your retirement

A lot has changed in the last 30 years; our previous generation had an career goal and they would join either a large private company or a government organization immediately after school or college. Then they would spend the next 38 years in the same organization and the form of provident fund and gratuity. They would retire with a decent corpus and they would later spend the remaining time with their pension benefits. It’s a bit different now, but with the above information, you’ll be well prepared.

Whether you can afford to retire now or not, you need not bother with a retirement calculator to get a rough estimate. You should have the capacity to closely approximate your daily spending habits to figure out how much money goes out the door every year.

Featured photo credit: Pexels via pexels.com

Reference

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