Top 4 Things I Love About Dave Ramsey Baby Steps (And 4 Things I’d Change)

Dave Ramsey has helped thousands of people around the world through the 7 Baby Steps for financial peace and freedom.

The process works.

His book titled the Total Money Makeover has had some impressive sales numbers. The book has sold over 5 million copies and has been on the Wall Street Journal Best-Selling list for over 500 weeks. (That data is from August 2017, over 4 years ago, so it’s sold more by now.)

So, we know that the 7 Baby Steps work. There’s a lot to love above the process, and we will address 4 of those attributes here. We will also cover 4 things that we think could be updated this year (as it has been almost 30 years since the Baby Steps were created).

Quick Navigation

7 Baby Steps really do work. There are three great reasons why the plan actual works:

a. The Baby Steps Force You To Get Gazelle Intense When It Comes To Paying Off Debt

I’ll mention this later, but I really appreciate that Dave Ramsey keeps the emergency fund smaller to force you to be gazelle intense. Having such a small emergency fund of $1000 really does force you to get out of debt faster because having too much money in the bank can cause you to stagnate. 

b. Dave Strongly Encourages Your Behavior Modification

Too many financial gurus don’t give it to you straight. They may tell you that you need to invest in real estate or cryptocurrency.  It often feels like a lie that you can achieve financial freedom without putting in a lot of work.

Dave Ramsey comes off as blunt many times, but he forces people to confront that the debt is often our fault (with some exceptions). His bluntness, along with the Baby Steps, forces you to self-reflect.

c. The Plan Is Simple And Shows How You Need To Focus On One Step At A Time

I’ll mention this more below, but it’s evident that his focused intensity on the Baby Steps plan helps you stay focused on the task. You complete the first 3 steps consecutively and the following 4 steps concurrently in a prioritized order. 

You don’t have to multitask. Also, you don’t need to think about another step. You just need to focus on the step at hand.

2) Dave Ramsey Is Right That You Need A Plan

Dave Ramsey has many helpful quotes. One of my favorite of Dave Ramsey’s quotes is, “You must plan your work and then work your plan”. 

Too often we go through life without a plan, but we expect that everything is going to work out just fine. I remember the first time I budgeted.  I thought that I spent a certain amount of money on eating out each month, only to realize that number was much higher.

We need plans. It could be a debt payoff plan to stay on top of your debt. It could also be a budget to understand your income and expenses. Or it could be a plan to pay off your home early as per Baby Step 6.

Dave Ramsey understood that which is why the Baby Steps plan is so useful. You stick to the plan and you get out of debt. Voila.

3) The Baby Steps Get Progressively More Challenging

One thing I noticed early was that the Baby Steps seems to get progressively more challenging. This helps build momentum. It is much easier to save $1000 than to pay off your house early. By starting and taking baby steps, the baby steps themselves actually don’t feel very babyish. 

Paying off your home early per Baby Step 6 feels much more like a big kid step, but it’s still just a Baby Step like the others. It’s impressive how Dave structured these baby steps.

4) The Community Around Dave Ramsey Baby Steps Is Incredible

You don’t have to look far to realize that the community around Dave Ramsey is incredible. You can take a Financial Peace University class at your local church. These classes are excellent to encourage you and help keep you accountable while you eliminate debt. You’ll learn the baby steps inside and out with others in your community. 

You can also be a part of a vibrant Dave Ramsey Facebook Community. Personally, I am a part of many of these communities where I receive a ton of encouragement when sharing wins and losses in the process of debt elimination.

There’s a lot to love about the Dave Ramsey Baby Step method.

Now, let’s cover a few things that could use a refresh.

1) Can Creating A Budget Be Baby Step #1?

I am a budget fanatic. I would love to see a Baby Step dedicated to budgeting. Why? Because budgeting helps you understand where every dollar goes. I used “every dollar” like that on purpose because Dave Ramsey himself created a budget app called EveryDollar for that very purpose.

What better way to understand how much money you have to put towards your emergency fund than starting with a budget.

I am not sure why Dave doesn’t start with a budget, but I would be keen to start the Baby Steps with creating one.

2) Dave Ramsey’s Emergency Fund May Need A Refresh

Dave Ramsey’s emergency fund calls you to save $1,000 in Baby Step 1. Is $1,000 enough? It really depends. 

First, adjusted for inflation, $1,000 in 1990 is now worth $2,043.26 per the US Inflation Calculator.

Dave Ramsey's emergency fund needs to be larger due to inflation

There’s a plethora of questions you can ask yourself when considering whether the emergency fund is big enough, such as:

  1. How much debt do you have to pay off?
  2. Do you own a home?
  3. How old is your car?
  4. How many kids do you have?
  5. Do you have insurance?

Another question I like to ask is, “where do you live?”. Personally, my family and I live in the Bay Area, California where the cost of living tends to be quite high. $1,000 wouldn’t get us very far.

3) Is The Snowball Method The Best Way To Pay Off Debt?

As a refresh, the debt snowball method means that you line up your debts from smallest to largest and pay your monthly extra to your smallest debt first then snowball into higher debts. The debt avalanche method is where you line up your debts from the highest interest rate and use your monthly extra to pay off the highest interest first. The savvy debt method is where you pay off 1-2 of your smallest balances first via snowball before reverting to the avalanche method to save the most in interest.

Dave Ramsey loves the debt snowball method. It has worked for many people, so why wouldn’t he? He feels the opposite for the debt avalanche where he mentions that it doesn’t work.

The challenge is that you could lose thousands in interest if your smallest debts also have the smallest interest rates. This can be possible because higher debt amounts carry a higher risk to the lenders, meaning potentially higher interest rates.

You can see how much the snowball method loses in comparison through this debt payoff calculator which compares interest paid from snowball to savvy methods. For reference, we are comparing 4 debts: $23,000 at 22%, $18,000 at 19%, $12,000 at 9% and $8,000 at 7% interest rate. The monthly payment is $1,825.00

debt snowball versus other debt payoff methods

In this example, you would lose over $3,500 in interest by choosing the snowball method.

Does that mean that the snowball method is always worse? Absolutely not. The snowball method may provide the psychological benefit that you need to exterminate your debt.

You choose the debt payoff app and debt payoff method that is best for you.

4) Should You Follow Dave Ramsey’s Advice And Pay Off Your House Early Or Invest?

Dave Ramsey loves mutual funds and paying off your home early. My question is what if your mutual funds are making so much more in interest than paying off your home would save you?

Wouldn’t the prudent thing be to continue to pay off your home and then get the higher interest from investing in mutual funds?  It’s not a one size fits all solution, but it is something to consider.

There are also often benefits of not paying off your home early such as interest paid being tax-deductible. That said, you would really need to determine whether you would make more money from mutual funds than saving from interest payments to determine what’s best for you.

What Do You Think About The Baby Steps?

The Dave Ramsey Baby Steps have helped thousands around the globe. What do you like about the Baby Steps? Do you agree or disagree with what we would change in 2021?

4 things I love about Dave Ramsey's baby steps and 4 things I'd change

Top 4 Things I Love About Dave Ramsey Baby Steps (And 4 Things I'd Change)

Source: biblemoneymatters.com

American Express aims to open a brand-new Centurion Lounge in Atlanta – The Points Guy


American Express aims to open a brand-new Centurion Lounge in Atlanta


Advertiser Disclosure


Many of the credit card offers that appear on the website are from credit card companies from which ThePointsGuy.com receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). This site does not include all credit card companies or all available credit card offers. Please view our advertising policy page for more information.

Editorial Note: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.

Source: thepointsguy.com

How to Maintain a Good Credit Score in College

College life brings a host of new and exciting experiences in the various aspects of your life. Financial independence and responsibility also come to play. While your achievements are important in putting you in your right career path, a good credit score is paramount in bettering the deals you will get when renting or buying a home, purchasing a car, getting a cellphone plan, applying for a student loan or in some instances, getting employment.

This calls on your effort to not only build but also maintain a good credit. It may sound complicated and intimidating especially when you don’t know how to go about it. Below, is all you need to know on how to maintain a good credit score in college.

Good Credit in CollegeGood Credit in College

Taking Advantage of your Parent’s Good Credit

This is commonly referred to as ‘piggybacking’. It allows people with bad or no credit to enjoy a spillover of other people’s good credit. It is a great way of establishing and maintaining your credit especially if you need a little help in managing your budget. For you to qualify for this, you have to become an authorized user of your parents’ accounts.

This comes in handy especially if you can’t get your own credit card; according to Oct 1st 2013 Credit Act report, students and other persons below 21 years of age cannot get their own credit cards without proof of income or at least a co-signer. Apart from the credit boost you get from your parent’s account, your credit card use is forwarded to credit bureaus in your name.

Get the Most Suitable Credit Card

Your ability to qualify for a credit card opens you to the opportunity to choose from a variety of cards. You should research and shop around to find out what these cards have to offer before making your choice. Some of the benefits to look out for include low interest rate, no annual fees, convenient credit limits and other competitive incentives.

Better still, you can opt for student credit cards. These come with incentives such as cashback rewards, limited credit history requirement, no annual fees and 0% introductory APR among other benefits. Your own credit card comes with sole responsibility. This means that it’s up to you to stay on top of your billing statements so as to improve and maintain a good credit

Always Pay your Credit Balance

Your payment history accounts for 35% of your credit. Good credit of course depends on timely and full payment of your balance. Inability to pay or late payment may attract additional interest, accrue more debt and negatively affect your credit.

This can take a long time to repair. Besides this, it is also a sign that you are living beyond your means. Ideally, your credit balance should be about 30% of your credit limit or below.

Tip: The higher your credit balance in relation to your limit is, the worse your credit becomes.

Pay your Bills on Time

Late or failed payment of rent, utility bills, parking tickets, library or school fees and other payments can harm your credit; especially is if they are sent to collection agencies and reported to credit bureaus. Ways of beating this include setting up payment reminders and electronic billing. You can also organize for auto payments with your bank to ensure that timely payments are done.

If you live in an apartment, you might get credit for full and timely payments. You can take advantage of eRentPayment which transfers your payment reports to the three major credit bureaus; Experian, Equifax and TransUnion. This consequently improves your credit. However, your landlord needs to be registered and the lease needs to be in your name.

Limit Applications and Inquiries for New accounts

Numerous credit inquiries negatively impact your credit score. In the event that you need to make new credit applications that warrant hard inquiries, concentrate them into period of 14 days in which they will factor as one inquiry.

Once you decide to get a credit account, get all the facts right to avoid the urge to close and open others every now and then. Short credit histories with several new accounts are seen as riskier compared to a few accounts with long credit histories. When you close a credit card, you not only lower your available credit but also shorten your credit history both of which can reduce your score.

In a Nut Shell

Maintaining a good credit score in college is important if you are going to get any good deals in personal credit in the future. This requires vigilance on your part to ensure that you do not do anything that can have negative impact on it. When all is said and done, it all comes down to personal financial responsibility.

Source: creditabsolute.com

Retail Arbitrage Guide – Definition & How to Make Money Buying & Selling

The concept of arbitrage has been around since humans invented the concept of money. It’s best known by the adage “buy low, sell high.” Arbitrage involves buying a good or service for a certain price and then reselling it at a higher price to take advantage of market pricing discrepancies.

You might be familiar with the concept of arbitrage when you picture day trading stock brokers or people who flip houses. Or, perhaps you’re familiar with geoarbitrage, which involves taking advantage of your currency by moving to a country where your dollar has more power.

While these forms of arbitrage might seem extreme, there’s also a more accessible option: retail arbitrage.

If you want to make money by buying and reselling everyday merchandise, learning how to start your own retail arbitrage business is the perfect business model to try.

What Is Retail Arbitrage?

Retail arbitrage involves buying products and reselling them for profit. This sounds simple on paper, but like any flipping business, your success comes down to selecting products that sell quickly and knowing your margins so you can turn a profit.

Typically, people make money with retail arbitrage by buying products that are heavily discounted through clearance sales. Buying products on sale helps widen the price discrepancy between your initial purchase and your resale price.

For example, you might buy a pair of men’s swimming trunks on sale at Walmart for $12.99 and then resell it on websites like eBay or Amazon for $19.99, netting a $7 return on investment before any selling and shipping fees.

This is a basic example of making money with retail arbitrage, but swimming trunks are just one example. Popular product categories for retail arbitrage sellers include:

  • Apparel and shoes
  • Books
  • Baby toys and supplies
  • Electronics
  • Jewelry and accessories
  • Personal care products
  • Sports equipment and apparel

The key is to find products on sale that have consistently high demand.

At the end of the day, it doesn’t matter whether you’re reselling running shoes or makeup — successful retail arbitrage means selling your inventory for a profit, and it’s the math that matters.


Advantages and Disadvantages of Starting a Retail Arbitrage Business

If you’re considering making money with retail arbitrage but aren’t sure if it’s the right business model to pursue, consider these pros and cons.

Advantages of Retail Arbitrage

Some benefits of retail arbitrage worth considering include:

1. Existing Market

When you sell on marketplaces like Amazon and eBay, you’re accessing millions of global buyers. This is a faster route-to-market than starting your own online storefront or retail business where you have to attract customers yourself.

2. Easier Product Selection

Business models like dropshipping often have high failure rates because finding a product that catches people’s attention is critical.

By contrast, retail arbitrage sellers generally sell a variety of everyday products, like apparel and household essentials.

This means it’s the arbitrage math that matters for your profit margin, not finding the next trending product that sells well through Facebook ads like with a dropshipping store.

3. Consistent Demand

Because you mostly sell staple products with retail arbitrage, there’s consistent demand for your inventory.

4. Niche Variety

With retail arbitrage, you don’t have to brand your business or pick one niche to focus on. You can sell anything if you believe the buy price is low enough for you to turn a profit when reselling.

5. Scalability

It generally takes time to learn how to source inventory for retail arbitrage and what products sell quickly. But once your business is operational, the main growth constraint is how fast you can source cheap inventory.

Online sales channels like Amazon have practically endless demand, and retail arbitrage businesses can generate millions in revenue.

Disadvantages of Retail Arbitrage

Retail arbitrage is largely a case of getting the math right and leveraging demand on existing online marketplaces. But this side hustle still requires work and patience to scale.

Plus, there aren’t any guarantees you can make money, and there are several other downsides to consider:

1. Starting Costs

When you start a retail arbitrage business, it’s important to test several products so you learn what sells well and how to properly price your listings. But this also means spending money on inventory before making any sales.

If you want to try retail arbitrage, anticipate spending a few hundred dollars on initial inventory to test the waters.

2. Operational Expenses

Upfront inventory costs aren’t your only expenses for running a retail arbitrage business.

Depending on your selling platform, you’re potentially paying seller membership fees, listing fees, and shipping costs. Additionally, resupplying your store with products is an ongoing cost.

3. Inventory Risks

Putting money into a retail arbitrage business isn’t a safe investment. This is because the money you tie up in inventory isn’t very liquid. You can’t simply turn boxes of clearance merchandise back into cash if you need your money back.

Slow-moving inventory or products that simply never sell are an inevitable downside of this business model.

4. Not Passive

If you want to earn passive income, retail arbitrage isn’t the right business model. Between sourcing inventory and managing your listings, there’s a lot of work that goes into a retail arbitrage side hustle.

You can eventually outsource these tasks if you generate enough revenue, but expect a lot of shopping hours and administrative work unless your business takes off.


How To Make Money With Retail Arbitrage

Like other online business ideas, it’s helpful to follow a game plan when starting a retail arbitrage business. There’s a steep learning curve and it takes time to grow your inventory and monthly revenue.

But if you stick to a process, it’s possible to turn your retail arbitrage business into a significant side hustle or even full-time business.

1. Research Products to Sell

Before you spend money on your first batch of inventory, spend time researching products that sell well online. This provides a foundation of product knowledge you can refer to when shopping in-store for deals.

One useful resource for product research is Amazon’s best sellers list. This page highlights top-selling products based on sales volume across dozens of Amazon categories.

As you scour each category, make note of details like:

  • Price Points. Many retail arbitrage sellers stick in the $10 to $40 range for products. This price range lets sellers buy in bulk. Staying above $10 also means you’re making meaningful profit per sale and not selling cheap dollar store products for $0.25 in profit per sale. There are exceptions, but prioritize products with reasonable entry prices and profit potential of a few dollars per sale.
  • Product Ratings. Always check Amazon ratings for products you’re considering. Negative reviews and a low rating can turn away potential customers or mean more product returns, all of which hurt revenue. Ideally, look for four- to five-star ratings.
  • Size and Weight. Selling bulky, heavy products means expensive shipping. Shipping costs are a major, downward pressure on your profit margin, so review shipping rates for the platform you sell on. As an example, Amazon has a comprehensive shipping fees table that you can use to factor shipping costs into your profit margin before buying a product.
  • Seasonality. Christmas lights might be a top seller during the holidays, but this is a poor retail arbitrage buy unless you capitalize early on seasonal demand. As a general rule of thumb, don’t invest too much money into seasonal inventory to avoid holding products for a long time.
  • Expiration Dates. If you’re selling products with expiration dates like groceries or personal care products, factor this risk into your purchasing decisions. Marketplaces usually have rules for selling products with expiration dates. For example, Amazon has specific shelf-life requirements for different product categories, and eBay requires delivering orders to buyers before product expiration dates.
  • Durability. If your product breaks during shipping, it’s a complete loss for your business. Online marketplaces generally side with buyers in the event of damage or disputes, meaning they get a complete refund.

2. Source Products From the Right Retailers

Once you have an idea of top-selling products and product buying tips, you’re ready to source inventory.

Low everyday prices and clearance sales are your best bet to find products ripe for arbitrage. Some popular retailers for sourcing inventory include:

  • Best Buy
  • Bed Bath & Beyond
  • Big Lots
  • CVS
  • Home Depot
  • Kmart
  • Kohl’s
  • Lowe’s
  • Office Depot
  • Old Navy
  • Rite Aid
  • Target
  • T.J. Maxx
  • Walgreens
  • Walmart

You can also try flipping products from thrift stores, provided product condition is good enough to sell as used online. Similarly, garage sales can also have gems like clothing, toys, and books that are excellent resale candidates.

Local stores and bargain hunting at garage sales are in-person shopping options. You can also try sourcing products from online retailers with low prices. Popular online stores that resellers often use include wholesalers like Alibaba and AliExpress.

Wholesalers are beneficial for retail arbitrage because you typically get a lower per-unit price the more you buy.

For example, on Alibaba, a protein shaker bottle costs between $1.70 and $1.99 per unit. But to get the lowest price, you need to order over 1,000 units, which is obviously a lot of money you shouldn’t spend out of the gate when you’re learning.

Buying products online to resell is still viable. But as a beginner, focus on finding clearance items at local retailers that have a higher retail price online.

When you find a product you think you can flip for a profit, double-check what it’s selling for online. One quick way to do this is to use the Amazon seller app for Android or iOS. This app lets you manage your Amazon seller account if you decide to sell on Amazon.

You can also research a product’s current prices, Amazon sales rank, customer reviews, and profit estimates if you sell the same product. The app also lets you scan product barcodes or type in the product name to find data.

Other scanning apps that help you find profitable items include:

For starting out, Amazon’s seller app is more than enough to check potential profit margins for products you’re considering. If you want to dig deeper, Keepa lets you track Amazon prices over time, so you can check if a product you’re considering historically trends upwards or downwards in price in the coming months before buying.

As a final tip, anything you can do to get sale prices even lower helps your retail arbitrage efforts. For example, one popular retail arbitrage trick is to shop at Kohl’s to take advantage of Kohl’s Rewards.

This free loyalty program pays you 5% cash back in Kohl’s Cash for shopping, so you can use cash-back earnings to get even cheaper inventory on future purchases. If you spend $1,000 on inventory over the course of several months, it’s a free $50 discount.

Other stores like Target and Walgreens also have loyalty programs that let you save money, ultimately boosting your retail arbitrage profit margin.

If you can’t use a loyalty program to save, shop with a cash-back credit card. Retail arbitrage is a high-expense business, especially as you scale, so even earning 1% to 2% cash back on everyday spending could be hundreds or thousands of dollars in savings.

3. Resell Products Online

After purchasing inventory, you’re ready to start generating sales.

Many retail arbitrage businesses rely on the Fulfilment by Amazon program, or Amazon FBA, to power sales. This is because as an FBA seller, you’re not responsible for shipping and logistics. Rather, you send inventory to Amazon warehouses so Amazon handles order fulfillment when you make sales.

This lets you focus on sourcing more inventory and managing your listings instead of dealing with endless shipments.

Amazon FBA has various seller fees, warehouse storage costs, shipping expenses, and potential long-term storage fees. But for starters, you pick one of two plans to sell under:

  • Individual Plan: Pay a $0.99 fee for every sale
  • Professional Plan: Pay $39.99 per month regardless of sales volume

Amazon retail arbitrage has a steep learning curve. This is because Amazon has specific packaging requirements, variable fees depending on product categories, and numerous seller rules you have to comply with.

But despite these complexities, Amazon FBA is still one of the best ways to start a retail arbitrage business because it takes logistics off of your plate. Amazon also has comprehensive documentation on its Seller University portal to help you start your own Amazon business.

You can also find affordable Amazon FBA courses on Udemy that provide a step-by-step guide for starting a FBA store. You can also use a product like Jungle Scout to help get started.

Other marketplaces are also viable sales channels. Different platforms you can resell products on include:

Just avoid spreading yourself too thin. If you start with a batch of 10 to 20 products to resell, list everything on one marketplace.

Take multiple, high-quality product photos and write comprehensive product descriptions. Additionally, research competitor prices and price your listings to be the same or similar to the market average.

If you receive questions from potential buyers, answer them in a timely manner and provide the best customer service possible.

Ultimately, you want your seller profile to gain a positive reputation. Websites like Amazon and eBay have seller ratings. Over time, a high rating becomes a competitive advantage for you over beginner retail arbitrage sellers.

4. Use Profits to Replenish Inventory

To keep your retail arbitrage business running, it’s important to reinvest a portion of your profit into new inventory.

It’s often tempting to use extra income to pay off bills or put towards a vacation. But keeping your online listings stocked and growing your inventory is important to drive sales.

This is especially true if a particular listing is selling well and ranking on websites like Amazon when people search for that product. In this case, keep that listing as well-stocked as possible since you’re getting a steady stream of sales.

Once you have a gauge on your monthly revenue, set a percentage of your profit aside specifically for buying more merchandise. After some practice, you can put more money into inventory if you’re confident it will sell quickly.

But for starters, grow your store slowly and avoid dipping into your savings account to continually fund your business.

5. Optimize Your Operation

If you get your retail arbitrage business off the ground and turn a profit, that’s already a significant achievement. But like any business, there’s always room for optimization that can save time and money.

The more time and money you save, the better. A retail arbitrage side hustle is like running a small business, and optimization is a never-ending process that you should always consider. With retail arbitrage, some operational areas you can improve include:

Shopping Speed

When you’re new to retail arbitrage, sourcing products is slow. But as you become better at identifying profitable products, shopping becomes faster.

You should also note which days certain stores in your area typically put products on clearance.

Additionally, get to know store managers and ask them for insight on upcoming sales. If a manager knows you’re going to buy out their clearance inventory, they might give you a heads-up or inside info on when you should swing by the store.

Seller Fees

Fees are often complex with retail arbitrage, especially if you sell through Amazon FBA. This is because there are seller membership fees, shipping and storage costs, and even fees for removing your inventory from Amazon warehouses.

As you get your first sales, pay attention to what fees eat up most of your profits. For example, switching to a professional Amazon seller plan for $39.99 per month is cheaper than an individual plan if you consistently sell more than 40 products per month.

Shipping

Like inventory sourcing, shipping has a learning curve, so you’re slow when you start selling. But shipping is also an area where you can save money.

For example, Amazon FBA offers a package preparation service that ensures products have compliant packaging and labels for shipment. But you pay a per-unit fee for the luxury depending on the product category. Apparel, for example, costs $0.50 to $0.80 per unit in preparation and labeling fees with this service.

As a beginner, rely on Amazon’s prepping services so you have fewer rules to worry about. As you gain experience, you can package and label inventory yourself for significant savings on large shipments.

eBay also has various shipping discounts you can take advantage of, like discounts on UPS, FedEx, and USPS shipping rates that help you cut costs.

Listing Performance

When you list a product on marketplaces like Amazon and eBay, you include images, a product title, and a description. Improving your listings helps get your products in front of more customers since your listings can appear when people search for specific products.

Including more high-quality photos and writing comprehensive product descriptions are two fast ways to optimize your listings. You can also spy on what successful sellers do for their product description writing and apply the same tactics.

6. Experiment With New Products

After several months of growing your retail arbitrage store, you should have a solid understanding of products that sell well. You might even find yourself gravitating toward a few niches you feel comfortable with, like apparel or beauty products.

Part of growing your sales means venturing into uncharted territory. You should still focus on resupplying your storefront with your top-selling products. But don’t be afraid to use some of your revenue to purchase new products you spot on clearance to test new opportunities.

Product diversification also helps mitigate risk. The last thing you want is to have most of your money tied up in inventory for a single product, only to find it stops selling quickly due to changes in consumer preferences or another seller stealing your business.


Considerations

Before jumping into retail arbitrage, there are several other business risks and requirements to consider.

1. Earning Guarantees

Many ways to make money online come with a reliable paycheck.

For example, working as an online English teacher or becoming a virtual assistant both pay an hourly wage. If you need to pay off bills or grow your savings, it’s comforting to know your side hustle efforts yield results.

By contrast, retail arbitrage doesn’t guarantee a paycheck.

Plus, earnings can be volatile even if you find success; you can be in the negative or barely break even some months and potentially make hundreds or thousands of dollars the next depending on sales.

The upside is that retail arbitrage can scale as a business whereas freelance income depends on how many hours you work. But if you absolutely need money today, stable online work or gig economy jobs are better choices.

2. No Brand Building

Because retail arbitrage involves reselling products, you don’t build your own brand in the process of building your business.

You can private label products to solve this issue, which involves selling products from manufacturers with your own packaging or slight product modifications to develop your own brand. But private labeling often requires negotiation with manufacturers, which takes time and effort.

If you don’t want to build a brand, this isn’t a downside. But if you like the idea of having an identifiable business that customers recognize and trust, retail arbitrage isn’t for you.

As an alternative, you can make your own products and sell on Etsy or create a storefront on platforms like Shopify.

This usually takes more time to find buyers because you’re offering something new under your own brand versus selling an already-familiar brand to consumers. But the trade-off is that you own everything, and seller fees are lower than Amazon FBA.

3. Competition

E-commerce is immensely competitive. According to Statista, 55% of goods sold on Amazon come from third-party sellers. Similarly, if you search for products on eBay, you often see hundreds of thousands or over a million listing results.

As a beginner in retail arbitrage, you’re competing with larger operations that can squeeze you on pricing because their scale creates better margins. This means it usually takes time to get your first sales and to grow your inventory using profit.

In short, don’t expect to start making thousands of dollars or even getting sales the moment you list your inventory.

4. Time Requirements

Running a retail arbitrage business is like having a part-time job.

Sourcing inventory and shipping can take hours out of your week. Plus, these tasks gradually take more time as your operation scales. When you add in listing optimization and dealing with customer service, the time commitment can become significant.

Successful retail arbitrage sellers use their revenue to outsource time-consuming tasks. But for smaller operations, this probably isn’t an option.

The bottom line is that you have to have enough time to try this side hustle. If you only have a few hours per week to spare, flexible business ideas like starting a blog or YouTube channel are more viable.


Final Word

With the growth of e-commerce, business ideas like retail arbitrage and dropshipping have grown rapidly in popularity. Thanks to technology and changes in shopping habits, new ways to make money online continue to become available.

However, retail arbitrage isn’t a get-rich-quick scheme or for the faint of heart. Immense competition and tight margins make it a tough business model. If you don’t have much free time, it’s also difficult to source products and manage your listings each week.

That said, with time and practice, you can make money with retail arbitrage, even while working a full-time job. The key is to slowly learn the ropes, use your profit to fund additional inventory, and continually optimize your business.

It might take weeks or months to get your first sale, but flipping is a viable business model with high earning potential if you’re willing to put in the work.

Source: moneycrashers.com

How to Save Money on Wedding Photographers & Videographers

According to The Knot, the average cost of an American wedding was about $28,000 in 2019. Wedding photography and videography account for $2,400 and $1,800, respectively, or about 15% of the total.

Professional-grade wedding memories are expensive. If you’re fretting about how you’re going to pay for them, use these tips for getting cheap (or at least cheaper) professional wedding photography and videography to help save money on your wedding.

How to Save on Wedding Photographers and Videographers

Use these tips and tricks to reduce the cost of a professional wedding photographer or videographer without sacrificing the quality of the finished product.

1. Set Up a Photography and Videography Registry or Fund

You’ve heard of a wedding gift registry. Why not open a separate wedding media registry through which guests and apologetic no-shows can chip in toward your photography and videography costs? Some high-end photography and videography studios offer this service directly, or you can go the DIY route and launch a crowdfunding campaign on a crowdfunding site like GoFundMe.

DIY registries or funds offer more control over contributions. For instance, you can expand them to include general wedding and post-wedding expenses. They’re a straightforward option if an affordable honeymoon is a top priority.

Plus, if guests contribute to your media registry or fund in lieu of gifts, you don’t have to devote as much energy to regifting, returning, or selling unwanted gifts online after the big day.

2. Tap Your Personal Network

If you want your official wedding photos and videos to look truly amazing, you don’t want to give the job to a random guest whose top qualification is an above-average Instagram account. But you may know or know someone who knows professional or qualified amateur photographers and videographers capable of producing professional-grade material.

Depending on the strength of your connection, you may be able to secure a friend or family discount for those services, even if they’re already established as professionals in your area. The depth of this discount is sure to vary, but in my experience, 5% or even 10% off full price isn’t unreasonable. For instance, we worked with my wife’s former classmate, who’d recently established a professional photography business with her husband. They gave us a small discount and didn’t charge for travel to and from the reception site, as was apparently customary for other jobs in their rural hometown.

Qualified nonprofessionals or rising professionals, such as recent film or visual arts school graduates without practices of their own, may be willing to work for even less, especially if they’re able to build their profile or meet new prospects as a result. Just make sure they have adequate equipment, enough help, and enough prior experience to pull off a big job. As with anyone you hire, check out their previous work first.

3. Get Multiple Quotes to Compare Pricing and Service

When buying a car, you don’t jump at the first offer you see. You compare multiple offers for comparable vehicles, weighing the relative pros and cons until you arrive at an informed decision you’re reasonably confident you won’t regret.

The scale of your wedding media investment might be smaller, but your decision’s consequences echo even further into the future. Spend as long as it takes thoroughly researching photographers in your area and requesting quotes (if they don’t provide pricing upfront) from all who seem in line with your general tastes and budget.

You can jump-start the research process by attending a wedding fair near the area you plan to get married. They typically occur before the wedding season begins and can attract hundreds of service providers (including photographers and videographers) from miles around.

4. Check References

Once you’ve narrowed your choices to a few finalists, thoroughly check them out, just as you’d run a Carfax report on a used car before buying it from a random person (or a sketchy dealership, for that matter). Read online reviews, evaluate their posted work, and connect with people who’ve recently used their services. And don’t be afraid to ask them directly for references.

Though checking references can’t reduce the final cost of your wedding photography and videography, it can increase the chances of satisfaction. You can’t do your wedding over. Paying a bit more for wedding media you love is an investment in the fond memory of what’s hopefully one of the happiest days of your life.

5. Get a Personal Use Release

Your wedding photographer and videographer is almost certain to keep the copyright to your media, meaning you can’t use your wedding photos or videos for your own commercial purposes. But most photographers and videographers readily agree to personal use releases that allow clients to reproduce photos and videos for personal use, sharing among friends, and posting on social media.

If your provider’s contract doesn’t explicitly spell that out, ask them to add it. And think twice about working with any provider who says no. A personal use release removes any doubt about your ability to order reprints or copies in the future, ideally from a discount merchant (such as a drugstore) that charges much less than your photography or videography studio.

6. Stick to a Lower-Priced Package

Most wedding photographers and videographers offer basic packages like ceremony coverage plus pre-reception wedding party shots. These packages include fewer add-ons and frills, such as gratuitous shots of the bride in their wedding dress and personal shoots for bridesmaids. In some cases, their standard arrangement covers just the shoot itself plus an online gallery or image DVD.

By providing just the bare essentials and giving you the flexibility to choose how (and whether) to order additional products, such as bound albums or wall prints, the basic package gives you greater control over your total photography and videography costs. It also allows you to spread your investment over a longer period.

And if you choose to order additional products later, you can likely do so at a lower cost online or at a brick-and-mortar photo shop provided you have a personal use release.

Photography and videography package costs vary tremendously by factors such as provider quality and reputation and geography. Louisiana’s Love Photography is an excellent example of the often vast discrepancy between basic and deluxe photography packages. Its basic package costs $999. The next-highest package costs $1,320, and the most expensive package costs $2,945.

7. Look for Professional (but Less Established) Independents

If your wedding media’s quality is even a remote concern, resist the temptation to source an unvetted amateur from Craigslist or your wedding guest list, no matter how tight your budget. You’re more likely to be disappointed with the results.

But it is possible to find professional-grade work at nonprofessional prices. Up-and-coming photography and videography professionals are often willing to work for less than what more established professionals charge. They’re frequently just out of school or ready to move up from assistant roles and launch their own independent businesses. The best place to find them and verify their credentials is on reputable job boards like Indeed and freelance job websites like Upwork.

8. Book Early

Not all wedding photographers and videographers offer early-bird discounts, but it never hurts to ask. Just be realistic about what early means in the world of wedding planning, which is probably no later than six months before the big day. Make a point to reserve your wedding photography and videography around the same time you book your wedding venue if you’re not arranging them through the same vendor.

9 Ask for an Off-Peak Discount

Many people get married on Saturdays. If you’re willing to buck the crowd and organize a weekday (Monday through Thursday) wedding, ask photographer and videographer candidates for an off-peak discount. Depending on local customs and the providers’ whims, it’s not unreasonable to expect a 10% or 15% discount off the final bill for a midweek shindig. For example, our engagement photographer, who also did weddings, cut 15% off her bill for Monday-through-Thursday weddings.

The same principle applies to off-season weddings in regions with sharply defined wedding seasons. If you’re scheduling a February wedding in Boston or Chicago, it never hurts to ask for a discount. But winter weddings are increasingly popular, so don’t be surprised by a refusal. There are other potential financial benefits to weekday and off-season weddings too, such as venue and catering discounts.

10. Ask for Referral Discounts or Credits

Don’t be shy about asking your photographer or videographer for referral discounts or credits. Many professionals readily offer kickbacks, either as a discount to the final service bill or credits for future orders, to current or prior customers who refer new business.

You don’t have to shill for them at your wedding, but if you know anyone who’s planning their wedding, you can suggest your photographer or videographer.

It works in the other direction too. If friends refer you to their wedding media provider, you may qualify for a discount. Discounts and credits vary by factors such as vendor and location, but $25, $50, or even $100 isn’t outside the realm of possibility. For example, our engagement photographer offered $50 off for referrals who purchased photography packages.

11. Look for Custom Packages

In the rush to get ready for the big day, it’s easy to surrender to the simplicity of preset photo or video packages, which tell you precisely what you’re getting and how much it’s going to cost. However, preset packages often include unnecessary services or add-ons, and providers aren’t always willing to customize on the spot.

To avoid paying more than you should, look for providers that offer custom packages. These packages typically have minimal conditions. For example, you can choose how many hours the provider works on your wedding day, and you get all your images in electronic format. But beyond that, the services rendered and deliverables (such as albums) are up to you.

Larger custom packages sometimes qualify for discounts. For instance, Atlanta-based Amanda Summerlin Photography, a high-end photography studio, knocks 5% off custom packages of $3,900 or more, 10% off custom packages of $4,600 or more, and 15% off custom packages of $5,700 or more.

12. Book Photography and Videography With the Same Provider

Not all photography studios offer videography services, nor vice versa. But if you choose a provider capable of shooting professional-grade photo and video, look into combined photography and videography packages, which can cost hundreds of dollars less than separate photography and videography jobs.

13. Avoid Nonlocal Photographers and Videographers

Unless you’re having a destination wedding in a remote area, avoid working with nonlocal providers. Out-of-area photographers and videographers often add mileage or airfare to the cost of their services, potentially raising the final bill by hundreds of dollars.

Even if your provider doesn’t explicitly add travel costs to your final bill, they’re likely built into its margins, and your total cost is therefore likely to be higher than what a comparable local provider would charge.

14. Work With Venue-Preferred and Recommended Providers

If you’re planning your nuptials at a wedding venue that’s accustomed to hosting weddings, inquire about preferred or recommended photographers and videographers.

Some venues have a de facto referral system. The venue drives business to favored vendors, who then offer discounted services or special packages. Some larger venues even have staff photographers and videographers that work closely with onsite wedding planners and build their fees into the total cost of the event. Further, such providers are likely familiar with the specific venue and already know the best sites for shots.

15. Limit Your Photographer’s and Videographer’s Hours

Some photographer and videographer packages include a specific number of hours of coverage, usually four to seven. Before hiring your provider and choosing your package, determine how long you need them to be present.

You probably want to capture high points like the walk down the aisle, exchange of vows, post-ceremony procession, and cake cutting, but do you really need professional shots of the rehearsal dinner, the bride getting ready, distant family members, or the later stages of your reception party?

Choose your package accordingly, and don’t be afraid to ask for modifications. For example, if you don’t need reception photos or videos at all, your provider may be willing to bail right after the customary post-ceremony wedding party shots.

16. Limit Your Photography and Videography Staff Size at Smaller Weddings

It isn’t always possible with larger or logistically complex weddings with multiple shooting sites or challenging conditions. But if you expect fewer than 75 guests at your wedding and plan a relatively traditional ceremony and reception, your provider may be willing to send only a lead photographer or videographer, forgoing the assistants and interns who often help with setup, shooting, and equipment-ferrying at larger events. Depending on the provider, that could reduce your service bill by a few hundred dollars.

17. Order Fewer, Smaller Finished Photos

Because they’re easier to frame and look better on display, larger wedding pictures typically cost a lot more than wallet-size or small frame-size (4-inch-by-6-inch or 5-inch-by-7-inch).

If you place a finished photo order with your photography studio, stick to the smaller sizes or purchase only a few larger photos for display in your home. Resist the temptation to send a large framed photo to every member of your wedding party or aunt and uncle who made it to the ceremony.

If you do want larger photos down the line, you can use your online proofs to place an order with a discounted service or buy from your provider when your budget has recovered from the trauma of the wedding.

18. Lose the Leather Binding and Hard Pages

Wedding photo albums are pricey — really pricey. When purchased a la carte, high-end wedding albums (think bound leather albums with rigid pages) can cost up to $1,000, according to Zola. Larger sizes are especially pricey.

While it’s nice to have a weighty tome of wedding memories to pull out for your houseguests and future kids, it’s possible to achieve similar results at a lower cost. Opt for a simpler magazine-style album with glossy, flexible pages. The quality of the quality is similar, as is the durability of the paper, which is critical if you plan to share your wedding memories with your children and grandchildren.

19. Don’t Order a Proof Book

Many photographers offer proof books, which allow you to review the photos they’ve taken and select your favorites before ordering your final prints.

The catch is that you often pay for the proof book too. Our wedding photographer advised us we’d pay an extra $100 if we wanted a proof book. We told her to skip it and send us a selection of digital files to review (for free). Unless you wish to keep the book in lieu of a bound album, you can do the same.

20. Crowdsource Photos and Videos From Your Guests to Create an Album or Folio

If you want a professional-grade memento of your big day, cutting out the photographer or videographer altogether isn’t a viable option. But you can still pair a less extravagant professional wedding package and fewer pro photos with a free or low-cost crowdsourced photo campaign.

Before the ceremony, either on your invitations or in your wedding program, invite your guests to snap photos or take videos with their smartphones and post them to social media or an online space.

Brides magazine has a comprehensive list of useful wedding photo-sharing apps, some more expensive than others. If you tell your guests to post photos to social media, give them a unique wedding hashtag to make it easy to find the photos. It’s usually some variation on the wedding couple’s names plus the year.

Make it clear they can be as creative as they please as long as they don’t disrupt the service. Or let the pros handle the wedding and invite the guests to get artistic at the reception.

If you worry about phones or photos getting lost in the shuffle, place disposable cameras on each table and ask patrons to place them in a designated box or bowl when the festivities are over. The results won’t win any awards, but they’re sure to be entertaining — and as time goes on, even poignant.

21. Pay With a Cash-Back or Rewards Credit Card

No matter what your final wedding media bill comes to, you can marginally reduce the sticker shock (and budgetary carnage) by paying with a cash-back credit card. Though wedding photography and videography rarely fall into favored spending categories, such as grocery store or gas purchases, they’re still good for the baseline earning rate.

For example, by paying your photographer and videographer with Chase Freedom Unlimited (unlimited 1.5% cash back on most purchases, including wedding photography and videography) or Citi Double Cash (unlimited 2% cash back) card, you can knock the final cost of a $2,000 bill down to $1,970 and $1,960, respectively.


Final Word

Professional photo and video services aren’t cheap. The Knot’s survey showed the average American couple spends more than $4,000 to document their special day when they opt for both.

Fortunately, your wedding day is probably going to be the high point of your professional media-buying career. Even if you and your spouse spring for newborn baby photos, periodic family portraits, and high school graduation photos for your kids, you won’t ever spend as much on photo and video as you do on your wedding day.

Source: moneycrashers.com

13 Good Side Hustles From Home You Can Start This Weekend

If you’re looking to increase your income and you’re ready to take action, the side hustles covered in this article could all be started this weekend.

Some side hustles allow you to start making money immediately and others involve building a business with excellent long-term income potential.

Regardless of your situation, you’re sure to find something that’s a good fit for you.

Good side hustles from home

Quick Navigation

make an extra $500 per month, and that’s realistic with a blog.

The downside to blogging is that you’ll need some patience. Growing a blog from scratch takes time, and most bloggers make very little money in the first 6-12 months. However, once you’ve gained some momentum, it’s a great way to make money online. 

Why You Might Want to Start a Blog:

  • Unlimited income potential.
  • Flexibility to work around your existing schedule.
  • You can start a blog on the topic of your choice.
  • Potential to make money on your own without the need for client services.
  • Easy and inexpensive to start.

How to Get Started

The first step is to decide what you’re going to blog about. While you don’t need to be passionate about the topic of your blog, it helps if you at least have some interest in the subject. Working on the blog will be a lot more fun if it’s something you enjoy.

Next, you’ll need to sign up for a web hosting account to get your blog set up. I recommend Bluehost for new bloggers because their prices are among the lowest in the industry, and it’s straightforward to get set up. The article How to Make Money Blogging as a Side Hustle is a great guide you can follow.

2. Start a YouTube Channel

Starting a YouTube channel is another enticing option that offers many of the same benefits as blogging. It’s a flexible opportunity that offers significant income potential. The difference is, you’ll be creating content in video format instead of written format. If you enjoy being on camera more than you enjoy writing, YouTube may be a better opportunity than blogging for you.

The highest-earning YouTubers are making tens of millions of dollars per year, and the numbers keep growing each year. As the amount of video content consumed by the average person continues to increase, the earning potential for YouTubers will also increase.

Like starting a blog, growing your YouTube channel will take time, and you aren’t likely to start making money right away. The most common way to monetize a YouTube channel is through the YouTube Partner Program, which allows you to make money from ads on your videos. You’ll need at least 1,000 subscribers and 4,000 watch hours to be eligible for the program. Those numbers may seem high, but many active YouTube channels can reach that level within a few months.

Why You Might Want to Start a YouTube Channel:

  • Unlimited income potential.
  • Surging demand for video content.
  • Less competition than blogging.
  • Can be a lot of fun.

How to Get Started

YouTube for Beginners is a course from Skillshare that was created by an experienced and successful YouTuber. It teaches everything you need to know to start and grow your channel.

3. Online Surveys

The first two options I’ve mentioned offer excellent long-term income potential but will take some time before you start making money. Taking online surveys is the exact opposite. You’re not going to get rich by taking surveys, but this is a highly flexible side hustle, and you can start making money immediately.

If you’re looking to make an extra $100 per month, or maybe a few hundred dollars per month, taking surveys could be a good option. There are several survey websites and money making apps you can use to start making money right away. Some of the best choices include:

Surveys are appealing because anyone can do this side hustle. You don’t need any particular skills or experience to make money in your spare time.

Why You Might Want to Take Online Surveys:

  • Extreme flexibility: take surveys whenever you have a few minutes to spare.
  • Anyone can do it. No specific skills or experience required.
  • Start making money right away.
  • Sites like Swagbucks offer lots of ways to make money in addition to surveys.

How to Get Started

Getting started is quick and easy. Create a free account at the top sites like Swagbucks and Survey Junkie, complete your profile, and begin taking surveys. Each site will have different rules regarding the amount of money or points you need to earn before withdrawing the cash or redeeming points. Swagbucks allows you to redeem points as soon as you have enough for a $3 gift card, making it one of the best options.

4. Flea Market Flipping

Good side hustles from home - flea market flipper

If you enjoy finding amazing deals at yard sales, flea markets, auctions, estate sales, or thrift stores, becoming a flipper could be the right choice for you. This side hustle involves buying underpriced items and reselling them for a profit.

Finding valuable items at places like yard sales and flea markets is pretty easy with a little effort. Many people are simply looking to get rid of their stuff, and you can find some great deals. Most flippers resell the items online through eBay, the Facebook Marketplace, Craigslist, or other similar sites and apps. 

Flipping is a flexible side hustle you can do whenever you have the time or need to make some extra money. It’s also possible to start earning a profit very quickly.

Why You Might Want to Become a Flipper:

  • Can be fun if you enjoy finding great deals.
  • Good income potential.
  • You can learn the skills quickly.
  • Great fit for people who don’t want to spend all of their time online.

How to Get Started

To get started, all you need to do is head out to some yard sales or flea markets this weekend and look for underpriced items to buy. It’s best to start with products that you know well. With a little bit of experience, you’ll get more familiar and more comfortable with a broader range of products. See this list of the easiest things to flip for profit as a guide for getting started.

5. Furniture Flipping

Most of the items you buy at yard sales or flea markets to flip will involve minimal work to get them ready to sell. You might clean up an item or make minor repairs, but in most cases, you’ll be making money primarily by finding things that are worth more than they’re selling for. 

Flipping furniture is different because it requires putting in several hours of work to restore the item before selling it. The idea is to find a low-priced (or free) piece of furniture that has the potential to be much more valuable if it is restored or refinished. Solid wood furniture is ideal because you can increase the value simply by painting or staining it. Upholstered furniture can be reupholstered for a completely new look, increasing the value relatively quickly.

If you enjoy working with your hands and turning something old and unwanted into something valuable, this could be the perfect opportunity for you. Learning how to repair or restore furniture is not that difficult, and there are plenty of YouTube videos that will teach you for free.

You can find items to flip at yard sales or drive around and look at pieces out for the trash. Once your item is ready to sell, the Facebook Marketplace and Craigslist are ideal for reaching people in your local area.

Why You Might Want to Flip Furniture:

  • Work whenever you have time or whenever you need money.
  • High demand for restored furniture.
  • Anyone can learn the skills.
  • Start making money quickly.

How to Get Started

To get started, you’ll need to find your first piece to flip. Take a look around your home or apartment, and you may already have an ideal item. Working on a piece of furniture you already own is a perfect way to start. It means that you won’t have to spend any money buying an item, and it gives you a chance to make a profit quickly. If you don’t have anything, head to some yard sales this weekend and see what you can find.

6. Investing

Over the past year, investing as a side hustle has become increasingly popular. Stories of part-time investors making huge sums of money have been in the news a lot. Of course, the stock market’s trajectory over the past year made that more manageable, but this is a side hustle you might want to consider if you enjoy personal finance and investing.

It’s critical to remember that investing comes with risk, and you shouldn’t invest money that you can’t afford to lose. However, there’s also a substantial upside if you have success with it.

Platforms and apps that are ideal for new traders include:

Of course, investing in the stock market isn’t the only option. You could also invest more passively in real estate or other types of alternative investments. Some platforms you might want to consider include:

You can also find plenty of alternative investment options here.

Why You Might Want to Start Investing:

  • Excellent long-term potential.
  • Opportunity for exponential growth.
  • Valuable skills to learn.

How to Get Started

To get started, decide which type of investing you want to do. This beginner’s guide is a good resource for anyone who wants to get started with the stock market.

7. Photography

Good side hustles from home - photographer

Are you a hobbyist photographer? Would you like to start making money from that hobby? 

There are several different ways to make money with photography, but we’ll look at two great options for getting started as a side hustle: client photo sessions and stock photography.

No matter where you live, there are people in your local area looking for a photographer. You could take photos of families, engaged couples, high school seniors, sports teams, and much more. 

Making some part-time money by offering photography services is relatively easy. Scaling it to a full-time income is much more challenging. If you’re looking for a way to make a few hundred dollars per month on the side and you have some photography skills, consider offering your services to others.

Another option is to upload your photos to stock photo websites like Adobe Stock, Shutterstock, and many others. You’ll be able to earn money every time a customer downloads one of your photos.

The stock photography market is highly competitive, so it’s not easy to make a considerable amount of money. But if you’re looking for a way to make a few hundred dollars per month, it’s very realistic. To have success, you’ll need to upload many photos and keep taking and uploading new pictures all the time. 

Why You Might Want to Become a Photographer:

  • Monetize your existing hobby.
  • Variety of ways to make money.
  • Potential to grow into a full-time business.

How to Get Started

Choose whether you want to offer services to clients or upload your photos to stock marketplaces (or both).

For client work, the best way to get started is with friends and family. Talk to everyone you know and offer a low price to begin to get some business. With a little bit of experience, you’ll get to build up your portfolio and benefit from word-of-mouth advertising.

To get started with stock photography, choose a platform you want to use. Ultimately, you’ll want to upload your photos to several different sites to maximize your income potential, but it can be helpful to start with just one, so it’s not overwhelming. Each stock photo site will have an application process to become a contributor. You’ll probably need to upload some samples, so get ten of your best photos ready to go.

8. Freelancing

You can offer many different services as a freelancer, including writing, editing, proofreading, web or graphic design, coding and development, marketing, and more.

Freelancing is a great way to make money because you can use the skills you already have to start making money quickly. You’ve probably developed some skills at a previous job (or maybe your current job), or even through a hobby.

The income potential with most freelance services is also outstanding, making it ideal for growing to a full-time income if that’s something you want to pursue.

Why You Might Want to Start Freelancing:

  • Lots of possibilities and many services you could offer.
  • Monetize the skills and experience you already have.
  • Excellent income potential.
  • Flexible working hours.

How to Get Started

My article How to Make Money Online for Beginners covers the steps to follow if you want to start as a freelancer.

9. Virtual Assistant

Working as a virtual assistant or VA is one of the best opportunities available in 2021. Many businesses are looking to outsource more work, and as a VA, there are numerous different services you could offer.

Many VAs do things like general administrative tasks, blog editing, moderate forums or Facebook groups, management of social media profiles, and much more.

Working as a VA is a very flexible side hustle that fits around your existing schedule. It’s something you could do part-time or work on growing your client base and turn it into a full-time business.

Why You Might Want to Become a VA:

  • High demand for talented and reliable VAs.
  • Work as much or as little as you want.
  • Monetize your existing skills.
  • Good income potential.

How to Get Started

Gina Horkey’s Fully-Booked VA is an excellent resource for anyone who wants to make money as a virtual assistant. There’s training for all aspects of running your business, and you’ll be able to learn from an experienced and successful VA.

10. Self-Published Author

Good side hustles from home - self-published author

If you like to write, you might want to consider becoming a self-published author as a way to make some extra money. With print-on-demand platforms like Amazon’s Kindle Direct Publishing (KDP), becoming an author has never been easier. There’s no need to send your writing to a bunch of publishers hoping to hear back.

Through KDP, you can sell e-books and paperbacks without the need to spend any money on inventory. The paperbacks are printed as they’re purchased, and Amazon handles all of those details.

You can write whatever type of book interests you, covering any topic or genre you choose. You probably already have some experience you could use to write a book that others would buy.

Why You Might Want to Become a Self-Published Author:

  • Make money doing something you enjoy.
  • Making money as an author has never been more realistic.
  • Completely flexible. Work whenever you want.
  • Potential for passive income.

How to Get Started

From First Draft to Bestseller is a detailed and thorough course that teaches how to make money as a self-published author.

11. Sell on Etsy

If you’re crafty, you might enjoy selling on Etsy. You could sell handmade or vintage items, or even design and sell digital products like printables. 

Selling on Etsy is a side hustle that may take some time to become profitable because you’ll need to work on getting exposure and growing your shop. The long-term potential is solid, but you’ll probably need to put in a lot of work early on. 

Why You Might Want to Start an Etsy Shop:

  • Monetize your crafty hobby.
  • Work around your existing schedule.
  • Excellent income potential.

How to Get Started

The course Building an Etsy Shop That Sells is an excellent starting point. Beginners will learn all of the necessary details related to getting started on Etsy.

12. Microtasks

The opportunity to make money with microtasks is very similar to taking online surveys. You’re not going to make a lot of money per hour, but what it lacks in income potential, it makes up in terms of flexibility.

Several websites like Amazon’s Mechanical Turk and Clickworker pay people to do small, simple tasks that take no more than a few minutes. Some survey websites like Swagbucks also offer a variety of tasks you can do for money or rewards. 

You can work on microtasks whenever you have some spare time, as much or as little as you want. And like surveys, anyone can do the work. You don’t need skills or experience, aside from fundamental computer skills.

Why You Might Want to Do Microtasks:

  • Extreme flexibility. Work whenever you want, as much or as little as you want.
  • Anyone can do it. No skills or experience needed.
  • Start making money right away.

How to Get Started

To get started, create a profile at a microtasking site like MTurk or Clickworker. The signup process is easy, and you’ll be able to start completing tasks very quickly.

13. Rental Business

One of the more overlooked side hustles involves renting out your stuff. There are many different things you could rent, including:

  • Tools
  • Baby gear
  • Car, truck, or bike
  • RV
  • Storage space 
  • Room or unit in your home
  • Parking space

With a rental business, you’ll be making money because of your assets, not because of the amount of time you’re working. If you have things that people are willing to pay to use, you might be able to make a decent amount of money on the side without working many hours.

Why You Might Want to Start a Rental Business:

  • Turn things you’re not using into income-generating assets.
  • Make money from your assets, not trading your time for money.
  • Lots of different things you could rent out.

How to Get Started

Take a look at the things you already have. Try to find anything that might have value that you’d be willing to rent out. You can use a website like Fat Llama to list just about anything for rent or use a specialized platform like RVshare to rent out a specific type of item. Use Airbnb to rent a room or vacation home.

Final Thoughts

If you’re interested in making some extra money outside of a job, why not take action right away? This article covers 13 good side hustles you could start this weekend, and most of them involve minimal startup costs or no cost at all.

Pick one that seems like a good fit for you and commit to taking action this weekend!

good side hustles from home to make extra money

13 Good Side Hustles From Home You Can Start This Weekend13 Good Side Hustles From Home You Can Start This Weekend

Source: biblemoneymatters.com