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Tuesday, May 15, 2018

Getting Out of a Financial Rut


Poor Man Survival
Self Reliance tools for independent minded people…
ISSN 2161-5543
A Digest of Urban Survival Resources
 
 

Getting out of a Financial Rut
Almost everybody gets stuck in a financial rut like this at some point in their lives.
You’re budgeting. And you know exactly how much money you want to save and invest.
But the money is going out as quick as it’s coming in. And nothing you do seems to alleviate the pressure.
The worst part is you’re probably getting by OK for now… but if a financial crisis were to hit, you’d be totally unprepared.
Heck, even one big unexpected cost — like some urgent home or car repair — could scupper the delicate balance of your finances.
At this point you really only have two options.
1. Change Your Situation
This is a drastic tactic that most folks will try to avoid at all costs. It involves making radical changes to your lifestyle in order to rebalance your income and your expenses.
This can involve changing jobs, moving to a more affordable neighborhood or even moving to an entirely different state where the cost of living is low.
Obviously, this strategy isn’t going to be for everyone. Which is why I usually recommend that folks try option No. 2 first.
2. Make More Money
I know, I know. “Making more money” is easier said than done.
But without a doubt, it’s the best and fastest way to increase your spending power without making any drastic life changes.
And in today’s “side gig” economy, you can easily pick up a part-time gig where you can set your own hours and work in your free time.
Even if you only log a couple of hours a week, that’s going to be extra money you can put toward your savings or investments.
Finding the Side Gig That’s Right for You
The best side gigs are flexible, pay well and build off your strengths.
For me personally, that’s freelance writing.
I have a background in writing. I can set my own schedule. And I can pick up a job whenever I need a little extra money to spend or invest.
I simply head over to Upwork.com, which is a website that matches freelancers with folks who are looking for work.
But your perfect side gig is going to depend on your own experiences and talents.
For example, if you’re a music lover, you can earn an average of $40 an hour playing music or singing in live music venues.
According to Payscale.com, this is one of the highest hourly rates for a side gig. But keep in mind, the typical musician only works four hours a week.
Still, an extra $640 a month for just 16 hours of work is nothing to be sneezed at.
Photography is another hobby with big potential for a lucrative income. The average side-gig photographer earns about $36 per hour and typically works five hours per week.
Obviously, camera equipment can be expensive and you need to know what you’re doing. But if you’re passionate about photography and already have the equipment, this is a great way to earn a side income.
If you’re handy, you can earn $20–45 an hour doing handiwork or cleaning. Handy.com is a great resource for finding jobs and operates similarly to Upwork but for handiwork.
You’ll determine your own availability and work schedule. And payment will be directly deposited into your account after each job. If that sounds up your alley, you can sign up right here. 
That said, your perfect side gig will probably be something only you can do.
Maybe you can translate your experience into an online consulting job... or an online training job.
A few times a week, you simply load up Skype, impart your wisdom and name your price. An online tutor typically commands about $20 an hour. But the more specialized your knowledge, the more you can charge.
Southwest Airlines
One of the best ways to save on Southwest is to look for price drops after you purchase your ticket, says Demer. So it pays to keep an eye out on the fare by setting an alert by email or app, as Southwest will refund you in whatever form of payment you used for the original booking. If you purchased your tickets online, go to “Change Reservation” in your account and follow the prompts to the lower fare to get the difference automatically refunded. And if you made the reservation by phone, you can call their agents to secure your refund.
As for when to book, the best time of week to snag the lowest fares is Tuesdays around 3 p.m. because that’s when Southwest’s “Click N Save” emails go out each week. Deals typically run out by Thursday so look out for their special fares as soon as they’re released.
The general boarding process for Southwest flights is notoriously unpleasant as passengers are not assigned seats at the time you book, unless they’ve paid up to $50 each way for an upgrade. To avoid paying the fee and still not end up the dreaded C group that’ll surely result in a middle seat, Demer says you need to be religious about logging in exactly 24 hours before your flight takes off. So set your alarm and be among the first to check in so you can increase your chance of getting an aisle or window seat.
Southwes
One of the best ways to save on Southwest is to look for price drops after you purchase your ticket, says Demer. So it pays to keep an eye out on the fare by setting an alert by email or app, as Southwest will refund you in whatever form of payment you used for the original booking. If you purchased your tickets online, go to “Change Reservation” in your account and follow the prompts to the lower fare to get the difference automatically refunded. And if you made the reservation by phone, you can call their agents to secure your refund.
As for when to book, the best time of week to snag the lowest fares is Tuesdays around 3 because that’s when Southwest’s “” emails go out each week. Deals typically run out by Thursday so look out for their special fares as soon as they’re released.
The general boarding process for Southwest flights is notoriously unpleasant as passengers are not assigned seats at the time you book, unless they’ve paid up to $50 each way for an upgrade. To avoid paying the fee and still not end up the dreaded C group that’ll surely result in a middle seat, Demer says you need to be religious about logging in exactly 24 hours before your flight . So set your alarm and be among the first to check in so you can increase your chance of getting an aisle or window seat.
 
These days, it’s much easier to find a side gig that pays well, where you can set your own hours — and you don’t need any special talents or experience.
This is thanks in large part to the rise of the internet. For the first time, there’s now a dedicated infrastructure to support the side-gig economy.
No longer do you have to “know a guy who knows a guy” to find a gig. You simply go online or use one of many side-gig apps to find a job.
Below are the best-paying, easiest-to-pick-up side gigs in 2018.
Uber (and a Better Alternative)
Uber is the side-gig app that everyone knows. With Uber, you can turn your car into an unofficial taxi and make money in your spare time.
You set your own hours and availability. And you’ll earn up to $19 an hour (or more in some states), plus tips.
To qualify, you must pass a background check and have a clean driving record. Click here to find out more.
But before you start signing up, know that there may be a better alternative.
Lyft is similar to Uber. But according to a recent survey, Lyft drivers make more money and are 25% happier than Uber drivers. Click here to find out more.
Airbnb: Let the Side Gig Come to You
If you have a spare room or a vacation home, renting it out on Airbnb is by far one of the best strategies for making extra money.
Airbnb’s website connects you with folks all over the world looking to rent out rooms short term.
Once you’re up and running, it’s mostly a passive income — meaning the actual work on your part is minimized. And it can be rather lucrative.
My mother is retired and on a fixed income. But she’s able to make more than $700 a month renting out my old room on Airbnb.
(Sometimes that means my wife and I have to sleep on the couch when we pay her a visit. But it’s worth it for the financial security it’s given her.)
Sign up for Airbnb here and turn that spare room into some spare cash.
Amazon Flex: Stand on the Shoulders of a Giant
Amazon is a titan of e-commerce and logistics. But it’s growing so fast that it can’t keep up with all the deliveries (608 million a day). Which is why the company started Amazon Flex.
Amazon Flex enrolls the help of regular folks like you and me to deliver their extra packages. Depending on the state, this side gig pays $18–25 an hour.
You set your own schedule but you must have your own vehicle and pass a background check. You can get started right here.
Taking on any of these side gigs would be a great way to earn some extra cash and fortify your finances.
Most work-at-home jobs pay in the $8 to $15 per hour range, but as a freelancer, you can earn $20 to $50 or more per hour depending on the work you do and the experience you have in it. Plus, you get some other perks you might not get as an employee such as, the ability to decide what work you'll do, when you'll work, how you'll work, and a boatload of tax deductions. 
 
If you're not sure about freelancing, you'll want to check out the post on How to Start a Work-At-Home Freelance Career, which explains the types of work you can do as a freelancer, how to price your skills, and how to get your first clients fast.
 
 
Here are 5 of my best tips for this year and they are:
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The Cheapskate’s Guide to the Good Life…

The Wall Street Journal has compiled a list of 50 ways you can indulge in the good life with ideas of how to score affordable luxury from style steals to décor discounts to steep travel bargains.

 
More Retirees Want a Side Gig. Here's How to Get One: Whether by choice of necessity, nearly three out of four Americans plan to work beyond traditional retirement age - at least on a part-time basis. CNBC.
Amazon Flex
Amazon is a titan of e-commerce and logistics. But they’re growing so fast that they can’t keep up with all the deliveries (608 million a day). Which is why they started Amazon Flex.
Amazon Flex enrolls the help of regular folks to deliver their extra packages. Depending on the state, this side gig pays $18–25 an hour.
You set your own schedule but you must have your own vehicle and pass a background check. You can get started right here.
Take up any of these side gigs and use the extra money you make to fortify your finances.
Handy
The online service Handy is a great way to earn some extra cash doing handyman work or cleaning. Depending on the task, you can earn anywhere up to $45 an hour.
You’ll determine your own availability and work schedule. And payment will be directly deposited into your account after each job. If that sounds up your alley, you can sign up right here.
What You Really Pay for a New Car Car

 

9 Steps to Prepare Yourself Now for the Next Recession

It's been nine years since the end of the Great Recession. The current economic expansion can't last. Take these steps to be ready to survive -- and thrive -- when it ends.
 
 

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1 comment:

Larry said...

Ahh...extra loot. Just what I need to support my dependents [the government, which has become my biggest burden]!