Making Money | Tips And Advice on How to Start Making Money https://finmasters.com/making-money/ Master Your Finances and Reach Your Goals Tue, 06 Feb 2024 05:21:04 +0000 en-US hourly 1 https://wordpress.org/?v=6.4.3 15+ Minimum Wage Statistics & Facts (2023) https://finmasters.com/minimum-wage-statistics/ https://finmasters.com/minimum-wage-statistics/#respond Sat, 22 Oct 2022 15:27:00 +0000 https://finmasters.com/?p=60713 We researched and collected the most interesting statistics and facts about minimum wage and minimum wage workers.

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The federal minimum wage has not increased in over ten years, despite continuous increases in the cost of living. How great is the impact of the stagnant minimum wage on American workers? We collected some interesting statistics and facts about minimum wage and minimum wage workers that could provide some answers.

Key Findings

  • The federal minimum wage has been $7.25 since 2009.
  • Adjusted for inflation, the minimum wage was highest in 1968.
  • The state of Washington has the highest minimum wage, at $16.28 per hour.
  • In 2022 141,000 Americans earned minimum wage, while 882,000 Americans earned below minimum wage.
  • 45% of minimum wage workers are below 25 years of age.
  • 75.4% of minimum wage workers are White.
  • Over a third of minimum wage workers (33.6%) are high school graduates with no college experience.
  • Louisiana is the state with the highest percentage of workers who are paid minimum wage (2.8%).
  • 66.5% of minimum-wage workers are single and have never been married.
  • The leisure and hospitality industry employs the highest number of minimum-wage workers.

What Is the Current Federal Minimum Wage?

The current Federal minimum has been $7.25 since 2009.[1] Trusted source
The U.S. Department of Labour
The United States Department of Labor is responsible for the administration of federal laws pertaining to wage and hour regulations, reemployment programs, unemployment compensation, occupational safety and health, and periodically economic data.

Minimum Wage Adjusted for Inflation

In 2024, the federal minimum wage is still $7.25, the same as in 2009. The value of the dollar is falling as prices for everything, from food to fuel, rise. That implies that workers are experiencing a decline in the purchasing power of their earnings.

Adjusted for 2024 dollars, the minimum wage was highest in 1968. Even though the minimum wage has increased steadily over the past century, the purchasing power of the minimum wage has been on the decline since the 60s.

Data show that the minimum wage should be increased to $10.01, to compensate for price increases and prevent the loss of purchasing power of low-income workers.[1] Trusted source
The U.S. Department of Labour
The United States Department of Labor is responsible for the administration of federal laws pertaining to wage and hour regulations, reemployment programs, unemployment compensation, occupational safety and health, and periodically economic data.
[2]

Minimum Wage by State

Some states impose minimum wages above those mandated by the federal government.

At $17.00, the District of Columbia has the highest minimum wage. Washington, with a $16.28 /hour minimum wage, is the second-highest paying state overall.

Although the minimum wages in the District of Columbia and Washington appear to be high, both states have higher than average cost of living indices. In 2022, the District of Columbia has an index of 145.3 and Washington has an index of 115.7. The average cost of living in the US represents a 100 value on the cost of living index.

30 states have a minimum wage above the federal level, 2 states have a minimum wage below the federal level (but the federal one still applies) and 5 states have no minimum wage.[1] Trusted source
The U.S. Department of Labour
The United States Department of Labor is responsible for the administration of federal laws pertaining to wage and hour regulations, reemployment programs, unemployment compensation, occupational safety and health, and periodically economic data.

StateCost of living indexMinimum Wage
West Virginia 85.2$8.75
Mississippi86.7$7.25
Oklahoma86.8$7.25
Kansas87.4$7.25
Alabama88.2$7.25
Missouri88.3$12.30
Arkansas88.5$11.00
Iowa89.9$7.25
Tennessee90.4$7.25
Louisiana90.7$7.25
Georgia90.9$5.15*
Nebraska91.0$12.00
Michigan91.0$10.33
Indiana91.1$7.25
Illinois91.8$14.00
South Dakota91.8$11.20
Ohio 92.2$10.45
Texas93.0$7.25
Wyoming93.2$5.15*
Kentucky93.2$7.25
New Mexico 93.9$12.00
South Carolina94.3$7.25
North Dakota94.3$7.25
Minnesota94.4$10.85
Pennsylvania 94.8$7.25
Wisconsin95.4$7.25
North Carolina 96.2$7.25
Idaho99.0$7.25
Delaware100.8$13.25
Florida101.0$12.00
Nevada101.1$11.25
Virginia 101.4$12.00
Montana103.1$10.30
Utah104.5$7.25
Colorado 106.9$14.42
Arizona 110.0$1.35
New Jersey110.3$15.13
Maine110.7$14.15
Rhode Island 112.0$14.00
Connecticut113.9$15.69
Oregon114.7$14.20
Maryland114.8$15.00
Vermont114.9$13.67
New Hampshire115.6$7.25
Washington115.7$16.28
Alaska126.4$11.73
New York126.5$15.00
California136.4$16.00
District of Columbia 145.3$17.00
Massachussets148.0$14.25
Hawaii170.2$14.00
*Employers subject to the Fair Labor Standards Act must pay the Federal minimum wage of $7.25 per hour.

How Many People Make Minimum Wage or Less?

882,000 Americans earned below minimum wage in 2022, while 141,000 earned minimum wage. That’s an improvement compared to ten years ago. In 2011 2,152,000 were paid below minimum wage, and 1,677,000 were receiving minimum wage.[3] Trusted source
Bureau of Labor Statistics
The Bureau of Labor Statistics is the primary fact-finding body for the U.S. Federal Statistical System and the U.S. government in terms of labor economics and statistics.

Who Makes Minimum Wage?

Minimum Wage Workers by Age

20-24-year-olds represent 26.9% of all minimum wage workers, according to the Bureau of Labor Statistics. Many people in this age group are still in school or just starting their working lives.[4] Trusted source
Bureau of Labor Statistics
The Bureau of Labor Statistics is the primary fact-finding body for the U.S. Federal Statistical System and the U.S. government in terms of labor economics and statistics.

Minimum Wage Workers by Gender

70.6% of minimum wage workers are women, while only 29.4% of minimum wage workers are men. The number of female minimum wage workers is almost double the number of men who earn minimum wage. Service jobs are most likely to pay minimum wages, and these jobs are often held by women.[4] Trusted source
Bureau of Labor Statistics
The Bureau of Labor Statistics is the primary fact-finding body for the U.S. Federal Statistical System and the U.S. government in terms of labor economics and statistics.

Minimum Wage Workers by Race

67.7% of minimum wage workers are White. 17% are Black, 23% Hispanic, and 5% are Asian.[4] Trusted source
Bureau of Labor Statistics
The Bureau of Labor Statistics is the primary fact-finding body for the U.S. Federal Statistical System and the U.S. government in terms of labor economics and statistics.
[8]

Minimum Wage Workers by Education

According to the Bureau of Labour Statistics, 33.6% of minimum wage workers are high school graduates, while only 0.4% of minimum wage workers hold a professional degree. Workers who went to college but have no degree make up 24.7% of minimum-wage workers.[4] Trusted source
Bureau of Labor Statistics
The Bureau of Labor Statistics is the primary fact-finding body for the U.S. Federal Statistical System and the U.S. government in terms of labor economics and statistics.

Minimum Wage Workers by Marital Status

76.5% of the minimum wage workers have never been married, while 12.7% are married and 10.8% are widowed, divorced, or separated. The younger workers who make up the largest share of the minimum wage workforce are less likely to be married or divorced.[4] Trusted source
Bureau of Labor Statistics
The Bureau of Labor Statistics is the primary fact-finding body for the U.S. Federal Statistical System and the U.S. government in terms of labor economics and statistics.

Minimum Wage Workers by State

Louisiana is the state with the highest percentage of workers who are paid minimum wage (3.2%). Oregon is the state with the lowest percentage of minimum wage workers, with 0.3%.[4] Trusted source
Bureau of Labor Statistics
The Bureau of Labor Statistics is the primary fact-finding body for the U.S. Federal Statistical System and the U.S. government in terms of labor economics and statistics.

What Jobs Pay Minimum Wage?

The following section offers an overview of the sectors and industries with the highest number of minimum wage workers as well as other common characteristics of minimum wage earners.

Public vs. Private Sector

95.1% of minimum wage earners work in the private sector, whereas only 4.9% of minimum wage earners have a job in the public sector.[4] Trusted source
Bureau of Labor Statistics
The Bureau of Labor Statistics is the primary fact-finding body for the U.S. Federal Statistical System and the U.S. government in terms of labor economics and statistics.

Minimum Wage Workers by Industry

In 2021, the leisure and hospitality industry had the most significant proportion of employees whose hourly salaries were at or below the federal minimum wage (6.7%). This industry employed over two-thirds of all workers earning at or below the federal minimum wage, primarily in bars, restaurants, and other food services. Many of these workers may get tips in addition to their hourly pay.[4] Trusted source
Bureau of Labor Statistics
The Bureau of Labor Statistics is the primary fact-finding body for the U.S. Federal Statistical System and the U.S. government in terms of labor economics and statistics.

Minimum Wage Workers by Full and Part-Time Status

46.8% of minimum wage earners work part-time instead of full-time jobs. Again, this can be influenced by the young age of those working in part-time jobs while they go to school. [4] Trusted source
Bureau of Labor Statistics
The Bureau of Labor Statistics is the primary fact-finding body for the U.S. Federal Statistical System and the U.S. government in terms of labor economics and statistics.

Which Retail Companies Employ The Highest Number of Low-Wage Workers?

Based on a survey of 66 major food service and retail firms by the Economic Policy Institute, 25% of Pizza Hut’s employees earn $10/hour or below. McDonald’s and Subway fall second with 23%. GAP, SpeedWay, and Starbucks have the lowest number of employees paid $10/hour or below, with percentages falling in the 1% to 4% range.[5]

Minimum Wages by Country

Among the countries listed on the map, Luxemburg has the highest hourly rate at $13.4, followed by Australia, France, and Germany, which fall in the $12.8-$12.2 range. The country with the lowest hourly rate is India at $0.35. The hourly rate paid in the U.S. ($7.3) is generally below those paid in other highly developed countries.[6]

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The Ultimate List of Online Job and Gig Sites: 120+ Sites to Explore https://finmasters.com/find-jobs-online/ https://finmasters.com/find-jobs-online/#respond Mon, 27 Jun 2022 10:00:00 +0000 https://finmasters.com/?p=48724 The ultimate list of the 120+ sites and apps to find paying online jobs and gigs. Search by job type, requirements and country.

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Hunting for jobs online can leave you sifting through endless sites without ever finding exactly what you want. In a world where job opportunities are more competitive and new platforms keep popping up, it’s tough to spot the real deals. That’s why we rolled up our sleeves, did some thorough research, and put together the ultimate list of places for you to find jobs online in 2023!

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20+ Companies with Excellent Tuition Reimbursement Programs https://finmasters.com/tuition-reimbursement-companies/ https://finmasters.com/tuition-reimbursement-companies/#respond Fri, 20 Jan 2023 17:00:58 +0000 https://finmasters.com/?p=103803 Looking for an employer who can help you pursue higher education? Here are the companies with amazing tuition reimbursement programs.

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Tuition reimbursement programs are a win-win for both employers and employees. Companies use them to attract and retain quality employees and help them gain additional qualifications. For employees, a tuition reimbursement program is a chance to gain new qualifications without high costs or debt.

In this guide, we’ll explore how tuition reimbursement works and spotlight the companies offering the best deals.

CompanyTuition reimbursement
1.Allstateup to $5,250 annually
2.Amazon95% of the employee’s college education
3.Apple$5,250
4.Best Buy$3,500–$5,250 annually
5.Capital Oneup to $5,250 annually
6.Chick-fil-A$1,000 or $2,500
7.Chipotle$5,250
8.Deloitte100% tuition coverage
9.Discover$5250 (bachelor’s degree programs at in-network schools) $10,000 a year (graduate degree programs)
10.Disney100% tuition reimbursement
11.FedEx Groundup to $ 5,250 annually
12.Fidelityup to $10,000 annual tuition assistance
13.Fordup to $8,000 annually
14.Geicoup to $5,250 annually
15.Herschend Enterprises100% free tuition
16.Home Depot50% of tuition costs
17.Kroger$3,500 annually or $21,000
18.Lowe’s100% free tuition assistance
19.McDonald’sup to $ 3,000 annually (full-time staff & restaurant managers). up to $ 2,500 annually (part-time staff & restaurant crew)
20.Microsoftup to $ 10,000 annually
21.Papa John’s100% free tuition

What Is Tuition Reimbursement?

Employers use tuition reimbursement programs to help employees pay for their college education. These programs benefit both employers and employees:

  • Employees get financial assistance to cover college expenses and reduce debt;
  • Employers get skilled workers and satisfied employees.
  • Employers can claim a tax credit for tuition assistance of up to $5,250 per employee per year.

🤔 Did you know: 47% of US companies help employees to earn undergraduate and graduate degrees by offering tuition assistance.[1]

How a Tuition Reimbursement Program Works

Some employers cover the expenses of degree programs by reimbursing college costs once the employee completes the studies and earns the degree. Others provide upfront assistance and pay the costs directly.

Some employers offer additional funds to cover associated college fees.

Employees earn their degrees and use their education to bring new skills to the job, ensure professional growth, and create new career opportunities.

☝ Note: Most employers have some eligibility requirements. You may have to choose a degree program relevant to your job and maintain a minimum grade average.

What Funds Can Employees Expect to Get From Employers?

The amount that employees can receive from employers isn’t set in stone. There’s no maximum limit. A company’s offer for tuition reimbursements depends on factors such as HR policies, company size, and the industry.

On average, business organizations pay:

  • $5,250 per year for undergraduate degrees;
  • $10,500 per year for graduate degrees.

Each employer has a limit on how much college costs they will pay, what GPA employees should maintain to qualify for reimbursement, which majors or courses qualify for tuition assistance, etc.

☝ Note: For most companies, $5,250 per employee per year is the limit. This is the tax-deductible limit according to the 2021 IRS requirements.

20+ Companies with Excellent Tuition Reimbursement Programs

Here are some prominent employers that offer tuition reimbursement programs.

Allstate logo

1. Allstate

Allstate allows their employees to pursue Allstate-related insurance designations, IT certification, and graduate and undergraduate employee college programs.

The company’s tuition reimbursement requirement is to agree to at least one year of employment with the company after completing the degree. The coverage includes academic fees, books, and tuition.

Allstate offers 100% education reimbursement up to $5,250 annually.

Amazon logo

2. Amazon

Amazon now offers full 100% tuition coverage to its hourly workers. The program includes all related college fees, books, and the cost of studies for hourly employees who have worked at the company for 90 days. Since Amazon has no reimbursement requirement, workers can receive the funds upfront.

Amazon offered a similar deal in the past that paid for 95% of the employee’s college education through a career choice program. All workers looking for associate degrees and certificates can sign up for full tuition coverage with no lifetime limit.

Apple logo

3. Apple

Apple employees can get various employer benefits, including $5,250 for an annual budget to cover tuition and education expenses.

The employer also allows employees to hone their business, software, and financial skills by attending Apple University. Employees must work full-time at Apple to qualify for the benefits.

Best Buy Logo

4. Best Buy

Best Buy offers tuition reimbursement programs for graduate and undergraduate degrees. Eligible employees can receive $3,500–$5,250 annually in coverage for tuition, school fees, books, and other education expenses.

Employees must work at Best Buy full-time (at least 32 hours per week) and receive a full-time employment status in the HRIS system listing to qualify for tuition reimbursement programs.

Capital One logo

5. Capital One

Capital One offers tuition reimbursement for up to $5,250 annually for eligible employees through its partnership with Bright Horizons EdAssist Solutions. CO employees have access to more than 200 selected tuition programs and schools.

You must be a part-time or full-time employee at the company with at least 20 standard hours a week to qualify for the assistance program.

Chick-fil-A logo

6. Chick-fil-A

Chick-fil-A has partnered with Scholarship America to create an educational assistance program that offers its staff scholarships and tuition discounts across more than 100 universities and colleges. The Leadership Scholarship awards $1,000 or $2,500.

The condition to join the programs is to have worked for the company for 12 months prior to application, been recommended by an Operator or Manager, and have a minimum grade point average of 2.5. The true Inspiration Scholarship awards up to $25,000, with the same requirements as the previous scholarship. You’ll need to maintain a minimum grade point average of 3.0 and demonstrate financial need.

Chipotle logo

7. Chipotle

Chipotle employees can receive up to $5,250 in annual tuition assistance through the company’s partnership with Guild Education.

Employees can also qualify for 100% tuition coverage for select college prep courses, high school diplomas, and undergraduate/graduate degrees.

Assistance and coverage are available for part-time and full-time Chipotle employees. Applicants must work at least 15 hours per week for four months.

Deloitte logo

8. Deloitte

Deloitte offers full tuition coverage to graduate degree employees. The company has launched its Graduate School Assistance Program to reimburse employees for the expenses of getting graduate degrees.

Employees must have two years of employment with the company to qualify. They must also work for Deloitte for two years after earning the degree to claim the reimbursement.

9. Discover

Discover has initiated the College Commitment program in partnership with Guild Education. Their employees have access to three tuition assistance options:

  • Up to $5,250 a year in tuition reimbursement for bachelor’s degree programs at in-network schools;
  • Up to $10,000 a year in tuition assistance for graduate degree programs.

The tuition reimbursement requirements include employment at Discover, maintaining a minimum grade point average of 2.0, and US residency.

Disney logo

10. Disney

Disney employees have access to schools within the company’s Aspire network. The company offers 100% tuition reimbursement for qualifying programs in the network.

Eligibility requirements include US residency and full-time or part-time employment of at least 90 days.

FedEx Ground logo

11. FedEx Ground

Package handlers at FedEx Ground have access to tuition reimbursement for technical or vocational certificates and trade and college degrees. The company offers up to $ 5,250 annually to cover the expenses.

Full-time package handlers are eligible for the tuition program after 60 days of employment. Seasonal workers can’t qualify unless their employment continues.

Fidelity logo

12. Fidelity

Fidelity’s employees can get up to $10,000 in annual tuition assistance for undergraduate/graduate degree programs. The company covers 90% of qualified tuition expenses.

To qualify for the program, employees must have at least six months of service with 30 or more hours per week.

Ford logo

13. Ford

Ford offers employees up to $8,000 a year, up to $600 of which can be used for book reimbursements, through its Education Tuition Assistance Plan to cover fees for eligible doctoral, master’s, bachelor’s, associate, and GED educational programs at approved institutions.

However, the programs must be related to the applicant’s position at the company. To get prepaid tuition, you must maintain active employment at Ford on the class start date and at least 90 days prior.

Geico Logo

14. Geico

Geico offers tuition assistance at more than 220 educational institutions and providers to help associates with their individual courses, designations, certifications, associate degrees, master’s degrees, and bachelor’s degrees.

Full-time employees are eligible for annual payment plans of up to $5,250 per year on the first day of employment.

Herschend Enterprises logo

15. Herschend Enterprises

Herschend Enterprises provides their employees with 100% free tuition through the GROW U initiative. The company pays for eligible employees’ books, college fees, and tuition.

All full-time, part-time, and seasonal employees have access to the fully-funded certificate, degree, and diploma programs.

Employees can also receive up to $5,250 per year in funding for additional educational programs.

The Home Depot logo

16. Home Depot

Home Depot offers technical, doctoral, master’s, and bachelor’s degree programs to its employees. Part-time, full-time, and salaried employees are eligible to receive up to 50% of tuition costs, including registration, books, and educational fees.

Kroger logo

17. Kroger

Kroger offers tuition reimbursement to its part-time and full-time employees. The company’s program allows eligible applicants to receive $3,500 annually or $21,000 in total to cover education costs.

Lowes logo

18. Lowe’s

Thanks to its partnership with Guild Education, Lowe’s offers 100% debt-free tuition assistance programs to help employees earn undergraduate degrees and certificates. 

Employees can access more than 165 academic programs and receive up to $2,500 in annual payments. Any full-time or part-time employee is eligible for the program.

McDonald’s logo

19. McDonald’s

McDonald’s offers two tuition assistance programs for full-time and part-time staff. Full-time staff and restaurant managers are eligible for $3,000 a year in tuition assistance per year if they meet the following requirements:

  • Participation in the Archways to Opportunity program;
  • 30 hours of work per week;
  • Good standing.

Part-time employees and restaurant crew are eligible for $2,500 in tuition reimbursement per year if their operators participate in the Archways to Opportunity program and work 15 hours per week for at least 90 days upon completion of their college education.

Microsoft logo

20. Microsoft

Microsoft employees participating in business-related coursework are eligible for up to $10,000 per year in tuition assistance. The company provides education with regionally accredited educational institutions.

Papa Johns Logo

21. Papa John’s

Eligible employees working at Papa John’s can get 100% free tuition for graduate and undergraduate online degree programs. The company has launched the Dough and Degrees initiative, which helps corporate managers tap into career-related educational programs.

Conclusion

If you are an employee at one of these companies, consider taking advantage of the benefits of tuition reimbursement programs. If you work for a different company, ask about education benefits. These are not the only employers that offer them!

If you’re looking for a job and you’re not happy with your credentials, consider applying to companies that offer tuition reimbursement. You can earn money and lay down the basis for professional advancement at the same time!

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Selling Tradelines: Can You Make Money and Is It Safe? https://finmasters.com/selling-tradelines/ https://finmasters.com/selling-tradelines/#comments Thu, 13 May 2021 10:00:00 +0000 https://finmasters.com/?p=6368 Want to know how selling tradelines works? How much money can you make? Is selling tradelines legal? What are the risks? Read on to find out.

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Selling tradelines sounds like a way for anyone with a good credit score to make extra cash. You are essentially sharing your good credit with someone else for a fee. If you have a good credit score, it takes only minutes to start selling tradelines. In under two hours a year, you could make $500-$10,000.

That easy income sounds irresistible, but it comes with potential downsides that you should consider before making a move.

You risk being scammed or linked to criminal activity. You can also hurt your credit score if one of your accounts ends up being closed. The legality, both for the buyer and the seller, is also questionable. We’ll take you through the risks and benefits of selling tradelines.

Key Takeaways:

  1. Selling tradelines can be lucrative. It is possible to earn $500-$10,000 annually with a minimal time investment, depending on your credit score and card characteristics.
  2. Selling tradelines can be risky. There are potential scams, links to criminal activity, and harm to your credit score if an account is closed.
  3. Selling tradelines is not technically illegal. It’s still frowned upon by banks and credit bureaus and may violate credit card terms of service. Your accounts may be closed if your issuer finds out that you are selling tradelines.

What Are Tradelines?

Tradelines are credit accounts or debts listed on your credit report. Each account is a separate tradeline. If you have five credit cards, you have five tradelines. Tradelines are also given for mortgages and other debts, but credit card tradelines are the ones that are bought and sold. 

A tradeline includes information about the debt or line of credit, as well as the type of the account, lender’s name, the date the account was opened, monthly and current balance, payment history, and a partial account number, like the last 4 digits of your credit card.

Why Buy and Sell Tradelines?

A credit card tradeline with a good payment history and low credit utilization will help build a positive credit score. That’s something people want. That demand means people are willing to pay for the use of a good tradeline.

Credit card tradelines can be shared through authorized user status. When you add an authorized user to your card, the tradeline, with your good payment history, will appear on their credit report. Parents often do this to help their children build credit.

When you sell a tradeline, you add a complete stranger to your card as an authorized user. That stranger gets the benefit of the record you’ve built up on the card, which can help their credit score. They pay you for that advantage.

📘 Learn more about how tradelines work and the pros & cons of buying tradelines.

How to Sell Tradelines?

The easiest way to sell tradelines is through a brokerage service. Companies like Tradeline Supply, BoostCredit101, and Tradeline.Club specialize in buying and selling tradelines for a fee.

Selling tradelines means adding an authorized user to your credit card for a set fee. The user will usually stay on your account for about two months, after which the broker will tell you when you can remove the authorized user. 

The price you receive for selling tradelines is based on your total credit score, the age of the card, and its credit limit. Some banks or credit card issuers are also considered to have more favorable reporting practices and will command a higher price. 

👉 How selling tradelines works in 5 steps:

  1. Research and choose a tradeline broker.
  2. Decide which credit cards you want to sell your tradelines on.
  3. Wait for a broker to connect you with a seller. You will usually get an email with further instructions once this happens.
  4. Add the authorized user to your card.
  5. Remove the authorized user from your card. You will, again, be notified when you can do so.

How Much Can You Earn From Selling Tradelines?

The amount of money companies claim you can earn from selling tradelines varies greatly. It goes from $50 to $350 per authorized user per month.

Exactly how much you can earn from selling tradelines will depend on four different factors taken together:

  1. The card issuer. Which card issuer is most favored varies as bank policies change, but generally, Barclays, Discover, Capital One, Chase Bank, Bank of America, or Elan are preferred.
  2. Your credit limit. A card with a credit line over $20,000 will earn the most.
  3. The age of the tradeline. A card that is more than 10 years old is ideal. 18+ years will command the highest prices.
  4. Your credit score. Generally, you will not be able to sell tradelines with a credit score under 700. The higher your credit score, the greater the price per tradeline sold. 

👉 For example:

If you have five credit cards, each over 10 years old, and with a credit limit greater than $10,000, you could earn $250 to $300 for one authorized user per card every two months.
That comes out to $7500 to $9000 per year by changing the cards you use each month.

The only time invested is the few minutes it takes to add an authorized user, and another few minutes to remove the authorized user two months later. The small time investment for big returns is what makes selling tradelines seem like an attractive added income stream.

Selling tradelines is not technically illegal, as of early 2021. Legally, as a credit card holder, you can add anyone to your credit card. Accepting payments for adding someone as an authorized user is also legal.

However, it is frowned upon by both banks and credit bureaus. Those buying the tradelines can be seen as deceiving the lender or even committing bank fraud. When selling tradelines, you risk violating your credit card terms of service. This can lead to your account being shut down, which can affect your own credit score.

Risks of Selling Tradelines

Selling tradelines involves risks. The risks include everything from identity theft to links to criminal activity. The main risks of selling tradelines are:

  • Violating your credit card company’s terms of service. If this happens, they have the right to cancel your account, reducing your total credit lines and potentially hurting your credit score.
  • Assisting in identity theft. Someone can create a fake ID and buy a tradeline to legitimize it. While it might seem like you’re helping someone less fortunate boost their credit score, you might be helping to steal someone’s identity. There is no way to know who you are selling the tradeline to or their reasons for buying your tradeline.
  • Unauthorized purchases. As an authorized user, the tradeline buyer could request a card sent to their address and make charges on your card.
  • Assisting in bank fraud. Banks and credit bureaus go to great lengths to ensure that credit scores reflect the user’s earned credit. Buying tradelines can be seen as a type of bank fraud or deception. 
  • Data breaches. Selling tradelines can increase your risk of data exposure or identity theft.
  • Accounts shut down. If a credit card issuer sees that you have added a large number of authorized users — usually more than four to six — they may flag your account or shut it down. You risk a lowered credit score, especially if that was your oldest or largest line of credit. 

⚠ For most people, the combined risks of selling tradelines outweigh the benefits. If your credit score is good enough to be useful in selling tradelines, you’re already handling your finances well. Why would you risk that for a little extra money?

💡 Look into other, safer ways of making extra money.

Precautions

If you do decide to sell tradelines, you can protect your identity and prevent unauthorized transactions by requesting that the new card for the new authorized user be sent to your address. Set up two-step verification with your bank to prevent the new user from requesting a card directly with the bank. 

While this will prevent the tradeline buyer from making charges on your account it will not alleviate other risks.

Does Selling Tradelines Affect Your Credit Score?

Selling tradelines will not directly affect your credit score. The new authorized user will only benefit from your credit score, not harm it. However, if you have an account closed from selling too many tradelines, your credit score could be affected.

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20+ Best Places to Sell Used Furniture in 2024 https://finmasters.com/best-places-to-sell-used-furniture/ https://finmasters.com/best-places-to-sell-used-furniture/#comments Mon, 30 Jan 2023 17:00:49 +0000 https://finmasters.com/?p=109697 Wondering where you can sell your used furniture? Here are the 20 best places to sell used furniture online and locally.

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Are you looking to declutter and wondering where to sell used furniture? Whether it’s an online platform or a physical store, there are numerous marketplaces available today for selling your unwanted pieces.

PlacesCostPayout OptionsBest For
1.1stDibsup to 15% of each salePayPal, bank account, or wire transferSelling luxury and high-end furniture
2.Amazonup to 15% of each salelinked bank accountSelling affordable furniture
3.Bonanza3.5% for items up to $500, 3.5% + 1.5% of the amount for items above $500PayPal, bank account, or wire transferSelling unique furniture
4.Bookoono feesPayPal, bank account, or wire transferSelling used furniture to your neighbors
5.Chairisha 22% fee on vintage and used productsPayPal or direct depositSelling high-end vintage furniture
6.Craigslistan approximate 15% feecash or personal checkSelling affordable used furniture
7.eBay15% on the total amount of the salechecking account or Visa or Mastercard debit cardSelling affordable used furniture
8.Etsya transaction fee of 6.5%Etsy PaymentsSelling handmade, custom, and vintage furniture
9.Facebook Marketplacea transaction fee of 6.5%PayPal, bank account, or wire transferSelling handmade, custom, and vintage furniture
10.OfferUpno feeschecks, gift cards, wire transfers, Venmo, and PayPalSelling used furniture locally
11.Remoov50% of the resale valuecheck or PayPalFurniture that can be sold, donated, or recycled
12.Ruby Lanea 6.7% feePayPalAntique and vintage furniture
13.Shopifyup to a 2% fee, depending on the subscription planPayPal, bank account, or wire transferSelling custom and affordable furniture
14.Sotheby’s Homeup to 50% feePayPal, bank account, or wire transferSelling new and used high-end furniture
15.Recyclerup to 50% feePayPal, bank account, or wire transferSelling old furniture and household items

Where to Sell Used Furniture Online

There are numerous websites and platforms for selling used furniture, but some are simply better than others. The websites mentioned here have a large selection of furniture and make it easy for people to find new owners for their furniture pieces. They also have a good reputation for quality and customer service.

1. 1stDibs

1stDibs is an online marketplace for luxury home furnishings and accessories. Sellers can list their items for sale on the site, and buyers can browse and purchase items from around the world. 1stDibs takes a commission on each sale. Selling on 1stDibs can be a great way to earn extra money or sell high-end furniture and accessories you no longer need.

If you want to sell faster and earn more money, take good-quality photos of your items for sale. Include a detailed description of the item, including its dimensions, age, and any other information you think is essential. In addition, you should also price your items competitively. Check the 1stDibs website frequently to see what new items are being listed for sale.

That way, you’ll stay on top of all the latest market trends and price changes.

Websitewww.1stdibs.com
Best forSelling luxury and high-end furniture
Costup to 15% of each sale
Payout optionsPayPal, bank account, or wire transfer
Appfor iOS devices

2. Amazon

Amazon is an online store that sells various items, from books to electronics to furniture. It operates on a “click and ship” model, meaning that once you order an item, it’s shipped to you by the company.

To sell furniture on Amazon, you must first create a seller account and then list your items for sale. You can set your own prices and determine how long you want your items to be listed for sale. These features allow sellers to be in full control when selling their furniture, which is exactly why so many people choose Amazon as their go-to online marketplace.

When an item sells, Amazon takes a commission from the sale price. If you wish to earn a certain amount of money on a piece of furniture, set the price slightly higher.

Amazon also offers a Prime membership program, which gives customers free two-day shipping on all orders and several other valuable benefits.

Websitewww.amazon.com
Best forSelling affordable furniture
Costup to 15% of each sale
Payout optionsvia a linked bank account
Appboth for Android and iOS devices

3. Bonanza

Bonanza is an online marketplace where users can buy and sell items, including furniture. It’s a great place to offer unique items from your household, and the process of selling is simple. You can either create a listing for an item you’re selling or search for items that other users are selling.

If you’re selling an item, you’ll need to describe the furniture piece, photos, and a price. You can also choose to accept offers from buyers. When your listing is complete, it will be posted on Bonanza’s website and will be available for buyers to view.

What makes shopping at Bonanza great is the ability to look for certain styles or color choices. That way, users can easily find what they’re looking for. Naturally, more buyers are attracted to an easy-to-use marketplace, so you’ll have a better chance of selling your product here.

Websitewww.bonanza.com
Best forselling unique furniture
Cost3.5% for items up to $500, 3.5% + 1.5% of the amount for items above $500
Payout optionsvia PayPal, bank account, or wire transfer
Appfor Android devices

4. Bookoo

Bookoo is a free online classifieds site where users can buy, sell, and trade anything from cars to clothes to furniture. It’s a great place to find bargains on used items and a great way to get rid of stuff you no longer need.

To sell something on Bookoo, just create a free account and post a listing. You can include photos and a description of the item. You can also set a price or let buyers make offers. When someone buys your item, Bookoo will handle the payment and delivery.

Selling furniture on Bookoo is extremely easy since the platform takes care of every sale’s financial and logistical elements. For sellers, this kind of process provides ease of use and peace of mind, which is often irreplaceable. Whether you’re looking to get rid of your old furniture or you’re interested in setting up a permanent online shop for used furniture, Bookoo can be a perfect choice.

Websitewww.bookoo.com
Best forSelling used furniture to your neighbors
Costno fees
Payout optionsvia PayPal, bank account, or wire transfer
Appboth for Android and iOS devices

5. Chairish

Chairish is an online store that specializes in selling high-end vintage furniture and home decor. It’s a great place where people can find unique pieces for their homes, and the selling process is simple. You can either list your items for sale yourself or use the Chairish team to do it for you.

Chairish offers four consignment plans: Consignor, Professional, Plus, and Elite. The Elite tier is available by invitation only. Each plan has different commission rates and features. All plans offer free listing

Commission Rate (vintage, antique, or pre-owned)Commission Rate (newly made or made to order)
Consignor45%45%
Professional22%30%
PlusTiered Rate*30%
EliteTiered Rate*30%

*The tiered commission structure is based on price:

  • Tier 1: 20% Commission on amounts less than or equal to $2,500
  • Tier 2: 12% Commission on amounts from $2,501 – $25,000
  • Tier 3: 3% Commission on amounts greater than $25,000

To sell faster and earn more money take good photos of your items, write a clear description, and price your items competitively.

Chairish offers a curated selection of high-quality furniture and home decor at reasonable prices, which is exactly why so many buyers and sellers visit this online marketplace.

Websitewww.chairish.com
Best forSelling high-end vintage furniture
Cost4 Plans Available
Payout optionsvia PayPal or direct deposit
Appboth for Android and iOS devices

6. Craigslist

If you’re looking to sell your old stuff, Craigslist is the perfect place to do it. The store is easy to use: just post a description of what you’re selling and how much you want for it, and wait for buyers to get in touch.

There are a few things to remember if you want to sell your used furniture quickly and earn the most money possible. First, make sure your post is clear and concise, and include good-quality photos of what you’re selling. Second, be willing to negotiate – buyers will often offer less than you’re asking for, so it’s important to be flexible.

Finally, be prepared for people to haggle. Remember that they’re trying to get the best deal possible, just like you are. Overall, Craigslist is a great way to sell your furniture quickly and easily and can be a great way to earn some extra cash.

Websitewww.craigslist.org 
Best forSelling affordable used furniture
Costan approximate 15% fee
Payout optionsvia cash or personal check
Appboth for Android and iOS devices

7. eBay

eBay is one of the most popular online stores for buying and selling all kinds of items, including furniture and other home decor items. It is a great place to find unique pieces of furniture at a fraction of the price you would find in a traditional store.

When selling furniture on eBay, take high-quality photos of the item from all angles and list a detailed description. You may also want to consider using a third-party shipping service to ensure the safety of your furniture during transit. Finally, be sure to price your item competitively and adjust your price if it doesn’t sell after a few weeks.

Considering eBay is still one of the more popular online marketplaces out there, you simply can’t go wrong with it. Many people browse eBay offers regularly, so there’s a high chance you’ll sell your used furniture at a reasonable price.

Websitewww.ebay.com
Best forSelling affordable used furniture
Cost15% on the total amount of the sale
Payout optionsvia checking account or Visa or Mastercard debit card
Appboth for Android and iOS devices

8. Etsy

Etsy is an online marketplace where people can buy and sell handmade or vintage items. Sellers must create a shop on Etsy and list their items for sale. Buyers can search for items by keyword, category, or seller.

To sell faster and earn more money on Etsy, you should always list your items in the correct category, use accurate and keyword-rich titles and descriptions, take quality photos of your items, and ship orders quickly after packing them well.

As a seller, you can expect to receive orders from all over the world. You will also need to be prepared to handle customer inquiries and complaints. Etsy provides sellers with a helpful Seller Handbook that covers everything from creating listings to shipping orders.

Websitewww.etsy.com
Best forSelling handmade, custom, and vintage furniture
Costa transaction fee of 6.5%
Payout optionsvia Etsy Payments
Appboth for Android and iOS devices

9. Facebook Marketplace

Facebook Marketplace is a store on Facebook that allows users to buy and sell items. It works much like eBay, where users post items for sale, and interested buyers can contact the seller to make an offer. The main difference is that Facebook Marketplace is free to use, while eBay charges a listing fee and takes a commission on sales.

Post accurate and complete descriptions of the items you’re selling. Include photos, too, as they can help boost interest in your listing. Also, be prepared to negotiate with buyers. You’re not dealing with a store, so prices are often flexible. Finally, be patient. It may take a while for your item to sell, but it will eventually find the right buyer.

As Facebook is one of the largest social media platforms, its marketplace is excellent for reaching a wider audience.

Websitewww.facebook.com
Best forSelling handmade, custom, and vintage furniture
Costa transaction fee of 6.5%
Payout optionsvia PayPal, bank account, or wire transfer
Appboth for Android and iOS devices

10. OfferUp

OfferUp is a mobile marketplace app where users can buy and sell items locally. It’s similar to eBay but without the bidding process. To sell an item, you take a picture of it, list the price, and write a brief description. You can also include the condition of the item and how much shipping will cost. When someone is interested in buying your item, they’ll contact you directly through the OfferUp app.

Selling on OfferUp is a great way to get rid of unwanted items and make some extra money. For the best results, be clear about the item’s condition, upload pictures of the furniture, including the shipping cost in the price, be responsive to buyers’ questions, and ship items quickly and securely.

Websitewww.offerup.com
Best forSelling used furniture locally
Costno fees
Payout optionsvia checks, gift cards, wire transfers, Venmo, and PayPal
Appboth for Android and iOS devices

11. Remoov

Remoov is a furniture resale store that allows customers to sell their furniture and home decor items. The store is open to the public and accepts donations of furniture and home decor items from the community.

The store works on a consignment basis, which means that sellers earn money based on the sale prices of their items. Tips for selling furniture faster and making more money include taking good pictures of your items, pricing your items fairly, and being organized when bringing in your items.

As for donations, you can donate items to local charities, which allows sellers to do good and offer their furniture pieces to someone who needs them more. Items that aren’t sold or donated are taken into a decommission center for recycling.

Websitewww.remoovit.com
Best forFurniture that can be sold, donated, or recycled
Cost50% of the resale value
Payout optionsvia check or PayPal
Appno app

12. Ruby Lane

Ruby Lane is an online store that specializes in selling antique and vintage furniture. The store is a great place to sell furniture because it is a curated marketplace, which means that all of the furniture on Ruby Lane has been carefully selected by the team at Ruby Lane.

This makes it easier for buyers to find what they are looking for, and it also makes it easier for sellers to sell their furniture quickly and earn more money.

In addition to being a curated marketplace, Ruby Lane is also a member-only store, which means that buyers must be approved before they can purchase anything from the store. That helps to ensure that only serious buyers are buying from Ruby Lane, and it also helps to protect the sellers from scammers.

Websitewww.rubylane.com
Best forantique and vintage furniture
Costa 6.7% fee
Payout optionsvia PayPal
Appno app

13. Shopify

Shopify is an online store builder that lets you create a custom eCommerce store without any technical knowledge. You can add products from a range of suppliers, set up shipping and payment options, and start selling immediately. Plus, Shopify is designed to help you make the most of your business.

As with any other online marketplace, uploading high-quality images of the furniture and including unique product descriptions that highlight the key features are some of the essential things you need to do when selling furniture online.

Besides that, you can also use Shopify’s built-in marketing tools to drive traffic to your store, boost sales, and take advantage of Shopify’s powerful eCommerce features, such as automatic tax calculations and order tracking, to run your business smoothly.

Websitewww.shopify.com
Best forSelling custom and affordable furniture
Costup to a 2% fee, depending on the subscription plan
Payout optionsvia PayPal, bank account, or wire transfer
Appboth for Android and iOS devices

14. Sotheby’s Home

Sotheby’s Home is a furniture store that sells both new and used furniture. It’s a high-end furniture store that offers a wide variety of furniture for every room in your home. They have a large selection of traditional and contemporary furniture to choose from. Sotheby’s Home also offers a wide variety of fabrics and finishes, so buyers can customize your furniture until it’s perfect for their homes.

Sotheby’s Home has a section where you can sell your own furniture. They have a few tips for selling your furniture faster and earning more money:

Websitewww.sothebys.com
Best forselling new and used high-end furniture
Costup to 50% fee
Payout optionsvia PayPal, bank account, or wire transfer
Appboth for Android and iOS devices

15. Recycler

Recycler is a store where you can sell your old furniture and other household items. The process is simple: you take a picture of the item you’re selling, write a brief description, and set a price. Recycler then sends you a shipping label, and you send the item to them. Once they receive it, they’ll inspect it and post it on the website.

If someone buys it, they’ll send you the money. Recycler also offers a consignment program, where you can earn up to 50% of the sale price. More and more people choose Recycler because they like the entire concept of the platform. Sellers don’t need to worry about the entire process because Recycler takes care of it all.

If you have some old furniture lying around but don’t have the time to set up an online shop and communicate with potential buyers daily, Recycler might be the perfect option for you.

Websitewww.recycler.com
Best forSelling old furniture and household items
Costup to 50% fee
Payout optionsvia PayPal, bank account, or wire transfer
Appboth for Android and iOS devices

Where to Sell Used Furniture in Person

If online marketplaces aren’t your cup of tea, then you might consider selling used furniture in person. Although the choices for offline marketplaces are significantly smaller since your location limits you, there are still more than enough in-person spots to choose from. From organizing your own yard sales to selling furniture to vintage shops, here are some of the most valuable offline marketplaces.

1. Yard and Garage Sales

If you’re looking to get rid of some old furniture, a yard or garage sale is a great way to do it. People are always looking for cheap furniture and are more likely to buy it if it’s in good condition. Just make sure you price everything fairly and be prepared to haggle.

Also, notify people about your upcoming yard and garage sales, so they can organize their responsibilities and make time to visit your sale. After all, that’s the only way to ensure you sell your used furniture pieces.

2. Local Flea Markets

Selling used furniture at your local flea market is another great option. Not only will you be able to get rid of furniture you no longer need, but you’ll also be able to make a profit from it.

Start by taking a look at other marketers’ used furniture offer, to see what furniture is being sold. Then, price your furniture accordingly. By following these tips, you’ll be able to sell your furniture quickly and easily at a local flea market.

3. Consignment Shops

Consignment shops are another outstanding choice. You can typically get more for your furniture by selling it to a consignment shop than by selling it to an individual. Besides that, you don’t have to worry about advertising or meeting with potential buyers. Just make sure your furniture is in decent condition, and you’ll be ready to go.

4. Vintage Furniture Stores

People love vintage furniture shops for several reasons. First, they can get unique pieces at a fraction of the new price. They can also find pieces that are no longer being made, which is hard to find elsewhere. The furniture is often in great condition, and shoppers can find unique accessories to go with it. All these work perfectly as a reason to go with a vintage furniture store.

5. Fairs and Trade shows

Lots of people visit fairs and trade shows. Since the number of visitors at these events is high, they’re an excellent opportunity to sell some of your used furniture pieces. Check out if your city or town has any upcoming events, and book your spot that’ll allow you to sell your products on the spot.

Tips on How to Get the Most Money for Your Furniture

Here are several useful tips if you’re still unsure how to get more money from selling used furniture.

1. Know What the Furniture’s Worth

Before you can start selling your furniture, you need to know how much it’s worth. It will help you set the right price and get the most money for your pieces.

There are a few ways to determine the value of your furniture. You can search online for similar pieces and get an idea of how much they’re selling for. You can also take your furniture to a consignment store or antique dealer to get an estimate.

2. Clean and Polish Your Furniture

If you want to get top dollar for your furniture, it needs to look its best. That means cleaning and polishing it until it shines.

If your furniture is dirty or stained, take the time to clean it up before putting it up for sale. Use a mild detergent and a soft cloth to clean the surface, then polish it with a soft cloth to give it a shine.

3. Take Good Pictures

To sell your furniture online, you’ll need to take good pictures of it. That will help potential buyers get a good idea of what the piece looks like and how it might fit into their home.

Your pictures need to be clear, and you should show all sides of the furniture. If there are any special features or details, capture them in the photos.

4. List Your Furniture Online

There are several websites where you can list your furniture for sale online. These sites allow you to post pictures and descriptions of your pieces and provide a platform for buyers and sellers to connect with each other.

Some of the most popular websites for selling furniture include Craigslist, eBay, and Etsy. Research each site before deciding which one is best for you.

Final Thoughts

If you want to sell some of your old furniture, you’re probably debating whether to do it online or offline. There are pros and cons to selling used furniture online and in person.

You can reach a larger audience online, but you may have to compete with other sellers. You can negotiate a better price in person, but you may not reach as many people. Ultimately, the best way to sell used furniture depends on your goals and what you have to offer.

Whatever you choose, these 20+ marketplaces will help you sell your pieces quickly, easily, and for a good price.

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8 Best Ways to Get Paid to Search the Web in 2024 https://finmasters.com/8-best-ways-to-get-paid-to-search-the-web-in-2023/ https://finmasters.com/8-best-ways-to-get-paid-to-search-the-web-in-2023/#respond Sun, 29 Jan 2023 17:00:50 +0000 https://finmasters.com/?p=109855 If you like spending time surfing the web, why not monetize it? Here are some of the top ways to get paid to search the web.

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If you’ve stumbled upon this article while searching the web, you could have been paid for it! Yes, that’s right. You can earn money by searching. If you like spending time surfing the web, why not monetize it?

Let’s look at some legit ways of getting paid to search the web.

1. Swagbucks

💰 How much you can earn: from $20 to $100 per month
💸 How you get paid: Gift cards, PayPal, Prepaid Visa Cards

Swagbucks is a go-to platform for many web surfers who want to make money as they access and consume various online content.

Registration and use are straightforward. However, you will have to use Google Chrome to benefit from its point reward system. Swagbucks requires its users to download and install the Swagbucks Chrome extension.

The extension makes your browser use the Yahoo search engine by default, thus completely ignoring other search engines such as Google and Bing. The point rewarding system will enable you to earn points as you search the web, play video games, watch movies, or shop online.

The best thing about some of the above methods is that you don’t have to be active. For instance, if you need to watch a certain movie to earn cash, you can just play it and keep the tab open as you do other things.

The platform enables you to earn money by collecting points or claiming limited offers that can go up to 20% on some purchases. The points you collect stay in your account, and you can redeem them as gift cards or cash via PayPal.

2. Nielsen Rewards

💰 How much you can earn: Flat $50 per year and a chance to win a $10,000 reward
💸 How you get paid: Gift cards and PayPal

If you want to earn a bit extra while searching the web, you should check out Nielsen Rewards. This company allows registered users to make money while completing specific tasks. It works the same way Swagbucks does. You will need to register and download and install the Nielsen browser extension.

The data you collect as a surfer helps Nielsen, a renowned market research company, improve its services. You don’t have to do anything special once the extension is up and running. Use the browser daily, search the web, and consume your favorite content online.

To earn extra points, you can help Nielsen by uploading your opinion and views on TV networks, shows, and movies.

To share your reviews, you must download and use the Nielsen Digital Voice app. Completing tasks within the app will help you earn additional points. Once you have enough points, you can enter the Nielsen monthly giveaway. Every month the company rewards the lucky app user with $10,000.

3. MobileXpression

💰 How much you can earn: $5.28 per month and $63.36 per year + additional cash from taking surveys
💸 How you get paid: Gift cards

MobileXpression is a platform that enables people to improve the mobile Internet as they search the web. The platform has amassed a huge membership base with over 2 million members from all over the world. Simply put, the company will pay you in credits for your personal data, which includes:

  • Device type
  • Usage of camera
  • Overall usage time
  • Messaging services used
  • Activity in your favorite mobile browser
  • Video streaming
  • Links you click and web pages you visit

If you don’t mind sharing this data with MobileXpression, you only have a few more requirements to meet to start earning money.

The platform is currently only accepting members from the UK, the US, and Canada. All members have to be at least 18 years of age to register. You also need to own a newer model of smartphone. Once you register, download the mobile app, and set everything up, you can use your mobile phone to earn credit points.

You should also open the MobileXpression mobile app daily to check your in-app inbox. The company may send you a survey from time to time. If you complete these surveys, you stand to earn extra cash.

4. SavvyConnect

💰 How much you can earn: Up to $15 per month
💸 How you get paid: Check in USD mailed via U.S. post

SavvyConnect is another data-collection platform willing to pay you money for your personal data. Personal data refers to the data you generate while you spend your time surfing the web. Once you enter the program, the company will monitor, track, and record your online activity, including your online searches.

To earn money through SavvyConnect, you need to install the app on your device of choice – computer, phone, and tablet. However, you must meet several requirements to be eligible for credits. Credits are issued at the end of the month.

You need to use your device with the SavvyConnect app for at least seven days per month to earn credits. Once you generate seven days of actual usage data, the platform will reward you with credits.

Besides keeping your app active, you must also ensure it’s updated to the latest version. You can check the version of the app and device status on your accounts dashboard.

5. Microsoft Rewards

💰How much you can earn: $5-$10 per month
💸 How you get paid: Gift cards, subscriptions, and Xbox games

Microsoft is behind one of the most popular search engines online. If you guessed Bing, you were right! The IT giant has a rewards program for all users who want to earn extra while searching the web. Before you can benefit from the Microsoft Rewards program, you need to register a Microsoft rewards account.

Once you complete registration and set up your account, you can earn points. To do so, you need to use Bing exclusively to search the web. For every search inquiry through Bind, Microsoft will reward you with points. It’s all connected to your Microsoft Rewards account, and your points will accumulate there.

To ensure you are using Bing for every online search, feel free to download and install the Bing bar, which will appear in your browser. Microsoft offers other ways for Microsoft Rewards program participants to earn cash. You will be able to receive more points if you answer polls, take quizzes, and rent videos.

6. Appen

💰 How much you can earn: from $3 to $9 per hour
💸 How you get paid: PayPal and Payoneer

If you’d want to contribute to improving AI and machine learning models, then you can sell your skills to Appen. This company is a leader in Data for the AI lifecycle. It has an ongoing “Join our Crowd” program for people interested in part-time, flexible jobs. The program currently has over 1 million contributors from around the world.

If you apply for this program, you will be able to earn money in many ways. Yes, you will monetize your online research skills. However, you can also monetize your passion for online content, mobile device use, and social media activity.

Once you become part of the Appen Crowd, you will be able to use the Appen App, which is available on both App Store and Google Play. The app makes it easy to complete any data collection tasks the company has for you, track your earnings, and get paid.

7. Work as a Search Engine Evaluator

💰 How much you can earn: Average salary of $59,033 per year
💸 How you get paid: Check or direct bank deposit on a weekly, biweekly, or monthly basis on a regular schedule

If you want to make a career out of web searches, you can do it. You can even earn a respectable salary at it, but you’ll need to develop some real expertise.

A Search Engine Evaluator is a person who specializes in analyzing search engines and rating search results to make them better and more relevant for other users.

Many popular search engines, such as Google and Bing, use Search Engine Evaluators to complete these tasks. You will often work by strict guidelines while completing specific project-related tasks.

While some jobs will require you to be a qualified Search Engine Evaluator, there are other options that you can pursue even if you are a beginner in this field.

If you truly want to pursue a career as a search engine evaluator, look for a platform that offers opportunities in this niche. One of the most popular platforms is Glass Door, which lists Search Engine Evaluator job ads.

You will need to pass a qualification exam and have extensive knowledge and experience with search engines and web searches in general. You will be responsible for analyzing the web search engines, assessing the relevance of search results, and using data to provide advice on optimizing search engine results, among other things.

This career path is engaging, and you will have many opportunities to grow and develop professionally. As you progress down this path, you can apply for better jobs and become an expert in search engine evaluation.

8. Work as a Data Researcher on Upwork or Other Freelancing Platforms

💰 How much you can earn: Starts at $10 per hour on average
💸 How you get paid: Deposits into your bank account, PayPal, Payoneer, and Wire Transfer

If you want to be a search engine evaluator but don’t want to commit to it 100%, you still have options. Instead of pursuing it as your primary career, you can do it as a side hustle by working as a data researcher on freelancing platforms.

Upwork is one of the most popular freelance platforms. However, there are some other alternatives that you can consider, including Fiverr, SolidGigs, Freelancer, PeoplePerHour, and Hubstaff Talent.

If you have experience with search engine evaluation and data research and analysis, you can use these platforms to seek clients in need of your services. The most important thing is completing your profile carefully, listing essential skills, expertise, and experience.

Once you’ve completed your profile as a freelancer, you should browse through the relevant job postings and send your proposals. After completing projects, ask your clients for feedback (review or rating), as it will help your profile stand out and enable you to land more projects and increase your fee. Since you will be making money online, you should also consider moving your finances online to transfer cash easily and have more control over your finances in general.

FAQ

Can I Make Money Searching the Web?

Yes, you can. Almost anyone can make a few extra bucks by surfing the web and letting a company collect data on their habits. If you develop real expertise in search engine operations, you can pursue it as a career and earn a considerable paycheck.

Where Can I Get Paid to Search the Web?

You can use numerous platforms and apps to make money searching the web. Some of them are Swagbucks, Nielsen Rewards, MobileXpression, SavvyConnect, Appen, and Microsoft Rewards.

How Can I Get Paid to Search the Web?

To get paid to search the web, you must register on platforms such as Swagbucks and SavvyConnect and follow the guidelines provided by the platform.

How Much Money Can I Make Searching the Web?

It all depends on the platform you choose to use. Generally speaking, you can make anywhere from $3 to 10$ dollars per hour as a contractor.

Can I Be a Professional Search Engine Evaluator?

Yes, you can. If you have the necessary education, experience, and other qualifications, you can pursue a career path as a search engine evaluator. You can also offer your services as a freelancer to clients on freelance platforms.

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Make 100 Dollars a Day: 25 Top Strategies https://finmasters.com/make-100-dollars-a-day/ https://finmasters.com/make-100-dollars-a-day/#respond Mon, 29 Jan 2024 22:00:00 +0000 https://finmasters.com/?p=223808 Wondering how to make 100 dollars a day? Discover 25 great ways to boost your daily income by an extra $100.

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Who wouldn’t like an additional income stream? If you can make 100 dollars a day to add to – or even replace – your existing income you can reach financial goals, pay off debts, save for a rainy day, or fund that bucket list vacation you keep postponing.

What about multiple income streams? If one dries up, you can fall back on another, ensuring the money keeps rolling into your account.

This comprehensive guide will explore practical, actionable strategies to help you make 100 dollars a day (or more).

Top 25 Ways to Make 100 Dollars a Day

Top 25 Ways to Make 100 Dollars a Day - Online Tutoring

Whether you’re a job seeker, freelancer, or a worker looking for a side hustle, these 25 strategies can help you supplement your income with an extra $100 daily.

1. Provide Proofreading Services

Proofreaders typically earn $25–$45/hour,[1] but you can charge more depending on the subject matter and text complexity. For instance, proofreading corporate, legal, and medical documents should earn you more than checking academic papers and blog articles. 

Find jobs on ProofreadingServices, Scribbr, ProofreadingPal, Scribendi, or Gramlee, or sign up on Upwork, Fiverr, or Freelancer to set your rates. Many professionals on these freelancing platforms even charge $100/hour.


2. Embrace Online Tutoring

Online tutoring is an excellent side hustle that can help you make 100 dollars a day. For instance, you can be a remote language tutor on Preply for $15–$25/hour.

👩‍🏫 Learn more: You can teach English with VIPKid to make $2,000/month, or, if you’re a musical virtuoso, consider becoming an Outschool music teacher to earn $130/hour.


3. Sell Products Online

Selling physical or digital products (or both) can be lucrative, helping you make hundreds of dollars daily if your business catches on.

Sign up on Amazon, eBay, or Etsy (or create your e-commerce store), spread the word on social media, and invest in targeted ads to attract customers.


4. Offer Local Services

Some local services that can help you make 100 dollars a day include airport transfers and transportation for kids, senior citizens, or pets.

For instance, you can make $20–$40/hour with Wingz,[2] up to $50/ride with HopSkipDrive, and an average of $1,200/week with Fetch Pet Care.[3]


5. Dive Into the Gig Economy

The gig economy is perfect for enjoying a flexible schedule and work-life balance while supplementing your income. Upwork, Freelancer, and Fiverr are the dominating platforms for finding gig jobs, so sign up and monetize your skills.


6. Create Content

US content creators make an average of $37/hour.[4] However, you can set higher rates depending on the content and charge per project for higher earnings. Content that requires specialized expertise commands a higher rate.

Whether you start a blog or create marketing materials for businesses, you can make thousands of dollars monthly.


7. Flip Items

Flipping items can be such a profitable side hustle that many turn it into a full-time business.

The best items to flip for profit include the following:

👉 Learn more: Did you know you can make 1,000+/month flipping furniture? Find used pieces in thrift, charity, and antique shops and restore their former glory.


8. Sell Clothes Online

When did you last declutter your wardrobe? Don’t wait for spring cleaning. Pick items in excellent or decent condition and sell them on eBay, Poshmark, Etsy, or thredUP.

👗 Learn more: How about turning it into a long-term side hustle? You could make $25,000+/year reselling on Poshmark.


9. Create Online Workshops or Webinars

Sharing your knowledge and expertise with interested learners through online workshops and webinars can be highly lucrative. You can make $3,000/webinar[5] and convert workshops into online courses for Udemy or Podia for the potential to earn $100,000/year.[6]


10. Offer Task Services

Completing various tasks for people in your area can be profitable and fun: Every day brings something new!

TaskRabbit is the most prominent platform for odd jobs. For instance, you can earn $32/hour for yard work, $33/hour for furniture assembly, $37/hour for interior painting, and $45/hour for electrical or plumbing help.

Thumbtack is another excellent option. For instance, you can earn $140 for house cleaning and $850 for interior painting.


11. Become a Virtual Assistant

You can make $50/hour as a virtual assistant. You can manage your employer’s emails or social media accounts, brainstorm and edit content, schedule appointments, handle billing, conduct research, design graphics, or perform other tasks.

Explore jobs on sites like Indeed and enjoy an average US salary of nearly $74,000/year.[7]


12. Make Deliveries

You can make $100 daily as a delivery driver, whether you deliver food, groceries, packages, or heavy equipment. Here are the best delivery services to consider:

  • DoorDash$2–$10+/delivery, plus tips and promotions
  • Uber Eats$15–$20/hour[8] and a $50 bonus for 20 deliveries/shift
  • Instacart$200–$1,000/week,[9] plus tips and promotions
  • Grubhub$13–$23/hour,[10] plus tips and boosts for completing missions
  • Shipt$15–$17/order (including tips) and $20–$30/order with promo pay[11]
  • Amazon Flex$18–$25/hour and rewards like exclusive discounts
  • CitizenShipper$6,000–$10,000/month

🚗 Learn more: Check out these pro tips for delivery services to enhance your earning potential.


13. Become a Rideshare Driver

Driving for a rideshare service like Uber or Lyft is among the best jobs that pay daily. The average earnings include $19.18/hour with Uber[12] and $21.34/hour with Lyft.[13] However, you can make more during peak demand. When prices surge, many drivers pocket $50/hour (excluding tips).


14. Offer Translation Services

Whether you sign up on a freelancing platform like Upwork or get a company job, you can leverage your foreign language skills to translate books, websites, academic papers, marketing materials, or documents (e.g., medical or legal).

Translation services are among the highest-paying work-from-home jobs, providing the potential to earn approximately $80,000/year.[14]


15. Become a Mystery Shopper

Mystery shoppers visit retail stores, restaurants, and other brick-and-mortar businesses to evaluate the service quality and report on the customer experience and satisfaction. They also check for regulatory compliance.

You can make $7–$21/hour with BestMark, $5–$19/hour with IntelliShop, $15–$25/hour with Secret Shopper, or $20–$250/assignment with Service Evaluation Concepts.[15] These are the leading companies offering mystery shopping services to businesses that want to improve.


16. Start Babysitting

Besides being fulfilling, babysitting is an excellent way to make extra money. For instance, you can earn $17.50/hour with Sittercity, which means pocketing $100 for babysitting for six hours.

Care.com and UrbanSitter have even better rates: $20.78/hour and $22.68/hour, respectively.[16]


17. Become a Pet Sitter

Caring for pets while their owners are away is a perfect way to make 100 dollars a day if you love animals. Sittercity and Rover are your best options for finding a high-paying pet-sitting job or side hustle. The best part? You set your rates, schedule, and pet preferences like animal type, size, and age.

🐕 Learn more: You can make a $1,000/month dog sitting with Rover or more if you offer boarding (overnight stays).


18. Rent Out Your Vehicle or Extra Space

Renting out your vehicle is among the best ways to make money with your car. Your best P2P car-sharing services are Turo (where you can earn $500–$1,000/month[17] and build a six-figure business) and Getaround, which promises “hundreds of dollars each month” for high-priced cars.


19. Rent Out Extra Space

You can also rent out extra space in your home, like a garage, shed, driveway, street parking (monthly or long-term), basement, attic, or bedroom. You could also rent out a warehouse or another storage space.

Storage hosts typically make $50–$600/month on Neighbor.com, but you can earn more by renting out several storage spaces.


20. Become a YouTuber

YouTubers are well-paid professionals nowadays. Becoming one is ideal if you’re not camera-shy and have a knack for entertaining or educational videos.

Ads are your money-makers on YouTube. Most YouTubers earn $18/1,000 ad views, generating an average of $4,600/month.[18] However, some make millions of dollars annually. Joining their ranks takes time and effort, but the results can be more than rewarding if you can make it work.


21. Help People Move

Helping people move is an excellent side hustle that can make 100 dollars a day. You can also do it as a full-time job.

Moving-related jobs on TaskRabbit range between $28–$63/hour (depending on the location), while Dolly helpers earn an average of $50/hour. GoShare has even higher rates: $45–$168/hour (depending on the vehicle).


22. Sell Handmade Items

Selling handmade items on platforms like eBay and Etsy is among the best money-making hobbies. You could sell custom jewelry, baby blankets, clothing, scented candles, artwork, or anything else you create in your DIY projects.

You can also create a website to turn your hobby into a lucrative business and generate thousands of dollars monthly.


23. Become a Data Entry Clerk

Are you looking for remote jobs requiring no experience? Data entry might be ideal. You don’t need a college degree to be a data entry clerk, only accuracy, attention to detail, and laser-sharp focus.

Find a part-time or full-time job on Indeed and earn an average of $17.98/hour.[19]


24. Become a House Sitter

Looking after someone’s home while they’re away is like getting paid for taking a vacation.

House sitters earn an average of $16/hour, but you can make $25–$100/day looking after houses and pets by registering on platforms like House Sitters America and TrustedHousesitters.[20]


25. Walk Dogs With Rover

Besides pet sitting, Rover supports house sitting, boarding, doggy daycare, and dog walking. You could earn $2,000/month as a part-time dog walker or an average of $3,300/month walking dogs full-time.[21]

Achieving your daily step count while spending time with adorable furry animals and making money? Sign me in!


Ready to Make 100 Dollars a Day?

These 25 strategies for making $100 daily are among the best ways to unlock your earning potential. Start with one or two to build up your income without sacrificing all your free time.

The key is to take action, believe in yourself, and embrace the opportunity!

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The Best Online and Offline Side Hustles for Women https://finmasters.com/side-hustles-for-women/ https://finmasters.com/side-hustles-for-women/#respond Tue, 23 Jan 2024 22:00:00 +0000 https://finmasters.com/?p=223806 A side hustle won’t get you rich overnight, but it can boost your budget. Learn what the best side hustles for women are and try them out. 

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The days of rigid separation between men’s work and women’s work are long gone, and many of the best side hustles for women are also perfectly good for men. We are still different, though, and these are some of the best side hustles for women who want to add a little income and even explore a new occupation!

Take a look at some of the best side hustles for women and find your perfect match!

Understanding Side Hustles

Start by setting your priorities. Are you more interested in boosting your budget or simply doing something productive with your time? Would you prefer to work from home or from a different location?

Then, write down a list of activities you enjoy doing (and are good at) – e.g., spending time in nature, playing with pets, or even coding. It’s always easiest to make money when you match your skills and interests with your work.

10 Online Side Hustles

Online Side Hustles

Most online side hustles for women don’t require any particular prior experience or expertise. There are countless remote jobs you could pursue as a complete novice as long as you have a computer, good WiFi, and some dedication.

1. Virtual Assistant

A virtual assistant does everything that a traditional assistant does: scheduling appointments, booking hotels, handling administrative tasks, and much more. The only difference is that the virtual assistant works remotely.

💸 Earning potential: You can find flexible virtual assistant work on freelancing platforms such as Freelancer or Upwork. If you build up your online profile and prove you’re reliable, you can expect to earn about $24.55 per hour on average[1].

💻 Learn more: Kickstart your career from home with our list of 15 remote jobs you can start without experience.


2. Freelance Writer

If you have good spelling and grammar and a knack for writing, you might just find the position as a freelance writer the perfect side hustle for your needs. You can choose the specific type of writer you want to be: a copywriter, a web content writer, a technical writer, and more. You can even choose the specific topics you want to work with.

💸 Earning potential: The work hours are flexible, so you can set your own schedule as long as you meet your deadlines. As a freelance writer, you can expect an average salary of $22.77 per hour[2].

👉 Learn more: Explore our list of side hustles for introverts, offering low-stress income opportunities that suit your personality.


3. Transcriptionist

You could try being a transcriptionist if you don’t feel creative enough to be a freelance writer. The job simply involves listening to the audio/videos your clients send you and transcribing everything you hear. You’ll need good grammar and spelling, and you might need to invest in a pair of high-quality headphones, but that’s about it.

💸 Earning potential: On average, a transcriptionist in the US can earn about $19.45 an hour[3].


4. Online Tutor

You’ll have countless options here, from teaching English to native and non-native speakers to tutoring schoolchildren and adults alike in any subject you’re good at – math, computer coding, accounting, music, and many more.

You could find good gigs on freelancing platforms, or you could even look up online schools that are asking for tutors. Depending on the school, you might need some credentials, or you might just need to pass some basic tests that show your competence.

💸 Earning potential: The pay may vary greatly, but you should expect to earn about $18 an hour[4].


5. Online Course Seller

With tutoring, you’ll typically have live one-on-one or group classes, and your salary will be determined by the online school you work for. If you want more freedom, you could try selling online courses.

Depending on your preferences, you can pre-record the entire course or offer live classes. You can set your own rates and determine your own hours. However, you’ll also need to find your own students.

💸 Earning potential: On average, course creators can earn about $42 an hour, though that heavily depends on the popularity of the course[5].


6. Blogger

Blogging isn’t for everyone, especially not for those looking to earn a quick buck. However, if you’re ready to invest time and effort without any guarantees, you could try it.

Select a topic you’re interested in, passionate about, or knowledgeable in, and you can start a blog. To monetize it through affiliate marketing, sponsored content, and the like, you’ll need to gather quite a large audience, which takes time and work.

💸 Earning potential: On average, bloggers in the US earn about $19.34 an hour, but some earn just a couple of hundred every few months[6]. A select few make it big and earn thousands a week.


7. Etsy/eBay Seller

Perhaps the simplest side hustle for women is starting up an Etsy or eBay shop. As long as your items aren’t explicitly forbidden on the platform, you can sell them. Whether you have too many clothes (in good condition) that you no longer wear, or you enjoy crafting handmade items or even propagating plants, you can sell them all online without much fuss.

💸 Earning potential: On average, a successful Etsy seller can make about $43,000 a year[7].

👗 Learn more: Discover how to successfully start reselling on Poshmark and potentially earn a significant income, as revealed in our latest post.


8. Survey Taker

If you don’t want to invest too much time or energy into your side hustle, you can always start taking surveys online – you can even earn money this way with your phone, no additional equipment required.

All you have to do is join a platform like Swagbucks, MySurvey, Survey Junkie, OneOpinion, and the like, fill in as many surveys as you can, and start making money.

💸 Earning potential: The pay isn’t always all that great, but if you target your efforts carefully you could amass around $25 an hour[8].


9. Digital Product Seller

Just like you can sell physical items on sites like eBay or Etsy, you can sell digital goods on various platforms. You can sell music on platforms like Fiverr, eBooks on sites like Amazon, and photos on sites like Shutterstock.

💸 Earning potential: Your options are virtually endless, and, technically, so are your earnings. There are no averages you can expect. It all depends on how popular your digital goods are and how effectively you market them.


10. Social Media Creator

Becoming a social media influencer isn’t as easy as it seems, but it could be well worth the effort. Find a niche you’re interested in, and start creating and publishing content.

💸 Earning potential: As with blogging, it could take a while before you become profitable, however. By some estimates, you’d be looking at average earnings of around $27 an hour, though you could easily earn much less or much, much more[9].


Local/Offline Side Hustles for Women

Local/Offline Side Hustles for Women

If online side hustles for women aren’t your cup of tea, perhaps you should look into your local/offline options. You might find more traditional side hustles more to your liking.

11. Pet/House/Babysitter 

Pet, house, or babysitting is often considered one of the best options for side hustles for women. Many people find women to be more trustworthy for these types of jobs, which makes work easier to get.

It’s best to start offering these services to neighbors or close friends and family. You could also market them on social networks or neighborhood groups.

💸 Earning potential: Your average earnings can vary between around $13 an hour as a house sitter[10] and up to $21.09 as a babysitter[11].

🐕 Learn more: Uncover the steps to making a steady income by dog sitting with Rover, as detailed in our informative guide.


12. Senior Caretaker

If you have the skills, will, and resilience, you might find senior caretaking to be both fulfilling and lucrative. Depending on the clients you find, you might be responsible for grocery shopping, cooking, and cleaning, or you might have to take on medication management, doctor’s appointment scheduling, etc.

💸 Earning potential: Depending on the specific job description, you could be looking at around $15.69 an hour[12].


13. Baker

Creating a small, home-based bakery isn’t all that difficult, especially when starting out as a baker. You need just some basic kitchen equipment and some good baking skills.

You can offer to sell baked goods for children’s birthdays, parties, or even weddings, and similar events, depending on your capabilities. Moreover, you can take things a step further and create baking-oriented social media content to hit two birds with one stone.

💸 Earning potential: Your earnings will vary wildly based on your skills, clients, and, of course, your pricing. Look into what custom-made baked goods are going for in your area before setting your prices.


14. Makeup Artist

If you have a knack for makeup, why not try becoming a freelance makeup artist? It takes a bit of an investment as you’ll have to buy different makeup products that suit different skin types, purchase all the tools and brushes, and get all the proper cleaning items to keep everything sanitary.

💸 Earning potential: However, it could all be well worth it. You could be looking at earning around $25.60 an hour[13]!


15. Nail Artist

Becoming a nail artist might be a bit more challenging than becoming a makeup artist, but it could also be more fulfilling.

Depending on your location, you might have to complete a course or get a certificate before you can start working as a nail artist. Additionally, you’ll need to invest in all the equipment.

💸 Earning potential: But seeing as you could earn well over $21.26 an hour, any investments you make will quickly be reimbursed[14].


16. Photographer

If you have a keen eye and you can set aside some cash to invest in a good camera, photography could be a great side hustle for you. It takes skill and patience, but it could be pretty profitable as long as you’re dedicated to self-improvement.

💸 Earning potential: You could earn around $25 an hour as a freelance photographer and more if you also work on perfecting your photo editing skills[15].


17. Cleaner

If you’re detail-oriented and don’t mind completing common household chores, cleaning might be the side hustle for you. You’ll need equipment, and lots of it – everything from rubber gloves to cleaning supplies, rags, sponges, and cleaning brushes.

💸 Earning potential: You could earn around $15.27 an hour, and you can choose your own clients and work hours[16].


18. Jewelry Designer

Although you can always get into designing luxury jewelry if you have the skills (and the tools), this side gig doesn’t always require precious stones and metals. If you’re the creative type, you could look into designing jewelry made from clay, epoxy resin, plastic, and more.

Sell your creations at your local market or fair, or look into selling via your social media channels.

💸 Earning potential: Your earnings will vary based on your popularity and the quality of your goods.


19. Fitness Coach

Becoming a fitness coach can take some time, as you’ll first need to obtain certifications to operate legally. However, once you have the necessary certificates, you can start helping your clients achieve their fitness goals.

You can develop personalized training programs, work with clients one-on-one, hold group classes, and more.

💸 Earning potential: As a fitness coach, you could earn well over $28 an hour[17].


20. Flipped Goods Reseller

Finally, you might want to give it a go as a flipped goods reseller. It involves finding cheap used goods, fixing them up, and selling them for a profit.

Of course, it’s not as easy as it sounds, and you’ll need to invest in some tools. However, from there, it’s all a matter of trial and error. Start small, with simple paint jobs, for instance, then work your way up.

💸 Earning potential: Depending on your work and what you’re flipping, you might make hundreds of dollars per project.


Balancing Side Hustles With Other Responsibilities

You must learn to balance everything to ensure your side hustles don’t take over your entire life.

As a general rule of thumb, your best strategy for success is treating your side hustle like you would any other job. As in, you’ll have pre-determined working hours, and you’ll do what you can to stick to them.

Creating and sticking to a schedule will allow you to fulfill all other responsibilities without issues and find enough time to unwind.

Conclusion

Finding the right side hustle for women could have a massive impact on your budget and even on your confidence levels. You’ll feel more fulfilled and spend your time more productively.

Just don’t forget to give yourself proper breaks when you need them and find some time for yourself as well!

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How Many Millionaires Are in the US? 2024 Millionaire Statistics https://finmasters.com/millionaire-statistics/ https://finmasters.com/millionaire-statistics/#respond Wed, 14 Sep 2022 16:00:34 +0000 https://finmasters.com/?p=56223 Americans are fascinated by wealth, but how much do we know about it? These millionaire statistics tell us more.

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What would you do if you had $1 million? The possibilities are endless, but how do actual millionaires spend their money, and how do they get it? These millionaire statistics offer answers.

Key Findings:

  • 22,710,000 people in the U.S. have a net worth of $1 million or more. 
  • Among all states, New Jersey has the most millionaire households.
  • Only 3% of American millionaires received an inheritance of $1 million or above.
  • China, Japan, Germany, the U.K., and France, added together, have fewer millionaires than the U.S.
  • The typical American millionaire owns just one property (43%).

How Many Millionaires Are There in the US?

Data from the Credit Suisse Global Wealth Report shows that in 2023 there were just under 30 million millionaires in the US.

The number of millionaires decreased by 1.8 million just from 2021 to 2022.[1] Trusted source
Credit Suisse Research Institute
Credit Suisse Research Institute studies long-term economic trends with a global impact.

Is a Millionaire in the Top 1% of Americans by net worth?

Having a net worth of $1 million will not put you in the top 1%. You’ll need a minimum net worth of around $11.0 million to get into the 1% of Americans by wealth.[2]

Which State Has the Most Millionaires?

New Jersey has the highest rate of millionaires, with 9.76% of households showing a net worth of $1 million or above. That means that 246,058 New Jersey households are millionaires.[4]

How Millionaires Make, Grow, and Spend Their Money

Let’s take a look at how people got to become millionaires and how they choose to invest and spend their money.

How Many Millionaires Inherited Their Wealth?

21% of millionaires received some inheritance, but only 3% received an inheritance of $1 million or above. 79% of millionaires did not receive any inheritance from their family or relatives. 8 out of 10 millionaires come from low-income families.[3]

Percent of millionaires that inherited their wealth

Did Millionaires Get Rich Thanks to Their Income?

The majority of millionaires didn’t become wealthy because of their six-figure wages. In fact, 93% of millionaires polled by Ramsey Solutions claimed they did not become rich due to their salary but rather by working hard and avoiding debt. Only 31% of respondents surveyed had a $100,000 annual income at some time in their careers. One-third never made $100,000 a year at any point in their career.[3] Trusted source
Ramsey Solutions
Ramsey Solutions, founded by personal finance personality and radio show host Dave Ramsey, is a media company offering financial education and guidance.

Percent of millionaires with six-figure income at some time in their careers

How Do the Very Rich Invest Their Money?

Stepping above mere millionaires, here’s how Americans with a net worth of $30 million or above allocate their wealth. The data come from a survey of more than 500 private bankers, family offices, and wealth managers who handle investments for high-net-worth individuals.

Asset TypeAverage Percentage of Total Wealth
Primary and Secondary Residences32%
Equities18%
Commercial Property14%
Bonds12%
Private Equity/Venture Capital6%
Commercial Property Funds5%
Commercial Property REITs3%
Investments of Passion (Art, Wine, Collectibles, etc)3%
Gold2%
Cryptocurrencies1%
Other5%
Source: Visual Capitalist

How Many Properties Does the Average American Millionaire Own?

Although many people imagine millionaires owning various properties, the average American millionaire prefers to own only one property (43%), with only 8.5% of the millionaires in the U.S. owning four properties or more.[7]

Which Country Has the Most Millionaires?

Research done by the Credit Suisse Research Institute states that the country with the highest number of millionaires is the U.S., with nearly 30 million millionaires and 17 million people with wealth up to $5 million! To put numbers in perspective, China, Japan, Germany, the U.K., and France, added together, have a total of 17 million millionaires![1] Trusted source
Credit Suisse Research Institute
Credit Suisse Research Institute studies long-term economic trends with a global impact.

Is a Millionaire Rich?

For most of us – especially those of us who aren’t millionaires – the word “millionaire” conjures up images of spectacular wealth. But is a millionaire really rich?

Most Americans don’t think so. The 2023 Charles Schwab Modern Wealth Survey found that Americans see a net worth of $2.2 million as the minimum to be considered “wealthy”, and that a net worth of $560,000 is needed to be “financially comfortable”.

Those figures get even higher in major urban areas.

Being a millionaire doesn’t necessarily mean you have a great deal of disposable wealth, especially if you live in a high-cost environment. If your net worth is primarily in your primary residence you could even be financially stressed despite being a millionaire, especially if your property taxes are high and your income is limited!

“Millionaire” is a convenient term to describe wealthy people, but wealth isn’t just about net worth, especially when inflation is high. Income, debt, and cost of living all make a difference in defining whether a person can be considered “rich”.

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20 Weird Jobs That Pay Surprisingly Well in 2024 https://finmasters.com/weird-jobs-that-pay-well/ https://finmasters.com/weird-jobs-that-pay-well/#respond Thu, 08 Dec 2022 22:00:42 +0000 https://finmasters.com/?p=92738 Unconventional careers aren’t for everyone, but if you’re up to the task, you might just earn over $100K annually.

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Sitting in a small cubicle every day from nine to five can help you make ends meet, but it’s rarely an exciting career path. There are unconventional jobs out there, and some of them pay very well.

Let’s be clear about one thing: you won’t walk into one of these jobs and earn a $100k starting salary. If you stick with the job and gain experience and expertise, though, a six-figure annual salary is entirely possible.

Job TitleMedian Salary
1.Theatrical & Performance Makeup Artist$134,750Learn more
2.Bingo Manager$68,988Learn more
3.Professional Gamer$64,168Learn more
4.Food Scientist$78,340Learn more
5.Custom Jewelry Designer$487,331Learn more
6.Body Part Model$75,000Learn more
7.Clinical Ethicists$105,636Learn more
8.Voice Architect$118,235Learn more
9.Ethical Hacker$105,031Learn more
10.Coroner$55,247Learn more
11.Ballet Master$101,140Learn more
12.Senior Energy Consultant$108,002Learn more
13.Actuary$105,900Learn more
14.Nuclear Power Reactor Operator$104,260Learn more
15.Commercial Diver$60,360Learn more
16.Radiation Therapist$82,790Learn more
17.Certified Nurse Midwife$112,830Learn more
18.Truck Driver$71,254Learn more
19.Oil Rig Operator$108,068Learn more
20.Air Traffic Controller$129,750Learn more

1. Theatrical & Performance Makeup Artist

💰 Median Salary: $134,750 per year

Theater performances, TV shows, and movies wouldn’t be the same without makeup artists who use cosmetics and prosthetics to bring various characters to life. They ensure the physical appearance of actors and live show performers reflects their roles’ settings, personalities, stories, and eras.

These makeup artists prove that associate degree jobs can pay more than $100K annually. Besides this degree, you can also complete a cosmetology training program or get a bachelor’s degree in theater, depending on where you want to work.

2. Bingo Manager

💰 Median Salary: $68,988 per year

A bingo manager working at a retirement home will rarely earn over $100K a year, but one working at a renowned casino can easily surpass this amount. The top 10% of the best-paid bingo managers see themselves $148,441 richer every year.

Bingo managers are responsible for overseeing daily processes, pre-approving payouts, and ensuring that their departments are compliant with the relevant laws and regulations in their area.

A high school diploma and a few years of experience in a similar field are usually enough to land this type of job.

3. Professional Gamer

💰 Median Salary: $64,168 per year

Though the average salary is around $64,168 annually, many professional gamers can easily earn as much as $187,200 a year.

Most earn their salaries by increasing their skills and competing in well-paid international tournaments. Some receive compensation from ads and sponsors, while others are employed directly on gaming platforms, working as game testers.

Alternatively, professional gamers can also become influencers on platforms such as YouTube or Twitch, playing games to entertain audiences and increase their viewership.

While becoming a professional gamer can be a lucrative job, it takes a lot of skill, hard work, and luck to break through and start earning over $100K a year.

4. Food Scientist

💰 Median Salary: $78,340 per year

According to the US Bureau of Labor Statistics, food scientists can earn as much as $130,540 annually. Therefore, any food lover could find this to be the perfect career path for them.

Food scientists use various skills and knowledge to do their jobs. They need to be familiar with microbiology and chemistry to perform tasks such as analyzing food content, ensuring the safety of different kinds of food, introducing new flavors, improving the quality of processed foods, and more. Many are even responsible for creating better ways to process, package, and preserve food.

5. Custom Jewelry Designer

💰 Median Salary:  $487,331 per year

Though the precise salary will heavily depend on the place of employment, custom jewelry designers can earn well over $ $487,331 annually.

It’s one of the best slow-paced jobs that require the utmost attention to detail, a steady hand, and artistic skill.

Custom jewelry designers need to know how to work with different types of metals and precious stones, properly shape them and combine them into eye-catching rings, bracelets, necklaces, earrings, nose rings, and more.

As a general rule of thumb, most custom jewelry designers need to spend several years gaining experience in jewelry stores before they can earn a six-figure salary.

6. Body Part Model

💰 Median Salary: $75,000 per year

How much body part models earn depends on their employer, with some earning just around $25,000 and others well over $124,730.

Body part models can specialize – becoming only hand or foot models, for instance – or they can be general-purpose models. Most will work in commercials, such as hand or foot cream commercials, nail art ads, and pedicure ads.

However, the most lucrative option is usually working in the entertainment industry as a body part double for celebrities who don’t want to or can’t expose their own body parts.

7. Clinical Ethicists

💰 Median Salary: $105,636 per year

Clinical ethicists evaluate ethics in healthcare organizations and consult with their staff, patients, and families on ethical concerns. They help identify issues and find solutions for better policies and care.

A bachelor’s degree in medicine, public health, or philosophy is necessary for this occupation. You’ll need clinical experience and can get a Healthcare Ethics Consultant (HEC) Certification.

8. Voice Architect

💰 Median Salary: $118,235 per year

Voice architects have a highly technological job, designing voice network infrastructures for enterprises, such as on-premise and cloud phone systems. They create and improve VoIP (Voice over IP) solutions to help companies streamline communications through internet connections.

This profession typically requires a bachelor’s degree in engineering or a related field, but equivalent work experience might also get you the job.

9. Ethical Hacker

💰 Median Salary: $105,031 per year

Ethical hackers are the good guys fighting cybercrime. Governments and companies hire them to hack into their systems and find potential security vulnerabilities cybercriminals could exploit.

You’ll need advanced computer skills to be an ethical hacker, which typically requires a bachelor’s degree in information technology or a specific cybersecurity field. However, a completed course or relevant previous experience could be enough.

10. Coroner

💰 Median Salary: $55,247 per year

Coroners in the US earn $55,247 annually, on average, but the best-paid ones can earn well over $126K.

Depending on where they’re employed, coroners can have an array of different responsibilities, including determining the cause of death, performing autopsies, collecting and analyzing crime scene evidence, identifying the deceased, and more.

It’s a taxing job and certainly not for everyone, but can be well worth it for those who have the stomach for it.

11. Ballet Master

💰 Median Salary: $101,140 per year

Ballet masters (or mistresses) hold dance classes at a professional ballet studio and teach dancers the elegant art of classical ballet. They’re former principal dancers and soloists who have performed professionally for several years before receiving the “master” title.

You don’t need a formal education to be a ballet master, only extensive professional experience. Some companies may require a graduate or bachelor’s degree in dance to teach ballet but will still value years of performance experience.

12. Senior Energy Consultant

💰 Median Salary: $108,002 per year

Energy consultants are some of the most valued professionals in times of climate change. They propose cost-effective solutions for better energy efficiency and minimal environmental impact, including renewable energy systems. They help industrial, commercial, and residential consumers live and work more sustainably.

While you only need a high school diploma or GED to be an energy consultant, a certification is a plus. A senior professional with a bachelor’s degree in engineering, physics, or renewable energy management can secure a higher salary.

13. Actuary

💰 Median Salary: $105,900 per year

Actuaries help insurance companies and financial institutions assess and minimize financial risk. They use statistical and mathematical models to analyze data, like mortality, morbidity, and disability rates, to help create insurance policies, retirement plans, and pension plans.

You’ll need a background in mathematics, statistics, actuarial science, or a related field. However, as you’ll get on-the-job training, no additional experience is required.

14. Nuclear Power Reactor Operator

💰 Median Salary: $104,260 per year

Being a nuclear power reactor operator may sound intimidating, but this high-paying job can be a breeze. Your daily activities include monitoring reactors to ensure they run smoothly and adjusting control rods if necessary. Regular maintenance and potential repairs are also critical for maximum safety.

Extensive on-the-job training will prepare you for this technical job, for which you can apply with a high school diploma or an equivalent. You’ll also need to pass an annual US Nuclear Regulatory Commission license exam.

15. Commercial Diver

💰 Median Salary: $60,360 per year

Commercial divers can earn as much as $115,000 per year or more, depending on the specific tasks they are performing.

Commercial divers work underwater, most commonly installing underwater equipment, making repairs to the existing equipment, inspecting the environment, removing debris, and more.

Often, they need to use tools such as drills, underwater welding equipment, torches, and more, so they go through months of rigorous training. However, no formal education is required, only relevant certifications and experience.

16. Radiation Therapist

💰 Median Salary: $82,790 per year

The best-paid radiation therapists can earn as much as $107,830 annually, though it usually takes a few years to climb over the $100K threshold.

Most commonly working in the field of oncology, radiation therapists use sensitive machines to deliver radiation therapy to patients with tumors or different types of cancers.

Radiation therapists have numerous important duties and responsibilities, including maintaining the machines they’re using, monitoring patients and their reactions to treatments, tracking treatment processes, and more.

17. Certified Nurse Midwife

💰 Median Salary: $112,830 per year

Nurse midwives are some of the best-paid professionals in healthcare, easily earning up to $166,170 annually.

Certified nurse midwives don’t solely offer care during childbirth. They provide prenatal and postnatal care, assisting men and women with family planning, postpartum healthcare, routine screening, and more. They assist with conception, offer to counsel, perform diagnostic tests, and offer comprehensive reproductive healthcare.

It takes a few years of studying and obtaining relevant experience to become a certified nurse midwife, but it’s a well-paying position that’s well worth it.

18. Truck Driver

💰 Median Salary: $71,254 per year

On average, truck drivers in the US earn around $71,254 per year. However, many companies will pay experienced drivers as much as $146,138 or more annually.

While it doesn’t require much skill, keep in mind that it is a tough job. Truck drivers are known to spend as much as 12 hours daily on the road. They have strict deadlines and spend a lot of time away from home. However, they are usually well compensated for it.

There are no formal education requirements for this position, though anyone who wishes to become a truck driver needs to obtain a commercial driver’s license.

19. Oil Rig Operator

💰 Median Salary: $108,068 per year

Hardly anyone dreams of being an oil rig operator, spending months on an offshore platform in harsh working conditions to extract oil using heavy drilling machinery.

Many change their perspective after receiving the first paycheck. Still, the job is physically and mentally demanding, requiring long, sometimes even 12-hour shifts. The protective gear makes it even more uncomfortable.

Operating an oil rig requires only a high school diploma or GED, but it’s not always a requirement. Completing BOSIET (Basic Offshore Safety Induction and Emergency Training) is necessary, and you’ll get on-the-job training. Welding, mechanics, and heavy equipment operation classes available in many trade schools are a plus.

20. Air Traffic Controller

💰 Median Salary: $129,750 per year

Air traffic controllers monitor, authorize, and direct aircraft to ensure flight safety and minimize delays. They leverage radar sensors and communicate with pilots to streamline landings and takeoffs and assist in harsh weather conditions.

You’ll need an associate’s or bachelor’s degree in aviation to become an air traffic controller. You can earn it at an FAA-approved Air Traffic Collegiate Training Initiative (AT-CTI) school. Once you get the necessary degree, you must pass the Air Traffic Selection and Training (AT-SAT) exam at FAA Academy.

Conclusion

You don’t have to go the traditional route and join a business or tech career to earn over $100K a year. There are plenty of unique, even weird, career opportunities that could prove to be both better paying and more fulfilling. You just have to think outside the box to find a weird job that suits you.

However, keep in mind that regardless of the job you choose to pursue, you shouldn’t expect a six-figure salary right from the start – few careers will offer that much to beginners. Still, if you invest in your education, build up your skills, and gain enough experience, the jobs mentioned on this list can quickly turn out to be highly lucrative. 

Are you excited about these six-figure jobs? Check out the top 120+ places to find jobs online and streamline the search for your dream position!

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