What Is a Personal Loan?

A personal loan is a flexible loan that you can use for a wide variety of purposes. Unlike loans designed for a specific thing, like a mortgage or auto loan, a personal loan can be used for nearly any legal purpose.

There are different types of personal loans. One of the most basic distinctions is between secured and unsecured personal loans.

Learn more: Dive into the latest personal loan statistics for 2024, including rates, debt levels, and borrower trends in our comprehensive overview.

Unsecured Personal Loan

Unsecured personal loans are one of the most common types of personal loans, and most personal loans you see advertised will fall into this category.

An unsecured personal loan doesn’t require any collateral. The lender offers the loan based purely on your credit history, financial situation, and a promise that you’ll repay the loan. This contrasts with secured loans, like mortgages, where an asset serves as collateral for the loan.

The obvious benefit of unsecured personal loans is that you don’t need to have anything of value to offer as collateral. You also don’t have to go through the process of letting the lender examine your collateral and make sure it’s worth enough to secure your loan, which can speed up the lending process.

However, because there’s no collateral, lenders are more choosey about offering these loans. You’ll need strong credit to qualify for these loans, and your interest rate will be higher than it would be with a secured loan.

Learn more: Find out exactly what documents and information you need to apply for a personal loan with our comprehensive guide.

Secured Personal Loan

Secured personal loans are the opposite of unsecured personal loans. When you apply for one of these loans, you need to offer a form of collateral.

Many lenders will accept a Certificate of Deposit (CD) or savings account balance as collateral for these loans. For example, if you have $5,000 in a CD at a bank, that bank may be willing to offer you a secured loan. The size of the loan that you can qualify for will depend on the value of your collateral and your credit score.

Learn more: Our detailed analysis answers the question: Is getting a personal loan a good idea for you? Find out now.

Because you’re offering collateral to secure the loan, secured personal loans are generally easier to qualify for. Many lenders will also offer lower interest rates on these loans because of the reduced risk that they face.

A major drawback of secured personal loans is the fact that you need to have something of worth to serve as collateral. If you’re in need of a loan, odds are good that you don’t have much savings available and might not have enough to serve as collateral.

Offering something as collateral also puts it at risk. If you’re not able to make payments on your loan, the lender could take possession of the collateral.

It may also take longer to get a secured loan because the lender has to assess your collateral and ensure it’s worth enough to secure the debt.

Learn more: Explore our expert picks for the best personal loans for excellent credit, tailored to maximize your financial options.

Branded Personal Loans

If you’re shopping for personal loans, you may find that some lenders offer specialized or branded personal loans. For example, you may see loans described as vacation loans, home renovation loans, or debt consolidation loans.

These loans are advertised as special types of personal loans for a specific purpose. Some of these loans may offer special features related to their branded purpose. For example, if you apply for a debt consolidation loan the lender may pay your other creditors directly, so you don’t need to handle the money at all.

Keep in mind that personal loans are highly flexible. You can use a personal loan for almost any purpose; the few that are disallowed by most lenders are things such as paying for education, gambling, or illegal activities.

Some branded personal loans may be a good deal. You might find a debt consolidation personal loan that can help you save a lot of money. However, just because a loan is described as being good for a specific purpose does not mean that it is the best loan available. Always shop around and consider generic personal loans before going for a branded one to make sure that you’re getting the best deal.

Bad Credit or No Credit Check Personal Loans

Another common thing to see when looking for personal loans is a loan advertised as a bad credit or no credit check personal loan. These may seem appealing, especially If you don’t have a great credit score or have struggled to get approved for loans in the past.

As with anything, you pay a price for these types of loans. Lenders who are willing to offer loans to people with poor credit or without checking people’s credit need to compensate for that risk somehow. Often, they compensate for that risk with highly unfavorable terms such as high interest rates or large origination fees.

If you need a personal loan, but don’t have good credit You should still avoid these loans due to their predatory terms. You’ll get a much better deal if you are able to qualify for a secured personal loan. If you don’t have enough assets to serve as collateral, you are likely to be better off if you spend some time working to improve your credit and apply for a traditional personal loan instead.

Learn more: Learn the step-by-step process of securing a personal loan with a co-signer in our comprehensive guide.

Payday Loans

A payday loan is a type of bad credit or no credit check loan. They share some characteristics with personal loans, but it is important to know that payday loans are highly predatory and should be avoided whenever possible.

Like bad credit or no credit check personal loans, payday lenders typically don’t look at your credit score when you apply for a payday loan. These loans have massive fees High interest rates and short repayment periods. For example, if you get a payday loan today, you might be expected to pay it off in 2 weeks. The idea is that you use the loan to make it the next payday and use your next paycheck to pay back the balance.

Payday loans typically come from specialized lenders, so if you look for loans from reputable Banks and online lenders, you are not likely to find them. Their high fees and interest rates can make it easy to get trapped in a cycle of debt, so try to avoid these loans except as a very last resort

Learn more: Unlock financial opportunities with our recommendations on the best personal loans for good credit and fair credit, designed to match your credit profile.

Other Types of Consumer Loans

Personal loans are a type of consumer loan, which is a wide category of loans that describes pretty much any type of loan that a regular person could apply for. Some examples include personal loans, mortgages, auto loans, and credit cards.

When looking to borrow money, it’s important to make sure that you’re applying for the right type of loan. Some types of purchases, such as a home or a car, have unique loan types designed specifically for those purchases. Trying to use a credit card or a personal loan will likely result in you paying more than if you used a specially designed loan.

Personal Lines of Credit

Personal lines of credit are similar to personal loans in many ways. Like personal loans, they’re highly flexible and can be used for many different purposes. They can also come in both secured and unsecured varieties.

What makes them different is that a line of credit is a pool of funds that you can draw from multiple times while a loan is a lump sum of cash that you can only access once.

That makes personal lines of credit more useful for people who have unpredictable financial needs. If you have a one-time expense and you know the size of that expense, you can apply for a personal loan for the correct amount. With a personal line of credit, you can take money out of the line of credit when the need arises and do so multiple times if you find that you need to draw money more than once.

For example, a personal loan might be a good fit if you have to pay an unexpected bill. A personal line of credit might be a better fit for someone working on a home improvement project who isn’t sure exactly how much it will cost.

Get acquainted with the types of #personal-loans and how each can impact your financial strategy. #PersonalFinance

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Common Uses for Personal Loans

Personal loans can be used for many different reasons.

One of the most common reasons is for debt consolidation. If you have multiple credit card balances and other small loans, you can use one personal loan to pay off those balances. That leaves you with a single monthly payment to make and may reduce the amount of interest you pay.

Home renovations and vehicle repairs are also common uses for personal loans.

You can also use a personal loan for unexpected expenses. Because they have lower interest rates and credit cards tend to, using a personal loan in this way may help you save money.

Many people use personal loans for weddings, vacations, and similar costs. Be careful: you’ll be paying off that loan long after the party or the trip is over!

Learn more: Learn how to protect yourself from personal loan scams by recognizing the warning signs in our latest guide.

Bottom Line

Personal loans are highly flexible loans that you can use for a variety of purposes. There are many types of personal loans, but they all offer money that can be used for a range of personal needs.

If you need money for something, applying for a personal loan can be one way to get that cash. Just keep in mind that you will be paying that loan back with interest. It’s best to use these loans for essentials, not luxuries, and to avoid borrowing if your credit isn’t up to par!

The post Types of Personal Loan: A Comprehensive Guide appeared first on FinMasters.

Important note: if you’re considering any tax relief company, manage your expectations. Nobody can make all tax debt disappear. Professional help may get you a better deal, but the outcome will depend on your situation. If you expect magic, you’re likely to be disappointed.

About Optima Tax Relief

Optima Tax Relief describes itself as the nation’s largest tax relief company. It claims to have resolved over $3 billion in client tax liabilities. 

The Company is based in Santa Ana, CA, and has offices in Scottsdale, AZ, and Chandler, AZ. Online services are available nationwide (except Colorado and Minnesota).

Optima Tax Relief employs an in-house staff of enrolled agents, CPAs, and tax attorneys. Some tax relief companies may pass your case on to an outside law firm and keep part of your fee.

Optima Tax Relief was founded in 2010 by Harry Langenberg and Jesse Stockwell, both of whom remain with the firm as managing partners.

How Optima Tax Relief Works

Optima Tax Relief will work with federal and state taxes, but state tax services are not available in all states. You need at least $10,000 in tax debt to qualify for their services.

Optima Tax Relief works with many types of tax problems, including the following.

• Tax liabilities
• Back taxes
• Levies and liens
• Penalties and interest
• Wage garnishment
• Tax settlement
• Audit Defense
• Payroll tax negotiation

The company uses a three-step process.

• Consultation. You will have a free initial consultation with no obligation. A representative will review your case, lay out your options, and give you a realistic assessment of what Optima Tax Relief can do for you.
• Investigation. Optima Tax Relief will communicate with the IRS, examine your records in detail, and choose appropriate resolution options. You will have to authorize access to personal financial records.
• Resolution. The company will pursue the selected options and try to bring you into full IRS compliance. This does not mean you will have no tax debt. The goal is to reduce your debt as much as possible and work out a feasible payment plan for the rest.

There are many ways to resolve tax debt, and you will work with Optima Tax Relief to select the ones most appropriate for you. Here are some of the options available.

• Installment agreements will not reduce your debts but will make them easier to pay off.
• Offer in compromise is available to taxpayers experiencing financial distress.
• Penalty abatement or adjustment can reduce the penalties charged for previous issues.
• Extension requests may give you more time to pay without incurring penalties.
• Disaster-related relief provides tax breaks for people affected by natural disasters.
• Coronavirus tax relief may be available at both federal and state levels.
• Currently not collectible status may apply if you have no income or assets with which to pay your tax debt.
• The statute of limitations may apply in some cases dealing with older tax debts.
• Innocent spouse relief applies to taxpayers who are being held liable for a spouse’s mistakes or transgressions.
• A tax lien discharge removes a tax lien from a specific property, which may allow you to sell that property.
• A bank levy release means the IRS will no longer seize funds from your bank account. It usually occurs when you have agreed to a payment plan or other settlement.

It’s important to note that all of these devices are open to anyone. You do not need a tax relief company to apply for them. However, the process of assessing your eligibility, choosing options that are likely to be approved, and applying can be complex and challenging. 

Professional assistance does not guarantee success, but it may improve the probability of success.

Availability

Optima Tax Relief provides federal tax relief services online in all states except Colorado and Minnesota.

State tax services are available online in all states except Arizona, Georgia, Delaware, and Connecticut.

The Cost of Optima Tax Relief: Is It Worth It?

Optima Tax Relief does not disclose pricing information on its website. Pricing information given here is sourced from third-party websites and customer reviews. Prices vary according to the specifics of your case and you may be quoted prices higher or lower than those discussed here.

Optima Tax Relief appears to assess fees at two stages of the tax relief process.

• Investigation: you can expect an investigation fee of $295.
• Resolution: Resolution fees can vary widely with the circumstances of your case. Reported fees vary from $995 to $5000 and may be higher for complex cases with large tax liabilities.

These fees are substantial, but they are consistent with fees across the tax relief industry. Optima Tax Relief isn’t offering a screaming great deal, but pricing appears to be fair relative to competitors.

While the overall pricing scheme appears to be fair, it is not transparent: there’s no consistent pricing formula disclosed on the company’s website. Some customer reviews contain complaints indicating that the customers believe they were overcharged, and some reviews report payments much larger than those referenced above.

Optima Tax Relief will refund payments for the investigation phase within 15 days after the initiation of the investigation phase. No refunds are possible after 15 days or for the fees paid for the Resolution phase.

Optima Tax Relief: Customer Reviews

Customer reviews are a useful tool, but they have limitations. It’s important to understand how to evaluate customer reviews. Some reviews may be based on unrealistic expectations, and some companies have been known to manipulate reviews.

Let’s look at what major review sites can tell us about Optima Tax Relief.

Better Business Bureau (BBB)

Optima Tax Relief has an A+ rating from the Better Business Bureau (BBB). BBB ratings are based on the company’s responsiveness to complaints, not on the average of customer reviews.

The BBB site lists 686 complaints closed in the last three years and 209 in the last 12 months. The company has responded to all complaints and most appear to be resolved to the customer’s satisfaction

Optima Tax Relief gets 3.88 out of 5 stars from a total of 1,164 customer reviews on the BBB site. The reviews break down into two categories, very positive and very negative, with very few in between.

It’s important to remember that the BBB tends to attract negative reviews, as it’s a place where people traditionally go to complain when they are not satisfied.

Trustpilot

On Trustpilot, Optima Tax Relief gets 4.1 out of 5 stars from 3,116 reviews. 89% of the reviews are five-star or four-star, and 9% are one-star, with negligible percentages in between.

Here are some typical positive reviews.

Here are a few sample negative reviews.

Results on most review sites seem to follow a consistent pattern: large numbers of positive reviews mixed with a smaller number of highly negative reviews. Most customers who leave reviews seem satisfied, but when things go wrong they seem to go seriously wrong.

Some of the negative reviews may come from customers who have unrealistic expectations, but this is impossible to ascertain. If you’re considering retaining Optima Tax Relief you should be aware that while reviews are generally positive there is a minority who have had very unsatisfactory experiences.

The Bottom Line: Is Optima Tax Relief Right For You?

Optima Tax Relief is a legitimate tax relief company with an extensive track record. Some customers have left negative reviews, but that’s true of almost any tax relief company, and the number represents a relatively low percentage of customer reviews.

Does that mean that Optima Tax Relief is the right choice for you? Maybe, maybe not. Even the best financial services companies aren’t always the right fit for a given client. To find out, ask yourself these questions.

• How much tax debt do you owe? Optima Tax Relief won’t consider your case unless your tax debt is $10,000 or above.
• Does Optima Tax Relief provide services in your state? If you live in a state that is not served by the company you’ll need to look for another option.
• How complex is your case? If you have a straightforward problem – for example, if you simply need to ask for an installment agreement or an extension – you might be better off doing it yourself. If you are overwhelmed even thinking about dealing with it, professional help is probably a good idea.
• Have you considered local alternatives? A tax attorney or firm in your area might offer you a competitive package, and you’d have personal contact. If you’re not comfortable dealing with a remote service or working through online customer service, this could be a better option for you.
• Have you shopped around? Comparing several alternatives is always a good idea when you’re in the market for a financial service. There are other tax relief companies out there, and most offer a free initial consultation. Comparing several offers is always worthwhile.

If you answered “yes” to all of these, you might be a good fit with Optima Tax Relief.

Remember that this is a nationwide company with many clients. Your interactions are not likely to be personal. A free initial consultation may feel like a sales call, and during the process, you are likely to be interacting with customer service representatives, not the tax experts doing the work.

If this is a problem for you, you might be better off consulting a local business or law firm with a physical presence in your area.

How We Rated Optima Tax Relief

Tax relief is a unique financial service. No tax relief company can change the tax laws or compel the IRS to cancel tax debts. Tax relief companies can only work with existing laws and policies, and their main service is simply cutting through the masses of red tape and detail that characterize tax problems.

It’s important to assess tax relief companies according to realistic criteria. This is how we evaluated Optima Tax Relief.

• Effectiveness. No tax relief company can make tax debt go away, but Optima Tax Relief has a solid record of achieving as much relief as is legally possible in a given circumstance. Not all customers are happy, but that is true of almost all financial services companies.
• Availability. No service will help you if it isn’t available to you. Optima Tax Relief provides federal tax services in all but two states and state tax services in all but four, resulting in a high score in this category.
• Customer Service. When you’re dealing with a firm that delivers its services online, customer service is important. You need to know that you can reach someone when you have a problem, and you want to do it without fighting your way through masses of automated call centers. Optima Tax Relief gets generally good reviews on this score, but there are a substantial number of complaints about contact and service issues, dropping the score in this category.
• Price. Optima Tax Relief does not disclose its pricing formula online. Third-party reports suggest that services are not cheap, but are analogous to those of competing firms.

We’ll repeat the recommendation that you should shop around before choosing any tax relief company. Comparison shopping can get you a better deal and give you confidence that you’ve selected the best partner for your specific needs.

The post Optima Tax Relief Review 2024: Are They Legit? What Do They Cost? appeared first on FinMasters.

Let’s take a closer look.

How Shark Tank Works

Each season, businesses compete for the chance to present their plans on the show. The showrunners select 100 entrepreneurs they want to work with. These investors get to pitch their deal to investors – the “sharks” – who may (or may not) choose to invest.

Owners typically ask the sharks to pay a fixed sum for a percentage of the company’s ownership. The sharks come back with their offers, if they are interested, and owners can make a counter-offer.

Only two-thirds of the selected businesses actually get a deal with the investors, with the average deal netting over $300K. According to Forbes, most of the featured businesses never get a chance to realize their expansion plans due to investors making last-minute changes.

While these figures change from season to season, company owners still flock to the show in hopes of landing a life-changing infusion of capital.

Learn more: Explore 5 effective ways to get money to start a business, helping you turn your entrepreneurial dreams into reality

20 Best Shark Tank Products

After all of the competition on Shark Tank is done, though, how do the companies do? Do the products pass the final test of acceptance in the market?

Let’s look at some of the best 20 Shark Tank products:

1. Scrub Daddy Sponges

• Company: Scrub Daddy
• Owner: Aaron Krause
• Appeared on Shark Tank: 2012
• Investor: Lori Greiner
• Current Valuation: Over $200 million

Aaron Krause essentially invented the Scrub Daddy sponge by accident. Looking for a way to clean machinery, he ordered a tailor-made foam from a German company, later discovering that it had a unique ability to remove even the harshest stains.

Krause’s Shark Tank presentation was well received, kicking off a bidding war among the sharks. The winner was Lori Greiner, who offered Krause $200,000 for 20% ownership of the company.

The business immediately took off, with Scrub Daddy products soon available in Wal-Mart, Home Depot, Kroger, Target, and many more. In 2014, the Scrub Daddy sponge was named the most successful Shark Tank product ever.

Today, Scrub Daddy is the third-largest manufacturer of sponges in the US and has expanded its product range with new offerings. The Company is estimated to be worth well over $200 million, with Greiner’s 20% stake – bought for $200,000, now worth over $40 million.

2. Sleep Styler Hair Roller

• Company: Sleep Styler
• Owner: Tara Brown
• Appeared on Shark Tank: 2017
• Investor: Lori Greiner
• Current Valuation: $130 million

Sleep Styler’s Tara Brown made one of the quickest deals in Shark Tank history. Lori Greiner took one look at her product – rollers made of memory foam and yoga towel fabric that style hair while the user sleeps – and offered $75,000 for a 25% stake in the company.

Within two years, Sleep Styler had delivered $50 million in retail sales and was selling through dominant retailers like Amazon and Wal-Mart, firmly establishing itself as one of the best Shark Tank products.

3. The Ring Video Doorbell

• Company: Doorbot
• Owner: Jamie Siminoff
• Appeared on Shark Tank: 2013
• Investor: None
• Current Valuation: Acquired by Amazon in 2018 for over $1.2 billion

One of Shark Tank’s most successful products comes from a company that walked away from the show with nothing. When Jamie Siminoff pitched his product – a wifi-enabled doorbell that lets you see and talk to whoever is on the other side of the door – on Shark Tank, only one investor made an offer, and Siminoff found it unacceptable.

Siminoff left Shark Tank with nothing, but his luck soon changed. While his appearance on the show didn’t net an investment, it did lead to an estimated $5 million in sales. In 2016, Shaquille O’Neal made an investment, and the company rebranded as Ring, subsequently raised $200 million in private capital.

Ring subsequently introduced a suite of connective home security products. The company was acquired by Amazon in 2018 for a price estimated at between $1.2 and $1.8 billion, a big step up for a company that had failed to make the grade on Shark Tank.

Learn more: Dive into our analysis of the best tech stocks & ETFs, perfect for investors aiming to capitalize on technological advancements.

4. EverlyWell Home Medical Test Kits

• Company: EverlyWell
• Owner: Julia Cheek
• Appeared on Shark Tank: 2017
• Investor: Lori Greiner
• Current Valuation: $2.9 billion

Julia Cheek, the founder of Everlywell, made an appearance on Shark Tank in 2017, looking to sell a 5% stake in her company in return for $1 million. Everlywell is a manufacturer of at-home test kits for a variety of medical conditions.

The sharks balked at that deal, but one of them, Lori Greiner, offered a $1 million line of credit at 8% interest in exchange for 5% of the company, and Cheek accepted the deal.

Two years after the episode aired, Everlywell had recorded $65 million in sales and was available in over 2000 outlets, including CVS and Target. In 2020, the company raised $175 million in Series D funding from a consortium of investors, including fund management titan BlackRock.

Everlywell hit an additional windfall bonanza by selling at-home test kits for COVID-19. In 2021, Everlywell acquired PWNHealth and Home Access Health Corporation, with the combined entity valued at over $2.9 billion.

That means that Lori Greiner’s 5% stake, acquired in exchange for an interest-bearing $1 million line of credit, is now worth roughly $80 million. They call them sharks for a reason!

Learn more: Discover the best healthcare stocks & ETFs to consider for your investment portfolio in our latest financial analysis.

5. Stasher Bags

• Company: Stasher
• Owner: Kat Nouri
• Appeared on Shark Tank: 2018
• Investor: Mark Cuban
• Current Valuation: Acquired for an undisclosed sum

Stasher bags are reusable, airtight, dishwasher-safe and freezer-safe bags designed for food storage. They are made of food-grade silicone and can be microwaved, boiled, and heated up to 400°F. They can be used up to 3,000 times, appealing to consumers concerned with health and the environment.

Founder Kat Nouri packed her bags and took them to Shark Tank in 2018, asking for $400,000 in return for 5% of her company, implying a valuation of $8 million. Mark Cuban offered $400,000 for 15% equity and Nouri accepted, but the deal later fell through.

Nouri didn’t win over a shark, but she found a whale: household brands specialist acquired Stasher for an undisclosed sum in 2019.

6. Simply Fit Board

• Company: Simply Fit
• Owners: Gloria Hoffman and Linda Clark
• Appeared on Shark Tank: 2015
• Investor: Lori Greiner
• Current Valuation: Unknown

Simply Fit Board is an exercise board that is supposed to build core strength and balance.

When Gloria Hoffman and Linda Clark, the inventors of the Simply Fit Board, brought their product to Shark Tank in 2015 they already had over $1 million in sales and were looking for funding to ramp up production.

The company received offers from Kevin O’Leary and Lori Greiner and accepted Greiner’s offer of $125,000 for 15% of their company. Sales took off after the episode aired, and by the end of 2016 over 1 million of the boards had been sold.

There’s no clear valuation available for the company, but purely on the basis of sales, the Simply Fit Board has to be considered one of the best Shark Tank products.

Learn more: Enhance your investment strategy by learning about 12 essential valuation ratios every investor should know.

7. The Original Comfy Wearable Blanket

• Company: Cozy Comfort
• Owners: Brian and Micheal Speciale
• Appeared on Shark Tank: 2017
• Investor: Barbara Corcoran
• Current Valuation: $150 million

Brothers Brian and Micheal Speciale came to the show in 2017 to pitch a “wearable blanket” – an oversized hoodie with a fleece interior and a soft microfiber exterior. Shark Tank’s Barbara Corcoran decided to give Comfy a chance and invest in their clothing line even though they didn’t have any products produced at the time.

Corcoran gave the brothers $50K for 30% of the company. Sales promptly took off, hitting #43 million in 2019 and $65 million in 2020.

Comfy hit hard times in 2021, with supply chain issues hitting inventory and the US Customs Service increasing their bond. CEO Susan Hudson was fired and sued the company, claiming that “the Speciale Brothers and Corcoran continually gorged on the company’s profits.” Both Corcoran and Brian Speciale sold their stakes. Michael Speciale is still in charge of the company and is trying to guide it to a recovery.

Valuation estimates vary, but it’s safe to say that the company is now worth over $200 million.

Learn more: Our post breaks down the average clothing cost per month, giving you insights into typical consumer spending habits.

8. Kodiak Cakes Pancake Mix

• Company: Kodiak Cakes
• Owners: Joel Clark and Cameron Smith
• Appeared on Shark Tank: 2013
• Investor: None
• Current Valuation: $160 million

Kodiak Cakes came to Shark Tank with a new take on a grocery staple: packaged pancake mix. In a nod to modern sensibilities, Kodiak Cakes assembled a pancake mix with whole grains and added protein.

Joel Clark had been building Kodiak Cakes up, with mixed results, since 1997. In 2013, he went to Shark Tank with new partner Cameron Smith, asking $500,000 for 10% ownership of the company. Three different sharks made offers, but they were unable to make a deal and left the show without an investment.

As with several other cases, the exposure the show brought compensated for the failure to gain an investor. Sales skyrocketed. The company diversified its product mix, found new investors, and earned $200 million in revenue in 2020. Kodiak Cakes is now valued at approximately $160 million, and the pancake mix that couldn’t land a shark is one of Shark Tank’s best products.

9. The Squatty Potty By Squatty Potty LLC ($208 million)

• Company: Squatty Potty LLC
• Owners: Bill, Judy, and Bobby Edwards
• Appeared on Shark Tank: 2014
• Investor: Lori Greiner
• Current Valuation: $24 million

Squatty Potty is one of the most-sold Shark Tank products ever. It’s basically a plastic stool designed to support using the toilet in a squatting position, which is believed to relieve constipation, hemorrhoids, and other colon problems.

Squatty Potty made its debut on Shark Tank in 2014. The Edwards family came away with a deal: Lori Greiner offered them $350K for 10% ownership.

In 2021, consumer products firm Aterian acquired Squatty Potty LLC for approximately $24 million.

Learn more: Explore the key differences in sole proprietorship vs LLC to determine the best structure for your business.

10. Plated Meal Kits

• Company: Plated
• Owners: Nick Taranto and John Hicks
• Appeared on Shark Tank: 2014
• Investor: Kevin O’Leary
• Current Valuation: Acquired for $300 million

Plated is a subscription meal kit service serving 80% of the continental USA. Subscribers get meal kits delivered to their door, with prepared and portioned ingredients, most locally sourced, and instructions for assembly.

The service lets customers enjoy home-cooked meals without shopping and prep time, removing time and effort from meal preparation. All you have to do is enter your zip code, get a list of meal options for your area, and order.

Mark Cuban offered $500,000 for 5.5% of the company, and owners Nick Taranto and John Hicks accepted. The deal fell through, but shark Kevin O’Leary subsequently invested. Plated was acquired by Albertson’s Supermarkets in 2019 for $300 million.

Learn more: Learn how stores trick you into spending more and arm yourself with strategies to resist these tactics in our latest post.

11. PhoneSoap Smartphone Sanitizer

• Company: PhoneSoap
• Owners: Wesley Laporte and Dan Barnes
• Appeared on Shark Tank: 2015
• Investor: Lori Greiner
• Current Valuation: $5 million

Wesley Laporte and Dahn Barnes came to Shark Tank, offering a combination phone charger and sanitizer. The device uses UV light to kill bacteria: the founders noted on the show that a typical phone is 18 times dirtier than any surface in a public bathroom.

After some shark debate, Lori Greiner offered $300,000 for 10% of the company, and the owners accepted.

The company is currently the 13th largest Shark Tank company, with annual revenues of around $13.5 million and lifetime sales of $187 million. The estimated value of the company is $5 million.

Learn more: Discover how to make money with your phone using our practical tips and ideas that turn your device into a revenue source.

12. Kitu Super Coffee

• Company: Kitu Life
• Owner: Jordan DeCicco
• Appeared on Shark Tank: 2018
• Investor: None
• Current Valuation: $400 million

Kitu Super Coffee is another example of a company that failed to make a deal with a shark but went on to become one of the best shark tank products anyway.

The founder of Kitu, Jordan DeCicco, developed a coffee-based lactose-free sports energy drink while still in college, after becoming aware of the high amounts of sugar and other additives in sports-related beverage products.

Jordan and his brothers designed and launched an organic coffee drink with coconut oil-based nutritious fats and lactose-free proteins. The brothers promoted their drink on Shark Tank in 2018, asking for $500,000 for 5% of the company. The sharks weren’t impressed with the product or the deal and passed.

Patrick Schwarzenegger (Arnold’s son) saw the episode and later invested, along with other venture capitalists. 2021 sales were around $97 million, and the company was valued at around $ 400 million.

You don’t need to convince a shark to turn a Shark Tank appearance into a deal!

13. Tipsy Elves Sweater

• Company: Tipsy Elves
• Owners: Evan Mendelsohn and Nicklaus Morton
• Appeared on Shark Tank: 2013
• Investor: Robert Herjavec
• Current Valuation: $125 million

Tipsy Elves turned ugly sweaters into handsome profits. Lawyer Evan Mendelsohn got the idea when he saw a spike in searches for ugly Christmas sweaters, and recruited dentist Nicklaus Morton to be his partner.

The company’s line of humorous Christmas-focused sweaters made a splash on Shark Tank, convincing Robert Herjavec to pay $100,000 for a 10% stake in their company.

The company expanded, introduced new designs, and by 2016, was sporting $20 million in sales every year. By 2019, the company was valued at $125 million.

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14. Love Pop Pop-up Cards

• Company: Love Pop
• Owners: Wombi Rose and John Wise
• Appeared on Shark Tank: 2015
• Investor: Kevin O’Leary
• Current Valuation: $130 million

Wombi Rose and John Wise founded Lovepop to create unique pop-up cards using 3D planes and shapes. They made their Shark Tank debut in 2015 and scored a $300K deal for 15% ownership with one of the show’s mentors, Kevin O’Leary.

Since then, the deal secured them over $80 million in sales, with the company’s value now reaching over $100 million.

15. Flowers By The Bouqs

• Company: The Bouqs Company
• Owner: John Tabis
• Appeared on Shark Tank: 2013
• Investor: None
• Current Valuation: Over $100 million

John Tabis came to Shark Tank in 2013 to pitch his fresh flower delivery service. Bouqs simplifies fresh flower shipping by charging a flat fee and offering a subscription service that allows users never to forget an occasion.

Learn more: Discover the steps to successfully sell plants online from home in our detailed and practical case study.

Tabis asked for $258,000 for 3% of the company. The sharks thought that the valuation was too high, and all of them passed: Tabis did not get a deal. Unfazed, Bouqs went on to prosper. In 2016, Robert Herjevac, one of the sharks who passed on Bougs, ordered flowers from the firm and was so impressed that he invested money in the firm three years after its Shark Tank episode aired.

As of April 2022, Bouqs was a thriving business with $59 million a year in revenues, another Shark Tank reject that went on to become one of Shark Tank’s best products.

Learn more: Our guide on the best delivery services to work for highlights top choices for those seeking rewarding courier jobs.

16. Kismet Waves Shirt

• Company: Buttercloth
• Owner: Danh Tran
• Appeared on Shark Tank: 2018
• Investor: Robert Herjavec
• Current Valuation: $15 million

Buttercloth offers a special soft cotton blend that makes dress. After drawing investments from Gary Falkenberg and NBA star Metta World Peace, Buttercloth owner Danh Tran took the shirts to the Shark Tank in 2018.

Robert Herjavec offered $250,000 for 25% of the company, and Tran eventually accepted. As of November 2022, the company was generating $6 million a year in revenue and was valued at an estimated $15 million.

17. Rocketbook Smart Reusable Notebook

• Company: Rocketbook
• Owners: Jake Epstein and Joe Lemay
• Appeared on Shark Tank: 2013
• Investor: None
• Current Valuation: Acquired for $40 million (2020)

Jake Epstein and Joe Lemay launched Rocketbook in 2013, blending old school with high tech with erasable notebooks that can exchange notes with cloud-based services like Google Drive.

Jake and Joe appeared on Shark Tank in 2017, asking for $400,000 for 10% of the company. They failed to score a deal but carried on with the business. In 2016, they raised over $500,000 on Kickstarter, and in 2020, pen maker BIC acquired Rocketbook for $40 million.

18. Bangles By Bala

• Company: Bala
• Owners: Max Kislevitz and Natalie Holloway
• Appeared on Shark Tank: 2013
• Investor: Maria Sharapova and Mark Cuban
• Current Valuation: $52 million

Max Kislevitz and Natalie Holloway built Bala to combine fashion and fitness, selling wearable wrist and ankle weights that don’t look like weights.

All of the sharks made offers, but the winning bid came from Mark Cuban and guest investor Maria Sharapova, who offered $900,000 for 30% of Bala.

In 2023, the company is generating $29 million in annual revenue and is reportedly worth $50 million.

19. ReadeREST Magnetic Eyeglass Holder

• Company: ReadeREST
• Owner: Rick Hopper
• Appeared on Shark Tank: 2012
• Investor: Lori Greiner
• Current Valuation: $4 million

Rick Hopper, the founder of ReaderREST, set out to make money out of the perennial problem of lost glasses. He developed a holder that lets users clip their glasses securely to their clothes.

Hopper brought his product to Shark Tank in 2012 and immediately got the attention of Lori Greiner, who offered a $150K deal for 65% ownership.

ReadeREST sold $13 million worth of products in the next three years, and by 2023 was producing revenues of $5 million a year.

20. Lobster Rolls By Cousins Maine Lobster

• Company: Cousins Maine Lobster
• Owners: Sabin Lomac and Jim Tselikis
• Appeared on Shark Tank: 2012
• Investor: Barbara Corcoran
• Current Valuation: Over $50 million

How well does a lobster do in a Shark Tank? Maine-born cousins Jim Tselikis and Sabin Lomac started out in 2011 with a single food truck in Los Angeles. A year later they took their signature Lobster Rolls to the Shark Tank.

Not all of the sharks were impressed, but Barbara Corcoran made a deal: $55,000 for 15% equity in the business.

By 2016, the company had 20 food trucks in 13 locations, a fast-casual restaurant in LAS, and an e-commerce business shipping lobster products and other items nationwide. In 2023, the company has over 50 outlets and annual sales of $50 million.

Conclusion

As you can see from this list, many of the best Shark Tank products didn’t get an investment from the show. That doesn’t mean their appearance was worthless or wasted. The exposure they got on the show often drove significant sales and attracted other investors.

There are lessons there for people who are put off by the cost of starting a business. Use your imagination, don’t be afraid to ask for investment, don’t give up if you don’t get an offer… and consider appearing on Shark Tank!

Learn more: Explore the often-underestimated role of luck in financial success and why it might be more influential than you realize.

The post The Best Shark Tank Products: 20 That Made It appeared first on FinMasters.

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

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:

• Antiques
• Collectibles
• Sports equipment
• Photography gear
• Vehicles
• Jewelry
• Wedding dresses
• Vintage sportswear
• Used shoes
• Musical instruments
• Used appliances
• Video games and consoles

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).

Looking to boost your income? Discover 25 strategies to make #100dollarsaday in our latest post. #IncomeBoost #SideHustle

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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!

The post Make 100 Dollars a Day: 25 Top Strategies appeared first on FinMasters.

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

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

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.

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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!

The post The Best Online and Offline Side Hustles for Women appeared first on FinMasters.

Consider this your crash course in audit preparedness. You’ll learn about common audit triggers and tips for how to handle the audit process.

So What Does Being Audited Mean, Exactly?

If you are being audited by the IRS, it means that the agency plans to review your tax return and confirm that the information you’ve provided is accurate. The main goal is to determine whether your income, expenses, and credits – which determine the amount of taxes you owe – have been reported correctly.

Learn more: Get to grips with personal taxation by exploring our comprehensive guide on how do taxes work for individuals.

Different Types of IRS Audits

Not all audits are the same. The IRS may perform the following types of audits:

• Correspondence audit
• Office audit
• Field audit
• Taxpayer Compliance Measurement Program (TCMP)

The exact procedures of each of these audits are quite different. If you receive an audit notice from the IRS, check to see what type of audit to expect.

How Does the IRS Select Who to Audit?

On average, the IRS audits just 3.8 out of every 1,000 tax returns — yielding an audit percentage of just 0.38%^[1]. Still, that may not be terribly reassuring if you’re currently on the receiving end of an audit. According to the IRS, audit selection criteria are based on random selection, computer screening, and auditing returns with a high probability of non-compliance.

What Do I Do if I Receive an Audit Notice?

If you receive an audit notification in the mail, don’t panic. Not all audit types will place you under intense scrutiny. Before you do anything else, check the following:

• What is the stated reason for the audit?
• Does the letter specify the year being audited?
• What type of audit can you expect?

Read this notice carefully, as it will contain important information about why you’re being audited and what to expect. There may also be instructions on what to do next, so read the full letter immediately after you receive it.

Learn more: Find out how to effectively settle IRS tax debt, even if it’s 2, 3, or 4 years old, with our practical guide.

Common Types of IRS Audits

Not every IRS audit is created equal. The IRS uses several different types of audits, each of which has its own level of detail. Here’s what to expect from each type of audit.

• Correspondence Audit – A correspondence audit is the simplest type, as well as the most common. Correspondence audits make up 85% of all audits^[2]. In this audit type, the IRS will simply send a letter asking for clarification about a portion of your tax return and provide a means for you to send information back.
• Office Audit – If the issue is too complex for a correspondence audit, you may receive a letter requesting an “office audit” or a face-to-face audit. In this audit type, you’ll come to an IRS office to answer questions about your tax return. Make sure to bring any documentation about deductions or credits at this time.
• Field Audit – Field audits are the least common, though they’re also the most invasive. During a field or office audit, an IRS agent visits your home or office to discuss your return. This is the most comprehensive audit type. It may examine your lifestyle, income, and business activity. You may want to consult an attorney or accounting professional to help you through this process.
  Field audits are very rare, and it would be very unusual for you to face one.
• Taxpayer Compliance Measurement Program (TCMP) – This rare form of audit is most common among high-income individuals, and it is simply designed to collect statistical data for future audits. The IRS may select specific items for this audit, and you’ll be asked to provide documentation, such as bank statements or receipts, to support your income or deductions.

Learn more: New to filing taxes? Our guide walks you through everything you need to know when filing taxes for the first time.

Common IRS Audit Triggers

While some audits are simply a matter of random selection, the IRS also uses computer systems to flag tax returns for an audit. This can happen due to some of the following common audit triggers.

• Math Errors – Always check your math! If you perform a calculation incorrectly, the IRS may flag your return and leave you subject to an audit.
• High Income – According to a 2022 report by the Government Accountability Office, higher-wage earners were generally more likely to get audited than those from lower income brackets. Those making more than $500,000 per year were especially more likely to be audited^[3].
• Unreported Income – Your employers send forms W-2 and 1099 to both you and the IRS. If your tax return is missing this information, you may receive an audit notice about your unreported income.
• Early Retirement Withdrawals – Did you make an early withdrawal from your retirement account? If so, this may also trigger an audit to ensure that you report these distributions accurately.
• Related Party Audits – You may receive an audit notice if someone you’re financially connected to receives an audit. A common example would be a business partner. If your business partner submitted a tax return that didn’t comply with established regulations, you may also be audited.

Learn more: Our article explains what happens if you don’t file or pay taxes, and why it’s crucial to stay compliant.

Navigating the Audit Process

What does being audited mean for you? The answer depends on the type of audit you’re facing, but there are still some general things you should do from the moment you first receive the audit notice.

Read the Letter Carefully

First, read the audit notice carefully. Make sure that you understand the key elements of the audit.

• What year(s) is the IRS is looking at?
• What is the reason for the tax audit?
• What type of audit will you be facing?

Look for any specific instructions and/or deadlines that will influence your next steps.

Verify the Letter’s Authenticity

Understandably, you may be concerned that the letter is part of some type of fraud or phishing scam. You can verify the letter by checking the contact information against that of the IRS website or by checking that your name, contact information, and Social Security number are accurate. When in doubt, contact the IRS directly through the information on their website.

Respond Immediately

Never, ever ignore a letter from the IRS. Doing so can actually worsen the situation. The letter will usually request a response. Respond immediately and provide any requested documentation. In a correspondence audit, this may be all that’s needed to clear up the situation and move forward.

Cooperate Fully

Unfortunately, there’s not much you can do to get out of the audit. Make sure to cooperate to the best of your ability. Be honest about all of your information. Even a hint of hostility or dishonesty could severely hurt your case.

Keep Detailed Records

Save everything the IRS sends you. Organize your records by date. This will help you maintain your own records as well as provide a trail of documentation that you may need if you choose to seek professional assistance.

Seek Professional Help

If you’re facing a complex tax audit, you may not feel comfortable handling it yourself. You can choose to seek the assistance of a CPA or even a tax attorney to be your advocate with the IRS.

How Far Back Can the IRS Go?

Don’t be surprised if you receive an audit notice for a tax year older than your most recent return. The IRS is fully capable of reviewing past returns to determine prior liability.

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For Tax Fraud: Forever

There is no statute of limitations for tax fraud or failing to file a tax return. If the IRS suspects you of these crimes, there is no limit to how far back they can investigate.

For Most Audits: 3 Years

The good news is that the statute of limitations is much shorter for other types of audits. The standard rule is that the IRS can look back at the previous three years. Just be aware that this is three years from the due date (usually April 15), so if you file early, the statute of limitations does not begin until the official April deadline.

For Large Errors: 6 Years

Here’s where it gets a little confusing. For large errors, the IRS can go back six years. A “large” omission is more than 25% of your gross income^[4]. This extends the statute to a full six years.

Understanding the Lookback Period

Keep in mind that the IRS may or may not actually look back this far. In fact, the IRS website states that most audits cover only two years’ worth of returns^[5]. And since correspondence audits (the most common type) are designed to address minor issues, taxpayers can often anticipate a fast turnaround.

Still, it’s always a wise idea to maintain clear, detailed tax records. The good news is that if you use electronic filing systems you can save your financial records indefinitely, so you’re always prepared.

Learn more: Get ahead of tax season with our review of the best tax software providers for 2024, ensuring a smoother filing experience

Consider Professional Help

If you are being audited by the IRS, should you immediately call a CPA or tax attorney? Not necessarily. A simple correspondence audit may be cleared up by providing some additional information. But you might consider reaching out to a professional if any of the following apply.

• Office and Field Audits – Though less common, office and field audits are a bit more invasive. You might request a CPA or tax attorney to represent you.
• Complex Tax Issues – Does your tax situation involve business expenses, rental income, foreign income, or income across multiple states? If so, a CPA may be able to help you sort through complex tax issues to clear up the audit as smoothly as possible.
• Tax Debt – If you’re already aware that you owe tax debt, you might consult a tax professional who can assist you in negotiating a settlement or payment plan with the IRS.
• Tax Fraud – A tax attorney can help you if you’re being investigated for tax fraud. At the very least, they can advise you on your rights and help you resolve the situation with minimal legal consequences.

What Does Being Audited Mean for You?

One thing is certain: being audited doesn’t have to mean the end of the world. If you know more about why you’re being audited and what to expect from the process, you can move forward with greater peace of mind.

If you’re not quite sure how to move forward, don’t hesitate to reach out to a professional. It’s important that you get help right away, especially if you’re facing a deadline from the IRS. After all, the sooner you address the audit, the sooner you can get on with life.

The post What Does Being Audited Mean? appeared first on FinMasters.

$3000 a month may be more or less than you need, but it’s a benchmark that can give you a sense of what we’d need to invest to generate any other amount.

How Much Money Do I Need to Invest to Make $3000 a Month?

The answer will depend on the yield of your chosen investments. The yield is the percentage of your capital that the investment returns to you each year. If you invest $100,000 at a 5% yield, you’ll earn $5000 a year (before taxes) or $416.67 a month.

Here’s a look at what you’d need to invest to earn $3000 a month, or $36,000 a year, at different yields, courtesy of Vanguard’s investment income calculator.

As you can see, the amount you need to invest to earn $3000 a month varies widely with the percentage yield of your investments. The higher the yield, the lower the amount you need to invest to make $3000 a month.

Important note: all investments involve risk. With income investments, yield is inversely proportional to risk: safer investments carry lower yields and riskier investments carry higher yields. Income investors must balance the desire for high yields with a careful assessment of risk.

Where Should You Invest to Make $3000 a Month?

Income investors have multiple investment options, each with advantages and disadvantages. These are some of the most common.

Bonds

When you buy a bond, you are lending money to the bond issuer. The bond issuer will pay you a fixed interest rate and return your principal when the bond matures. You can also sell the bond to another investor.

There are several types of bonds. As with all income investments, the riskier bonds carry higher interest rates. They also carry the possibility that the bond issuer may default, in which case you lose your investment.

Bond yields don’t just vary according to risk. They may change considerably with the prevailing interest rate at the time the bond is issued. There are two types of bond yields.

• Fixed-rate bonds pay the same interest rate for the life of the bond.
• Variable-rate bonds carry an interest rate that will change with the overall interest rate environment.

It’s important to know which you are buying. In a high interest rate environment, it is usually preferable to choose a fixed-rate bond.

US Government Bonds

US Government bonds are available in a huge range of maturities, ranging from a few months to 30 years. US bonds are regarded as one of the safest income investments, and the benchmark 10-year bond yield has been below 3% for most of the last 10 years.

Municipal and State Bonds

Local governments in the US also issue bonds, and they are also regarded as highly secure. These bonds typically carry interest rates slightly below those of US Government bonds.

Foreign Government Bonds

Foreign governments also issue bonds, many of which are for sale to any investor. Stable governments with good reputations will issue bonds with low interest rates. Bonds from less stable or less fiscally responsible countries carry higher rates and higher yields.

Corporate Bonds

Corporations also issue bonds. The interest rates on these bonds are determined by ratings issued by rating agencies, like Moody’s or Standard & Poors. These range from AAA-rated bonds issued by large, stable companies to high-interest “junk bonds” issued by high-risk companies.

Bond Interest Rates Compared

These sample bond interest rates are as of Dec 29, 2023. They will change over time, but these rates will give a sense of how rates of different bonds typically compare to each other.

These rates come from a generally high-rate environment and will fall as inflation stabilizes and the Fed cuts rates.

Dividend-Bearing Stocks

Dividend stocks are a favorite of income investors. They offer both regular income and the potential for appreciation, meaning that you can earn income and build a more valuable portfolio at the same time. They can also lose value if markets fall.

Companies that pay dividends are usually profitable, established firms with limited growth potential. They attract investors by returning some of their profit to shareholders through dividends.

Companies pay dividends as a fixed sum per share per year, usually in quarterly installments. The dividend yield is the annual dividend amount as a percentage of the amount you paid for the stock. The price of the shares may go up or down, but your dividend yield will always be your return as a percentage of your investment.

Many stocks carry dividends. They are common in sectors like energy, utilities, and Real Estate Investment Trusts (REITs), which are required by law to distribute 90% of their profits as dividends.

The average dividend yield of the S&P 500 is 1.62%. Many companies pay larger dividends. High-dividend stocks can be a valuable addition to an income portfolio, but a dividend that’s too high can indicate serious problems with the company that have pushed the share price down. Extreme cases include Petrobras, the national oil company of Brazil, which pays a dividend of 18.57% and carries a high risk of nationalization.

Here are some high-dividend stocks with solid track records and their dividend yields as of December 2023.

These yields may change at any time as the stock values change. If you’re looking for high-dividend stocks you’ll need to study dividend investing and make your own selections.

High-Interest Savings Products

Savings vehicles like high-interest savings accounts, CDs, and money market accounts are FDIC-insured and highly secure. Because risk is low, interest yields are also relatively low. Interest rates are also variable in most cases. They will fluctuate with the overall rate environment, which makes yields unpredictable.

Because the APYs change so often, these products will not be a good choice if you want to invest enough to make $3000 a month, unless you are confident that rates will remain stable or increase.

Rental Real Estate

Purchasing rental real estate can produce reliable returns on investment. It’s very different from bonds and dividend stocks, though: returns can vary widely with the property, and you will need to include financing costs, maintenance and management costs, potential vacancies, and taxes in your calculation to produce an accurate yield projection.

These costs can vary widely from property to property and from year to year with the same property. Forbes Advisor provides these estimates.

• Residential Real Estate yields average 10.6% annual yield. It would take a $339,623 investment for you to make $3000 a month.
• Commercial Real Estate yields an average of 9.5%. It would take a $378,947 investment for you to make $3000 a month.

These yields may vary widely based on location, management requirements, financing costs, and many other variables. Selecting and managing real rental real estate investments requires specific expertise and may not be the best choice for the inexperienced investor.

Peer to Peer Lending

Lending money and charging interest is one of the oldest ways of gaining income from an investment. Peer-to-peer lending platforms like Prosper and Upstart allow you to do just that, connecting lenders and borrowers and allowing investors to offer the same types of loans that banks and online lenders provide.

Peer-to-peer lending platforms like Upstart and Prosper connect investors with individual and business borrowers, with some platforms specializing in real estate loans. The platforms vet the borrower and charge a fee for their services.

Peer-to-peer lending yields will vary with the platform, the type of loan, and the creditworthiness of the borrower. According to Experian, Prosper claims a historical return rate of 5.7%, while LendingClub returns range from 4.7% to 10.3%.

There are risks, of course: like any lender, you run the risk that the borrower will default and fail to pay.

Start or Buy a Business

The most traditional way to turn an investment into income is to go into business. This may not be suitable for retirees – running a business is a lot of work – but for those with the interest and inclination, going into business can be extremely rewarding, both personally and financially.

There’s a near-infinite range of possibilities for going into business. You can start from the ground up or buy an existing business. You can go into online business or stick to bricks and mortar.

Whatever your choice, some things will be constant. You’ll face competition. You’ll need to work hard and bring a lot of passion, commitment, and time to the table. You won’t have any guarantees.

It is not possible to reliably estimate the ROI of any business venture, and returns, are not guaranteed at all. You won’t know how much you need to invest to make $3000 a month, and you won’t know how much growth potential your business will have until you try!

Building an Income Portfolio

If you want to invest enough to make $3000 a month – or any other figure – you will probably not want to put all of your investment capital into one vehicle. As with any investment portfolio, diversification is key.

That’s especially true for high-risk/high-yield income investments. You wouldn’t want to pour all your capital into bonds issued by one high-risk company, but spreading capital among the bonds of many high-risk companies can get you a high yield with somewhat reduced risk.

If you have a target yield – like $3000 a month – and a fixed amount to invest, you have two options.

• You can look for a mix of investments that will generate $3000 a month with the amount of capital you have.
• If you don’t have enough capital, or the risk profile needed to generate $3000 a month with your capital is unattractive, you will have to bring in more capital to reach your goal.

There is no specific fixed amount that you need to generate $3000 a month. The amount you need will depend on your risk tolerance and the yields you can reasonably expect to get from the investments available to you. Careful selection and blending of investments is key, and professional advice is one of the most effective ways to assure the optimum blend of risk and reward!

The post How Much Money Do I Need to Invest to Make $3,000 a Month? appeared first on FinMasters.

We’ll explore all of Varo Bank’s features and take a look at how the Believe card can help you build your credit.

Who Is Varo Bank?

Varo Bank is an online-only bank that offers a full suite of banking features. This includes checking accounts, high-yield savings accounts, a credit building account, and more.

Established in 2015, Varo has been accredited with the Better Business Bureau since 2017. Varo is also a fully chartered, FDIC-insured bank. This is worth noting, as similar products (i.e., Chime Credit Builder) are often backed by separate banks.

In this review, we’ll be focusing on Varo’s credit-building account, Varo Believe. This account is a marriage of a secured card and a debit card. Your Believe card purchases are always secured by your deposit account balance.

This can help you build credit without risking overspending and going into debt.

Let’s dig deeper into this Varo Believe Card Review to learn how to use the card.

How Does the Varo Believe Card Work?

The Believe card works and builds credit in a unique way. This Varo Believe card review will explore the whole process, from application and funding to credit building and cancelation. 

How Do You Apply?

To be eligible for the Varo Believe account, you must meet two qualifications:

1. Have a Varo checking account in good standing.
2. $500 or more in deposits to your Varo checking within the last 90 days.

If you meet these two requirements, you can apply for the Varo Believe account. Applying does not require a credit check. There is also no minimum account balance.

How Do You Use the Varo Believe Account?

Once approved for the Believe account, you’ll gain access to a new Varo Believe deposit account. This deposit account is what funds your card. You can think of it like a security deposit.

Funding the Account

You can transfer money from your existing Varo checking account or another external account to fund your Believe account. The amount you transfer becomes your spending limit. You cannot spend more than you transfer.

Spending With the Card

Each time you swipe the Believe card, the corresponding total will be locked in your deposit account. For instance, if you buy a cup of coffee for $5.95, then $5.95 of your account balance will be locked. Locked funds cannot be spent.

Paying your Balance

At the end of the month, your locked balance (what you’ve spent) becomes your statement total.

You can set up autopay (SafePay), automatically paying your balance with your locked funds. Or you can manually pay the total with an external account, and the locked funds will be released within 3 days.

If you use autopay, you’ll also want to use Move Your Pay to refund your Believe deposit account every month.

How Does Believe Help You Build Credit?

Varo reports the following information to all 3 major credit bureaus each month.

1. Your statement amount
2. Your payment amount
3. Whether the payment was on-time or late

By paying your Varo Believe account on time, you can positively impact the payment history portion of your credit, which makes up 35% of your credit score. If you don’t pay your account on time, you will take a negative hit to your credit (and your account might be closed).

Varo does not affect:

• Credit utilization (they don’t report a credit limit, so there’s no basis for calculating credit utilization).
• New credit (there’s no hard inquiry when you apply).

You can view your credit score and receive notifications on changes to your score using the Varo app.

Cancelling Varo Believe

While the Believe card is great for building credit, the secured funds requirement makes it a poor long-term option.

In our Varo Believe card review, we noted that to cancel the card, you’ll need to reach out to customer service. Unfortunately, this will require you to use in-app support during business hours (Mountain Time). Varo has phone support but will not cancel your account over the phone.

If you are keeping your Varo checking account, your Believe funds can be transferred there, which will likely be quicker than waiting on a physical check.

Once you close your Varo Believe account, you cannot re-apply for the card in the future.

Additional Varo Services & Features

Another thing we wanted to focus on in our Varo Believe Card Review is the additional services aspect. The Varo Believe program comes with several features for building your credit, including:

• Setting a spending limit
• Autopay with SafePay
• Reporting to all 3 credit bureaus
• Vantage credit score updates

But this is just part of the whole Varo package. Varo also offers checking and savings accounts with their own unique features.

In addition to these specific account features, Varo offers general features such as the Varo Advance program, debit card security, a robust mobile app, and money management resources.

Considering the #VaroBelieveCard? Check out our Varo Believe Card review for all you need to know. #CreditBuilding

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Fees

Varo Believe is a zero-fee account. In this Varo Believe card review, we’ll highlight some common fees that other cards charge but Varo does not.

You are never charged a fee for a late payment. However, not paying on time could result in account closure.

Access to Varo Believe requires you to have a no-fee Varo checking account. You’ll only encounter a $3 fee if you use an out-of-network ATM.

Varo Advance, Varo’s low-limit cash advance program, is the only Varo feature with a fee.

It’s worth noting that you’ll need to meet specific qualifications before you can use Advance.

Customer Reviews

The majority of general reviews about the bank are great. People seem to enjoy all of Varo’s features.

For instance, this reviewer really loves the early pay feature.

And this customer compliments multiple services. 

Many reviews focusing on the Believe card are less complimentary. The biggest complaints revolve around the duration of locking funds (30+ days) and lack of customer service.

This review is from a Varo customer who was previously happy with the bank but not so happy with the Believe card.

Other reviewers indicate that customer service has recently changed for the worse.

Overall, Varo Bank has a 3.58 average rating from the Better Business Bureau (BBB) and a concerning 2.7 average from Trustpilot.

Varo Believe Alternatives

Varo Believe is one of many credit-building debit cards on the market. Below, we’ll highlight some alternative options and how they compare to Varo Believe. It’s worth noting that Varo and all these alternatives report to all 3 credit bureaus.

* can be waived
** can be higher or lower depending on your banking history

The biggest outlier here is Cred.ai. Their Unicorn card is the only one that has a credit limit and reports utilization.

Verdict

We hope this Varo Believe Card Review will help you choose the card that best aligns with your financial needs. Building credit with the Varo Believe card is pretty straightforward, but it won’t work for everyone. Varo states the following:

Some customers may not see an increase, but customers with bad or thin credit histories are likely to see the biggest positive impact on their score from using Varo Believe and making consistent on-time payments.

As further evidence, Varo quotes that 90% of their customers who did not previously have a credit score were able to generate one after just 1 month with Varo. And those with existing credit scores saw an average 42-point increase after 3 months.

If you are an existing Varo customer looking for credit building, then Believe could be a good choice. Or, if you are looking for a full-featured bank with a credit-building option, Varo might be a good fit.

But for those looking for maximum impact on their credit or readily available customer service, other banks/products will likely serve you better.

The post Varo Believe Card Review: Building Credit With Your Debit Card appeared first on FinMasters.

Let’s delve deeper into how Canva can help you turn your design skills into cash.

Overview of Canva

Canva combines content creation and online design functions.

Canva can help you to:

• Create engaging videos,
• Produce attractive graphics;
• Design digital products;
• Create and schedule posts across social media platforms;
• Shift between content marketing schedules.

Canva has emerged as the go-to solution for all sorts of users, from remote workforces and distributed teams to side hustlers, freelancers, business professionals, digital brands, etc.

Canva also enables asynchronous collaboration and task management, an advantage if you’re providing services to clients. Users work with Canva on Windows, Android, and iOS devices to boost their visuals for business, private, or professional uses.

Learn more: Explore our list of 15 remote jobs you can start without experience, perfect for those looking to enter the workforce from home.

Understanding Canva: Tools and Features

Canva offers three options:

1. Canva Free costs nothing to use and offers a great way to try out the platform and get a sense of what you can do with it.
2. Canva Pro costs $119/year and offers a wide range of features that can boost your ability to make money with Canva.
3. Canva for Teams costs $300/year and offers Canva Pro tools to up to five users.

Canva Pro offers countless features that can upgrade every aspect of your side hustle:

• Create Pinterest pins – create story pins and schedule Pinterest posts to attract as many monthly viewers as possible;
• Create Instagram stories, posts, images, and reels;
• Create visual content for emails and websites;
• Create shareable content for social media platforms like YouTube, Facebook, TikTok, and Facebook;
• Generate data visualizations;
• Edit video clips and YouTube content;
• Produce designs for freelance projects;
• Create educational and promotional materials for e-guides, online courses, presentations, workshops, and webinars;
• Generate online printables for reaping passive income.

Learn more: Discover a range of side hustles for introverts that align with your personality and comfort zone in our latest article.

If you want to learn how to make money with Canva, you should know there are various ways to turn it into an additional source of income. You can tap into several different scenarios. You can work as a YouTube video editor, create graphics for clients, edit designs for others, and start your own freelance gig or social media management brand. The choice is up to you.

Learning how to make money with Canva is easier than you might think. A popular method is by designing reusable and shareable templates to sell online.

In addition, here are some possibilities you can tap into as a Canva Pro user:

• Social media post scheduling;
• Photo editing and background removal;
• Access to video materials and stock photos and images;
• Applying animation effects to visuals;
• Access to an incredibly rich template library;
• Tap into free tutorials and training to get started with the platform.

Though it will take a while to adapt to using Canva features, the platform offers everything you need to start a side hustle anytime, anywhere.

Whether you work alone or as a team member, Canva provides all the visual collaboration tools you’ll ever need to visualize your ideas, share your efforts with the world, and earn cash.

Canva supports a wide range of business use cases, such as:

• Content creation;
• Team collaboration;
• Content planning and scheduling;
• Visual communication;
• Brand management;
• Workshops;
• Branded team templates;
• Productivity and workflows;
• Asset management;
• Brainstorming.

Canva will also help you upgrade your expertise and improve your content creation skills by providing a collaborative digital workspace with streamlined workflows and user-friendly features.

10 Ways to Make Money With Canva

Here are ten ideas to help you understand how to make money with Canva.

1. Sell Your Canva Designs

If you want to know how to make money with Canva, then the first option to explore is to sell your designs. Canva allows you to create and sell design materials, including printables, worksheets, graphics, etc. Though most internet users prefer digital content over physical materials, printables are still in high demand across all customer segments.

They are easily downloadable and shareable and help your clients stay organized.

Canva empowers you to create many kinds of salable designs, including:

• Recipe printables;
• Emergency info sheets;
• Cheatsheets;
• Worksheets;
• Workbooks;
• Checklists;
• Bullet lists;
• Coloring books;
• Color-in trackers;
• Printable wall art;
• Stickers;
• Posters;
• Planners;
• Journals;
• Calendars;
• Social media ads;
• Infographics;
• Pinterest graphics;
• Brand logos;
• Presentations;
• Designs for print-on-demand products;
• Social media graphics for brands.

Start by browsing the pro and free Canva templates to get some ideas. However, don’t just put your name on their designs. Instead, use them to get your creative juices flowing. You can design digital products to sell on your website, social media, or selling platforms like Kohi, Etsy, and Shopify.

2. Offer Freelance Design Services with Canva

You can sell your design services on various freelancing websites and platforms. Sites like DesignCrowd, Fiverr, and 99Designs have thousands of listings of active design hustles you can pick up anytime.

Join as many freelancing platforms as possible to establish a competitive portfolio with past projects, testimonials, and samples. Some platforms like Fiverr support Canva services, such as social media banners and templates, logo design, posters, covers, etc.

Once you get the hang of it, offer your services to a curated selection of clients and expand your services to graphic design, brand logos, social media visuals, etc.

3. Teach Canva Design

If you’re a seasoned Canva user, you might wonder how to make money with Canva by leveraging your skills. One effective method is to teach Canva design to students, thus monetizing your expertise. Selling Canva teaching courses online is an excellent way to earn top pay. Brainstorm some ideas to create online courses for newbies and avid users.

Prepare presentations and promo materials to attract the target audience and diversify your teaching materials by including course guides, exercises, tutorials, and more. Once your teaching courses are ready, promote and publish them on leading online teaching platforms like Skillshare, Udemy, and Teachable to monetize your knowledge.

You can also consider paid promotions and ad campaigns. If everything goes in order, you can build a teaching brand with Canva and earn a following across multiple social media channels.

Discover creative ways to #makemoney with #Canva, turning your design skills into profit. #EarnOnline

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4. Create Canva Templates for Sale

Canva templates help users save time and effort by providing everything needed to create immersive infographics, presentations, social media posts, etc. Any Canva user can use Canva templates to their advantage, including business professionals, parents, students, teachers, and more.

Here are some top templates for your consideration:

• Resume templates;
• Website templates;
• Newsletter templates;
• TikTok templates;
• Presentation templates;
• Media kit templates;
• Instagram story templates;
• Instagram carousel templates;
• Pinterest pin templates.

Choose any of these templates and add a shareable Canva link to make your works downloadable upon purchase. You can also include the link in a document to make it available for digital download. Promote your Canva templates on platforms like Stan Store, Shopify, and Creative Market to start making money.

5. Run Canva Workshops or Webinars

Running Canva workshops or webinars is another great way to make money using Canva, as it allows you to share your skills and expertise with your target audience through paid webinars and workshops. Aside from generating income, you can connect with various customer segments and establish long-term relationships.

Canva provides webinar and workshop templates you can customize to convey your brand personality and increase your social media following. Here are some of the options for establishing design workshops:

• Presentations and pitch decks;
• Invoices;
• Email design;
• Zoom backgrounds;
• Social media visuals for Tumblr, Twitter, Pinterest, Facebook, and Instagram;
• Social media video content for platforms like YouTube and TikTok.

Get your webinars and workshops on platforms like Upwork, Udemy, Fiverr, 99Designs, and Etsy to monetize your time and effort.

6. Sell Social Media Visuals to Businesses

Selling social media graphics can be a profitable business. You can use Canva to create social media content for brands and manage their presence across multiple networks and platforms.

Canva lets you become a social media manager, virtual assistant, or designer and sell your services as a freelancer. Work with your clients to understand their requirements and create, schedule, and manage social media posts according to their needs.

Canva enables you to choose how you want to create social media content. For example, you can specialize visuals for small businesses on platforms like Instagram or promote your services on websites like Upwork and Fiverr.

In addition, you can diversify your product portfolio to promote digital products and services on Etsy and similar platforms.

7. Design E-Book Covers

You can learn how to make money with Canva by designing e-book covers to assist your favorite writers and authors in publishing their works on platforms like Apple Books for Authors and Amazon Kindle Direct Publishing.

Canva provides the tools to design top-class visuals for e-books to sell them on specialized websites. Connect with as many authors as possible to promote your e-book cover design services across niche social media groups and websites like 99Designs and Upwork.

8. Create Infographics

Infographics convert complex information into a user-friendly format. That’s why business organizations rely on these shareable and downloadable visuals to bring their services closer to target audiences.

Canva allows you to design and create infographics for websites, platforms, and social media networks that you can sell as digital products. You can also offer tutorials on Fiverr and 99Designs to teach people who want to learn how to create infographics on their own.

9. Produce Website Visuals

In today’s internet-driven landscape, almost every business needs to present products and services online. They need a visually stunning website to establish an authoritative, trustworthy, and reliable brand presence across multiple communication channels.

Canva enables you to create immersive website visuals and online graphics that you can promote on freelancer platforms or sell on demand. Create appealing website graphics to sell on CodeCanyon, CreativeMarket, Design Cuts, and Etsy.

10. Design Websites

In addition to creating website graphics, learning how to make money with Canva involves using its website templates for designing websites or creating your own design outlines. Another option is to design website templates for clients who want their platforms published on Canva.

Experiment with different Canva templates and tap into available options on Creative Market and Pinterest platforms for inspiration. Once your website designs are ready, promote them on platforms like Creative Market, DesignBundles, Etsy, and CodeCanyon.

Conclusion on how to make money with Canva

Learning how to make money with Canva involves exploring multiple ways to monetize your skills. You can sell your Canva skills through tutorials and webinars, use the tool to design and sell digital products or become a social media manager. The choice is yours.

The service-based income approach is the best option if you need cash right now. Promoting design products online is a more flexible and scalable option.

We recommend testing several options to find the solution that best fits your skills and situation. Though you can turn some profit from the free Canva version, consider using Canva Pro if you want to reap the full potential of Canva’s money-making options.

Canva is a great way to earn from home. Of course, you need to have some basic design skills and a strong visual sense to make it work. If you don’t have those there are lots of other ways to make extra money. As with all side hustles, the key is to find a way to make money that suits your skills and interests!

The post How to Make Money With Canva: 10 Creative Ways appeared first on FinMasters.

The total market capitalization or value of the company does not change. It will simply be distributed among a smaller number of shares.

A shareholder who has an uneven number of shares, for example, holding 52 shares in a 1:5 reverse stock split, will be given 10 newly merged shares and cash for the remaining 2 shares.

All the shares of the company are subjected to this change. Usually, your broker will notify you and take care of any required changes to your records.

Learn more: Dive into our top picks for the best online brokers and elevate your trading experience to new heights.

Reasons for a Reverse Stock Split

Companies typically use a reverse stock split to increase the per-share price of the company. There are several reasons why a company would do this.

• Avoid a “penny stock” classification. Stocks in the “penny stock” group are often viewed as risky and of low quality. Many institutions will not buy them at all, and some brokers may restrict penny stock trades.
• Increase interest in the stock. More expensive stocks tend to catch more attention.
• Avoid delisting. Some stock exchanges require a minimum share price for a listed stock. If a company’s stock price has declined below this level, a reverse split can be done to avoid a de-listing.

Most of these situations occur because a company’s stock has experienced a significant decline in value.

Learn more: Beginner in investing? Get to know the basics of stocks vs bonds in our latest post.

Are Reverse Stock Splits Bad?

By itself, a reverse stock split is not a bad or a good thing, but it often indicates trouble in a company.

For example, if it happens after a large and persistent share price decline, this could indicate that the company is not doing well, and is losing money and/or the trust of investors.

On the other hand, if this is a way to promote the company and speed up the moment when the stock will trade at a higher level, it can be a good thing and bring the stock onto the radar of institutional investors. This might be the case for a growing company, or a startup that has now developed a viable product and business.

A reverse split can be done because a company currently trading on the OTC (Over-The-Counter) plans to move up to a major exchange with a minimum stock price. In this case, a reverse split could be a positive sign.

How to Profit From a Reverse Stock Split

There is no guaranteed way to profit from a reverse split (or any other stock adjustments), but there are some exploitable situations to watch for.

Short Selling

One way to profit from reverse stock splits is to use them as an indicator of a company in trouble. If the financial metrics match, this could be a good stock to short. as the reverse stock split might trigger more selling and price weakness.

Repeated reverse stock splits are a particular red flag, as they are likely to indicate a continued and drastic loss of value.

Be careful, especially if you don’t have experience with short selling! Short trading strategies can be dangerous and expose traders to almost unlimited losses.

Navigating #reverse-stock-splits? Our guide explains how you can potentially profit from them. #StockInsights

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Reorganization

Reorganization is another way one can profit from a reverse stock split. Some companies, especially large conglomerates, can reorganize their business structure, sell assets, merge departments, and take other steps designed to increase the long-term profitability of the company.

These moments are sometimes also used to do reverse split, in order to put the price per share more in line with competitors and the industry’s standards. A recent example was GE.

The purpose of the reverse stock split was to reduce the number of our outstanding shares of common stock to levels that are better aligned with companies of GE’s size and scope and a clearer reflection of the GE of the future, not the past.

It also marks another step in GE’s transformation to be a more focused, simpler, stronger high-tech industrial company.

GE CEO

In this case, it might indicate a renewed focus, a better strategy, and improved use of capital moving forward. This might indicate a stock with a higher chance to grow in price.

Sneaky Privatization

The last way to profit from a reverse stock split, which occurs rarely but is technically possible, is for a reverse stock split to be used to force the majority of small investors out of the company.

Shareholders who don’t own enough shares to receive at least one post-split share will receive cash instead.

For example, a 1:1000 reverse stock split could be used to force out all small shareholders. When a publicly listed company falls below a certain threshold for its total number of shareholders, it can be forcibly taken private.

This is rare, but it has been known to happen for startups and other companies with some very large shareholders (like early investors or founders) interested in pushing out minority shareholders and taking the company private. This might be quite dubious morally, but will be legal most of the time.

In these cases, this indicates extreme confidence by the majority shareholders in the future prospects of the company. You could decide to ride along and keep the shares.

This can be risky, as clearly the management does not have minority shareholders in mind, and might do other things later on that would reduce the returns on this investment.

Learn more: Delve into our guide on how companies create value for shareholders, enhancing investor understanding and expectations.

Conclusion

Reverse stock splits can be confusing for investors, especially non-professionals. But in most cases, they are not very significant events. Even when they come after a severe stock price decline, it is that decline that matters, with the stock split a mere symptom of the underlying issue.

It could be worth looking at the company website for its official announcement and the explanation for it. Most management teams will clearly specify why they are doing a reverse split. Understanding the reasons behind the move may help you determine the most appropriate reaction.

If you’re looking to profit from a reverse stock split, be careful. You’ll need to examine the situation carefully and reach an accurate conclusion on why the reverse split is happening and what the outcome will be. It’s a potentially profitable strategy, but there are also substantial risks.

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