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Stressed About Getting a Mortgage? 3 Tips for Small Business Owners

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mortgage for small business owners

Buying a house as a freelancer or small business owner? Here’s what you need to know about getting a mortgage for small business owners.

If you work for yourself or run a small business, and you’re ready to buy a home, you’re not alone.

These days, more people are choosing to become small business owners, freelancers, and entrepreneurs to make extra money on the side. And, while you may once have heard that becoming a homeowner is impossible while self-employed, fortunately, that outdated idea is a thing of the past.

Buying a home when you’re self-employed or an entrepreneur may be slightly different than going through the process while working a 9-to-5, but it’s definitely doable. Read on for our no-nonsense guide on what you need to do to get approved for a loan:

1. Prep your financials first

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Showing a strong financial history is key to convincing lenders that you’re reputable when applying for a loan.

Unfortunately, that statement goes double for those of us who are freelancers or self-employed. Like it or not, banks view the variable nature of entrepreneur income as a big risk.

As a result, we often have to work harder to show them that we’re a safe bet.

There are a few key points that financial institutions look for when evaluating self-employed individuals. By doing the right prep work beforehand, you can make sure that you put your best foot forward:

Tax returns

Normally, lenders require you to show two years of W-2s when you apply for a pre-approval.

Since business owners aren’t given W-2s and are often trying to buy a home with 1099 income proof, they’re asked to show two years of tax returns instead.

That said, in order to present yourself in the best light, you’ll want your returns to be as high-net as possible — even if it means taking fewer deductions than usual.

Banks look at your net income when making their determination, so showing the highest possible number will make you seem like a sure(ish) bet.

Debt records

When getting pre-approved, your debt-to-income ratio is the second most important piece.

You can figure out yours by dividing your monthly recurring debt (credit cards, student loans, etc.) by your monthly pre-tax income.

To be approved, lenders will look for a debt-to-income ratio that’s between 36%-43%. If your current ratio is higher, it’s important to work towards paying down your debts until you fall within an acceptable range.

Proof of assets

Your prospective lender will also need statements for the last 60 days from all your assets. Assets include things like bank accounts, IRAs, 401Ks, and other investment accounts.

The more assets you can show, the better.

If you can, make an effort to put money aside each month, so that you’ll have a sizable cushion to fall back on when work is slow.

2. Work with a local lender

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When you’re a self-employed, big banks and lending institutions may not be the way to go when you feel like you’re ready to buy. The reason is that these companies typically have strict corporate standards regarding who they can approve for a loan.

As someone who’s self-employed, you may ultimately require a bit more flexibility.

In that case, a smaller, local company may be a better fit. Local lenders typically have more ability to make their determinations on a case-by-case basis. They also may have a greater wealth of applicable options to show you, including portfolio loans, where your debt is held in-house for the entire length of the loan. If you’re looking for recommendations, Open Listings works with a network of trusted, top-rated local partner lenders.

However, for the best results, timing is key.

You may want to look into forming a relationship with a local bank before you’re ready to apply for a loan. If they know you and have an ongoing relationship with you — either by holding your bank accounts or other debts — they may be more willing to work with you when the time comes.

3. If necessary, consider a co-signer

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Finding a co-signer may not be the most attractive option for self-employed individuals, but when your sole income is not enough to get approved, it may be the most practical solution. In this case, you’d ask a trusted person such as a relative to take on an equal share of responsibility for the loan with you.

Keep in mind: this is a huge ask. You’re essentially asking someone to tie their finances in with yours and to bail you out if you ever default on the loan. You’ll want to choose someone who’s financially stable since they’ll also need to qualify for the loan. You’ll also want to make sure that it’s someone with whom you’re sure you can have a workable, ongoing relationship.

That said, since even the closest relationships can hit rough patches, we highly recommend that you and your co-signer also draw up a private agreement between the two of you. Outline what should happen if you ever find yourself unable to make a payment and any other applicable details of your agreement.

This article originally appeared on OpenListings.

Thinking About Buying an Investment Property? Here’s What You Need to Know

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buying an investment property

Buying an investment property is a huge step in growing financially. For one, you have the chance to earn passive income. For another, it’s an opportunity to diversify your assets and earn money through another income stream. That said, it’s also a huge responsibility, both personally and financially. If you’re going to take this step, you want to make sure that you’re well-prepared for what’s to come.

So, if you’re thinking about buying an investment property, you’ve come to the right place. We’ve created a handy guide, filled with everything you need to know about purchasing a home – and maintaining – one of these properties.

Types of investment properties

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Find a comfy spot in your apartment or home and let’s get started. The first step in buying an investment property is determining what type of property you would ultimately like to purchase. Keep in mind that each one will have its own level of maintenance needs and financial commitments for you to consider.

Here is a quick overview to help you weigh your options:

Condos

Most commonly found in urban or resort areas, condos are a great choice for those looking for a smaller, simpler investment property. With condos, you own the interior of your unit, but all common spaces and amenities are taken care of by an association. There will be a maintenance fee to cover these costs.

Townhomes

Townhomes are houses, rather than units. However, similar to condos, the exterior of the home and any common spaces are governed by an association. In this case, there will also be a maintenance fee for communal upkeep and there may be rules governing what you cannot do to the home.

Duplexes/Triplexes

Duplexes and triplexes are privately owned buildings that are split up into multiple units. Here, you can have multiple tenants with no recurring fee. However, you will also be responsible for any upkeep.

Single-Family Homes

Single-family homes are your traditional housing set-up. Again, you’re responsible for any upkeep. This type of rental property is usually well-suited for those looking to rent to families or longer-term tenants.

What to look for in a property

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Ultimately, most of what you’re looking for in a property will depend on the type of renter that you’ll eventually attract, as each one has its own set of needs and priorities.

These are the main subsets of renters that you may be looking to work with when you eventually become a landlord:

  • Vacationers: Vacation rentals have higher turnaround, with renters usually staying only for days or weeks at a time. But, when done right, they can also capture high returns. Vacationers want to be as close as possible to the main attraction, so focus on location above all else. Smaller units like condos often work well with this type of renter, especially when they boast amenities that are geared toward convenience.
  • Short-term renters: Short-term renters will rent from you for a few months before moving on. For example, these renters might be students or younger professionals recently relocating. Typically, short-term renters prefer homes that are close to amenities like shops and restaurants or public transportation. These renters also tend to prefer furnished properties.
  • Long-term renters: Long-term renters are ideal for landlords who value a steady rent check each month over the ability to charge the highest per-night rates. Typically, these renters may be families or settled professionals, and they tend to prefer a more residential lifestyle. Single-family home or townhomes are a good fit and the quality of the school district tends to be a bigger consideration than proximity to downtown.

Of course, no matter who you’re after, there are some considerations that are universal.

For instance, the amount of work that your new property requires before you can rent it out. For that, you’ll need to find a balance between the amount of money you’re willing to spend versus how much sweat equity you can put in.

Often, it’s worth spending a bit more upfront to get a turnkey home, or one that only needs cosmetic updates, than risking finding costly problems later on in a fixer-upper. You’ll also want to keep up tenants rights.

The financial implications

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Financing a rental property is a bit different than one that will be your primary residence, so you’ll want to take the time to make sure you’re prepared for the expense before you hit the market.

First up, in order to secure a mortgage on the property, you should be prepared to make a much larger downpayment. We’re talking the 20% – 25% down payment of yesteryear. Plus, your credit history needs to be in great shape.

Since there aren’t any government back programs like FHA for second mortgages, you’ll need to have at least a credit score of 620.

Then, there are closing times and taxes to consider.

Unfortunately, the new Trump tax plan makes it much harder for investors to write-off some of the costs of juggling multiple properties.

The new plan cut the available mortgage interest deduction in half — capping the total amount of deductions at $500,000. It also severely limits the amount of state and local property taxes that an owner can write-off. Now, the limit is $10,000 total, between all of your properties.

Finally, there are also upkeep and maintenance costs to consider. If you’re buying a condo or townhome, you’ll likely have a monthly association fee to contend with on top of your mortgage payment. There’s also the cost of any updates that need to be made to the home. And, as the landlord, necessary maintenance is solely your responsibility.

Dealing with tenants

When you buy an investment property, there are two scenarios that you can run into regarding tenants.

Either there are already existing tenants in place, or the property is vacant and it’s up to you to find them. Here’s what you need to know about either outcome:

  • If there are existing tenants: Leases “run with the land” — meaning they do not change if the property is sold. If there are existing tenants in the home you’re purchasing, you are legally obligated to keep the terms of their lease before it expires. So, no kicking them out or raising the rent. Some landlords like this because it means a guaranteed income, but others prefer to have more control over who they rent to. In some areas, there are more stringent rent control laws in place to protect tenants. Be sure to read up on your local rent control laws to make sure you get a realistic idea of how much you could profit.
  • If there aren’t existing tenants: Buying a home without any tenants in it is more of a gamble financially because it could sit empty for a few months while you search for the right fit. Make sure your prepared to carry the mortgage for a bit. However, you’ll also have the chance to choose your own renter and to do any financial or background checks that you see fit before handing over the keys.

Ready to buy your investment property?

This guide will help you get started with your first investment property. If you have any questions, leave a comment below!

7 Ways to Build an Emergency Fund When Money’s Tight

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build emergency fund

Creating an emergency fund is one of the smartest financial gifts you can give to yourself. Here’s how to build an emergency fund even when money’s tight.

Family expenses, cable, and internet bills, debt and rent, they all play an intimidating role when we start planning on saving for an emergency fund, mainly because it seems like every penny of our income is already accounted for.

Nevertheless, creating a strong reserve of cash can be a great tool to achieve financial peace of mind in case something unexpected happens.

1. Address your debt properly

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Saving may not be a consideration for someone who is struggling to get out of debt, especially with high-interest obligations, like credit cards. In this scenario, it may be wise to pay down balances first, as fast as you can. After this, you´ll have more ground to start planning an emergency fund.

Now, if you have handled your credit well, and your balances are low, you can start saving for an emergency fund while taking care of your credit obligations.

3. Make a budget

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Making a budget is the only way to have a better view of your financial situation, this control will allow you to know which aspects are more prone to cuts. Easy things, like start bringing lunch to work, riding a bicycle or using public transportation to get to work can represent cuts that will allow you to have more income each month.

If you are responsible enough and commit yourself to make sacrifices, you can see positive results in a matter of weeks. You just need to enhance your budget making skills, and the internet is a good source of online tools that can help you enhance your budget-making skills.

4. Create short term goals

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Daily expenses and debt may seem like they leave no room to put aside a large amount of money for emergencies, but that’s not what’s important. Getting started is what really matters.

It is important to see things realistically. Set achievable goals for the short term. The key is to start little by little no matter what the amount is. A small goal can be attempting to save $50 or $100 monthly, the important thing is to start building a good financial habit that can provide help during a financial emergency.

5. Set up automatic transfers

You need to be aware and make use of the tools out there that can help you save more consistently. It may happen that you want to start saving towards an emergency fund, but every time money comes in you forget to save or you don’t have the time and you just spend the money. Automatic transfers can help you with this problem.

If your employer does have direct deposit you can actually set a small portion of your salary and it will go directly to your emergency fund. That way you can save and you won’t even notice, the money will be there in case something unexpected happens.

6. Open a savings accounts

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Since emergency funds are created to be there for emergencies, it makes sense that they remain available to be used when you need them. In that sense, locking funds up in high yield savings accounts that will charge a fee if you withdraw the money may not be the best idea.

Check with your bank and see what options they have that can also help you with this process. Money market accounts are a good option here.

7. Make more money

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Boosting your earnings will give you more room to easily save up for emergencies. This means that you need to look for other sources of income like flexible side jobs. Right now a lot of people are finding ways to make money fast and the best way to generate additional, free money is through doing your due diligence on ways to earn a reliable side income online.

How to Pay Off Credit Card Debt Fast?

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how to pay off credit debt

It’s no secret that the use of a credit card can provide some convenience when you do not have cash on hand or wish to charge a purchase to a card.

In fact, credit card balances carried from month to month continue to inch up, reaching $420.22 billion in late 2018, according to NerdWallet’s annual analysis of U.S. household debt.

That’s an increase of about 5% over last year. The average U.S. household with credit card debt has an estimated $6,929 in revolving balances or balances carried from one month to the next, the analysis found. Even if you have found the best credit card for you, you still may not be using it right.

Is it really possible that people just do not understand how to use credit cards?

This is hardly a secret, but every day people still ask questions that imply they don’t understand how to use their credit card effectively. Whether you have millennial debt or baby boomer debt, it’s all the same. Here’s how to pay it off.

How to Pay Off Debt: 4 Strategies That Work

1. Pay Your Credit Card Balance Each Month

For starters, you should pay off your credit card balance each month. Carrying a balance on your credit card will result in paying more interest charges on that balance. By paying your balance off each month, you can avoid the finance charges the card issuer will apply.

This is especially important if you have a high-interest rate. The higher the interest rate, the more you will pay in accumulated interest. Also, depending upon your balance, if you make only the minimum payment, it can take years to pay off that balance. An important thing to remember is that just because you have the ability to purchase an abundance of items with a swipe of a card does not mean you should.

Always pay your statement balance in full, every month, without exception. This is how you turn a miserable 24.99% APR card into a 0% APR card, for free and for no hassle.

2. Be Knowledgeable about Financial Terms

Some key balances that you should be knowledgeable of include:

The Statement Balance is the amount you need to pay by the statement due date in order to avoid charges on interest. As you get closer to the end of the billing cycle you may notice that pending charges haven’t posted to your account balance yet. Don’t worry about those – the only transactions that matter as far as interest goes are the ones included in your Statement Balance.

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The Minimum Balance is the amount you need to pay to avoid late payment, but paying only this amount will result in interest being charged.

The Current Balance is the amount of all the charges that have posted to your account since the beginning of the billing period and when you pay your bill. Some of the charges included in the Current Balance may be for purchases made after the previous billing cycle ended.

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If you are planning on using your credit card the correct way, APR is not a concern for you since you will be paying off the balance at the end of every month. If you are not going to use it correctly, and carry a balance past your statement due date, you should seriously reconsider using a credit card for purchasing things.

Click the following link to see more financial terminology you should be aware of.

3. Use Your Credit Cards Wisely

Using your credit card wisely sounds simple, yet so many people fail at it. Here’s how to brush up on your credit card using skills via some examples:

Here is a good example of how to use a credit card:

  • Mrs. Jane Millennial has a 22% APR credit card with a billing cycle from August 01 – September 01.
  • During the month of August, she decides to purchase items costing $1000 on her VISA card. Her VISA statement for August is issued on September 02, and the statement balance of $1000 has a statement due date of October 02.
  • Mrs. Jane Millennial used her card strictly for things she could afford, so she can pay the full $1000 due immediately.
  • She makes the $1000 payment the day after her statement is issued, well before the statement due date. Her statement balance is $0, and she avoids interest in the Aug/Sept billing cycle.

Here is a bad example of how to use a credit card:

  • Debtor Bob has a 24% APR credit card with a billing cycle from August 01 – September 01.
  • During the month of August, he rings up $1000 of charges on his card. His statement for August is issued on September 02, and the statement balance of $1000 has a statement due date of October 02.
  • Debtor Bob didn’t use his card strictly for things he could afford, so he can only pay $500 by October 02.
  • He pays the $500 he can afford on October 01. On October 02, the remaining $500 is assessed interest in the amount of (24% / 12) * $500 = $510. The unpaid $500 in addition to $10 of interest remain on his statement balance for the next billing cycle.

4. Take Advice from the Experts

According to some of debt success stories, some of the most common ways to beat debt include:

  1. Make more than the minimum payment.
  2. Pay off debt with the highest interest rate first.
  3. Talk to your credit card companies. See if they can help you in any way.
  4. Never close cards with existing balances. This will negatively affect your credit score.
  5. Move your debts around. Perhaps you can consolidate your debt and get a lower interest rate.
  6. See what you can liquidate to lower your debt.

Ready to Pay Off Your Credit Cards?

Don’t fall into the habit of carrying credit card debt. It can destroy your finances very quickly and, unlike payday loans (that even those who take one out seem to realize they’re a bad idea), credit card debt is not treated with the degree of caution it needs to be treated with.

In 2020, you can even pay your rent with a credit card! Although if this credit card balance is not paid off each month you might need to learn how to pay off credit debt fast.

More people should start building start financial habits and not carrying a balance is an excellent way to avoid high-interest rates. If you’re interested in further improving your personal finances consider increasing your income with our post on how to make $700 fast!

5 Best Personal Loan Companies & Rates for 2020

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best personal loans

Personal Loans.
Simplified.

At MoneyGator, we strive to help you make financial decisions with confidence. To do this, many or all of the products featured here are from our partners. However, this doesn’t influence our evaluations. Our opinions are our own.

You can use an unsecured personal loan to consolidate debt or finance large purchases. Interest rates and terms can vary, based on your credit score and other factors. Compare loans from multiple lenders and learn more about personal loans.

Here are 5 options for you

Our partner

Loan amount: up to $100,000

  • APR: 5.99% – 35.99%
  • Loan Term: 2 to 7 years
  • Credit Score: Fair/Good/Excellent

Our partner

Loan amount: up to $50,000

  • APR: 4.79% – 35.99%
  • Loan Term: 3 mo to 15 years
  • Credit Score: Poor/Fair/Good/Excellent

Our partner

Loan amount: up to $100,000

  • APR: 5.99% – 35.99%
  • Loan Term: 2 to 7 years
  • Credit Score: Fair/Good/Excellent

Our partner

Loan amount: up to $35,000

  • APR: 6.78% – 35.97%
  • Loan Term: 3 to 5 years
  • Credit Score: Poor/Fair/Good/Excellent

SEE UPGRADE PERSONAL LOANS DEAL >

Our partner

Loan amount: up to $50,000

  • APR: 7.99% – 35.89%
  • Loan Term: 3 to 5 years
  • Credit Score: Poor/Fair/Good/Excellent

SEE PROSPER PERSONAL LOANS DEAL >

Our top pick

SoFi offers personal loans up to $100,000 for credit card refinancing, debt consolidation, large purchases and more. Through their secure and straightforward online application process, borrowers can get rates in just 2 minutes and receive funds on the next business day. With fixed-rate APRs starting at 5.99%, they offer competitive loans with no prepayment penalties or hidden fees.​

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Should You Get a Personal Loan?

Personal loans become part of everyone’s life at one point of another and nowadays, direct lenders are on every page of the internet offering you the best deals.

But it’s for good reason.

A Personal loan could be used to:

✅ pay off credit cards
✅ consolidate debt
✅ refinance student loans
✅ finance home improvement

…& so much more!

MoneyGator

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Find ways to earn more money.

Find ways to grow your money.

Find ways to manage your money better.

How To Make $800 Dollars Fast

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how to make 800 dollars fast

Need to make $800 dollars fast? There are so many reasons for needing to make an extra 800 dollars. Sh*t happens. I don’t know why you need extra money, but heck, we all do. That’s why I searched the web for “how to make $800 fast” and found the best ways.

Whatever your reason is for needing extra cash, you’ll benefit from reading this article. It’s kind of lengthy, but trust me, you’ll want to read it to the very end.

I’m going to show you exactly how to make 800 dollars fast.

Some of the methods require downloading an app, others will be a bit more involving. What you earn depends on how much effort you put in.

People get want they need, not what they want. If you need money now, put in the work.

Ways to make $800 fast

There are many options to earn money online that are quick, simple and don’t require much effort. We all have limited time, life is fickle. For this reason, I have compiled 23 ways to earn money that are actually possible and can net you some money, the easy way.

We will first start with the quick wins, companies that’ll (legit) pay you money just for signing up:

Next, we’ll move on to other ways to earn your $800.00 quickly.

1. Get paid to do market research

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Getting paid to give your opinion sounds like a dream. But Survey Junkie actually pays you for answering questions, watching videos, trying new products — you get the idea.

When you use Survey Junkie’s website or free app, you earn cash rewards. You can also get a quick signup bonus for joining.

If you are interested you can go ahead and claim a registration bonus for signing up.

Take Surveys and Earn Cash Now

Want other options?

In the US, here are two of the other highest-rated paid survey websites:

  • Swagbucks is one of my favorite survey pages. A large variety of surveys and in different categories and they make payments via PayPal.
  • With InboxDollars you could earn money mainly by watching advertisements but now the most interesting sections are surveys, videos, games, and searching. Plus, they give you a $5 sign up bonus here if you sign up before this month.

2. Get $800 now with ZippyLoan

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If you actually need money now, then you can opt for a personal loan. When you need money in a hurry ZippyLoan is where to go. You apply for a loan through the Zippy Loan site, if approved they send your loan application to one of many loan providers.

You review the loan details and e-sign if you like what you see. No risk in checking what offers you’ll get. You can borrow between $100 and $15,000 as soon as tomorrow. Loans service for up to 60 months.

ZippyLoan connects borrowers to lenders through their network of lenders. They’ll find you the lowest interest rate and is one of the best no credit check loan. You can visit ZippyLoan here.

Get $800 Right Now

3. Build a more perfect portfolio

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Wouldn’t it be great if you could invest in commercial real estate and apartments without dealing with all the hassle of buying, improving, and re-selling real estate?

You don’t have to be a millionaire to invest in these types of properties. Fundrise allows you to now invest in large-scale real estate for as little as $500.

For example, I invested in $1,000 in February (to diversify my portfolio) and my account has gained $15.98 in profit since then, it’s actually quite exhilarating!

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Through their real estate investment products, investors earned an average of 8.74 – 12.4 percent on their money last year, and all without painting a wall or dealing with unruly tenants.

  • 8.74% – 12.4% historical annual returns
  • Diversify your portfolio with real estate
  • Maximize your earnings with a low-fee approach

There is a reason why they currently have over 800,000+ users, this app really pays us!

If you’re interested, I recommend you sign up for more information from Fundrise by clicking here.

Invest in Real Estate with Only $500

4. Host guests with Airbnb

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Another smart way to make $800 fast is by listing your space on Airbnb.

It’s smart because it’s simple and free to list and you easily make $800 in under a week.

You can actually see how much you’re able to make by using their cash pay-out calculator to do some quick research beforehand.

By creating a free account, setting up a 5-minute listing and setting whatever prices you want, you have the potential to skyrocket your income. Of course, the nicer your home and location the better.

However, you don’t even need to have a spare room or home to share to earn with Airbnb since they now offer “host experiences“. 

This is a really unique thing that they offer and are expanding into. If you ever had friends from out of town visit and you showed them the cool things to do in your city, now you can get paid for doing just that… for strangers.

If you’re interested in learning more about getting paid for basically being a tour guide or listing your space, you can learn more here.

List Your Space on Airbnb

5. Make deliveries with DoorDash

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If you want to make legitimate money quickly, delivering with DoorDash is a smart side hustle.

With DoorDash, you get to deliver food to people around your city and get paid well (I’m talking an extra $800 this week by completing 55 deliveries).

So if you wanted to use your spare time (or even your lunch break) to get extra cash for your long term or short goal goals, you should check out this food delivery company.

So instead of partying up this weekend, why not make your $800 fast with DoorDash?

Learn More About DoorDash

6. Rent your car when you’re not using it

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Thinking about making money with your car? Driving for Lyft or Uber should come to mind but I can’t always do drive people around with my schedule. 

I have 2 other jobs and that means my car is just sitting in the parking lot 15 hours a day. 

Being the smart side hustler I am, I turned to make money with my idle car and you can too.

You’ve got an asset if you have a car, why not make money with it on Getaround?

Getaround lets you make money by sharing your car. It’s pretty simple to use, just list your car and they handle everything else (insurance, logistics of renting it out, scheduling, handing over keys)… they pretty much do all the work for you.

You can make $800 fast with this side hustle depending on your car and how many hours you can share it per week.

I’m paid monthly and make an extra $520 a month by sharing my car around 26 hours per week (an extra $6,240 a year).

Try Getaround for Free - Start Listing

7. Avoid hidden bank fees for free with Chime

how to make 300 dollars fastThis is one of the most common ways people waste money (even if you’re money savvy).

My bank charges me a monthly maintenance fee, out-of-network ATM fees, overdraft fees, and the list goes on. It’s likely your bank does the same unless you’re hip to newer mobile banks like Chime.

Chime is free to apply and only takes two minutes!

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I haven’t even mentioned my favorite part – if you set up direct deposit with Chime you get paid two days earlier. I usually get paid bi-weekly on Fridays, before using Chime, now I get paid every Wednesday.

If no overdraft fees, no minimum balance requirements, no monthly service fees, no foreign transaction fees, no transfer fees, and over 38,000 free ATMs to use sound good to you, then you can apply here.

Say Goodbye To Hidden Fees

8. Sign up for Rakuten

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If you enjoy shopping online and always look for the best deals, Rakuten is a solid choice to make money the easy way.

Rakuten gives you money back on your purchases made. To get started all you need to do is register and before you shop next time, visit Rakuten first then your favorite store after. I do this every time I shop online because Rakuten works with almost every online store I can think of.

From the moment you start using Rakuten your savings is sure to add up and you can make $800 quickly depending on how often you shop. You can get paid via PayPal too. Rakuten also gives you a $10 sign up bonus to start. Get your bonus here.

Sign up Free - Claim $10 Cash

9. Teach English online

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Becoming a tutor is a good option if you have your afternoons free, it also allows you to earn a good amount of money. The pay is actually very good and can earn an average of $20/hr by teaching English online.

The most recognized website for teaching English online in the US and UK is EF Education First

Live in the U.S. or U.K. and hold a bachelor’s degree? You can earn up to $20.00 per hour to teach kids English online from home. 

Get Extra Income Teaching from Home

10. Offer your services on Fiverr

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From the comfort of your home, it is very easy to earn money online using Fiverr. By using Fiverr you can offer your services for $5 or more, and you can easily create an account and start earning money right now. No joke.

On Fiverr, thanks to a large number of service categories, you can offer a variety of services: from unconventional services, such as writing a phrase on your face or body, writing names with legos or dancing to a song, or professional services such as logo designs, website design, proofreading or writing articles.

Fiverr opens up a whole range of possibilities. One of the advantages of Fiverr is that it allows you to manage your own time and schedule. If you want to know more about how to make money with Fiverr, you can visit the site here.

Earn Money on Fiverr

11. Download GetUpside

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Have you ever dreamed of paying less for gas each week? Well, that time has come, with GetUpside you can earn money by sharing your purchase receipts and shopping at local stores. I heard about this app on the radio and decided to try it out for myself.

The system is simple: you take a photo of your gas receipt and upload it. Then the app will digitize the receipt information and you’ll get up to 25 cents off each gallon. I’m surprised I don’t hear about this app more often though, I make a killing with it

make money

 

You can likely rack up an extra $800 this year by using it. And you can also save up to 35% at restaurants and 15% at grocery stores near you. The money you earn can be transferred to your Paypal account or redeemed for gift cards to buy at Amazon and other stores. You can get a download link sent to your phone here.

Start Paying Less for Gas

12. Get paid to be healthy

how to make 200 dollars

Do all your friends post flashy Instagram pictures and look amazingly good?

Even if they don’t, I wanted to get fit and make it a habit, but it was tough to get started.

What helped me lose over 10 pounds was when I had my own money on the line.

In fact, I was able to do with HealthyWage, and won $1,050 after losing only 10 pounds.

So if you need some extra motivation and an extra $800 or more then head over to HealthyWage to learn more.

You’ll have to decide on how much weight you want to lose and how long you need to reach your goal. You then bet on yourself and can win up to $10,000 depending on your HealthyWager.

Make Your Weight Loss Bet

13. Deliver groceries

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You can also make money fast by delivering groceries.

Instacart delivers groceries from local stores in two hours from stores like Whole Foods Market, Target, Costco and Petco. Why should you care? Because this is a lucrative opportunity for you to make money fast.

If you wanted to become an Instacart personal grocery shopper, you’ll earn an average of $15 per hour!

How to make that $800 fast though?

Sign up as a personal grocery shopper and start to receive grocery orders through an app on your smartphone and then shop and deliver groceries to the customer’s door. You can start earning quickly and get paid weekly and schedule hours based on your schedule.

Get Paid to Deliver Groceries

14. This free app could make you up to $180 this year

make money fast with phone

Another option to make money fast is by joining the SavvyConnect community. By joining, you can receive many incentive rewards up to $100 just by simply installing and keeping its app active on your devices from home.

At first, you may feel a little timid about installing random apps on your phone, but you will soon realize that SavvyConnect is the real deal once they start paying you – up to $15 per month ($5 per device type) and up to $180 in a year, simply for remaining active in the SavvyConnect community.

What’s required?  Install the SavvyConnect app to your PC, Smartphone, or Tablet to earn $5 per device per month.

If you feel like you could benefit from making passive income, then consider this passive income opportunitySavvyConnect.

If you’re at all interested in making easy money, then you can learn more about SavvyConnect here.

And you only need to install the free app on your phone, and it’s likely you will make up to $180 this year with this free app!

Get Started with SavvyConnect

15. Do online surveys

resp

InboxDollars is a survey site and one of the best survey sites. I’ve used them before and they are pretty legit. They make money by using the information you provide and use it as market research. So, you’re actually getting paid to participate in surveys, watch videos, play video games, make purchases online, read emails with promotions, use discount coupons or simply make purchases online.

It’s actually kind of fun to do this while you’re watching TV or just bored. Obviously, you will not get rich just by responding to surveys, but it is a way to get extra income per month.

In the US, here are some of the highest rated paid survey websites:

  • Swagbucks is one of my favorite survey pages. A large variety of surveys and in different categories and they make payments via PayPal.
  • Another website that I like very much and that is available in several countries is Survey Junkie. You can earn money by taking surveys, watching videos, completing tasks, trying new products, etc … it also has a very cool interface!
  • With InboxDollars you could earn money mainly by watching advertisements but now the most interesting sections are surveys, videos, games, and searching. Plus, they give you a $5 sign up bonus here if you sign up before the end of the month.

    Join InboxDollars and Claim $5 Now

16. Lower your monthly bills

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“I could not believe how easy this was to do. It took me about 5 mins of work and I had about $70 in my account.”

how to make 200 dollars fast

When you want to make a quick $800, one of the easiest ways you may overlook is finding easy ways to lower your expenses.

I didn’t realize how much I was overspending on my cable, phone bill and to random subscriptions that are on autopay.

Most people don’t bother with the trouble of calling up AT&T, Verizon, Sprint (or whatever cell phone provider you use) to try to get their cell phone bill lowered. So let someone else do it for you.

Avoid overpaying on bills by using Cushion, a free bot that will negotiate down bills for you. It will even check on those pesky subscriptions for you.

You’ll need a Facebook account to use it, as it communicates with you over Facebook messenger (or via text).

It’s pretty simple to sign up using your Facebook account and takes a minute. You’ll likely be able to save over $800 this year by using it!

Say Goodbye to Overpaying with Cushion

17. Claim the best internet freebies you can get right now

how to make $1000 fast

When trying to make $800 fast, every dollar counts.

Thankfully, you can easily pad your wallet or purse with cash back apps like Ibotta ($10 sign up bonus), Checkout 51 (free groceries), and Pei ($15 sign up bonus) that pay you for the shopping you do daily.

Sign up for all three and that’s a quick $25 just for downloading three apps – not bad.

Here are some other companies that pay you for downloading:

  • Survey Junkie: Make $2-50 in your spare time each day by taking surveys, participating in focus groups, and testing new products. Join Survey Junkie here.
  • Swagbucks: Similar to Survey Junkie, but with a few more ways to earn (such as watching videos and using their search engine). Get a $5 signup bonus for joining.
  • Rakuten and Dosh: Two cash back apps that essentially pay you whenever you shop; Rakuten offers a $10 signup bonus and Dosh offers a $5 signup bonus.
  • Acorns:  Once you connect the app to your card, it rounds up your purchases to the nearest dollar and funnels your digital change into an investment account. Sign up to try it risk-free with a $5 sign up bonus

18. Let a chatbot save you $800 this year

make money

The next idea for you to save an extra $800 this year is by letting automation do the work for you.

make $1000 fast

Trim is a money saving bot that sends you messages via Facebook messenger and can help you save money.

After a quick 2 minute sign up the bot will go through your spending habits, show you all the subscriptions you’re signed up for (and should cancel), and even negotiate your utility bills for you.

Basically, a free personal financial advisor that you don’t have a pay a cent for, in fact, this chatbot will actually save you money. 

It’s also worth mentioning another bot that has a black belt in fee negotiation is Cushion (I use both since they’re both free).

Sign Up for Trim Free with Facebook

19. Download Nielsen Panel on your devices

how to make 300 dollars fast

By using the internet as you do every day, Nielsen invites you to make a difference – and you can make money too.

I downloaded this app on all of my devices and make around $800 a year passively.

You don’t really have to do anything other than initially registering your devices (phone, laptop, tablet) and they’ll pay $50 per device.

This is a smart way to make extra money as even if you just install it on your phone they’ll pay you $50 a year keep their app on it.

They also keep things interesting for me since they give away a modest $10,000 each month. I like to think I have better chances of getting it than the lottery, so consider it a free lotto ticket each month, too.

If you are interested in getting paid passively, I recommend that you sign up through here for a registration bonus.

Get $50/Year Per Device

20. Fill out surveys

make 300 fast There are many sites on the Internet that pay people to fill out surveys. For each survey you complete, the website allows you to earn points that you can exchange for money.

Most sites like Survey Junkie or Swagbucks allow you even cash out your earnings for real cash through PayPal. You could probably make $800 bucks in a month by spending an hour taking surveys a few days a week.

You won’t get rich, but you will earn some money and that’s what this article is all about.

You will find more information and more recommended survey sites and ways to earn money in this article on the best money apps.

21. Sell your old clothes

make money fast If you have a lot of old clothes, that you have not used for many years and that you honestly do not know why you keep, do not hesitate to sell it and get money. There are many websites, like Ebay or selling apps that can help you get rid of clothes, shoes, and accessories that you do not use.

If in your country there is still no platform to help you sell your clothes, you can organize a garage sale among your neighbors, in order to declutter your wardrobe and earn money.

22. Sell on Shopify

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Use your creativity to make money if you have knowledge of creating personalized items! You can offer T-shirts, mugs, pillows, sweatshirts, among other products, with customized designs to the clients’ taste on Etsy.

I’ve got a friend that creates art and he can charge whatever he wants. It’s all about creating a lucrative brand, then you can earn a lot. Selling personalized products will help you get money, and you can also use social media to promote yourself and use Facebook ads to reach people all over the country. You can learn more by visiting online stores like Shopify and Etsy.

Claim 14-Day Free Trial at Shopify

Get $800 instantly

23. Get a gator payday

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If you didn’t like any of the options above, and REALLY need money right now you can get a quick $800 personal loan. 

We compared the best personal loans for people who need quick money fast. Don’t worry, personal loans can be a great alternative to credit cards for large or unexpected expenses. In fact, you can enjoy fast and easy online applications with all the reputable lenders below (just be sure to pay it back quickly). Get $800 deposited into your bank account in a matter of seconds, you can compare and find the best online personal loans here.

Need $800? Go get it.

Everyone wants to make money fast. However, if you search the internet for how to make 800 dollars online you’ll find a bunch of affiliate marketers trying to promote affiliate links of spammy survey sites or services that haven’t even tried out. Sure, the list I have provided may require a bit more work to earn your $800…. but they are real and honest ways you can ACTUALLY make 800 dollars.

End rant.

Got any more ways to make 800 dollars? Did I answer your question: how to make 800 dollars fast?

Guaranteed Universal Life Insurance Explained

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universal life insurance

What are the Pros and Cons of Guaranteed Universal Life Insurance? Today, we are are going to expound more on the basics surrounding Universal Life Insurance (GUL).

Guaranteed universal life insurance (GUL) is meant to last your entire life and to offer your beneficiaries a significant payout once you join your ancestors. Unlike term life, GUL will remain in force as long as you continue to pay the requisite premiums. With GUL, there is a guarantee that your premiums will not increase at any given point and the death benefit will not decrease.

GUL policies are for people who are ready and willing to commit to ongoing premium payments. Before you purchase this kind of policy, you need to have the financial capability to pay the premiums. So, anyone with an unstable career might not be the right candidate for GUL.

Typically, guaranteed universal life insurance is purchased to cater for your final expenses. It is also meant to provide your spouse and kids with finance after you die. Additionally, the policy can assist in the payment of estate taxes. They also have living benefit riders, which offer compensation while you are alive in case you develop with critical or terminal illnesses.

In this piece, we are going to expound more on the basics surrounding guaranteed universal life insurance (GUL).

What is Guaranteed Universal Life Insurance?

Guaranteed universal life insurance is a kind of permanent life insurance policy whose premiums remain the same regardless of the performance of the market index. The policy’s interest rates are included with the premiums right from the beginning. This kind of policy offers a no-lapse guarantee. This, thus, means that your coverage holds as long as you continue to pay your premiums. Also, there is little cash value growth, and the premiums remain level throughout the entire life of the policy. So, your policy will not have any cash value that you can pull out. And for that matter, there is nothing to back up the death benefit if you stop paying the premiums. If you keep on paying your premiums, your death benefit will not decrease at all.

Features of Guaranteed Universal Life Insurance

There are unique features associated with GUL that anyone interested in this policy should know. Such features are highlighted below:

  • Level Premiums. Premiums for GUL are guaranteed to remain the same throughout the policy term. This means they will not increase at any given time, but you have to continue making timely premium payments or you cause your policy to lapse.
  • Limited or No Cash Value. GUL is not meant to accumulate cash value like the traditional universal or whole life insurance. Although there are a few instances of cash value accumulation with GUL, they are quite uncommon.
  • Coverage to Specified Age. GUL offers coverage to a specified age. For instance, you may choose a GUL policy for different ages, such as 90, 95, 100, 110, and 121. As the age bracket goes up, GUL premiums also increase.

Pros and Cons of Guaranteed Universal Life Insurance

Even though a term life insurance policy will offer a guaranteed level premium and a guaranteed death benefit, this is only for a limited period. Most people end up outliving their term life policies, which eventually takes them back to the drawing board to look for a new policy when their health conditions have worsened. To avoid such frustrations associated with the term life policies, you should consider purchasing a guaranteed universal life insurance policy. Explored below are the tiptop pros and cons of guaranteed universal life insurance:

Pros

  • It has a very simple policy design. Unlike other permanent life insurance products, GUL is simple and easy to understand.
  • Premiums are level for your lifetime. You are going to pay the same premium throughout the time of coverage.
  • The unpredictability of interest rate does not affect your premiums. Sudden market changes or fluctuations do not affect premiums.
  • Less-expensive as compared to other forms of permanent life insurance. Guaranteed Universal Life Insurance is cheaper than traditional universal and whole life insurance.
  • There is no market risk. This means the policy will still perform as usual even if the interest rates get affected.
  • Flexibility when it comes to selecting the age guarantee. This may range from 90 to 121 years of age. The longer the guarantee age, the higher the premiums.

Cons

  • Little or no cash accumulation. This is quite different from other universal life insurance products. Any cash buildup is used to maintain the leveled premiums but not a significant amount that can be cashed out.
  • Premiums are higher as compared to term life insurance.
  • To maintain a guaranteed level premium, you must be consistent and be able to make on-time payments.
  • In case you cancel your policy before its expiry date, fees or surrender charges might be imposed.
  • Inflexible. With certain life insurance policies, you can adjust your premium and death benefit. But GUL is not one of these flexible life insurance policies.

How Does Guaranteed Universal Life Insurance Work?

Nowadays, GUL is becoming a very reliable option for life insurance shoppers. The reason is that it offers you that great opportunity to get lifetime coverage at a greatly reduced cost as compared to other permanent life insurance products. Other forms, such as whole life and universal life insurance products are expensive than GUL.

GUL is similar to term life in the sense that the premiums are low and lasts a lifetime. It costs more than term life policy, but not as much as the traditional life insurance policy. GUL policies provide lifetime coverage as long as you choose the maximum coverage length.

To people seeking lifetime coverage, GUL is the best bet. But before you consider buying the GUL policy, it is good first to understand how it works. GUL is indeed a very simple product for anyone to learn about. It operates just like a term life policy providing guaranteed premiums and guaranteed death benefit. What makes GUL different from term life is that you can customize the coverage periods to suit your personal needs. In short, you can structure it to last various ages, such as 90, 95, 100, 105 and 121.

Again, the premiums are guaranteed and will never change as long as they are paid on time. Unlike other permanent life insurance products, GUL policies are not meant for cash value accumulation. The only cash build-up in GUL policies is used to maintain the level premiums and is not a significant amount that you can pull out cash from.

Why People Opt for Guaranteed Universal Life Insurance

There are certain reasons why GUL is becoming more popular:

  • Simplicity-GUL is a straight-forward life insurance product you can ever get. Remember some of the permanent life insurance products are very complex. Examples of products with a lot of complexities include whole life, variable, universal life, and indexed universal life. With GUL, you only need to pay your premiums, and you will be covered for the age you applied for.
  • Customizable. You can customize your GUL policy to the specific age you want. For instance, if you select age 121, there is a guarantee you have lifetime coverage.
  • Affordability. GUL is quite affordable as compared to other permanent life insurance policies. Those extras contained in permanent life insurance are what lead to an increase in the premiums of the traditional universal and whole life insurance policies.
  • No Market Risk. With regular universal policies, the final payout can be affected by the unpredictability of the market. But with GUL, it does not matter how interest rates or market do.
  • Level Premium Payments. As a policyholder, you know exactly what your monthly premiums are. When signing your policy, you have to choose the age to which it will run. Typically, most companies provide GUL coverage for ages 90, 95, 100, 105, 110, and 121. You will pay the same amount of premium until you die or decide to cancel your policy. But with regular permanent policies, the coverage cost may increase over time.

How to Apply for Guaranteed Universal Life Insurance

The mode of application is the same as that of term life insurance. Before filling out the application form, you need to liaise with an independent life insurance agent. You need to look for an agency with access to multiple life insurance carriers to help compare prices of these products.

Is Guaranteed Universal Life Insurance Worth It?

If you compare GUL rates with term life rates, it is evident that GUL is a bit expensive. But remember it is common to live beyond 85 years today. This has been necessitated by the advancement in healthcare and diet, which have improved people’s lives. If, for instance, you outlive your term policy and want to purchase a new policy at 85, you will have limited choices. So, GUL is worth the cost if at all your main goal is to have life insurance for the rest of your life. But if you need protection for short term, then term life insurance is a better option.

WhiteRockLoans.com Review: Can You Trust Them?

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whiterockloans review

Is WhiteRockLoans.com legit and safe? We will review this loan lender, White Rock Loans, to see if you should trust them or not.

If you’ve ever found yourself in a position where you need a loan, no matter what it may be for, then you likely understand just how stressful it can be – especially when it comes to picking out a service to do it through.

Of course, most would-be loaners are turning to the internet these days, as is typical of the digital age. Sites like White Rock Loans are particularly popular – rather than being a lender in itself, White Rock Loans essentially distributes the details of would-be loaners among its extensive network of money lending services. In this way, loaners like yourself can far more efficiently find the best lender for what they’re looking for (and get the best rates).

But you likely know this. In fact, you’re probably here in the first place because you’re thinking of giving White Rock Loans a try. But you likely also know that choosing a money lending service is a big decision – and making a rash choice can potentially be a serious hassle, and potentially a waste of time and money.

But from what we’ve seen, you really have made the right decision in considering White Rock Loans as your lender marketplace.

APPLY NOW

What is White Rock Loans?

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Get a safe and secure loan up to $5000 from WhiteRockLoans! Users submit their request online and can be approved by a lender within minutes. 

APPLY NOW

Is White Rock Loans Legit?

Firstly, and perhaps most strongly, there’s its dedication to convenience. We can’t personally know what the circumstances are surrounding your loan, but we’re guessing you’d like to get your hands on it as soon as realistically possible.

And that’s the principle that White Rock Loans is pretty much built on. Fill in some basic info about yourself and the loan you’re looking to take out, and that info is provided to a vast network of potential lenders, thus dramatically speeding up the process of finding a lender who suits your needs.white rock loans

And just to complement the slickness and convenience, White Rock Loans offers an ACH payment option, which withdraws the due payment for your loan out of your bank account on its due date, thus ensuring that, with no input from or extra cost to you, you fully avoid all the stress and hassle that can potentially come with a missed payment.

And secondly, there’s the simple fact that it costs nothing to make use of White Rock Loans’ services. To be sure, some of the lenders you choose to do business with may charge you separate fees; but accessing the White Rock Loans marketplace itself, and perusing and comparing the various lenders, doesn’t cost you anything.

This may sound like a simple asset at first; but when you think of it, it’s a serious blessing when you’re looking for a loan. After all, at a time like that, you’ll probably want to avoid spending excess money.

APPLY NOW

White Rock Loans Review

Basically, White Rock Loans is a site that makes the loaning process as slick and convenient as it can be, all without any extra cost to you. You’ve really got nothing to lose by giving it a go. Being in the position of needing a loan can be a stressful one, and you deserve for it to be as painless as possible – and from what we can see, that’s precisely what White Rock Loans provides.

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The 5 Best Places That Offer Livable Tiny Home Communities

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tiny home communities

While the task of finding a home for your tiny home may seem silly, it’s also an important part of the process. We will take a look at some of the best tiny home communities in the US.

The average cost of a residential home in the United States is $200,000. At the other end of the spectrum, the cost of a tiny home can range anywhere from $25,000-$110,000.

For those of you who haven’t heard of tiny houses, here’s what you need to know. Tiny houses are typically no more than 500 square feet and can be built either on a trailer or on a foundation. People love them because they’re cost-effective, and encourage the homeowner to focus more on the things that really matter in life (family, friends, hobbies–you get the picture).

Now, before you head off to buy yourself a tiny home, it’s important to read the fine print. It isn’t necessarily easy to find a place to put your tiny house. In fact, there are a number of laws regarding tiny homes that need to be considered before downsizing. While the task of finding a home for your tiny home may seem silly, it’s also an important part of the process. Let’s take a look at some of the best places in the U.S. where you can build your tiny home according to Whippio.com.

1. Spur, Texas

Known throughout the tiny community as the first tiny house friendly town in America,tiny homeowners here are allowed to build any type of tiny they choose. While most counties state a minimum square footage, Spur allows you to build as small as you like!

2. Fresno, California

Fresno is the first city in the country to approve tiny houses on wheels in residential neighborhoods. While there are still building codes you’ll need to adhere to, this city is certainly on its way to becoming a hotspot for tiny houses. The close proximity of Yosemite National Park is also a huge plus!

3. Green Bridge Farm, Effingham County, Georgia

Known as one of the more popular tiny house communities in the fifty states, this organic farm allows residents to live in organic farmlands surrounded by nature. A plot of land for a tiny house on foundations at Green Bridge Farm comes with an approximately $50k price tag.

4. Union Mills, North Carolina

This is another tiny-friendly location that doesn’t have a size limit. With beautiful mountain views and the beach only a day trip away, Union Mills could be an ideal place to call home.

5. Pima County, Arizona

Pima County allows tiny houses built on foundations in any zones that allow “detached single-family dwellings.” The county has taken huge steps forward in supporting the tiny community by waiving certain building codes to accommodate tiny houses. Additionally, the dry, Arizona climate is a great location for a tiny home because there is a lower risk for mold. (Tiny homes are particularly vulnerable when it comes to mold because of the production of vapor from cooking and showering).

The Takeaway

Although not fully accepted everywhere, tiny houses are well on their way to becoming the future in affordable housing options. Whether you’re a digital nomad, a family of two living in Bloomington apartments, or newlyweds looking to become first time homeowners; tiny living is a lifestyle that can be adapted to suit your needs.

How to Start Trading Forex for Beginners: Step-By-Step

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forex for beginners

Looking to start trading Forex as a beginner? To get there, a lot of hard work and patience is required, but it isn’t impossible – anyone can do it! Find below an introductory guide that encompasses all the steps you need to follow in order to learn how to start trading Forex as a beginner.

1. Choose a licensed broker that meets your needs

Success begins with the online company you choose to trade with since you will execute your trades through its services. When looking for a broker, check what platform it offers and if the tools are suitable for the strategy you want to approach; test the quality and response rate of the support team; and most importantly, verify if the broker transparently states it is licensed.

2. Settle for one financial instrument

If you are a beginner, don’t waste your money by joggling with two or more financial markets. It will never pay off! Settle for one financial instrument and try to ‘master’ it. You can start by opening a demo account and testing different strategies. Eventually, when you feel ready, go on confidently and diversify your portfolio with another asset.

3. Use leverage

Leverage works as a loan lent to you by your broker. The purpose is to increase your chances of scoring big returns while investing a sum of money you can afford. The amount of leverage you receive depends on the volume of your open position and on the broker you are trading with. As tempting as it sounds, leverage trading can be very risky too, in case the trade goes wrong. You can minimize these chances by using risk management techniques.

4. Pick the most feasible account type

Typically, online brokers design two or more account types that address to traders with different needs and different levels of experience. Although VIP and Premium accounts have much more attractive features, don’t climb the ladder by missing important steps! Standards and Classic accounts are addressed to beginners and they are geared with exactly what you need to grow as an investor.

5. Learn, learn and learn some more!

You’ll never hear a successful trader say “Oh, that’s it! I finally know everything there is to know.” Whether you are trading forex, stocks, or any other financial instrument – there will always be something more left to learn! Knowledge is a stepping stone you can’t overlook if succeeding is your goal.

TradeFW is one of the brokers that know education forms great traders, therefore, puts at your disposal a plethora of educational materials, including webinars, videos, as well as a trained Account Manager. Moreover, there are thousands of informative books and eBooks available on Amazon, thousands of tutorials on YouTube and pretty much any form of information.

6. Plan ahead and track your results

Success is your destination and in order to get there, you need to know-how. Creating a trading plan will help you stay organized and grounded. Try to incorporate objectives that are applicable to every trade you open, like analyzing the markets, choosing the strategy and so on. Tracking your results and activity is equally important. This practice is known among traders as a trading journal because you need to describe every aspect of every trade you make, feelings included. Overall, both the trading plan and journal are crucial to your success on the long haul, a thing that you’ll come to realize later.

7. Use risk management techniques

However you look at it, trading is enclosed with a feeling of distress and fear of failing. While it holds a risk you can’t neglect, there are certain techniques that could minimize it. Firstly, you can place orders with your broker, such as stop-loss or take profit, to exit a trade at the most convenient time and avoid major losses. Another technique focuses on the way you manage your capital. In certain markets, such as forex, the possibility to make quick profits is enormous, which can determine you to overtrade. To avoid this from happening, allow a particular sum of money for each trade and limit your number of trades per day.

Ready to start trading Forex?

This forex for beginners guide is just a start, but the next steps require your full dedication and desire to succeed. Keep in mind that hard work always pays off, even in trading; so you owe yourself to not give up even when things get a bit harder.