My Wife is Lyfting Our Income

Lyft Driver SummaryOur roommates recently moved out leaving us with way too much space and an addition $1200 in rent to cover.  As a Hamiltonian I can’t just sit in a newly emptied bedroom and let a dozen Franklins walk out the door.  We considered Airbnb which I still think is a good idea, but I don’t foresee being here too long so we don’t want to pay money for a bed only to move and not recoup our costs.  We do have one car and that seems to be the new way to make some extra money these days, especially if you’re a millennial.

On April 7 I read Lyft had a promotion for $750 bonus in my area after 75 rides within 30 days.  That means you essentially get a $10 bonus on every ride you give, so I was willing to have my wife try it out.  I previously signed up for Uber thinking there was a $500 bonus, but after contacting them it was only $100 for the driver so I didn’t complete the registration process.  I would only recommend signing up during a period with a big bonus, think hundreds of dollars.  Depending on your area amounts will vary, so when you see one and are ready jump on it.

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Online Shopping Portals

Online PortalsIf you have ever purchased something on the internet there is something you should know about – online shopping portals.  These are tools which provide a rebate to your purchases.  Portals can be used to earn cashback, airline miles, or reward points.  The amount back from a purchase varies from 0.5% to as high as 15%.  You may be thinking why this is possible.  Well, all over the internet people are paid to drive traffic and sales to people’s websites.  Instead of these people collecting commissions when you shop, you get to collect the commission and I’m sure a piece goes to the portal company too.

I like to get airline miles as a rebate on my purchases, but sometimes  when the rates are low and I prefer cash.  For cashback I use TopCashBack because it has been very reliable, and I can get my cashback through PayPal, direct deposit, or even get a 3% bonus if I get paid out in American Express or Amazon gift cards.  Different portals offer different rates on the same store so you are free to make multiple accounts, but I’ve found it convenient to stick to one cashback  and the rest airline miles.

When choosing which portal to use (if you use multiple) Cashback Monitor is an excellent site which shows the rates for different portals at various stores.  As you can see from my picture, I have received cashback from all types of stores.

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Shutting My Garage Door (Business)

Garage Door Sales KitIf you haven’t figured it out yet, I am always thinking of ways to make some money, many online, but I also try some in-person ideas.  Over the past few months I tried to make a few hundred bucks by starting a small business selling garage door keypads.  This article will tell the entire story, but the short story is I didn’t sell a single unit.  Sounds like a lost a lot of money right?  Well, in reality I didn’t even lose a hundred.

The idea

We moved into the condo we are in seven months ago.  We enjoy biking, or rather have to since we share a car, so we are always coming in and out through the garage.  We bought and installed a keypad identical to the ones our neighbors for $32.  Most of our neighbors already had them because it was an option from the builder for $150.  I figured for the 10-15% of people who did not buy it there was money to be made in giving them a deal.

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Trump Demands Decluttering

Donald TrumpTrump is pretty good at making demands and this time he may have an idea worth hearing, so listen up before he reverses his position.  If you look around your house, apartment, or garage you will find something you have not used in a year and probably don’t need.  If you can’t find anything maybe you should start your own decluttering blog, and yes they exist.  So how do Trump and tidying up go together?  Well, the Trump doll I have pictured was in a closet in my parents house for ten years or so and probably would have stayed there forever.  Recently he came out when he decided to run for president.  Yes, a doll running for president is pretty hilarious, but let’s not get into politics, we are talking about decluttering.

Decluttering is when you tidy up.  You can make some space by removing the stuff you do not need and perhaps gets some money in the process.

Getting down to business

In order to declutter you need to identify what you don’t want.  Trump would probably select some beans that he planned on spilling, but now needs to get rid of.  Start small with a category like clothing and pick five things you don’t need anymore.  You can give these away, throw them away, or sell them if they are of value.  I recommend selling your belongings on eBay or locally if large.  Trump believes all his stuff is the best this country has to offer so he wants to sell his junk.  However, his deals are way bigger so he likes to offload his stuff at the bankruptcy courts. Continue reading “Trump Demands Decluttering”

Cheap Ideas for April Fools 2016

Today is April Fools so let’s share our cheapest ideas.  If you have ever watched Extreme Cheapskates it is hilarious to see how far these people go to save a nickel.  This blog isn’t about being cheap, so maybe we can get a laugh from the following.

Cheap

  • Use hair as dental floss.  Find a person with long hair and then you have floss for life.  You can even grow your own!  On TV a guy just reused the same piece, I think I’ve outdone him.
  • Utilize roadkill.  Yes, on the show someone not only stewed their roadkill, but made a nice purse from skin.  Way to recycle.
  • Add soap to inflatable swimming pool water after use to wash dishes.

Questionable

  • Reuse paper towels.  If your hands are clean and you are just drying them off wouldn’t a paper towel dry and be clean?  I wonder because you often see trash can overflowing with spotless paper towels.
  • Sampling too much.  I have seen people at Costco request five samples.

April Fools to all, I hope you have realized that you don’t have to be cheap to save money.    Maybe in the future if we lack resources these ideas will not seem so ridiculous, but currently there are plenty of other great ways to cut expenses and save money.

If you have crazy examples or have seen stuff please share.

LendingClub, Good or Bad for Investors?

Lending Club ReturnsUpdate 10/20/16: Since originally posting this article LendingClub has come under a scandal, but I don’t think that had any effect on returns.  What I have noticed is that the returns are decreasing due to more defaults.  So at this time I would say it is even riskier than I stated previously and would recommend people to stay away.  However, you are free to make your own decisions and hear what brought me to LendingClub in the first place.  If you end up deciding to invest, I have provided links so you can get a hefty bonus.

Update 2/11/18: I no longer have funds in LendingClub, I noticed returns weren’t living up to expectations.

Saving your money is great, but it is even better if you can have that money work for you so you get to experience compound growth. The simplest of ways to get compounding is through an interest-bearing savings account or certificate of deposit (CD). However the yields on these are 2% or less, so after 10 years you would grow $1,000 to $1,219, not bad for doing nothing. However, if you invested that money in an investment with a 7% yield, you’d have $1,967. The longer the duration the larger the growth will be. Now that you can see the desire to grow your money let me explain one investment that I believe will get me a 7% yield and if I’m lucky maybe even more.

The basics

The investment I am talking about is peer-to-peer lending.  This is where you invest money in loans taken out by normal people.  Instead of giving them the whole loan amount, you can lend them just a fraction as low as $25.  The loans are often for people who are riskier than average and therefore have to use peer-to-peer to find an unsecured lending option.  The two main platforms at the moment are LendingClub and Prosper.  I used LendingClub, so I will write about my experience with that. Continue reading “LendingClub, Good or Bad for Investors?”

The Perks of Employment

Educational ReimbursementIf you are an employee with benefits I suggest you read your employee handbook at the next opportunity.  Everyone knows how many vacation days they get a year, but there could be undiscovered perks that could save you money.

Health Care

This is a benefit that certainly won’t be overlooked.  You will likely be given a presentation about your options and the associated premiums for each.  Employer-sponsored health care is often a good way to get a discount on health care and now due to the Affordable Care Act you are required to purchase coverage or pay a fee.  One benefit I received from the Affordable Care Act was that I could be under my parent’s plan until age 26.  This has saved me a bit over a thousand per year but the savings are up after my birthday.
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What’s an Affordable Way to Learn a Language?

Chinese bookLearning a new language is a challenge that can be very rewarding.  However, there are many programs out there that claim to make it easy to learn but come with a high price tag.  I’m hear to say that you do not have to pay a fortune to learn a new language.

Lessons on CDs

Rosetta Stone is a popular program.  In the past you had to decide in the beginning how many levels you would like to complete and pay a price up to $499.  Now due to competition it looks like you can have access to everything for a bit over $200.  Pimsleur is another method but it seems to have retained its high price at $450.  I have tried both and liked that I could do Pimsleur in the car but found Rosetta Stone so repetitive that I returned it with their money back guarantee (unknown if they still have that).  So if you want these types of lessons how can you get them without paying a fortune?  Well, the trick is to borrow them! Continue reading “What’s an Affordable Way to Learn a Language?”

Outsourcing, Good or Bad?

Car WashWhen you think of outsourcing you probably think of big companies moving your job to a foreign country.  That is certainly outsourcing, but I intend to talk about the outsourcing we do in our lives.

Tasks you can do youself

If you hire a gardener, maid, or dry cleaner or even go to a barber you are already outsourcing some of your work.  Is this money well spent or should we claim our spot behind the lawn mower?  These are decisions you need to think about rather than go with the flow.  I would not hire a pool cleaner or gardener as I could save hundreds a year by avoiding their services; in fact, I was both at times for my parents.  However, I use the dry cleaners because they provide a service that would be much harder for me to perform for a fairly low price. Continue reading “Outsourcing, Good or Bad?”

Flexible Spending Accounts

Flexible Spending AccountA flexible spending account (FSA) can be a bit scary because there is the possibility of losing money.  However, if you carefully plot your course you will not let this happen and you will save some money on taxes.  Much more than a Hamilton will come out of this strategy, so listen up and hope your employer has your back on this.

The bad news about a FSA is that you can only get it through your employer.  The good news if you have access to one you can save hundreds on healthcare expenses every year.

How it works

During an enrollment period which usually occurs once towards the end of the year or when you start at a new company, you will be able to select how much of your paycheck you would like to allocate to your FSA.  For 2016 the limit is $2,550.  You then have access to all your FSA money at the beginning of the year.  You are allowed to use the money for qualified medical expenses such as doctor’s visits, copays, glasses, and much more.  However you can not use it to pay your insurance premiums. Continue reading “Flexible Spending Accounts”

Flipping MacBooks Like a Pro

MacBook ProI am currently down to the one pictured MacBook in inventory which feels great because at some points it seemed like it would take quite some time to get rid of my stash.  This article will be about finding something you enjoy to become your income hobby.  Most personal finance blogs refer to this as a side gig but that doesn’t sound as appealing as hobby income.

Choosing an income hobby

Although flipping MacBooks works for me, it may not appeal to you and that is totally fine.  You should choose something of interest.  If you like cars, you could considering repairing them.  If you are into pets, you could pet sit, pick up poop, or walk them.  Maybe it is a bit of a stretch to think pet lovers would like picking up poop, but the more creative you are the more opportunities for an income hobby.

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How I Made My First Million

Shop Your Way Rewards

You probably guessed it, I’m not a real millionaire, but I was a Sears millionaire, that is I earned over a million Shop Your Way Rewards points (SYWR).  The currency is 1,000 to 1, so this is how I made over $1000 in rewards.

The backstory

I earned my first points in August 2015 when we moved into a new condo and needed a refrigerator, washer, and dryer.  Sears frequently had sales and their prices were generally a bit lower than other stores.  Don’t worry, it gets better.  Using my Discover card I was able to get 10% back through the Discover Deals portal, which will be 20% after doubling at the end of my first year.  In addition, Shop Your Way is a program through Sears that offers points back on purchases through coupons and other promotions.  I used a coupon for $25 and 10% back in points.  The $2800 purchase became $2240 with 305,000 in SYWR ($305 value at Sears or Kmart).  This means I saved over $800 which is fantastic for my first Sears purchase.

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