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A Beginner’s Guide to Insurance Premiums

What is a premium?

To benefit from insurance coverage, you’ll need to pay a premium. A premium is a payment to your insurer that keeps your coverage in place. Insurance companies determine your premium by deciding what the risk is to insure you. Here’s a breakdown of the basics to help you understand what a premium is, why you have to pay it, how it works and ways to reduce your costs.

What Is a Premium?

An insurance premium is effectively the cost of your insurance, whether for health, auto or life insurance. Most companies allow you to pay the annual premium via monthly installments. However, some companies may require you to pay your premium on an annual basis or a semi-annual basis. Some may even want the entire insurance premium up front. Companies often decide they want the insurance premium up front if you have previously had your insurance policy canceled for non-payment.

The price of a premium is usually decided by an actuary or underwriter who takes a base calculation. The base calculation determines what the risk is to insure you. After the base calculation, the company may discount it based on your health, driving record, location and other personal details. This is all based on the type of insurance you’re looking to secure, too.

Your premium may also be determined based on your insurance history. Every insurance company uses different criteria to determine premiums. Some companies use insurance scores based on personal factors like credit rating, car accident frequency, personal claims history and occupation. If your personal factors are attractive to certain companies, you may want to secure a plan with one of them. It could mean a lower cost premium.

You may also pay more money for higher amounts of coverage, whether you’re purchasing life insurance, car insurance, health insurance or any other kind of insurance.

The value and condition of what you are insuring can also change the amount of coverage you need. For example, if you’re a healthy 28-year-old with no kids, your life insurance premium may be very inexpensive because you might not need a large policy. However, the price could increase as you age and your health and family situations change because you may need more coverage.

How Can You Lower Your Rates?

What is a premium?

The type of coverage you purchase affects your premium. If you get more comprehensive coverage with your insurance policy, it may raise your insurance premium. For example, if you insure your vehicle for all risks, you may have to pay more than if you insured it with a policy that doesn’t include collision coverage.

Deductibles can reduce your insurance premiums, as well. An insurance deductible is the cost you pay before the insurance company pays anything. If your car is insured and you have a $1,000 deductible, you have to pay $1,000 before the insurance company will begin to cover any costs. If there are $3,000 in damages to your vehicle, you would have to pay $1,000 and the insurance company would pay the other $2,000. As a general rule, the higher your deductible, the lower your premiums.

In the case of health insurance, taking on a higher deductible, higher co-pays or longer waiting periods may lower your costs. However, if you can afford a plan with a lower deductible, you may want to take that. Lower deductible health plans offer customers more predictable prices for higher amounts of coverage.

Your homeowners insurance premium may be affected by the coverage limits you choose, your deductible amount, optional coverages you select, your home’s age and condition, your claims history and your credit rating.

Car insurance premiums may be affected by your age, your credit score, your driving record, the age of your car, the type of coverage you chose, coverage limits you select, where you live and drive, and how often you drive.

Your life insurance premium may be affected by the amount of life insurance coverage you buy, the type of life insurance policy you select, the length of your policy, and your age, health, and life expectancy.

Insurance Limits

Some companies, specific policies or types of coverage have insurance limits. An insurance limit is the maximum amount of money the company will pay. Typically, the higher your insurance limit, the higher your premium. It’s also the inverse of a deductible. You pay the part of the claim or claims that’s more than the limit on your policy.

Insurance limits can be on a per occurrence basis or on an aggregate basis. For example, a per occurrence basis could be a $20,000 insurance limit on bodily injuries per person, per car accident. An aggregate insurance limit might be a $100,000 limit on construction costs in the event of a natural disaster.

Car Insurance

Car insurance laws and policies typically list liabilities as a set of three numbers that stand for the coverage limits when you’re responsible for an accident. If your numbers were 22/66/15, your insurance would cover $22,000 for bodily injuries per person, $66,000 in total bodily injury coverage per accident and $15,000 for property damage per accident. For personal injury protection, collision and comprehensive coverage, the numbers are listed as a single amount for each type of coverage. Your state may have specific minimum limits for certain coverages, so make sure you’re getting a fair rate.

Health Insurance

Healthcare laws often change, and many lifetime and annual health insurance limits are illegal. However, some health insurance policies still list annual limits or limits on the number of times certain treatments will be covered, such as acupuncture, chiropractic services and orthotics. Companies may also place limits on prescription medication to keep costs down. There may be policies such as “step therapy,” which requires you to try less expensive drugs first, or quantity limits, such as only covering 30 pills in 30 days.

Homeowners Insurance

Your homeowners insurance policy will often list separate limit amounts for different types of coverage. The limit amounts for liability coverage – in case you’re sued by someone for property damage or injuries that occur on your property – may be different than the limit amount for damage to your home and personal property. Make sure you review all of your homeowners insurance coverage limits, such as the amount it may cost to rebuild your home (dwelling coverage), liability coverage and personal property coverage.

Shopping Around

What is a premium?

It’s important to shop around for insurance because different companies have different target clients. You may be the target client for one company, but not for another. That means your premium may be lower with one company than another. The price you pay for your insurance may include taxes or fees, as well. And these could differ from company to company. Before shopping around, call your insurance company and see if they’re willing to lower your premium.

In addition, insurance companies may decide to pursue a new market segment. That can lower rates on a temporary basis, or on a more permanent basis if that works for the company. In either case, you can get a better deal on your insurance if you are part of the demographic that insurance company wants to attract.

The best insurance company for you may not be the best insurance company for your parents or your best friend. It all depends on your age, location and many other factors.

The Bottom Line

Your insurance company will assess the financial risk of insuring you. The greater they perceive that risk to be, the more your premium will cost. It’s important to make sure you let your insurance company know all the ways in which you are a low-risk or lower risk client in order to get premium reductions. After shopping around, you’ll be able to find the insurance policies that are best for your financial situation.

Tips for Reducing Insurance Costs

  • Consider all of the insurance options available based on your individual circumstances. This can help you save money. A comprehensive budget calculator can help you understand which option is best.
  • If you need extra help weighing your insurance options, you might want to consider working with an expert. Finding the right financial advisor that fits your needs can be easy. SmartAsset’s free tool will match you with financial advisors in your area in five minutes. If you’re ready to learn about local advisors that will help you achieve your financial goals, get started now.

Photo credit: ©iStock.com/skynesher, ©iStock.com/kate_sept2004, ©iStock.com/AndreyPopov

The post A Beginner’s Guide to Insurance Premiums appeared first on SmartAsset Blog.

Source: smartasset.com

How Much Should You Spend on Rent?

One of the most exciting parts of becoming an adult is moving out of your old place and starting your own life. However, as is the case with most major life events, moving out comes with a lot of added responsibility. Part of this duty is knowing and understanding your budget when shopping for the perfect apartment, condo, duplex, or rental house. So how much should you really spend on rent?

The 30 Percent Threshold

The first step in deciding how much you should spend on rent is calculating how much rent you can afford. This is done by finding your fixed income-to-rent ratio. Simply put, this is the percentage of your income that is budgeted towards rent.

As a general rule of thumb, allocating 30 percent of your net income towards rent is a good place to start. Government studies consider people who spend more than 30 percent on living expenses to be “cost-burdened,” and those who spend 50 percent or more to be “severely cost-burdened.”

When calculating your income-to-rent ratio, keep in mind that you should be using your total household income. If you live with a roommate or partner, be sure to factor in their income as well to ensure you’re finding a rent range that’s appropriate for your income level.

If you’re still unsure as to how much rent you can afford, consider an affordability calculator. Remember to consult a financial advisor before entering into a lease if you’re unsure if you’ll be able to make rent.

Consider the 50/30/20 Rule

Consider the 50:30:20 Rule

After you’ve set a fixed income-to-rent ratio, consider the 50/20/30 rule to round out your budget. This rule suggests that 50 percent of your income goes to essentials, 20 percent goes to savings, and the remaining 30 percent goes to non-essential, personal expenses. In this case, rent falls under “essentials.” Also included in this category are any expenses that are absolutely necessary, such as utilities, food, and transportation.

Let’s consider a hypothetical situation in which you make $4,000 per month. Under the 50/20/30 rule with a fixed income-to-rent ratio of 30 percent, you have $2,000 (50 percent) per month to spend on essential living expenses. $1,200 (30 percent) goes to rent, leaving you with $800 per month for other necessary expenses such as utilities and food.

Remember to Budget for Additional Expenses

Now that you’ve budgeted for rent and essential utilities, it’s time to make a plan for how you’re going to furnish your apartment. One of the biggest shocks of moving out on your own is how expensive filling a home can be. From kitchen utensils to lightbulbs and everything in between, it can be pricey to make your space perfect.

For the most part, furniture falls under the 30 percent of personal, non-essential expenses. Consider planning ahead before a move and saving for home goods so that you don’t go into major debt when it comes time to move out.

Be on the Lookout for Savings

If your budget is slightly out of reach for your dream apartment, try to nix unnecessary costs to see if you can make it work. Look for ways to cut down on utilities, insurance, groceries, and rent.

Utilities: Water, heat, and electricity are all necessities, but your TV service isn’t. Cut the cord on TV and mobile services that may not serve you and your budget anymore. Consider swapping out your light bulbs for eco-friendly and energy-efficient light bulbs to cut down your electric bill.

Insurance: Instead of paying monthly renters insurance rates, save a fraction of the cost by paying your yearly cost in full. If you have a roommate, ask to share a policy together at a premium rate.

Groceries: Swap your nights out for a homemade meal. You can save up to $832 a year with this simple habit change. When grocery shopping, add up costs as you shop to ensure your budget stays on track.

Rent: One of the best ways to save on rent is to split the bill. Consider getting roommates to save 50 percent or more on your monthly rent.

A lease is not something to be entered into lightly. Biting off more rent than you can chew can lead to unpaid rent, which can damage your credit score and make it harder to find an apartment or buy a home in the future. By implementing these best practices, you’ll hopefully find a balance between finding a place you love and still having room in your budget for a little bit of fun.

Sources: US Census Bureau

The post How Much Should You Spend on Rent? appeared first on MintLife Blog.

Source: mint.intuit.com

8 Upfront Costs of Buying a House

Looking to buy a home soon? There will be upfront costs of buying a house.

You may have found a house that you like. You may have been approved for a mortgage loan, and have your down payment ready to make an offer. If you think that, at that point, all of the hard work is over, well think again.

In addition to the down payment, which can be significant depending on the price of the property, there are plenty of upfront costs of buying a home. As a first time home buyer, this may come to you as a surprise. So, be ready to have enough cash to cover these costs. In no particular order, here are 8 common upfront costs of buying a house.

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What is an upfront cost?

An upfront cost, as the name suggests and in terms of buying a house, is out of pocket money that you pay after you have made an offer on a property. They are also referred to as closing costs and cover fees such as inspection fees, taxes, appraisal, mortgage lender fees, etc. As a home buyer, these upfront costs should not come to you as a surprise.

What are the upfront costs of buying a house?

Upfront cost # 1: Private mortgage insurance cost.

If your down payment is less than 20% of the home purchase price, then your mortgage lender will charge you a PMI (private mortgage insurance). A PMI is an extra fee to your monthly mortgage payment that really protects the lender in case you default on your loan. Again, depending on the size of the loan, a PMI can be significant. So if you know you won’t have 20% or more down payment, be ready pay an extra fee in addition to your monthly mortgage payments.


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Upfront cost #2: inspection costs.

Before you finalize on a house, it’s always a good idea to inspect the house for defects. In fact, in some states, it is mandatory. Lenders will simply not offer you a mortgage loan unless they see an inspection report. Even if it is not mandatory in your state, it’s always a good idea to inspect the home. The inspection cost is well worth any potential defects or damages you might encounter.

Inspection fee can cost you anywhere from $300-$500. And it is usually paid during the inspection. So consider this upfront cost into your budget.

Upfront cost # 3: loan application fees.

Some lenders may charge you a fee for applying for/processing a loan. This fee typically covers things like credit check for your credit score or appraisal.

Upfront cost # 4: repair costs.

Unless the house is perfect from the very first time you occupy it, you will need to do some repair. Depending on the condition of the house, repair or renovating costs can be quite significant. So consider saving up some money to cover some of these costs.

Upfront cost # 5: moving costs.

Depending on how far you’re moving and/or how much stuff you have, you may be up for some moving costs. Moving costs may include utilities connections, cleaning, moving

Upfront cost # 6: Appraisal costs.

Appraisal costs can be anywhere from $300-$500. Again that range depends on the location and price of the house. You usually pay that upfront cost after the inspection or before closing.

Upfront cost # 7: Earnest Money Costs

After you reach a mutual acceptance for the home, in some states, you may be required to pay an earnest money deposit. This upfront costs is usually 1% to 3% of the home purchase price. The amount you pay in earnest money, however, will be subtracted from your closing costs.

Upfront cost # 8: Home Associations Dues

If you’re buying a condo, you may have to pay homeowners association dues. Homeowners association dues cover operation and maintenance fees. And you will pay one month’s dues upfront at closing.

In conclusion, when it comes to buying a house, there are several upfront costs you will need to consider. Above are some of the most common upfront costs of buying a house.

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MORE ARTICLES ON BUYING A HOUSE:

10 First Time Home Buyer Mistakes to Avoid

How Much House Can I afford

5 Signs You’re Better Off Renting

7 Signs You’re Ready to Buy a House

How to Save for a House


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The post 8 Upfront Costs of Buying a House appeared first on GrowthRapidly.

Source: growthrapidly.com

Understanding Long-Term Care Insurance

A lot of us don’t like to think about this, but inevitably there will come a time where we will all need help taking care of ourselves. So how can we start preparing for this financially?

Many people opt to purchase long-term care insurance in advance as a way to prepare for their golden years. Long-term care insurance includes services relating to day-to-day activities such as help with taking baths, getting dressed and getting around the house. Most long-term care insurance policies will front the fees for this type of care if you are suffering from a chronic illness, injury or disability, like Alzheimer’s disease, for example. 

If this is something you think you’ll need later on, it’s crucial that you don’t wait until you’re sick to apply. If you apply for long-term care insurance after becoming ill or disabled, you will not qualify. Most people apply around the ages of 50-60 years old. 

In this article, we will discuss long-term care insurance, how it works and why you might consider getting it.   

How long-term care insurance works

The process of applying for long-term care insurance is pretty straight forward. Generally, you will have to fill out an application and then you’ll have to answer a series of questions about your health. During this point in the process, you may or may not have to submit medical records or other documents proving the status of your health. 

With most long-term care policies, you will get to choose between different plans depending on the amount of coverage you want. 

Many long-term care policies will deem you eligible for benefits once you are unable to do certain activities on your own. These activities are called “activities of daily living” or ADLs:

  • Bathing
  • Incontinence assistance
  • Dressing
  • Eating
  • Getting off and/or on the toilet
  • Getting in and out of a bed or other furniture

In most cases, you must be incapable of performing at least two of these activities on your own in order to qualify for long-term care. When it’s time for you to start receiving care, you will need to file a claim. Your insurer will review your application, records and make contact with your doctor to find out more about your condition. In some cases, the insurer will send a nurse to evaluate you before your claim gets approved. 

It’s very common for insurers to require an “elimination period” before they start reimbursing you for your care. What this means is that after you have been approved for benefits and started receiving regular care, you will need to pay out of pocket for your treatments for a period of anywhere from 30-90 days. After this period, you will get reimbursed for your out-of-pocket expenses and from there.

Who should consider long-term care insurance

Unfortunately, the statistics are against our odds when it comes to whether or not we will eventually need some type of long-term care. Approximately half of people in the U.S. at the age of 65 will eventually acquire a disability where they will need to receive long-term care insurance.  Of course, the problem is, long-term care can be really expensive. Unless you have insurance, you’ll be paying for your long-term care completely out-of-pocket should you ever need it.

Your standard health insurance plan, including Medicare, will not cover your long-term care. The benefits of buying long-term care insurance are that:

  • You can hold on to your savings: Many uninsured seniors have to dip into their savings account in order to pay for their long-term care. Because it’s not cheap, many of them drain their life savings just to be able to pay for it.

 

  • You’ll be able to choose from a larger variety of options: Being insured gives you the benefit of being able to choose the quality of care that you prefer. Just like with anything else, you get what you pay for when it comes to healthcare. Medicaid offers some help with long-term care, but you’ll end up in a government-funded nursing home. 

 

How to buy long-term care insurance

If you’ve recently started thinking about shopping for long term-care insurance, you’ll want to keep a few things in mind:

  • Do you mind being insured on a policy with an elimination period?
  • Can you afford all of the costs including living adjustments?
  • Are you interested in a policy that covers both you and your spouse, otherwise known as “shared care”?

There are a few different ways to go about getting long-term care benefits. You can either buy a policy from an insurance broker, an individual insurance company, or in some cases, your employer. Obtaining long-term care insurance through your employer is probably going to be cheaper than getting it as an individual. Ask your employer if it’s included in your benefits. 

Many people also opt to shop for hybrid benefits insurance policies. This is when a long-term care policy is packaged in with a standard life insurance policy. This is becoming a lot more common in the world of insurance. Keep in mind that the approval process may be slightly different for a hybrid insurance policy than of that of a stand-alone long-term care insurance policy. Make sure to ask about the requirements before you apply. 

Best long-term care insurance packages

There are not very many long-term care insurance companies that exist as there once was. It’s hard to wrap our heads around purchasing something that we don’t yet need. However, here are a few examples of companies that offer competitive long-term care packages:

 

  • Mutual of Omaha: This company offers benefits of anywhere between $1,500 and $10,000. While the main disadvantage of this company’s packages is that they do not cover doctor’s charges, transportation, personal expense, lab charges, or prescriptions, you CAN choose to receive cash benefits instead of reimbursements. This company also offers discounts for things like good health and marital status. This company’s insurance policies offer a wide range of options and add-ons so you can make sure that all your bases are covered.

 

 

  • Transamerica: This company’s long-term policy, TransCare III, is good if you don’t want to hassle with an elimination period. If you live in California, this may not be the best choice for you because California’s rates are a lot higher than the rates in other states. Your maximum daily benefit can be up to $500 with this program, with a total of anywhere between $18,250-$1,095,000. 

 

 

  • MassMutual: Popular for their SignatureCare 500 policy which comes in both base and comprehensive packages, is a long-term care and life insurance hybrid. This is very appealing to many seniors wanting to kill two birds with one stone. This company also has a 6-year period as one of their term options, which is pretty high.

  • Nationwide: This program sets itself apart from many other programs available because it allows you to have informal caregivers like family, friends, or neighbors. You will receive your entire cash benefit every month and it is up to you to disperse the funds as you would like. Currently, this company does not have their pricing available online, so you will need to speak with an agent to discuss prices.

 

Understanding Long-Term Care Insurance is a post from Pocket Your Dollars.

Source: pocketyourdollars.com

This Exclusive Firm Now Sells ETFs Directly to Investors

A well-respected mutual fund company is allowing average investors to access its funds for the first time without the help of a financial adviser. Dimensional Fund Advisors — more commonly known as “DFA” — has unveiled its first line of exchange-traded funds, or ETFs. That means individual investors can now buy directly into DFA’s services. In the past, the only way most investors could access DFA…

Source: moneytalksnews.com

How Much Your Monthly Food Budget Should Be + Grocery Calculator

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Your grocery bill can add up fast. From dinner entrées to snacks, the amount you spend directly affects your other financial goals. Luckily, there are some guidelines to ensure you’re not overspending. 

Use the grocery calculator below to estimate your monthly and weekly food budget based on guidelines from the USDA’s monthly food plan. Input your family size and details below to calculate how much a nutritious grocery budget should cost you. Of course, every family is different. Some love coupons and leftovers, while others prefer fresh fish and aged cheese. Once you’ve established your budget, use the slider to adjust your estimate to your spending habits. 

Getting your food budget on point takes practice. With this grocery calculator and the right spending habits, you’ll have enough for your living expenses and exciting financial goals like paying off loans or buying a house.

Grocery Budget Calculator

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A moderate grocery budget will run you:

Weekly Grocery Cost Food costs per individual are based on USDA research regarding Dietary Reference Intakes and Dietary Guidelines for Americans, and follow MyPyramid nutrition guidelines.

$0.00

Monthly Grocery Cost Food costs per individual are based on USDA research regarding Dietary Reference Intakes and Dietary Guidelines for Americans, and follow MyPyramid nutrition guidelines.

$0.00

What kind of spender are you?

Does your estimate look right? If your spending habits don’t add up, explore these other budget options and choose what’s best for your lifestyle.

Thrifty This is the USDA’s estimated food budget for families that receive food assistance like WIC or SNAP.

Cost-Conscious This is an ideal budget for nutritious meals if you’re looking to save a little extra cash with leftovers and coupons.

Moderate This is the standard for affordable, nutritious, and balanced portions for most families.

Generous This budget gives you some spending wiggle room for finer foods or extra portions.

See where the rest of your budget is going Sign up for Mint

Monthly Grocery Budget

Ever wonder how much you should spend on groceries? The average cost of food per month for one person ranges from $150 to $300, depending on age. However, these national averages vary based on where you live and the quality of your food purchases.

Here’s a monthly grocery budget for the average family. This is based on the national average and likely varies by location and shop. For instance, New York City grocers are going to be far more expensive than Kansas City shops. Additionally, organic grocery stores like Whole Foods are pricier than places like Walmart or Aldi.

You’ll also want to consider dietary choices, like gluten-free or vegan diets. These can significantly affect your budget, so consider planning your grocery list online to compare prices and find your preferred alternatives.

FAMILY SIZE SUGGESTED
MONTHLY BUDGET
1 person $251
2 people $553
3 people $722
4 people $892
5 people $1,060
6 people $1,230

Finding a reasonable monthly grocery budget ensures you and your family have what you need, while not overspending. Look back at previous months using a budgeting app or credit card statements to see what you’ve spent at the grocery store. Decide if you want to maintain your current budget or cut back.

Purchasing Groceries vs. Dining Out

Mockup of grocery list and food inventory printables with fresh produce

 

Download grocery list and inventory printables button.

Don’t forget what you spend at restaurants when you consider your food budget. According to the U.S. Department of Agriculture, Americans spend 11 percent of their take-home income on food. It doesn’t all go towards groceries, though. Approximately six percent is spent on groceries, while five percent is spent dining out — including dates, lunches with coworkers, and Sunday brunch.

With this framework in mind, you can calculate your total food budget based on your take-home income. For example, Rita makes $3,500 per month after taxes. She would budget six percent for groceries ($210) and five percent for restaurants ($175). So she’ll need a total of $385 for food each month. With a little practice, she’ll better learn her habits and be able to accurately adjust her budget.

Tips for Reducing Your Budget

Illustration of grocery coupons and meal planner.

There are several ways to cut back on what you spend without sacrificing the quality and taste of your food. Trimming your food budget can help you stow away more for your financial goals, such as building an emergency fund or saving for a dream vacation.

Cut Coupons

Coupons are easy to find in the mail, in store, in your inbox, and even in a Google search. Many popular grocery stores are rolling out apps that track your coupons and savings. Be sure to download and register your email for new updates and sales. These usually work in person or online, so you can shop when and how you like. 

While a single coupon might not give you a large discount, you can save a lot with multiple coupons. It’s also important you make sure you actually need the item you’re purchasing instead of buying it for the sale. This can quickly get out of hand and push you over budget. 

Freeze Your Food

Freezing your fresh food before it goes bad helps your wallet and the environment. You can plan ahead and freeze prepared produce to save time on weekday cooking, or chop and freeze last week’s produce before shopping for more. Frozen vegetables are great in soups and stews, and you can use frozen fruits for healthy breakfast smoothies. 

Plan a Weekly Menu Ahead of Time

Plan your meals ahead of time to determine the food items and quantities you need before you head to the grocery store. This way you’re more likely to buy the exact items you need and can plan for breakfast, lunch, and dinner. Try to plan for recipes that use the same ingredients so there’s less to purchase. You can also make larger meals and plan leftovers for lunch so you have less to plan and purchase.

Download meal planning printable button.

Bring Lunches to Work 

A $13 lunch out might not seem like much, but it can blow your food budget fast if it becomes a habit. Push your monthly food budget further with delicious lunches from home. Salads, sandwiches, and leftovers are all easy, inexpensive, and nutritious. 

Buy Store Brands 

Many packaged products have a huge price disparity between brand name and generic items, and store brand items tend to be cheaper without sacrificing much quality. You can easily save 10 cents to a dollar per item, which adds up quickly over many trips. 

Shop at a More Affordable Store

Your local farmers market, chain grocery, and organic store will all offer different specialties and sales. Check out the different shops in your area to find the best combination of quality and price. Some stores might even offer bulk items — great for your favorite products and those with a long shelf-life. Choosing cheaper staple items like milk and yogurt can also make a huge difference over time. 

An accurate food budget that works for you helps you feel more confident and in control of your finances. Build a budget, learn your spending habits, and keep a grocery list to keep you on track and responsible so you can reach bigger goals, like a new vehicle or a down payment on a house. 

Sources: USA Today | EurekAlert | Persistent Economic Burden of the Gluten-Free Diet

The post How Much Your Monthly Food Budget Should Be + Grocery Calculator appeared first on MintLife Blog.

Source: mint.intuit.com

How I Got Started Flipping Houses

Earlier this year I sold my 200th house flip. These are not wholesale deals that I never technically buy or fix up, these are house flips that we buy, renovate and sell. It has been by no means easy to do this many flips and I have had my fair share of problems along the … Read more

Source: investfourmore.com

Mint Money Audit 6-Month Check-In: How Did Michelle Allocate Her Windfall?

In March I offered some financial advice to Michelle, a Mint user who was struggling with debt, a lack of retirement savings and a bit of family financial drama amongst her siblings.

Michelle was anticipating a cash bonus from her company and wasn’t sure if she should save the money or use it to relieve her debt.

I recommended a two-prong approach where she uses the cash to play savings catch-up in her retirement account and knock down some of her debt, which, at the time, included a $3,000 credit card balance and $52,000 in student loans.

Six months later, I’ve checked in with the 38-year-old real estate developer, to see if any of my advice was helpful and if she’s experienced any shifts in her financial life.

We spoke via email:

Farnoosh: Have your finances have improved over the last 6 months since we last spoke? If so, what has been the biggest improvement?

Michelle: Yes. I’ve aggressively been contributing to my 401(k) – about 50% of my pay – and had hoped to reach the annual maximum of $18,000 by June, but looks like it will be more like October. I also received a $40,000 distribution from a project that I closed.

F: What aspects of your financial life still challenge you?

M: Investing for sure. I never know if I’m hoarding too much cash. I am truly traumatized from the financial downturn. I just joined an online investment platform, but it was also overwhelming. Currently I have $45,000 in a regular savings account that earns 1.5%.

Another challenge is not knowing whether to just bite the bullet and pay off my student loans or to continue to pay them monthly.  I hate that I’m still paying loans 16 years after I graduated and it’s a source of frustration [and embarrassment] for me.  I owe $36,000. Often times I have an inner monologue about the pros and cons of just paying them off but then my trauma from 2008 kicks in…and I decide to keep my $45,000 nest egg safely where I can check the balance daily.

F: I recommended allocating $45,000 towards retirement. Was that helpful? What are some ways you’ve managed to save?

M: Yes, I recall you saying you recommended having a total of $100,000 towards retirement for a person my age. Currently, I have $51,000 in my 401(k), $35,000 in a traditional IRA and $17,000 in my Ellevest brokerage account, so I’ve broken the $100,000 goal.

I did add a car note to my balance sheet. My old car suffered a total loss (major electrical failure due to a sunroof leak!) and the insurance gave me a check for $9,000. I used it all towards the new vehicle (a certified used 2014 Acura) and I’m financing $18,000.

F: Your dad’s home was a source of financial stress, it seemed. Were you able to talk with your siblings and arrive at a better place with that?

M: My dad actually has passed since we last spoke. He passed in February and so his will went to probate. My siblings and I have decided not to make any decisions about the house for at least one year. Yes, this is kicking the can further down the street however, they recognize that I maintain the house and pay the real estate taxes and so they are not pressuring me to move or to sell.

The new deed has been recorded and the property is under all our names and so everyone seems ok with knowing that I can’t do anything regarding a sale or refinance unilaterally.

So, for now, I live rent free other than paying utilities, miscellaneous maintenance on the house and real estate taxes quarterly. This, too, is helping me save aggressively.

Also, the new car note has replaced the hospice nurse contribution so I’m not feeling that my budget is overburdened with the new car.

I think ultimately I will buy out at least two of my siblings and stay in the house. Verbally they have expressed being okay with this.

 

Have a question for Farnoosh? You can submit your questions via Twitter @Farnoosh, Facebook or email at farnoosh@farnoosh.tv (please note “Mint Blog” in the subject line).

Farnoosh Torabi is America’s leading personal finance authority hooked on helping Americans live their richest, happiest lives. From her early days reporting for Money Magazine to now hosting a primetime series on CNBC and writing monthly for O, The Oprah Magazine, she’s become our favorite go-to money expert and friend.

The post Mint Money Audit 6-Month Check-In: How Did Michelle Allocate Her Windfall? appeared first on MintLife Blog.

Source: mint.intuit.com

What Are Mutual Funds? Understanding The Basics

If you’re one of those investors with very little time to research and invest in individual stocks, it might be a good idea to look into investing in mutual funds.

Whether your goal is to save money for retirement, or for a down payment to buy a house, mutual funds are low-cost and effective way to invest your money.

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What is a mutual fund?

A mutual fund is an investment vehicle in which investors, like you ad me, pool their money together. They use the money to invest in securities such as stocks and bonds. A professional manages the funds.

In addition, mutual funds are cost efficient. They offer diversification to your portfolio. They have low minimum investment requirements.

These factors make mutual funds among the best investment vehicles to use. If you’re a beginner investor, you should consider investing in mutual funds or index funds.

Investing in the stock market in general, can be intimidating. If you are just starting out and don’t feel confident in your investing knowledge, you may value the advice of a financial advisor.

Types of mutual funds

There are different types of mutual funds. They are stock funds, bond funds, and money market funds.

Which funds you choose depends on your risk tolerance. While mutual funds in general are less risky than investing in individual stocks, some funds are riskier than others.

However, you can choose a combination of these three types of funds to diversify your portfolio.

  • Stock funds: a stock fund is a fund that invests heavily in stocks. However, that does not mean stock funds do not have other securities, i.e., bonds. It’s just that the majority of the money invested is in stocks.
  • Bond funds: if you don’t want your portfolio to fluctuate in value as stocks do, then you should consider bond funds.
  • Money market funds: money market funds are funds that you invest in if you tend to tap into your investment in the short term.
  • Sector funds. As the name suggests, sector funds are funds that invests in one particular sector or industry. For example, a fund that invests only in the health care industry is a sector fund. These mutual funds lack diversification. Therefore, you should avoid them or use them in conjunction to another mutual fund.

Additional funds

  • Index funds. Index funds seek to track the performance of a particular index, such as the Standard & Poor’s 500 index of 500 large U.S. company stocks or the CRSP US Small Cap Index. When you invest in the Vanguard S&P 500 Index fund, you’re essentially buying a piece of the 500 largest publicly traded US companies. Index funds don’t jump around. They stay invested in the market. 
  • Income funds: These funds focus invest primarily in corporate bonds. They also invest in some high-dividend stocks.
  • Balance funds: The portfolio of these funds have a mixed of stocks and bonds. Those funds enjoy capital growth and income dividend.

Related Article: 3 Ways to Protect Your Portfolio from the Volatile Stock Market

The advantages of mutual funds

Diversification. You’ve probably heard the popular saying “don’t put all of your eggs in one basket.” Well, it applies to mutual funds. Mutual funds invest in stocks or bonds from dozens of companies in several industries.

Thus, your risk is spread. If a stock of a company is not doing well, a stock from another company can balance it out. While most funds are diversified, some are not.

For example, sector funds which invest in a specific industry such as real estate can be risky if that industry is not doing well.

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Professional Management.

Mutual funds are professionally managed. These fund managers are well educated and experienced. Their job is to analyze data, research companies and find the best investments for the fund.

Thus, investing in mutual funds can be a huge time saver for those who have very little time and those who lack expertise in the matter.

Cost Efficiency. The operating expenses and the cost that you pay to sell or buy a fund are cheaper than trading in individual securities on your own. For example, the best Vanguard mutual funds have operating expenses as low as 0.04%. So by keeping expenses low, these funds can help boost your returns.

Low or Reasonable Minimum Investment. The majority of mutual funds, Vanguard mutual funds, for example, have a reasonable minimum requirement. Some funds even have a minimum of $1,000 and provide a monthly investment plan where you can start with as little as $50 a month.

Related Article: 7 Secrets Smart Professionals Use to Choose Financial Advisors

The disadvantage of mutual funds.

While there are several benefits to investing in mutual funds, there are some disadvantages as well. 

Active Fund Management. Mutual funds are actively managed. That means fund mangers are always on the look out for the best securities to purchase. That also means they can easily make mistakes.

Cost/expenses. While cost and expenses of investing in individual stocks are significantly higher than mutual funds, cost of a mutual fund can nonetheless be significant.

High cost can have a negative effect on your investment return. These fees are deducted from your mutual fund’s balance every year. Other fees can apply as well. So always find a company with a low cost. 

How you make money with mutual funds.

You make money with mutual funds the same way you would with individual stocks: dividend, capital gain and appreciation.

Dividend: Dividends are cash distributions from a company to its shareholders. Some companies offer dividends; others do not. And those who do pay out dividends are not obligated to do so. And the amount of dividends can vary from year to year.

As a mutual fund investor, you may receive dividend income on a regular basis.

Mutual funds offer dividend reinvestment plans. This means that instead of receiving a cash payment, you can reinvest your dividend income into buying more shares in the fund.

Capital gain distribution: in addition to receiving dividend income from the fund, you make money with mutual funds when you make a profit by selling a stock. This is called “capital gain.”

Capital gain occurs when the fund manager sells stocks for more he bought them for. The resulting profits can be paid out to the fund’s shareholders. Just as dividend income, you have the choice to reinvest your gains in the fund.

Appreciation: If stocks in your fund have appreciated in value, the price per share of the fund will increase as well. So whether you hold your shares for a short term or long term, you stand to make a profit when the shares rise. 

Best mutual funds.

Now that you know mutual funds make excellent investments, finding the best mutual funds can be overwhelming. 

Vanguard mutual funds.

Vanguard mutual funds are the best out there, because they are relatively cheaper; they are of high quality; a professional manage them; and their operating expenses are relative low. 

Here is a list of the best Vanguard mutual funds that you should invest in:

  • Vanguard Total Stock Market Index Funds
  • Vanguard 500 Index (VFIAX)
  • Total International Stock index Fund
  • Vanguard Health Care Investor

Vanguard Total Stock Market Fund 

If you’re looking for a diversified mutual fund, this Vanguard mutual fund is for you. The Vanguard’s VTSAX provides exposure to the entire U.S. stock market which includes stocks from large, medium and small U.S companies.

The top companies include Microsoft, Apple, Amazon. In addition, the expenses are relatively (0.04%). It has a minimum initial investment of $3,000, making it one of the best vanguard stock funds out there.

Vanguard S&P 500 (VFIAX)

The Vanguard 500 Index fund may be appropriate for you if you prefer a mutual fund that focuses on U.S. equities. This fund tracks the performance of the S&P 500, which means it holds about 500 of the largest U.S. stocks.

The largest U.S. companies included in this fund are Facebook, Alphabet/Google, Apple, and Amazon. This index fund has an expense ration of 0.04% and a reasonable minimum initial investment of $3,000.

Vanguard Total International Stock Market

You should consider the Vanguard International Stock Market fund of you prefer a mutual fund that invests in foreign stocks.

This international stock fund exposes its shareholders to over 6,000 non-U.S. stocks from several countries in both developed markets and emerging markets. The minimum investment is also $3,000 with an expense ratio of 0.11%.

Vanguard Health Care Investor

Sector funds are not usually a good idea, because the lack diversification. Sector funds are funds that invest in a specific industry like real estate or health care. However, if you want a fund to complement your portfolio, the Vanguard Health Care Investor is a good choice.

This Vanguard mutual fund offers investors exposure to U.S. and foreign equities focusing in the health care industry. The expense ration is a little bit higher, 0.34%. However, the minimum initial investment is $3,000, making it one of the cheapest Vanguard mutual funds.

Bottom Line

Mutual funds are great options for beginner investors or investors who have little time to research and invest in individual stocks. When you buy into these low cost investments, you’re essentially buying shares from companies.

Your money are pooled together with those of other investors. If you intend to invest in low cost investment funds, you must know which ones are the best. When it comes to saving money on fees and getting a good return on your investment, Vanguard mutual funds are among the best funds out there.

They provide professional management, diversity, low cost, income and price appreciation.

What’s Next: 5 Mistakes People Make When Hiring A Financial Advisor

Speak with the Right Financial Advisor

  • If you have questions beyond knowing which of the best Vanguard mutual funds to invest, you can talk to a financial advisor who can review your finances and help you reach your goals (whether it is making more money, paying off debt, investing, buying a house, planning for retirement, saving, etc).
  • Find one who meets your needs with SmartAsset’s free financial advisor matching service. You answer a few questions and they match you with up to three financial advisors in your area. So, if you want help developing a plan to reach your financial goals, get started now.
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The post What Are Mutual Funds? Understanding The Basics appeared first on GrowthRapidly.

Source: growthrapidly.com

20 Of The Best Entry Level Work From Home Jobs

Looking for entry level work from home jobs?

Are you wondering, “How can I work from home with no experience?”

I know it may seem like every job out there today requires several years of experience. This makes it very difficult to find a job, especially if you are brand new to the field and trying to get your start.

It can be difficult to find a way to make money from home when you are brand new, but it’s not impossible to find entry level work from home jobs.

Everyone has to start somewhere, and if you want to start working from home, then I have a great list of no experience work from home jobs for you to look into.

Now, just because these jobs, businesses, and ways to make extra money don’t require experience, it does not mean that they will be easy! Remember, good things don’t come easy.

You may have to learn a new skill, take a course, and so on.

Also, please remember that entry level means you are starting from the bottom and working up. That means it may take a while to establish yourself. Still, there is room to grow in many of these jobs.

What you’ll find in this list of entry level work from home jobs are new careers and businesses you can start without having a college degree or years of experience.

There are many ideas on this list that involve starting a freelance career by using existing skills, like if you have a good eye for spotting grammar and punctuation errors, then you may be interested in proofreading.

There are other ideas on this list that will require you to learn some new skills – all ones you can easily pick up online.

The most important part is that all of these jobs are 100% work from home ideas. Yes, these are all jobs you can work from the comfort of your own home, while you travel, etc.

Finding a work from home job can be a great way to make money.

After all, it’s what I do, and I love it!

And, there are so many different options depending on what you are looking for. You may be able to find entry level work from home jobs that are part time, full time, that work while you are traveling, and so on.

Plus, many of the entry level jobs from home on my list allow you to have a more flexible schedule, where you may be able to choose the days you work, your hours, and more.

So, if you are looking to start making extra money or if you want a new career path that lets you earn money from home, this list is especially for you.

Before you’re scared off by any of these ideas, please remember that you don’t need to be an expert in any of them right now. As with any new job, you learn as you go and can find training as well.

Related content on entry level work from home jobs:

  • 12 Passive Income Ideas That Will Let You Enjoy Life More
  • 15 Of My Best Working From Home Tips So You Can Succeed
  • 15 Outdoor Jobs For People Who Love Being Outside
  • 15 Home Business Ideas & The Free Courses You Need To Get Started

Below are 20 entry level work from home jobs.

 

1. Create a blog to earn an income.

If you’re looking to work from home, I recommend that you think about starting a blog.

You don’t need previous experience, and most bloggers are brand new to blogging anyways!

I was brand new when I started my blog many years ago, and I learned everything I know along the way.

I read lots of online articles written by other bloggers who were once in the same spot I was, and I have also taken several great courses to help me improve my blog over the years.

I created Making Sense of Cents in 2011, and since then, I have earned over $5,000,000 from my blog.

Blogging allows me to travel full-time, have a flexible schedule, and I earn a great income doing it.

My blog was created on a whim as a way to track my own personal finance progress. When I first started my blog, I honestly had no clue what I was doing. I didn’t even know that people could make money blogging!

One of the reasons that blogging is one of the best entry level work from home jobs is because blogging is quite affordable to start.

You can easily learn how to start a blog with my free How To Start a Blog Course.

Here’s a quick outline of what you will learn:

  • Day 1: Reasons you should start a blog
  • Day 2: How to determine what to blog about
  • Day 3: How to create your blog (in this lesson, you will learn how to start a blog on WordPress – my tutorial makes it very easy to start a blog)
  • Day 4: How to make money blogging
  • Day 5: My tips for making passive income from blogging
  • Day 6: How to grow your traffic and followers
  • Day 7: Miscellaneous blogging tips that will help you be successful

 

2. Sell items through Amazon.

Yes, you read that correctly. You can sell items on Amazon while working from home.

Even if you have no experience, you can earn money selling all kinds of items on Amazon, from books, work out equipment, electronics, and more. 

Amazon has many people who sell items and earn money from home. Most have no experience selling things online or have ever worked at Amazon.

Jessica Larrew, of The Selling Family, is a friend of mine, and she and her family started selling things on Amazon FBA a few years ago without any experience – they made over $100,000 profit in their first year! And, they were working less than 20 hours a week total.

Jessica now has a FREE 7 day course that will teach you everything you need to know in order to start selling on Amazon. I recommend signing up for it now!

I interviewed Jessica in How To Work From Home Selling On Amazon FBA, and we talk about:

  • How Jessica started selling on Amazon FBA
  • What exactly Amazon FBA is
  • How to choose what to buy and sell
  • How much a person can expect to earn
  • The positives of selling on Amazon, and more

 

3. Teach English online.

This one will probably surprise you, but there are entry level work from home jobs where you teach English to kids in other countries. You don’t need to have been a teacher or speak a language other than English.

The requirements are that you have experience working with kids. That can include mentoring, tutoring, coaching, babysitting, or being a parent.

That’s a pretty easy requirement, though!

You can typically earn around $14 to $22 per hour by teaching English online.

Learning how to teach English online has become extremely popular, making it one of the best online jobs from home for many good reasons – it’s flexible, there’s a high need for teachers, and it pays pretty well.

My top three picks are ones my readers have recommended and ones I have researched:

  1. VIPKID
  2. Qkids
  3. Education First

Learn more at Make Extra Money By Learning How To Teach English Online.

 

4. Tutor from home.

To go along with the above, you can also work from home as an online tutor.

Course Hero is a website that has entry level work from home jobs where you help high school and college students with course-specific questions.

Course Hero was founded in 2007 and is an online learning website where students can find tutors and search by their specific school to find study guides, videos, practice problems, class notes, and step-by-step explanations.

Using the website, students connect with Course Hero tutors on a wide range of subjects and classes, which makes this a great option for people with different educational backgrounds and experience.

What might surprise you to learn is that you don’t need to have experience as a tutor, professor, or teacher in order to become a Course Hero tutor.

However, you will need to share information that proves you have expertise in the subjects you would like to help students with, such as degrees or previous work history.

Tutors earn an average of $3 for each question they answer on Course Hero. Earning between $12-$20 per hour, Course Hero tutors earn an average of $300 a week.

Here’s how this online tutoring job work:

  1. You apply here to become a Course Hero tutor
  2. When you are available to answer questions, you do so on the Course Hero website
  3. You get paid

Learn more at How To Make $300+ Weekly As An Online Tutor With Course Hero.

 

5. Become a virtual assistant.

Several years ago, I was a virtual assistant.

I had no previous experience, and I simply learned skills as I worked.

Virtual assisting is a field that is growing a lot, and there are lots of entry level work from home jobs as a virtual assistant.

Virtual assistant (VA) tasks may include social media management, formatting and editing content, scheduling appointments or travel, email management, and more. Basically, you can get paid to do any task that needs to be done in someone’s business, but doesn’t need to be done by them.

My friend Kayla is a full-time blogger, virtual assistant, and project manager who earns over $10,000 per month while working from home. She is also the founder of $10K VA, a course where she teaches exactly how you can make a consistent $10,000 per month as a virtual assistant!

Kayla used to work a full-time job as a credit analyst, earning about $2,000 per month. She was struggling to make ends meet while paying off debt, so she started a side hustle as a virtual assistant.

I interviewed her at How Kayla Earns $10K/Month From Home as a Virtual Assistant, and we talk about:

  • The amount of money a beginner virtual assistant can expect to earn
  • How to find your first virtual assistant job
  • The steps to become a virtual assistant without previous experience
  • Her best tips for being a virtual assistant

And more!

 

6. Evaluate Google’s search engine results.

A Search Engine Evaluator (also known as a Google Rater) is where you rate websites based on their quality and usefulness.

You are rating websites to help Google improve their search engine results.

This is one of the entry level work from home jobs that almost anyone can do – you don’t need to be a technical person in order to make money as a search engine evaluator.

Another great positive is that you can work in the language of your country, as Google operates in nearly every country around the world.

Learn more at How To Become a Search Engine Evaluator.

 

7. Manage Facebook advertising for small businesses.

Did you know that you can make a living from Facebook? With Facebook advertising, you can help businesses expand their reach.

And, yes, this is a skill that you can learn!

Last year, business owners spent over $88,000,000 per day on Facebook ads. This is expected to continue to grow, and it is one of the largest advertising spaces that exists.

My blogging friend Bobby Hoyt knows a lot about this topic. Bobby is a former high school teacher who paid off $40,000 of student loan debt in a year and a half. He learned how to run Facebook ads on his own to earn extra money. Bobby now runs the personal finance blog Millennial Money Man full-time, as well as a digital marketing agency for local businesses that he started in 2015.

I interviewed Bobby about entry level work from home jobs running Facebook ads, and in our interview, you will learn:

  • How he started earning income through running Facebook ads
  • Why small businesses want Facebook ads
  • How a person can find their first Facebook ads client
  • How much you can make doing this type of work – the average is around $1,000 extra a month per client

Also, Bobby has a free webinar on this topic too. His webinar (you can sign up here) will teach you how to start this business even if you’re brand new, how to find paying clients, and more.

 

8. Get paid to share your opinion.

This isn’t exactly a job, but it is a way to make extra money.

And, you don’t need any previous experience.

Yes, you can get paid to share your opinion!

Companies use surveys all the time to learn what their current and potential customers think of their products, services, and company. With the surveys you take, companies get valuable opinions on how to improve their products, and that’s what they are paying you for.

Below are the survey companies I recommend:

  1. American Consumer Opinion
  2. Survey Junkie
  3. Swagbucks
  4. InboxDollars
  5. Opinion Outpost
  6. OneOpinion
  7. Pinecone Research
  8. Prize Rebel
  9. Product Report Card
  10. Survey Club

 

9. Create an online store of your own.

This is one of the entry level work from home jobs that many people are surprised to hear about. But yes, you can start your own online store, and you don’t need to have tons of experience or a lot of money to do so. Many people start with absolutely no background.

I had the opportunity to interview Jenn Leach of E-commerce and Prosper, who explains exactly how to start an online store.

Jenn is a corporate mom turned e-commerce store owner and blogger.

She started her online business a little over three years ago, and since then, she has developed and grown three successful online e-commerce stores earning an average of $19,000 per month.

She is super successful despite only spending around 5-10 hours per week on her e-commerce business.

You can read our interview at How Jenn Makes Over $10,000 A Month With Her Online Store In Less Than 10 Hours Per Week.

 

10. Start a bookkeeping business.

I’m sure you’re surprised to hear that bookkeeping is an area with entry level work from home jobs, but it definitely is.

A bookkeeper is someone who tracks the finances of a business, handles billing and payments, making spreadsheets, etc., but that doesn’t mean you need to be an accountant or have any related experience.

Ben, from Bookkeeper Launch, helps people get started as bookkeepers even when they don’t have any experience. Ben is a CPA who founded his business after realizing that many businesses needed better bookkeepers. 

In our interview, we talk about:

  • What a bookkeeper is
  • The typical clients a bookkeeper has
  • How much new bookkeepers earn
  • How to become a bookkeeper
  • The positives and negatives of bookkeeping

You can read all of his answers and more in our interview Make Money At Home By Becoming A Bookkeeper.

Also, you can sign up here for a free series that will teach you more about running your own virtual bookkeeping business.

 

11. Find stuff to resell.

This is one another one of the entry level work from home jobs that anyone can start. That’s because we all have lots of stuff in our house that we can probably sell online.

Have you ever found something that you thought you may be able to resell and actually make some money?

Melissa’s family earned $133,000 in one year through buy and sell flipping, and they were working only 10-20 hours per week.

Yes, just 10-20 hours a week!

Some of the best flipped items that they’ve sold include:

  • An item that they bought for $10 and flipped for $200 just 6 minutes later
  • A security tower they bought for $6,200 and flipped for $25,000 just one month later
  • A prosthetic leg that they bought for $30 at a flea market and sold for $1,000 on eBay the next day

You can learn more at How Melissa Made $40,000 In One Year Flipping Items.

 

12. Write online as a freelancer.

I know so many people who have found entry level freelance writing jobs. You don’t need a background in writing or a degree in English or creative writing.

A freelance writer is someone who writes for a number of different clients, such as websites, blogs, magazines, advertising companies, books, and more. They don’t work for one specific company, rather they work for themselves and contract out their writing.

My friend Holly from EarnMoreWriting.com (as well as the popular personal finance blog Club Thrifty) is a very successful freelance writer and has earned over $200,000 writing online!

Her freelance writing course includes nine video modules, several printable worksheets, and awesome add-ons, too. Here are some of the things you can expect to learn if you take her freelance writing course:

  • Discover the #1 most important thing you can do to get paid writing jobs
  • Learn how to find entry level work from home jobs as a writer and move up over time
  • Learn how price affects the amount of work you get
  • Learn which types of jobs help Holly earn the most pay, and where you can find them
  • Find out which online platforms work best for finding paid work, and how to use them
  • Learn how to structure your work day to earn six figures or more

Learn more at How I Earn $200,000+ Writing Online Content.

 

13. Transcribe audio or video into text.

Transcription is the art of turning any audio or video content into a text document.

There are many businesses looking for transcriptionists too – since general transcriptionists convert audio and video to text for virtually any industry, there really isn’t a typical client. Some examples include marketers, authors, filmmakers, academics, speakers, and conferences of all types.

Beginning transcriptionists earn around $15 an hour to start.

There are many transcriptionist jobs that don’t require experience, and most transcriptionists learn more and improve their skills as they work.

You can learn more about becoming a transcriptionist in the interview Make Money At Home By Becoming A Transcriptionist. The interview explains:

  • What a transcriptionist is
  • How you can get started as a transcriptionist
  • What kind of money you can expect to make
  • The type of training you need, and more

 

14. Find proofreading jobs online.

Finding entry level proofreading jobs online is very possible.

All you need to work as a proofreader is a laptop or tablet, an internet connection, and a good eye for pointing out mistakes.

Proofreaders look for punctuation mistakes, misspelled words, lack of consistency, and formatting errors.

In 2014, Caitlin made slightly over $43,000 by being a freelance proofreader.

You’ll learn more about this in my interview with Caitlin that I link to below, but proofreaders take content that other people have written and then go over it with a fine-tooth comb. You might be proofreading blog posts, print articles, academic articles, website copy, ad copy, books, student papers, emails, and more.

This job is for a very specific type of person who LOVES to correct grammar or makes a note of spelling mistakes on a restaurant menu… it takes a certain “eagle eye” ability to be good at proofreading!

I interviewed Caitlin on what it takes to become a proofreader, and in our interview we go over questions such as:

  • What a proofreader does
  • How much proofreaders earn
  • How quickly a person can start making money as a proofreader
  • The steps needed to become a proofreader

You can find out about entry level work from home jobs and more at How To Become A Proofreader And Work From Anywhere.

Caitlin has put together a FREE 76-minute workshop, where she answers all of the most common questions about becoming a proofreader, and she even shows you how to use the most popular tools used by proofreaders around the world. You can sign up for free here.

 

15. Learn how to become a scopist.

Scoping is when you are editing legal documents for court reporters. This is different from proofreading for court reporters.

I interviewed an expert on the topic – Linda from Internet Scoping School. She has been scoping for over 35 years and has taught scoping online for around 20 years.

She also has a free course that will introduce you to scoping so that you can decide if it’s one of the entry level work from home jobs you want to pursue. You can find the free course by clicking here.

Scopists who are working with an average court reporter tend to make around $30,000 to $45,000 per year working pretty much full-time.

You can learn more at How To Become A Scopist.

 

16. Assist with podcasts.

Currently, there’s a huge demand for podcast virtual assistants.

There are over 800,000 podcasts out there, and that number just continues to grow. Podcasts are still a pretty new area, and that opens the door for lots of new entry level work from home jobs helping with all of these new podcasts.

While the podcast host can record themselves, other tasks like editing and publication take time, so many podcasters outsource their work to freelancers or virtual assistants. Also, some podcasters may not know how to do those things, or they may choose to focus their time on other areas.

Some of the different services you could do as a podcast virtual assistant include:

  • Audio editing
  • Marketing and promotion
  • Publication
  • Distribution
  • Show note creation

Learn more at How I Make $1,500 A Month As A Podcast Virtual Assistant.

Also, you can sign up here for free information on learning more about how to become a podcast VA. In this free resource, you’ll learn more about what exactly a podcast virtual assistant is, the services you can offer, and starting rates.

 

17. Work as a freelancer.

Freelancers are people who work for others by doing part-time jobs. A business may hire you on for one-time gigs or you may get a long-term job with a company as a freelancer.

In addition to some of the freelance jobs I’ve already mentioned (writing, proofreading, transcribing, and bookkeeping) there are even more entry level work from home jobs out there for people who are able to leverage existing skills, like:

  • Graphic design
  • Web design and development
  • Video editing
  • Sound design
  • Search engine optimization (SEO)
  • Programming
  • Photography

This is one of the best work from home jobs because you can use a skill you already have and start finding work on job platforms like UpWork and Fiverr.

 

18. Find a work from home job in customer service.

Many large companies outsource their customer service departments to people who are working from home. 

Customer service representatives may be responsible for a number of things, such as:

  • Working at an online call center
  • Working as a chat agent
  • Offering technical support
  • Virtual assistant tasks
  • Working as a travel agent

This is becoming one of the best entry level work from home jobs because the number of large companies who need online customer service reps is growing. Companies like Apple, American Express, UHAUL, and more offer basic training for new hires.

 

19. Secret shop.

Funny enough, many people think that you have to “know someone” or have previous experience in order to become a mystery shopper.

But, that’s not the truth at all.

You don’t need any previous experience in order to become a secret shopper.

This won’t be a full-time job, but it can give you some extra money each month. And, yes, there are some mystery shops that can be done by phone and online.

I remember when I first heard of being a secret shopper. I was working at a retail store and we regularly had mystery shoppers come in to grade how we were doing. We never knew who the mystery shopper was, but we would get to read their report afterwards.

I thought it was so interesting that people were getting paid to shop!

Not long after hearing about it, I decided to try mystery shopping to make extra money to help pay off my student loan debt.

I regularly earned around $150 to $200 a month mystery shopping, and I earned free items/services as well, such as $100 to spend at restaurants (which I had to grade while I was there), makeup, and more.

If this sounds interesting to you, you can join Bestmark by clicking here. This is my favorite mystery shopping company, and the only one I used back when I was mystery shopping, so I know it’s legitimate.

Learn more at Want To Make An Extra $100 A Month? Learn How To Become A Mystery Shopper.

 

20. Become a voice over actor.

A voice over actor is the person you hear but rarely see on YouTube videos, radio ads, explainer videos, corporate narration, documentaries, e-learning courses, audiobooks, TV commercials, video games, movies, and cartoons.

This job doesn’t require previous experience or special skills – you just need to have the right kind of voice that companies are looking for.

In 2014, Carrie replaced her salaried day job to become a full-time voice over actor. People are constantly asking her how she got her start and how they can too.

So, she created a six-week online class, and it sold out. Several of her students booked voice acting jobs before the class was even over!

I was excited to learn more about this work from home job, so I interviewed Carrie to learn:

  • How she got into this interesting career field
  • Who the common clients are
  • How much money a beginner voice over actor can expect to make
  • The positives of this job
  • How to find your first job
  • The costs, and more

You can read my interview with her at How To Become A Voice Over Actor And Work From Anywhere.

 

How can I make money from home with no experience?

As you can see, there are many different options for you if you are looking for an online job or work from home business with no experience.

I hope you are able to find what works best for you and your situation.

What entry level work from home jobs would you add to the list above?

The post 20 Of The Best Entry Level Work From Home Jobs appeared first on Making Sense Of Cents.

Source: makingsenseofcents.com