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My Parents Can’t Afford College Anymore – What Should I Do?
When most parents offer to fund their childâs tuition, itâs with the expectation that their financial circumstances will remain relatively unchanged. Even with minor dips in income or temporary periods of unemployment, a solid plan will likely see the child through to graduation.
Unfortunately, what these plans donât tend to account for is a global pandemic wreaking havoc on the economy and job market.
Now, many parents of college-age children are finding themselves struggling to stay afloat – much less afford college tuition. This leaves their children who were previously planning to graduate college with little or no debt in an uncomfortable position.
So if youâre a student suddenly stuck with the bill for your college expenses, what can you do? Read below for some strategies to help you stay on track.
Contact the University
Your first step is to contact the university and let them know that your financial situation has changed. You may have to write something that explains how your parentâs income has decreased.
Many students think the federal government is responsible for doling out aid to students, but federal aid is actually distributed directly by the schools themselves. In other words, your university is the only institution with the authority to provide additional help. If they decide not to extend any more loans or grants, youâre out of luck.
Ask your advisor if there are any scholarships you can apply for. Make sure to ask both about general university scholarships and department-specific scholarships if youâve already declared a major. If you have a good relationship with a professor, contact them for suggestions on where to find more scholarship opportunities.
Some colleges also have emergency grants they provide to students. Contact the financial aid office and ask how to apply for these.
Try to Graduate Early
Graduating early can save you thousands or even tens of thousands in tuition and room and board expenses. Plus, the sooner you graduate, the sooner you can get a job and start repaying your student loans.
Ask your advisor if graduating early is possible for you. It may require taking more classes per semester than you planned on and being strategic about the courses you sign up for.
Fill out the FAFSA
If your parents have never filled out the Free Application for Federal Student Aid (FAFSA) because they paid for your college in full, now is the time for them to complete it. The FAFSA is what colleges use to determine eligibility for both need-based and merit-based aid. Most schools require the FAFSA to hand out scholarships and work-study assignments.
Because the FAFSA uses income information from a previous tax return, it wonât show if your parents have recently lost their jobs or been furloughed. However, once you file the FAFSA, you can send a note to your university explaining your current situation.
Make sure to explain this to your parents if they think filing the FAFSA is a waste of time. Some schools wonât even provide merit-based scholarships to students who havenât filled out the FAFSA.
Get a Job
If you donât already have a job, now is the time to get one. Look at online bulletin boards to see what opportunities are available around campus. Check on job listing sites like Monster, Indeed and LinkedIn. Make sure you have a well-crafted resume and cover letter.
Try to think outside the box. If youâre a talented graphic designer, start a freelance business and look for clients on sites like Upwork or Fiverr. If youâre a fluent Spanish speaker, start tutoring other students. Look for jobs where you can study when things are slow or that provide food while youâre working.
Ask anyone you know for suggestions, including former and current professors, older students and advisors. If you had a job back home, contact your old boss. Because so many people are working remotely these days, they may be willing to hire you even if youâre in a different city.
It may be too late to apply for a Resident Advisor (RA) position now but consider it as an option for next year. An RA lives in the dorms and receives free or discounted room and board in exchange for monitoring the students, answering their questions, conducting regular inspections and other duties.
Take Out Private Loans
If you still need more money after youâve maxed out your federal student loans and applied for more scholarships, private student loans may be the next best option.
Private student loans usually have higher interest rates and fewer repayment and forgiveness options than federal loans. In 2020, the interest rate for federal undergraduate student loans was 2.75% while the rate for private student loans varied from 3.53% to 14.50%.
Private lenders have higher loan limits than the federal government and will usually lend the cost of tuition minus any financial aid. For example, if your tuition costs $35,000 a year and federal loans and scholarships cover $10,000 a year, a private lender will offer you $25,000 annually.
Taking out private loans should be a last resort because the rates are so high, and thereâs little recourse if you graduate and canât find a job. Using private loans may be fine if you only have a semester or two left before you graduate, but freshmen should be hesitant about using this strategy.
Consider Transferring to a Less Expensive School
Before resorting to private student loans to fund your education, consider transferring to a less expensive university. The average tuition cost at a public in-state university was $10,440 for the 2019-2020 school year. The cost at an out-of-state public university was $26,820, and the cost at a private college was $36,880.
If you can transfer to a public college and move back home, you can save on both tuition and housing.
Switching to a different college may sound like a drastic step, but it might be necessary if the alternative is borrowing $100,000 in student loans. Remember, no one knows how long this pandemic and recession will last, so itâs better to be conservative.
The post My Parents Can’t Afford College Anymore – What Should I Do? appeared first on MintLife Blog.
Source: mint.intuit.com
What Is A Blog, How Do Blogs Make Money, & More
What is a blog and how does it work? Can you really make money blogging? How much do bloggers make?
Over the years, I have received many questions about blogging. People want to know what is a blog, how they work, is it really a way for people to make money, and so on.
I completely understand all of the questions. While blogging has now been around for more than a decade, it’s still a fairly new way to earn money. I still have people give me funny looks when I tell them what I do for a living.
But, I didn’t really know what a blog was when I first started mine. I had absolutely no idea what I was doing.
I didn’t know how people made money from blogs or anything else like that.
Pretty much everything I learned about blogging was through trial and error, and I made a lot of mistakes over the years, haha! Honestly, it’s because of those mistakes that I’m where I am right now.
My life has completely changed because of blogging. I was able to quit a job I didn’t love, I travel full-time, and I can retire pretty much whenever I want.
It’s funny to think about how far I’ve come, especially since I had no idea what blogs even were.
Back then, I also never realized that you could learn how to earn money blogging. I don’t think I even looked into it because that was never my goal when I first learned how to start a blog. I certainly never thought blogging would drastically change my future, but I’m so glad I gave it a shot.
I had so many questions when I started my blog, and I learned 99% of what I know the hard way – by making mistakes.
I know that many new bloggers probably have some of the same questions I had because I receive hundreds of emails a day from readers asking how to start a blog, how to make a living through blogging, and more.
Today, I’m going to help you by answering some of the most common questions I receive about blogging.
Some of the questions I talk about include:
- Is 2021 too late to start a website/blog?
- How do I come up with a blog name?
- What blogs make the most money?
- How do you design a blog?
- How many views do you need to make money blogging?
- How many blog posts should I have before launching?
- How do I get my blog noticed by Google?
- How long until a blog makes money?
- How do blogs make money?
- How do bloggers get paid?
I know that blogging can seem scary in the beginning, but remember that most other bloggers were in the exact same place you were when they started.
Blogging, just like any other hobby or job you start, takes time to learn what you’re doing. You have to do research, read about what other people have done, and learn as you go.
For some people this can be frustrating at first, but good things always do take time.
Blogging isn’t as easy as it looks from the outside. Even the most successful bloggers still spend time learning how to do new things. I am constantly signing up for new courses and learning from other people.
Even though it takes time and can feel difficult, blogging is something you can do. You can earn money blogging so that you can work towards living the life you want.
One of the reasons I love blogging so much is that you can do it all on your own time. You don’t have to learn everything at once. You can start your blog and grow it at your own pace.
While there is no 100% guarantee that you will be able to earn a full-time living by blogging, I know many bloggers who are full-time and are very happy with it.
Content related to what is a blog:
- 12 Free Resources To Grow Your Blog Fast
- How I Successfully Built A $1,000,000+ Blog
- How To Quit Your Job And Become A Full-Time Blogger
What is a blog? And your other top questions about blogging.
What is a blog?
Before we begin, I want to go over what is a blog definition and some other basic blogging questions.
A blog is a website.
Google’s definition of a blog is, “a regularly updated website or web page, typically one run by an individual or small group, that is written in an informal or conversational style.”
A blog is content that is written on a website. It usually consists of articles, like the one you are reading right now.
What is a blog used for? Blogs can vary from person to person.
You may create a blog to journal, to teach on a topic, to sell something, to tell a story, and so on. There’s no exact rules about what your blog has to be used for.
What is a blog post? Blog posts are individual entries on a blog. Blog posts usually include text, but they can also have photos, videos, infographics, and more.
An example of a blog post is what you’re reading right now. There is a title, its own URL (that’s the web address), and text where I share in depth information.
Is 2021 too late to start a website/blog?
No, it’s not too late, and you haven’t missed out.
The online world is still so new, and each year there are new ways to monetize and grow your blog.
For example, it wasn’t until the past few years that companies and advertisers started realizing the value of online influencers, such as bloggers, and that means even more opportunities to earn money blogging.
Before that, companies mainly wanted to advertise with celebrities, but it is shifting to bloggers and other online influencers (such as Youtubers and Instagrammers!).
The online world is a huge place and it is just going to keep growing. Every blogger earns a living in slightly different ways, and everyone has a different message and story. Plus, there are so many different ways to earn money blogging, and the options have continued to change and grow since I started blogging.
Of course, because the blogging world keeps changing, there will constantly be new things for you to learn, but that will probably always be the case for managing any kind of business.
So, if you are thinking about starting a blog, today is the day. Don’t let your fears hold you back any further! You can find my free How To Start a Blog Course here.
How do I come up with a blog name?
Deciding on a name for your blog is probably one of the hardest parts of blogging.
Even if you know exactly what you want to blog about and have some articles written, deciding on your blog’s name may be stopping you from actually creating your website and launching it.
I don’t remember how I came up with Making Sense of Cents, but I’m glad I did. It is still catchy, and I receive compliments on it to this day.
Coming up with a blog name shouldn’t lead to stress, so here are my tips for deciding on a blog name:
- Make it easy. My blog name isn’t the easiest for people to spell, and even I sometimes jumble it when I’m spelling it. So, my top tip would be to make sure that your blog name is easy for people to type or spell out loud. I’ve seen blog names that are extremely long, contain words that are difficult to spell, and so on. Instead, you should make it as easy as possible for your readers to find you.
- Think about what you’ll be writing about. Think about the topics you want to write about, who your target audience is, and more, and then jot down descriptive words that are related to each. Brainstorming like this is a good way to come up with a blog name!
- Use a thesaurus to find similar words. If your first or second choices are taken or if you want to see if there are some catchier sounding blog names, using a thesaurus can help you with some new ideas.
- Make it catchy. You may want to think of something funny, use alliteration, or something else to make your blog name catchy and memorable.
- Use your name. If you don’t want something catchy and/or if you think you’re not creative enough, then just use your name. It’s super easy that way, and more and more people are starting to do this.
See, creating a name for your blog can be easy!
What blogs make the most money?
There are many different types of blogs that make money, and you can monetize nearly any kind of blog.
So, how do you determine what to write about?
There is no right or wrong answer to this question. I always recommend creating a blog around a topic that you are passionate about, that you are an expert in, that you like, or something else along those lines.
This can make blogging feel fun instead of like a chore.
You can blog about several topics or you can blog about one specific thing, such as personal finance. For me, I cover a ton of different topics here on Making Sense of Cents. I talk about personal finance, life, travel, RVing, sailing, self-help, and more.
Some things that you may want to think about when choosing your blog topic include:
- What are you passionate about? I always recommend that you start by thinking about what you love doing. Perhaps it’s a sport that you really love, crafts, cooking, managing money, travel, or something else. Whatever it is, blogging about your passion is great because that will show in your writing, and your readers will enjoy reading your posts.
- What blogs do you enjoy reading? If you are thinking about starting a blog, I’m assuming it’s because you probably enjoy reading blogs yourself. If that’s the case, then you may want to think about which blogs you really enjoy reading and possibly blog about something similar.
- What are you an expert in? Now, you don’t need to be an expert in your blog’s topic to earn money blogging (more on that below in the next section), but if you are an expert at something, then this could be a topic that you blog about. There are many successful “How-To” websites because people love to learn new things through blogs. And, there is probably something you could teach (everyone’s an expert at something, even if you don’t realize that yet!). Think about the questions your friends and family are always asking you about, topics that you enjoy helping others with, and so on.
- What things do you like learning about? Like I said above, you don’t need to be an expert in a topic to blog about it. People LOVE reading blogs from people who are learning or trying new things. This is because everyone has to start somewhere, and people love following the journey and seeing how something is actually done. So, if you are learning how to earn money blogging, for example, that could be where you start your blog. You can write about all of your mistakes, talk about what you’ve learned, show how you have tried and reviewed different options, and so on.
To learn how to make money with a blog, your blog can be about anything and/or everything. It’s entirely up to you.
Below is a list of possible blog examples and blog topic ideas. The list doesn’t end here either. Choose one, all, or some. It’s all up to you.
- Lifestyle
- Home
- Family
- Finance
- Crafts
- DIY
- Small business
- Outdoor activities
- Fitness and health
- Food
- Inspiration and advice
- Animals
- Travel
- Games
- Relationships
- School
- Electronics, and more!
That’s the beauty of having a blog – it can be about anything and you can still earn money from it.
There are a few topics I would avoid if you aren’t an expert, like blogging about legal issues, tax issues, or medical advice. You could get someone in a lot of trouble if you gave them the wrong information.
What is the best blogging platform to make money?
Your blog should be self-hosted if you want to earn money blogging. This is actually one of the first things you should do.
I recommend that you start on self-hosted WordPress (this tutorial will help you start your blog the correct way). I cannot say this enough, but I do not recommend Blogger or WordPress.com (you want the self-hosted version, which is WordPress.org – confusing, I know). Buying that $10 domain name from Blogger or GoDaddy does not mean you are self-hosted either.
Unless you self-host your blog, advertisers, companies, and readers will still know you are on Blogger or free WordPress, and that can look unprofessional. Plus, your blog can be deleted at any time and for no reason if you are using a free version, which actually happened to me. Even though you may save some money in the beginning, not being self-hosted can hurt your chances of earning money through your blog.
Seriously, just trust me. Go with self-hosted WordPress, and it will significantly increase your chances of monetizing your blog.
If you want further proof, take a look at my past income reports. You can tell that my blogging income didn’t take off until I switched to WordPress. That right there is a lot of proof that being self-hosted on WordPress is the way to go!
To recap, the positives of being self-hosted on WordPress through Bluehost include:
- Your blog will look more professional meaning you will increase your chances of making money online.
- You will have complete control over your blog.
- You own your blog, and it can’t be deleted for any reason.
How do you design a blog?
To create your blog, I recommend heading to my tutorial: How To Start A WordPress Blog On Bluehost.
After that, you will have three options when it comes to designing your blog:
- Designing your blog on your own
- Paying someone to design your blog
- Purchasing a premade theme (the quickest option and surprisingly affordable)
I usually recommend that a new blogger purchase a premade blog design, such as through Beautiful Dawn Designs. She provides great premade designs for just $45 and this is probably the easiest and quickest design option.
How much do I have to spend before I can earn money blogging?
When I first started my blog, I spent almost NOTHING on blogging expenses.
I spent less than $100 the first year and not too much more in the second year.
In fact, I probably went a few years when I was only spending about 1%-2% of my revenues on blogging expenses.
Now, some of my expenses include:
- My computer
- The actual blog (design, hosting, etc.)
- Courses, guides, and ebooks
- My email (newsletter) list
- Virtual assistant and editor
- Technical management
- Transaction fees
But, you do not need to spend money on all of these things to earn money blogging.
Learn more about my expenses at My Complete List of Monthly Expenses for a Multi Million Dollar Blog.
How many views do you need to make money blogging?
You do not need millions of pageviews per month to earn money blogging, but if you want to increase your income, it will be important to increase your page views.
Every blog is different, and it isn’t always the blogs with the largest number of readers that make the most money. That’s because once you understand what your readers want, understand how to effectively reach out to companies for partnerships, and know how to charge the correct rate, you can make a good income online in many cases, regardless of the amount of pageviews you receive.
But, if you want to increase your pageviews, here are my tips:
- Publish high-quality blog posts. Readers come back to blogs with high-quality and helpful posts. I recommend that your blog posts be at least 750 words, but more wouldn’t hurt either. The majority of my blog posts are around 1,500 to 3,000 words (this one is close to 5,000 words!).
- Be active on Pinterest. Pinterest is one of my top traffic sources. To increase your pageviews with Pinterest, I recommend creating great images, making sure the description and title of your images are catchy, pinning regularly, and only pinning long images. I use Picmonkey to edit all of my images and Tailwind to schedule them.
- Be active on other social media sites. Social media lets you interact with your audience more and can help you expand your audience. Besides Pinterest, you may want to check out Facebook, Twitter, TikTok, Instagram, Snapchat, Youtube, and others.
- Post regularly. If you want to earn money blogging, you should publish something at least once a week. Going for weeks or months at a time without a blog post can lead to readers forgetting about you.
- Network with other bloggers. You should look at other bloggers as friends and colleagues, not competition. This means you may want to interact with them on social media, reach out to them via email, attend conferences, and more. Of course, be genuine and give more than you take.
- Guest post. Guest posting is a great way to reach a new audience and helps build partnerships with other bloggers.
- Make sure it’s easy to share your content. I love sharing posts on social media, but it gets frustrating when some blogs make it more difficult than it needs to be. You should always make sure it’s easy for readers to share your content. This could mean making your social media icons easy to find, having all of the info input that is needed for sharing (title, link, and your username), and so on. Also, you should make sure that when someone clicks on one of your sharing icons the title isn’t in CAPS (I’ve seen this too many times). No one wants to share a blog post when it sounds like you’re screaming at them.
- Create catchy headlines. The title of your post is a major factor influencing whether readers click over or not. I like to use the CoSchedule Headline Analyzer to help me with my headlines.
- Learn SEO. SEO (search engine optimization) is not something I could teach in such a small section, but I recommend doing your research and learning more about what it is and how it can help you.
- Make it easy for readers to browse. If you want more pageviews, you should make it as easy as possible for readers to read your other blog posts. Readers should be able to easily find your blog homepage, categories, tags, search bar, and so on. Also, I recommend including links for related posts in every single one of your blog posts.
How often should I blog?
I recommend publishing a blog post at least once a week.
This is because consistency is important when it comes to blogging.
I started out publishing short blog posts a few times a week. Now, I try to do just one long blog post each week. I find that works best for me and Making Sense of Cents.
Others may decide to blog every single day, and some may try every other day. It all depends on what you would like to do.
How many blog posts should I have before launching?
I recommend simply just launching your blog with one blog post. You can continue to add more as you go.
I recommend this because you won’t have a ton of readers in the beginning anyways, so just getting started is going to be your best plan of action.
Too many people overthink this question, which just delays them from actually starting their blog.
What is the ideal length for a blog post?
The ideal length varies. I usually recommend that a blog post be at least 750 words.
For Making Sense of Cents, my blog posts are almost always at least 2,000 words, and I have written some huge whoppers (like this one) that are around 5,000 words too.
The ideal length for your article will depend on your niche, and the topic that you are writing about.
How do I get my blog noticed by Google?
For your blog to be found on Google search results, you’ll want to learn about Search Engine Optimization (SEO).
You can sign up for The SEO Starter Pack (FREE Video Training) – Level up your SEO knowledge in just 60 minutes with this FREE 6-day video training.
- The exact template that helped my site earn $95,000 in affiliate income last year
- How I grew my blog to over 80,000 page views a month in 14 months
- How to Optimize a Blog Post for SEO
How long until a blog makes money?
This is a hard question to answer, and it’s also one of the most common questions I receive.
As you can tell from my past income reports, it took me nearly a year of blogging to start earning a few hundred dollars a month from my blog. After two years of blogging, I was earning several thousands of dollars a month, which was all on the side of my day job.
I know some bloggers who were making thousands of dollars a month after just a few months of blogging. There are bloggers out there who began a year or two after me and are making hundreds of thousands of dollars a month. There are also other bloggers who aren’t making any money at all.
As you can see, blogging is not a get-rich-quick scheme and there isn’t a timeline for when you will start to earn money blogging. However, if you are serious about it, you never know what it may turn into.
It all depends on you, the effort you put into your blog, whether you have the time to learn how to monetize your blog, and more.
How do blogs make money?
There are several ways to earn money blogging, including:
- Affiliate marketing – I recommend signing up for 10 Easy Tips To Increase Your Affiliate Income to learn more
- Blog sponsorships
- Display advertising
- Product sales
- Staff writing
I go in depth on each way monetization method here – How To Earn Money Blogging: Your Top Questions Answered.
How do bloggers get paid?
Many of you are interested in blogging, but you aren’t sure where the income actually comes from.
How does the money actually get to you?
You receive blogging income from whoever is paying you.
- If it is affiliate marketing you are providing, then you are paid by the company that makes the product or service. When someone buys something or signs up through your link, that’s when you get.
- If someone is paying you to place an advertisement on your website, then you get paid by the company who you are advertising for.
- If you are publishing a sponsored post, then you are paid by the company who is sponsoring that post.
- If you have display ads on your website, such as with Google Adsense, then you are paid by Google or by any number of other companies.
There are many companies and blogging networks out there that you can use to earn money blogging, and they usually pay you through PayPal or with a check in the mail.
What blogging ebooks and courses do you recommend?
It takes a lot of work to grow and build a successful blogging business!
If you want to earn money blogging, then you may want to look into buying ebooks and/or courses that will teach you about the topics that will help you become a better blogger from the very beginning. Plus, there are many blogging secrets that you just can’t find by searching the internet. So, by taking a course or reading an ebook, you will learn the exact steps to take to help you succeed.
I’m almost always taking new blogging-related courses because I know that there is always something new to learn.
Here are the ebooks and courses that I recommend for bloggers:
- Making Sense of Affiliate Marketing. I share my exact strategy and tips in this very informative online course. If you’re a blogger, then you NEED this course. I show you exactly how to make passive income from blogging, even while you’re sleeping.
- 21 Strategies I Used to Increase My Monthly Page Views from 17k to 400k+ in 10 Months. Lena Gott’s guide is full of great information on how to increase your blog’s page views. If you are feeling stuck or if you are a new blogger, check out this resource! Lena went from 17,000 monthly page views to 400,000 and shares all of her best tips in this guide.
- Making Sense of Sponsored Posts. I launched this course with my sister, Alexis of Fitnancials, in 2018 to help bloggers earn money through sponsored posts. Between the two of us, we earn around $20,000-$30,000 a month from sponsored posts. We teach finding sponsorship deals, maintaining partnerships, and how to always make sure that you are helping your readers.
- My favorite Pinterest course is Pinterest Traffic Avalanche. This course shows you how to get free traffic from Pinterest to your blog. You’ll learn about Pinterest SEO, how to set up Rich Pins, how to create viral content, how to make Pinterest images, all about group boards, and many other valuable Pinterest strategies.
- If you want to learn about Facebook ads, I recommend reading How One Blogger Grew His Blog to Over 2 Million Visitors In A Year.
The blogging ebooks and courses above will help you to create a successful blog. They will show you how to master Facebook, get crazy traffic from Pinterest, grow your blogging income, and more.
If blogging is so great, then why doesn’t everyone do it?
I hear questions like this pretty often. I also get a lot of people asking me, “If it’s so easy, why don’t you just start multiple blogs and make even more money?”
Blogging is not printing money.
It’s not a scam, and it’s not a get-rich-quick scheme.
Learning how to earn money blogging is work, and just like with all jobs – not everyone wants what you want.
And, for every successful blog out there, there are probably hundreds of bloggers who will never earn money blogging. While you can earn money blogging, not all bloggers will.
It would be like saying that 100% of people who start a business will see success. That is just never going to happen – businesses fail, business owners have a change of heart, and others just don’t find it enjoyable.
I know I am always talking about the positives of blogging, but I also like to mention how it’s not the easiest.
After all, if blogging was easy, then everyone would do it and everyone would make thousands of dollars a month.
But as you know, that’s not the case.
Not everyone is going to earn money blogging because it is WORK! Most new bloggers quit just a few months in. A few months is not enough time to see if your blog will be successful. It took me six months before I started to earn money blogging, and I only earned $100. Now, I have made over $5,000,000 from my blog over the years.
It’s funny/weird to think about what life would be like if I would have quit back then.
Just like you, I went from asking “what is a blog?” to where I am now. And, I’m constantly learning new things about blogging and that is one of the reasons why I enjoy it so much.
Once you realize that blogging is hard, you will be ahead of 99% of everyone else in the game. Don’t assume, like most people do, that blogging is easy money.
Starting a blog can be difficult. But, all bloggers start at the same point.
I remember being so lost when I first started my blog. I had to learn everything the hard way – it sure was difficult at times.
But, I have always really enjoyed blogging. I think that is so important when it comes to this type of business – you either need to have passion in your blog and/or passion in what your blog allows you to do in your free time (such as travel or spending more time with your family).
Have other blogging questions?
Don’t fret!
I have other blog posts similar to this one where I have answered many other blogging questions.
Please head to How To Earn Money Blogging: Your Top Questions Answered for answers to questions such as:
- How does a blogger network with other bloggers?
- What processes do you have with new blog posts?
- In what ways can I start making money from a blog?
- What is affiliate marketing?
- What are sponsored posts?
- What is display advertising?
- Can I create my own product to sell on my blog?
- Do you have to pay taxes on blogging income?
- Where do you get your photos from?
- Why do I need an email list for my blog?
- How do you think of ideas for new blog posts?
I was going to include all of those questions here but that would have made this blog post well over 10,000 words!
What other questions do you have about blogging?
The post What Is A Blog, How Do Blogs Make Money, & More appeared first on Making Sense Of Cents.
Source: makingsenseofcents.com
How to Increase Your Earning Potential
Every year presents new lessons we should incorporate on this life journey, and this one, in particular, is no exception. In a world that is ever-changing one thing that has to remain the same is our ability to pivot when necessary. Whenever life challenges arise, we often make changes and shift out of force rather than free choice. While this logic can be applied to every aspect of our lives itâs an especially crucial concept as it relates to our finances. Thereâs no need to wait until your employer needs to decrease headcount or reduce work hours to jumpstart your rediscovery process. Make the decision today that no matter what happens within the economy, you are making the strides to guarantee your earning power doesnât rest in the hands of someone else.
Set yourself apart and strengthen your skills
Often times, the number one thing you can do before executing plans of any kind is focus on strengthening your skills. Are others able to depend on you? If you desire to run your own business or be a high-performing, contributing employee â are you reliable? Being able to breakdown complex situations and produce viable solutions, paying special attention to detail, and asking the right questions at the right time are skills that many often have, but have yet to master. Focusing on any skills that may come naturally to you while achieving mastery, in the long run, will absolutely contribute to the opportunities you are afforded over other candidates. Itâs not about competition, because whatâs for you wonât pass you by. Itâs about actively showcasing you are indeed the best candidate with the physical results to prove it.
Seek out new opportunities and expand your skillset
People believe there are only a few ways to bring in additional income â one being a side hustle. This isnât necessarily the case. Seeking out opportunities within your current or new place of employment can be just what you need to make substantial strides in increasing your earnings as well as visibility. Make yourself familiar with the Human Resources policies for promotions and role transitions. Look into if there are side projects you can add to your workload that can increase your skillset while being introduced to a new audience of people; consider exploring that. Be sure to document the pros and cons of the newly added responsibilities while making sure it aligns with where you ultimately want to be. Donât shy away from having a conversation with your manager and making your goals known.
Ask for more (and quantify it)
Employers have mid-year and end of year reviews to go over performance goals and ensure the work youâve done over time aligns with the responsibilities of the team as well as the company. While this is protocol, as an employee you donât have to wait until this designated time to discuss career goals. Not only does this conversation create awareness between you and your manager â it allows them to understand your desire for more. Iâm sure weâve all had less than desirable bosses, coworkers, and teams. Weâve also been in situations where we know that the work required of us was so much more than the actual amount of money we were taking home. To avoid the unfortunate cycle of being overworked and underpaid that many fall into, have an open and candid conversation with management. Be sure to quantify every task and tie a metric to it if possible. This helps to build your professional story while also making sure your resume stays current for all new opportunities as they arise.
Start a side hustle
When your friends, family, or peers often ask you to complete something and you enjoy doing it; what is that âthingâ? What talents do you innately have that seem as if it doesnât require a huge amount of effort? The answers to these questions should birth the idea of your new side hustle. As daunting as it may sound, take the time to loosely create a plan. Remember, this is scalable! Go at the pace that is most comfortable for you and can transition well into your lifestyle. Solicit the help of family and friends while using your larger network to advertise your talent. Social media and word of mouth can go a very long way â use all outlets to promote yourself and your services.
Never underestimate the power of networking
We all have a comfort zone and typically stay within those walls on a regular basis unless probed. However, do you consider the opportunities that could be available to you by adding several new people to your network? Utilize employee resource groups at your place of employment, various professional networks in your local cities, and other organizations that have a virtual platform. Do a quick Google search based on your preferred industry and start the journey of expanding your network. Thereâs a very familiar phrase weâve all heard at some point, âitâs not what you know, itâs who you know.â LinkedIn is a great social media platform to engage with professionals all over the world on various subject matters and topics. Donât be afraid to put yourself out there and make the connections that could lead you to new opportunities.
Become a lifelong learner
Make a commitment to yourself that no matter what happens, you will always seek knowledge, no matter the method. Explore personal and professional learning opportunities. This may be pursuing an advanced degree to expand opportunities. For others, it can be obtaining a certification within your desired field to land a better position â resulting in a salary increase. If either of those doesnât sound appealing or fit within your current life circumstances, you can always attend conferences, listen to webinars, podcasts, and so many other cost-effective (or free) learning channels to keep your skills in top shape. This could be listening to an audible book while driving in your car or reading a new article every day related to your industry before getting your day started â learning is limitless!
The post How to Increase Your Earning Potential appeared first on MintLife Blog.
Source: mint.intuit.com
How To Pay Off Credit Card Debt Faster
The post How To Pay Off Credit Card Debt Faster appeared first on Penny Pinchin' Mom.
According to NerdWallet, the average credit card debt for the American Family is nearly $16,000. Â That is a considerable amount, and the monthly financial burdens can quickly become overwhelming
You may feel as if there is no light at the end of the tunnel as you see no end in site. How in the world did I let this happen and what can I do about it now?
You certainly do not want to be like me and go down the path of bankruptcy. Don’t do that.
Instead, you simply need to know where to turn for in order to get the help you need to pay off your credit card debt as quickly as possible.
The truth is that you may not even realize how much debt you have or where to begin. Let’s tackle your debt by helping you figure out the simplest way to get rid of your credit card debt as fast as possible.
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HOW TO QUICKLY PAY OFF CREDIT CARDS
The first thing you have to do is take responsibility for it.  Whether your debt is a result of severe financial times or frivolous spending, it doesn’t matter. But, before you even think about getting out from beneath your credit card debt, you need to be ready to make it happen. That means you have to be willing to put in the hard work and make the lifestyle changes necessary to achieve your goals.
Once you do that, you are ready to take steps to pay it off.
1. Transfer your balances to zero or lower balance cards
When you have a lot of credit card debt, you will want to try to lower the amount of interest you pay. Since that compounds every month, it can mean your $50 payment will only reduce the debt by $10.
Take some time to do some research to find zero interest rate transfer cards or those with a low introductory rate. Â If you can drop your interest payments, that will allow you to focus on paying off your credit card debts.
By consolidating your credit card debt onto one or two cards, you may find you save a significant amount of money in interest while working to pay off the balances.
2. Use your house
When mortgage rates are low, it might make sense to refinance your home. Doing so may allow you take out a loan large enough to cover the balance you owe on your home plus your total credit card debt, without increasing your monthly payment.
If you can borrow more money, you can use that additional amount to pay off your credit card debt. Then, all of your debt will be in one monthly payment – your mortgage.
Or, if you would rather not refinance, consider taking out a home equity loan. Use what you’ve paid towards your home to pay off your credit cards. The interest rate is often lower what your credit card company charges.
3. Use a personal loan to pay off credit card debt
If you do not own a home, talk to your bank about a personal loan (secured or unsecured). Just like a home equity loan, you can pay off your balances and have a single monthly payment, often at a lower rate than credit card companies charge.
4. Get rid of your cards
If you are committed to paying off your credit card balances cut them up. That way, you will not be tempted to add more debt to your balance. However, what you should not do is close the account. Keep it open and continue to pay on it to help increase your credit score.
For some people, cutting them is just not an option. If you find this is you, then you need to put your cards on ice. Literally. Put the card in a baggie filled with water and drop it into your freezer.  Now,  you won’t be tempted to dig it out and use it as you would have to put in a LOT of effort to do so.
Do what you have to do to stop spending. There is no way around this. Until you are ready to change your attitude towards spending money, you will not be able to get out of debt. This starts by cutting off the spending. Period.
Read more: Â How to Break the Cycle of Credit Card Debt
5. Know how much you owe
Sadly, most people have no idea how much credit card debt they have accrued. You have to know how much you owe before you can implement a plan to pay it off.
Make a list of the current balances owed, minimum monthly payment and the interest rate. Then add up total the amount of debt you have AND the total minimum monthly payments. Â This gives you a better picture of the amount of debt you currently have outstanding (and, it may not be pretty to look at).
The debt payoff bundle gives you every form you need to track, monitor and pay off your debt once and for all!!
6. Find money
Once you know how much debt you have to pay off, take a second look at your budget. Find places where you can cut back to have more money to pay your debt. That may mean scaling back or eliminating dinner out for a while, so you have another $100 to use towards your credit card balances.
Think about making some short-term sacrifices for long-term gain. You will not need to scale back forever. Once you are out of debt you may even find you don’t miss those items you cut out of the budget!
7. Start paying them down — One at a time
There are two different rules of thinking when it comes to paying off credit card debts.  One says pay the higher interest rate, and the other says the highest balance. You can read more about those below.
No matter which method you decide to use, start with ONE debt and work on it first. Get it paid in full before you try to pay others.
You can use a debt payoff calculator to find out long it will take to pay off your credit cards and know how much you’ll save in interest along the way.
8. Consider debt consolidation
Sometimes, the best way out of debt is to consolidate them all into a single payment. You may find that you ultimately pay less over the life of the loan vs. what you would pay in interest on each card alone.
While credit card transfers are an option (as mentioned above) you may also want to try debt management or a consolidation program. These include counselors who may be able to negotiate (on your behalf) to reduce the rates or payment terms.
Rather than make the individual payments on each debt, you make a single payment each month to the agency. They then transfer the payment to the creditor on your behalf.
If you do not own a home or are unable to qualify for a credit card or personal loan then debt consolidation may be the answer.
HOW DO YOU PAY DOWN YOUR CREDIT CARD BALANCES
If you do not opt for one of the options above and instead want to tackle your balances on your own, there are two methods you can use.
Highest Interest Rate First (Avalanche Method)
The avalanche method of debt repayment starts by first tackling the debt with the highest interest rate. You will want to pay as much as you can towards this debt first, continuing with minimum payments on all other debts.
For example, if the minimum monthly balance is $25, try to double, if not triple, the payment. Combine this amount with any additional income freed up in your budget to pay towards your debt. Your focus should be only on this single debt until it is paid off. Continue making the minimum required payments on your other credit card balances.
Once your first card is paid off, roll the monthly payment you were making on that card onto the next card. So, if you were paying $150 on card one and $30 on card two each month, you will now pay $180 towards the balance of your credit card. Continue to do this until all of you are debt free.
Using this method results in paying less interest, therefore, less overall debt. Â As you tackle the one that accrues interest at a higher rate first, you will eventually pay out less to the company. Â The downside is that you may end up tackling an overall higher balance first, which can result in it taking longer to make progress, and you becoming discouraged.
Lowest Balance First (Snowball Method)
The snowball method does not take interest rate into account, but rather balances. Review your list of debts and find the one that has the lowest balance. This is the one you will focus on first.
You will follow the same rule as you would if you were paying down the higher interest rate card first. Â Find any additional money you can in your budget and add that to the minimum monthly payment of the lowest balance card. Â Continue paying on that card until it is paid in full. Â Once that happens, roll that payment into the next balance. Â Repeat this process until all debts are paid off.
The reason that this works is that it tends to be more encouraging. Â You will see that you are actually making progress as you can achieve a balance paid in full more quickly, which gives you the motivation to proceed. Â The downside of this method is that you may have to pay a bit more in overall debt due to additional interest on the cards.
The thing is that one of these is not “right or wrong.” I hate when I see so-called experts trying to degrade someone for trying one over the other. Â We are all different and we know what will motivate us to help us stay on track. Â Decide which of these two works best for you.
8. Use Windfalls
While you are working yourself out from beneath your mountain of debt, there may be times when extra money finds its way to you. You may get a raise or a bonus at work. This may be the year you qualify for a tax refund. When you get extra money of any amount, do not use it as you want. Instead, apply it towards your debt.
If you want to tackle this as quickly as possible, you may need to sell things you do not need or even get a second job. There are many ways you can make money at home, many of which will not interfere with your regular full-time job.
STAYING OUT OF CREDIT CARD DEBT
Once your credit card debt is paid in full, you never want to allow yourself to get into that situation again. Â Here are things you need to do:
1. Figure out why you got there in the first place
Was the reason you had debt due to poor saving? Are you a spender? Did you just not have a budget and had to use it to cover living expenses?
Whatever the reason, you need to make sure you know what lead you down that path, to begin with, and make changes in your life so that it doesn’t happen again.
2. Have an emergency fund
Many times, people turn to credit cards when they have an unexpected expense. This is where your emergency fund will come into play. Instead of turning to a credit card to bail you out, you will use your emergency fund balance instead.
Read more: Â How to Rapidly Build an Emergency Fund
3. Never charge more than you have in the bank
Far to often, people will charge in advance of a paycheck or other income source they plan on coming their way. Â But, what happens if that fails to come through? Â Can they pay off the balance?
If you can not pay off your balance with the money in your checking or savings account, then do not charge it. Â Just because you are owed money does not mean it will come through.
4. Always pay balances in full every month
It can be tempting not to pay off your card and keep more of the money for yourself. Â However, this will just put you back into the same situation you just got out from. Â Make sure your entire balance is paid off every single month. Â No exceptions.
5. Review the perks
Many people use credit cards because of the perks. These include cash back, free offers or even airline miles. Â However, what do you have to spend to earn the reward? Is it worth racking up a hefty balance just to get something free?
Companies can change their programs at any time. Â You could lose those you’ve earned or no longer be eligible to earn new ones. Â The perks may sound great, but are they really worth it?
Trying to pay off credit card debt is not easy. However, can you continue to live with the financial strain they are causing you? Only you can decide that it is the right time to pay off credit card debt.
The post How To Pay Off Credit Card Debt Faster appeared first on Penny Pinchin' Mom.
Source: pennypinchinmom.com
How to Escape Debt in 2016
The new year is right around the corner and if youâre like most people, youâve probably got a running list of resolutions to achieve and milestones to reach. If getting out of debt ranks near the top, nowâs the time to starting thinking about how youâre going to hit your goal. Developing a clear-cut action plan can get you that much closer to debt-free status in 2016.
1. Add up Your Debt
You canât start attacking your debt until you know exactly how much you owe. The first step to paying down your debt is sitting down with all of your statements and adding up every penny thatâs still outstanding. Once you know how deep in debt you are, you can move on to the next step.
2. Review Your Budget
A budget is a plan that sets limits on how you spend your money. If you donât have one, itâs a good idea to put a budget together as soon as possible. If you do have a budget, you can go over it line by line to find costs you can cut out. By eliminating fees and unnecessary expenses like cable subscriptions, youâll be able to use the money you save to pay off your debt.
3. Set Your Goals
At this point in the process, you should have two numbers: the total amount of money you owe and the amount you can put toward your debt payments each month. Using those two figures, you should be able determine how long itâs going to take you to pay off your mortgage, student loans, personal loans and credit card debt.
Letâs say you owe your credit card issuer $25,000. If you have $500 in your budget that you can use to pay off that debt each month, youâll be able to knock $6,000 off your card balance in a year. Keep in mind, however, that youâll still need to factor in interest to get an accurate idea of how the balance will shrink from one year to the next.
4. Lower Your Interest Rates
Interest is a major obstacle when youâre trying to get out of debt. If you want to speed up the payment process, you can look for ways to shave down your rates. If you have high-interest credit card debt, for instance, transferring the balances to a card with a 0% promotional period can save you some money and reduce the amount of time itâll take to get rid of your debt.
Refinancing might be worth considering if you have student loans, car loans or a mortgage. Just remember that completing a balance transfer or refinancing your debt isnât necessarily free. Credit card companies typically charge a 3% fee for balance transfers and if youâre taking out a refinance loan, you might be on the hook for origination fees and other closing costs.
5. Increase Your Income
Keeping a tight rein on your budget can go a long way. But thatâs not the only way to escape debt. Pumping up your paycheck in the new year can also help you pay off your loans and increase your disposable income.
Asking your boss for a raise will directly increase your earnings, but thereâs no guarantee that your supervisor will agree to your request. If youâre paid by the hour, you can always take on more hours at your current job. And if all else fails, you can start a side gig to bring in more money.
Hold Yourself Accountable
Having a plan to get out of debt in the new year wonât get you very far if youâre not 100% committed. Checking your progress regularly is a must, as is reviewing your budget and goals to make sure youâre staying on track.
Photo credit: ©iStock.com/BsWei, ©iStock.com/marekuliasz, ©iStock.com/DragonImages
The post How to Escape Debt in 2016 appeared first on SmartAsset Blog.
Source: smartasset.com
How to Get a Loan Without a Cosigner
Need to get a loan without a lot of credit, but you donât have someone to cosign? Get some tips for how to get a loan without a cosigner from Lexington Law.
Source: lexingtonlaw.com
Credit 101: What Is Revolving Utilization?
According to Experian, the average credit score in the United States was just over 700 in 2019. Thatâs considered a good credit scoreâand if you want a good credit score, you have to consider your revolving utilization. Revolving utilization measures the amount of revolving credit limits that you are currently using, and it accounts for a large portion of your credit score.
Find out more about what revolving utilization is, how to manage it, and how it impacts your credit score below.
What Is Revolving Credit?
To understand revolving utilization, you first have to understand revolving credit. Revolving credit accounts are those that have a “revolving” balance, such as credit cards.
When you are approved for a credit card, you are given a credit limit. If you have a credit card with a limit of $1,000 and you use it to buy $200 worth of goods, you now have a $200 balance and an $800 remaining credit limit.
Now, if you pay that $200, you again have $1,000 of open credit. If you pay $150, you have $950 of open credit. But your credit revolves between balance owed and how much open credit you have available to use. How much you have to pay each monthâknown as the minimum paymentâdepends on how much your balance owed is.
Other forms of revolving credit include lines of credit and home equity lines of credit. They work similar to credit cards.
What Isn’t Revolving Credit?
Unlike revolving credit, installment loans involve taking out a lump sum and paying it back in an agreed-upon fashion over a set term of months or years. Typically, you agree to pay a certain amount per month for a certain number of months to cover the amount you borrowed plus any interest.
With an installment loan, the amount of your monthly payment is determined by your loan agreement, not the balance due. Common types of installment loans include vehicle loans, personal loans, student loans, and mortgages.
What Is Revolving Utilization?
Revolving utilization, also known as âcredit utilizationâ or your âdebt-to-limit ratio,â relates only to revolving credit and isn’t a factor with installment loans. Utilization refers to how much of your credit balance you’re using at a given time.
Hereâs how to determine your individual and overall credit utilization:
- Look at your credit reports and identify all of your revolving accounts. Each of these accounts has a credit limit (the most you can spend on that account) and a balance (how much you have spent).
- To calculate individual utilization percentage on an account, divide the balance by the credit limit, and multiply that number by 100.
- $500/$1,000 = 0.5
- 5*100 = 50%
- To calculate overall utilization (all revolving accounts), add up all of the credit limits (total credit limit) and all of the balances (total spent) on your revolving accounts. Divide the total balance by total credit limit, and multiply that number by 100.
If you have a credit card with a $1,000 credit limit and a balance of $500, your utilization rate is 50%, for example. For the same card, if you have a balance of $100, your utilization rate is 10%.
When it comes to your credit score, revolving utilization is typically calculated in total. For example:
- You have one card with a limit of $1,000 and a balance of $500.
- You have a second card with a limit of $4,000 and a balance of $400.
- You have a third card with a limit of $3,000 and a balance of $600.
- Your total credit limit across all three cards is $8,000.
- Your total utilization across all three cards is $1,500.
- Your revolving utilization is around 19%.
How Can You Reduce Revolving Utilization?
You can reduce revolving utilization in two ways. First, you can pay down your balances. The less you owe, the less your utilization will be.
Second, you can increase your credit limit. If you apply for a new credit card but don’t use it, you’ll have more open credit, and that can reduce your utilization. You might also be able to ask your credit card company to review your account for a credit increase if you’re an account holder in good standing.
What Is Revolving Utilization’s Impact on Your Credit Score?
Your revolving utilization rate does impact your credit. It’s the second-largest factor in the calculation of your credit score. Your utilization rate accounts for around 30% of your score. The only factor more important is whether you make your payments on time.
Why is credit utilization so important to your score? Because to lenders, it can say a lot about you as a borrower.
If you’re currently maxed out on all your existing credit, you may be struggling to pay your debts. Or you might not be managing your debts in the most responsible fashion. Either way, lenders might see you as a riskier investment and be less inclined to approve you for loans or other credit.
How Do You Know If You Have a Revolving Utilization Problem?
Sign up for Credit.comâs free Credit Report Card. It provides a snapshot of your credit report and gives you a grade for each of the five areas that make up your score. That includes payment history, credit utilization, age of credit, credit mix, and inquiries. The credit report card makes it easy for you to see what might be negatively affecting your credit score.
You can also sign up for ExtraCredit, an exciting new product from Credit.com. With an ExtraCredit account, you get a look at 28 of your FICO scores from all three credit bureausâplus exclusive discounts and cashback offers as well as other featuresâfor less than $25 a month.
The post Credit 101: What Is Revolving Utilization? appeared first on Credit.com.
Source: credit.com
Should You Listen To Financial Gurus?
Financial gurus are telling you how to get out of debt, and what to do with your money and investments. The question is, should you follow their advice?
The post Should You Listen To Financial Gurus? appeared first on Bible Money Matters and was written by Peter Anderson. Copyright © Bible Money Matters – please visit biblemoneymatters.com for more great content.
Source: biblemoneymatters.com