Tag Archives: Extra Income

10 Money Management Tips to Teach Your Kids About Finance

Knowing how to handle finances is one of the most basic and important life skills. When you understand how to handle your money, you can avoid falling into financial problems and risks. So teaching your children about money is a key step in preparing them for adulthood. Teach them values and terms, such as saving, and they will grow to possess good money habits even up to adulthood. Broaden your knowledge of finance and money matters and pass them to your kids by reading up. Read LoanStart blog for financial advice and learn the intricacies of financing and loans and how they can help benefit your current financial situation.

1. Integrate Money Into Daily Life

Get your children involved with money. For example, you can have a young child join you at the grocery store to help with shopping. Ask them to compare prices of similar items and discuss why the items may be different. For older children, you might allow your child to watch or participate when you pay bills. Explain the process to them. Let your child know how much money comes in each month and how much you spend on expenses. Show to them how expenses add up.

Involving your children in household finances will help build their financial knowledge at an early age.

2. Give Your Child an Allowance, But Consider the Frequency and Amount

There are several benefits to giving an allowance. For one thing, when your child has money of their own that they can spend at their discretion, they will be incentivized to learn how to handle it. Once the allowance is gone, your child will have to save up to buy necessary items. You can teach your child to be responsible for money management and living within their means by sticking to the rules. Disperse allowance on a regular schedule, and never extend "credit."

Some financial experts recommend giving out an allowance to be budgeted once a month rather than once a week. This gives the child a longer amount of time on how to manage a given amount of money. Also, the larger the amount of money, the more management skills are to be learned.

3. Model Good Financial Behavior

Your children look up to you, so your decisions with money will set an example. Are you late on your bills? Are you living beyond your means? Get your financial situation in order and be honest with your children. Let them know the reason behind your financial behavior so that you can discuss financial planning and management as a family.

4. Teach Your Children About Choices

Let them know the reason behind your financial behavior and embark on sound financial planning and management as a family.

Make sure your children know that there are more ways to use money beyond just spending it. Teach your child to save, invest, or donate to charity, and explain why these options are worth the effort, even if they do not offer the short-term satisfaction that comes with making a purchase.

5. Provide Extra Income Opportunities

Occasionally, you can offer your child an opportunity to make a small amount of extra income by having them do some chores around the house. This will teach them early on about the value of earning money. You can then help them decide what to do with the extra money they have earned.

6. Teach Your Child How to be a Wise Consumer

Before your child buys something new, discuss with them the alternative ways of spending money to emphasize the value of making choices. Teach them to compare shops and items for prices and quality. Show them how advertisers persuade people to buy their products. Encourage your kids to be savvy and critical of ads and commercials.

7. Teach Your Child a Healthy Attitude Towards Credit 

Teach your child how to handle credit. When you think they are old enough to understand what credit is, allow them to borrow an extra amount of money from you to make a major purchase. Talk to them and negotiate how much amount your child will pay you each week from their weekly allowance, and then collect the money and keep track of the remaining balance each week until the debt is repaid.

8. Involve Your Child in Family Financial Planning

Let your child see how you plan your budget, pay bills, how you shop carefully, and how you plan major expenditures and vacations. Explain to them that there are affordable choices, and allow the kids to participate in the decision-making process. You can set a family goal that everyone can work towards.

Explain to your kids that there are affordable choices, and allow them to participate in the decision-making process.

9. Avoid Impulse Buys

Children are prone to impulse buys when they find something cute or eye-catching. Instead of giving in and buying the item for them, let your child know that they can use their savings to pay for the item. However, encourage your child to wait at least a day before they purchase anything above a given benchmark–for example, 15 dollars. The item will still be there the next day and they will have properly decided with a level head if they still want the item.  

10. Get Them Saving for College

College is an important phase that can affect the future of your child. There’s no time like the present to have your teen saving for college. If they plan on working a summer job you can take a portion of that amount and put it on a college savings account. Your child will feel more responsible since their future is at stake with how much they save.

Source: quickanddirtytips.com

7 Myths About Work From Home Jobs & What It’s Really Like

I have been working from home or while traveling full-time since around 2013, and since then I have heard so many myths about work from home jobs.I have been working from home or while traveling full-time since around 2013, and since then I have heard so many myths about work from home jobs.

Some of the things that I’ve heard over the years include:

“Working from home must be boring.”

“You must have so much free time to get chores done!”

“Aren’t all work from home jobs scams?”

“Working from home isn’t a real job”

Whether you work for yourself and your office is in your home, or if you telecommute and work for someone else, I’m sure you’ve heard some of these myths about work from home jobs as well.

Truth is, so many people think that working from home is something different, until they get to experience it.

And, this is something that many people are learning in 2020 due to current events!

Now, I want to say that I absolutely love and enjoy working from home.

I would not change a single thing about working from home.

However, some people have said certain things to me that really make me laugh. I think part of that is because they’ve never worked from home before, and the reality is that working from home is still work.

Working from home can be different for everyone because we all have different jobs. Also, what your work from home situation is like makes a big difference too. 

Working from home with kids can make things more challenging. Some jobs keep you tied to your laptop, some require extreme concentration, some are more flexible, etc.

Still, it’s all work!

Today, I want to talk about some of the most common work from home facts and myths. I’m going to explain the misconceptions of working remotely and what’s really happening when people work from home.

Now, I hope today’s article doesn’t come across as a big complaint. Instead, I simply want to shed some light on the topic and explain the truth about working from home.

Content related to myths about work from home jobs:

  • 12 Work From Home Jobs That Can Earn You $1,000+ Each Month
  • Ways To Make An Extra $1,000 A Month
  • 9 Work From Home and Travel Careers
  • 15 Outdoor Jobs For People Who Love Being Outside

Here are common 7 myths about work from home jobs.

 

Myth: You can run errands for everyone during the day

“You must have so much free time to get chores done!”

When I first started working from home, I received so many phone calls from people asking me to do favors, and almost every single time it started with “since you have nothing else to do during the day…”

While I don’t mind helping others around me, I know I’m not alone – this is something that many, many people who work from home have an issue with.

It can be so hard saying no.

Many people think that if you work from home, you don’t actually do anything all day. This sometimes leads to friends and family members asking for favors from those who work from home.

I know friends who work from home who have been asked to babysit, pick things up from the store, grab dry cleaning, bring a pet to the groomer, and more. 

If you have the time and you want to, by all means say yes to every favor. It does feel good to help others.

But, don’t feel like you have to jump on every request just because you work from home.

 

Truth: People who work from home still have to stick to a schedule

One of the reasons people believe that last myth is because working from home is so flexible, and they’ve probably heard that before.

The truth is, while it’s flexible, many people who work from home still try and stick to a normal-ish schedule. 

That’s because if you have other people in your life that keep regular 9-5 hours or have kids in school, working during “normal” hours makes the most sense. It’s probably the only time you have to get any work accomplished. 

Be honest with the people around you and explain the situation. More importantly, be realistic with yourself. It feels nice to help other people out, but running errands all day for others can prevent you from completing work, force you to work late in the evening or weekends, and it can also cost you money.

It also helps to set some boundaries with those around you. Tell the people in your life if there are certain times they shouldn’t bother you, that you might not pick up the phone right away, etc.

Not everyone will understand, some people will get it, and some people probably aren’t sure what working from home means.

But, most people will happily respect your boundaries once you tell them what they are.

 

Myth: Working from home is boring

“I could never work from home, I would be too bored.”

I hear this all the time, ever since I first started working from home.

This is one of the myths about work from home jobs that people believe because they think they would miss working with other people. I understand that – I remember having lots of fun with some of the people I used to work with.

Many people believe this myth because it might sound boring to stay in your house all of the time. It can be, that’s not always the case.

 

Truth: Working from home can be both exciting and boring

Some people would probably think that blogging is boring whether they did it in an office or from home. That’s probably true for lots of jobs.

Your job can be exciting, boring, stressful, calm, easy, difficult, etc. And, it can feel like all of those things over the course of the day. 

Another thing is that while working from home might sound boring to some people, I look at what it allows me to do. Don’t get me wrong, I love my job, and I don’t find it boring, at all. 

But, I also love that working from home allows me to travel full time. I have gotten to visit so many amazing places. And, I can choose when I work.

Still, there are some days when I’d rather be doing something other than working, but that doesn’t make working from home boring.

If you’re struggling with this, think about what your situation allows you to do. Focus on the positives.

Some people love what they do, and others love what their job allows them to do.

 

Myth: All work from home jobs are scams

When I tell people what I do, they usually don’t believe it. Many people think that home businesses are scams.

While this myth has eased a little bit over the years, a LOT of people thought working from home was a scam just about a decade ago.

Things have changed a lot in the last several years!

According to Stanford, 42% of the U.S. labor force currently works from home full-time in 2020.

Not all work at home jobs are scams. I have a legitimate business! Just like anyone else who has a business, mine is a business as well.

There are many, many work from home jobs that exist and are legitimate.

 

Truth: There are work from home scams

Unfortunately, there are still some scams out there. 

There are scams that say a company will pay you $10 for every envelope you stuff. There are some scams where a person says they’ll send you a big check up front, but you have to forward part of that check back to the business.

Work from home scams do exist, but that’s not at all the case with the majority of them.

Please head to How To Spot Work From Home Job Scams And Avoid Them At All Costs to learn more.

 

Myth: It’s easy to separate work and life

When you work from home or have your own business, it can be very difficult to completely stop working.

Whenever we go on a trip, I almost always continue working the same amount that I do when I am at home. When you are a business owner, especially in the beginning, you want to bust your butt off to make your business successful. 

It can go the other way too. If you are working from home and see dirty dishes in the sink or unfolded laundry, you can easily get distracted from what you’re doing and stop working. 

It’s also easy to get distracted by personal emails, phone calls, social media, etc. 

This is something I still struggle with.

 

Truth: You can make a better work from home environment

One of the things that may help you separate work from the rest of your life is making sure you set boundaries and create a good physical and mental space to work.

I recommend setting work hours for yourself, making time for vacations, taking breaks throughout the workday, and so on.

Even though you are working from home and you probably don’t have anyone looking over your shoulder to see what you are doing all day long, I still recommend having clear work hours. This will help you manage your time, complete your work, and “leave” work for the day.

If you get distracted by what else is happening in your house, try to make some space that is only for working. You don’t need an office – it can be as simple as a clean dining room table. Or, do the dishes and fold the laundry before you start working.

 

Myth: You’re not actually working when you’re at home

Working from home is still working!

You still have a job and tasks still need to be completed.

This is one of the myths about work from home jobs that gets me the most.

For some reason, many people associate working from home with not doing any work at all. Boy, are they wrong!

I have even had people not believe me and then ask for a full schedule of what I do each day to prove myself.

If me and the millions of other people weren’t actually working when they were home, how would we be holding jobs and getting paid?

 

Truth: People successfully work from home every day

The reality is that the only real thing that changes when you work from home is that the location is different.

People run multi-million dollar businesses from their home. Some hold side hustles, freelance, run Etsy shops, dog sit in their home, work jobs in the corporate world, and much more.

Sure, there are distractions and you may find more time to spend on non-work tasks, but working from home is still working.

 

Myth: You will be lonely when working from home

I’m often asked if I get lonely working from home, and this is one of the most common myths about work from home jobs.

People think that when you work from home that you have absolutely no contact with anyone else. But when I worked in an office, I hardly ever had human contact, except during meetings. That honestly felt more lonely than working from home.

Now, I talk to people all day long. I talk with other bloggers, I answer emails from my readers, and I interact with people on social media. I probably talk with more people now than I did when I worked in an office.

 

Truth: It can be lonely to work from home, but there are ways to make it less lonely

If you do start feeling lonely when you work from home, I have a couple of suggestions to beat the lonely feeling.

You can start a Slack chat with those that you work with or hop on a video call. There are also meetups you can attend that relate to work or your hobbies. There are also lots of online groups, like Facebook groups or subreddits, where you can network with others in your field.

Working from home doesn’t have to feel lonely all of the time.

 

Myth: You will spend all of your time in pajamas

When I first started working from home, I spent a lot of time in my pajamas.

However, that’s not the case anymore.

Now that we live on a boat and have to walk the dogs regularly, I have to go outside often and I’d prefer if everyone around me didn’t have to see me in my pajamas all the time, haha.

 

Truth: It’s okay to work in your pajamas

Some people get completely dressed up for work every day, even though they work from home full-time. It helps get them in the mood for work, and I completely get that.

Some put on a nice top, but still wear athletic shorts or pajama pants.

You will have to find what works best for you.

But, if you want to work in your pajamas, do it. That’s one of the perks of working from home. Don’t let anyone make you feel bad about wearing pajamas if that’s what you want.

 

What are the pros and cons of working from home?

I am a big fan of working from home. You can probably tell that now, haha!

The reasons these myths about work from home jobs bother me is because I love what I do and I love helping other people realize that they can work from home too.

Being able to work from home is one of the best things I’ve been able to do. Some of the pros are:

  • It allows me to spend more time with my family
  • I can travel full-time
  • My schedule is flexible
  • I can make a great income from home, and more

Now, what are the negatives of working from home?

Some of the cons are:

  • It can be hard to separate your work and life
  • Some people may find it lonely
  • Some people in your life may struggle with the boundaries you set
  • It can be a big adjustment if you’ve never done it before

The reality is that there are pros and cons about any kind of job. The negatives don’t just apply to work from home jobs. It’s about finding what works for you.

 

Is working from home right for you?

After reading all of the above, you may be wondering how you can make working from home work for you.

Here are some of my tips:

  • Set working hours for yourself
  • Create a dedicated work area
  • Hire help if you need it
  • Cut out distractions
  • Socialize with others
  • Don’t run errands for others all day long
  • Take time off work when you are sick

I recommend reading My Best Working From Home Tips So You Can Succeed to learn more about how you can work from home most efficiently.

Even with talking about all of the myths above, there are still many benefits to working from home.

Being able to work from home is one of the best things I’ve been able to do, and I know many people who feel the same way.  I know it can be hard at times, but it’s all just the reality of working from home.

What common myths about work from home jobs have you heard?

The post 7 Myths About Work From Home Jobs & What It’s Really Like appeared first on Making Sense Of Cents.

Source: makingsenseofcents.com

Should You Make Payments During Coronavirus Student Loan Deferment?

As Americans grappled with the financial consequences of the pandemic in March of this year, the federal government took several actions to help cash-strapped consumers. For starters, Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act in late March of 2020, which included a temporary suspension of payments and interest for government-owned student loans through the end of September 2020.

Beyond just suspending payments and interest, the act also halted all collections activities on federal student loans. Americans pursuing Public Service Loan Forgiveness (PSLF) would see these non-payment months counted toward the 120 months of payments needed to have their loans forgiven. 

You can continue making payments on your federal student loans during the deferment period if you want to. Whether you should, depends on your goals and your situation.

This announcement was a huge relief for Americans with student debt since it meant they could pause federal student loan payments without accruing interest or facing penalties for several months. And recently, this assistance was extended for the remainder of 2020.

About the Student Loan Deferment Order

According to a memorandum from the White House, this extension intends to “provide such deferments to borrowers as necessary to continue the temporary cessation of payments and the waiver of all interest on student loans held by the Department of Education until December 31, 2020.”

What does this mean for borrowers? The extension of this order means that those with federally owned student loans (not private student loans) can continue skipping payments for the duration of 2020. Interest won’t accrue on federal student loans during this time, and penalties won’t come into effect for those who choose to defer loan payments.

How Does This Help Student Loan Borrowers?

Although unemployment numbers have improved since the summer, the initial pause on federal student loan payments was of massive help for borrowers struggling with job loss or a loss in pay. After all, getting a break from student loan payments made room for funds to go toward other household needs and bills. Keep in mind that the average student loan payment is approximately $393 for all borrowers, but that many with advanced degrees pay significantly more than that every month.

When the Presidential action was released, it was unclear whether borrowers pursuing PSLF will still receive credit for non-payment months. However, a U.S. Department of Education press release clarified that PSLF borrowers would, in fact, receive credit toward loan forgiveness as if they’d made on-time payments.

Just keep in mind that this order does not apply to consumers with private student loans. Only federal student loans qualify for this protection, although some private student loan companies are offering their own separate deferment options to consumers who can show financial hardship.

Pros and Cons of Making Payments During Automatic Deferment

One interesting detail from this order is buried in the fine print:

“All persons who wish to continue making student loan payments shall be allowed to do so, notwithstanding the deferments provided pursuant to subsection (a) of this section.”

In summary, you can continue making payments on your federal student loans during the deferment period if you want to. Whether you should, depends on your goals and your situation.

Benefits of Making Loan Payments 

If you haven’t faced a loss in income, then you might be tempted to continue making payments on your student loans. The benefits of doing so include:

  • Paying down your student loan debt faster. The Department of Education says that, through the end of 2020, “the full amount of your payments will be applied to principal once all the interest that accrued prior to March 13 is paid.” This means that every cent thrown toward your loans right now applies to your loan balance, quickly reducing your student debt on a dollar-for-dollar basis.
  • Saving money on interest. Because of the way interest accrues on student loans and other debts, reducing your balance will automatically save you money on interest over the long haul. The more you pay toward your student loans now, the more money you save.

Disadvantages of Making Loan Payments

There are a few potential downsides to making student loan payments when they’re not required. Plus, borrowers with certain types of student loans should not be making payments right now. 

Here are a few considerations to keep in mind.

  • You may need the money later on. Even if your income is fine right now, the financial fallout from the pandemic is far from over. If you choose to make student loan payments through the end of the year and lose your job in a few months, you might wish you had saved that extra cash instead. 
  • Those pursuing PSLF shouldn’t make payments. If you’re pursuing PSLF, then this deferment period is counted toward the 120 on-time payments you need for loan forgiveness. If you continued making payments through the end of the year, you would be throwing money down the drain.
  • Most borrowers on income-driven repayment plans have little incentive to make payments. If you’re on an income-driven repayment plan like Pay As You Earn (PAYE) or Income Based Repayment (IBR), then your loan payment is only a percentage of your discretionary income, and your loans will be forgiven after 20-25 years of on-time payments. Borrowers who aim to have their loans forgiven after 20-25 years anyway should skip payments through the end of the year and set aside their cash for a rainy day instead.

The Bottom Line

Individuals who want to pay off their loans quickly would be smart to pay as much as they can, but only if they can afford it. It also makes sense to be cautious about any extra income you have for the time being. After all, more economic pain may be on the way, and it’s possible you could face a loss in income later in the year.

Without any interest accruing on federally owned student loans during this historic forbearance, however, you could always put your student loan payments into a high-yield savings account until the end of the year. At that point, you can assess your financial situation and make a large, lump sum payment toward your loans if you want.

This strategy creates a greater safety net for the remainder of 2020 while also paying down debt faster with a large payment before the end of December. Run the numbers and make sure you have a plan (and a back-up plan) in place.

The post Should You Make Payments During Coronavirus Student Loan Deferment? appeared first on Good Financial Cents®.

Source: goodfinancialcents.com

We Earn $200,000 and Can’t Save. Help!

Mia, 35 and her husband Luke, 36, earn a combined $200,000 per year. But after paying their mortgage and rental property loan, as well as car and student loans, child care, and other living expenses, the Los Angeles couple has a difficult time socking away money in savings.

They do have about $10,000 in a rainy day account, which could cover their expenses for about one month. But adding to the account has been proving difficult.

Luke feels confident that if they ever run into a serious financial bind, they could always take advantage of their low-interest home equity line of credit. But Mia isn’t comfortable with that route. She’d prefer to have more cash on hand.

A bit more background on the couple and where they stand financially:

Luke recently transitioned to a new job as a government attorney, which he loves, but it also meant taking a 50% pay cut. That’s impacted their ability to spend and save as comfortably in recent months. It was an unexpected opportunity for which the couple wasn’t financially prepared.

Mia and Luke would like an objective look at their finances to discover ways to reduce spending, increase saving and possibly find new revenue streams. “I’d love to figure out a side-hustle, so that I can eventually leave my job and spend more time with the kiddos,” says Mia, who works in marketing. Other goals including affording a new car in a couple of years and remodeling their primary residence.

Here’s a closer look at their finances:

Income:

  • Combined salaries: $200,000 per year
  • Net rental income: $6,000 per year

Debt:

  • Car and student loan debt. $13,000 combined at 2%
  • Mortgage at primary residence $845,000 at 3.625%
  • Mortgage at rental property $537,000 at 3.5%
  • HELOC on primary residence: $200,000 (have not used any of this credit)

Retirement:

  • Mia: contributes about $1,000 total each month, including a company match
  • Luke: contributes about $1,000 total each month, including a company match

Emergency Savings: $10,000

College Savings: The couple has 529 college savings funds for both of their children. They allocate their cash back rewards from credit cards towards these accounts. Currently they have about $10,000 saved for their 4-year old and $5,000 saved for their 1-year old child.

Top Monthly Spending Categories:

  • Primary residence mortgage: $4,000
  • Primary residence property tax: $1,100
  • Childcare: $1,900 (daycare for both children, 3 days per week. Grandmother watches other 2 days per week)
  • Food (Groceries/Eating Out): $800
  • Car and student loan payments: $450

From my point of view, I think the biggest hole in Mia and Luke’s finances is their rainy day savings bucket. Relying on a HELOC to cover an unexpected cost is not really an ideal plan. In theory, the money can be used to cover expenses and the interest rate would probably be far lower than the rate on a credit card. But in reality, tapping a HELOC means falling further into debt. They do have $10,000 saved, which is good. But it’s not great.

If not for an emergency, the savings can allow them to achieve other goals. The couple mentioned wanting to buy a car in a couple years. This will probably require a down payment. Having cash can also assist with renovating their home.

Here are my top three recommendations:

Transfer Rental Income Towards Savings

Their previous residence is now a rental property. It nets them about $500 per month. The couple is using this money to pad their living expenses. Can they, instead, move this into their savings account for the next few years? The way I see it, they should have a proper six month cushion in savings to tide them over in an emergency and/or if they need money to address their goals. This rental income isn’t going to get them to this 6-month reserve too quickly, but it’s a start.

Carve Out Another $500 for Savings

While I don’t have a detailed breakdown of all of the family’s monthly expenses, I can bet that they can pare their expenses to save an additional $300 to $500. A few dinners out, some unplanned purchases at the grocery store (because you took the kids) and a couple monthly subscription plans can easily add up to $500 in one month. Whenever I want to save more, I schedule money to transfer out of my checking and into savings at the top of the month. I do this automatically and only spend whatever money I have left. I’d suggest doing this for the first month and seeing how it feels. Do you really notice the money is gone? If yes, revisit some of your recurring costs and decide on trade-offs. If Luke’s salary has decreased by 50% then the couple needs to make some modifications to their spending. The math, otherwise, won’t add up.

Can Mia Adjust Her Work Structure?

Mia is interested in a side hustle, too, to bring in extra income (which I highly recommend). Sites like tutor.com, care.com, taskrabbit.com and others can help you find quick work within her preferred time frame. In the meantime, can she and her husband find ways to adjust their work hours or commute, which saves gas, time and money?

Mia’s commute to work is one hour each way. That’s ten hours per week stuck in a car. And my guess is that while Mia’s driving, she’s paying for daycare, for at least some of those hours. Could she work from home one or two days per week to reduce her time in traffic, as well as her child care costs?

Bottom line: When Luke’s income dropped by 50%, the couple didn’t adjust spending. It may help to take pen to paper and imagine they were building their budget for the first time. Take all of their expenses off the table and rebuild the budget and lifestyle to better align with their adjusted income. Start with the absolute needs first: housing, insurance, food. And really scrutinize all other expenditures. Unless it’s an absolute need that they can easily afford it, consider shutting it off until they’ve reached a 6-month savings pad.

The post We Earn $200,000 and Can’t Save. Help! appeared first on MintLife Blog.

Source: mint.intuit.com

15 Home Business Ideas & The Free Courses You Need To Get Started

Are you looking for a work from home job or some at home business ideas?

If so, then I have a great list of free resources, such as courses and guides, that will help you find the best option and learn how to get started. Plus, all of the courses and guides in this article are free!

home business ideasIf you’re looking to make extra money, or even a full-time income, working from home is a great option. There are lots of realistic home business ideas that allow you to work on a flexible schedule.

In fact, around 50% of U.S. businesses are home based, and that number is expected to grow well into the future.

But, many people don’t know what kind of options are available or how to get started with their in home business ideas.

This article is a good starting point because I’m going to tell you about 15 different profitable home based business ideas and link to free courses, workshops, and guides that will help you kick off each of these ideas.

There are lots of valuable paid courses out there, but if you’re not sure about an idea, you might not want to spend hundreds of dollars on a course. That’s why free courses and guides are a great way to start.

You can learn more about each of these small business ideas, learn some of the basic skills, how much money you can earn, and more. You get to test these ideas a little bit before you invest a lot of time and money.

No matter what kind of business you decide to start, I think you’ll really enjoy starting one from home. 

I have been working from home since 2013, and I wouldn’t change it for anything! I absolutely love and enjoy running a business from home.

It has allowed me to travel full-time, save enough money to retire early, love what I do each day, and more.

Many people love running home based businesses for those reasons, but it also cuts your commute, allows you to earn money in your spare time, be your own boss, work on a flexible schedule, and more.

So, to help you get started, today I will explain some of the best small business ideas from home and which free online courses can help you get started.

Here is a quick list of the free work at home courses and resources I’m sharing:

  1. Selling Printables on Etsy Ebook
  2. Sell on Amazon Starter Course
  3. How To Start a Blog Course
  4. Build A Voiceover Action Plan From Scratch Minicourse
  5. Start An Online Advertising Business From Scratch
  6. Start Your Virtual Bookkeeping Business
  7. Turn Your Passion For Visiting Thrift Stores, Yard Sales & Flea Markets Into A Profitable Reselling Business In As Little As 14 Days
  8. General Transcription Mini-Course
  9. Become a Proofreader 76 Minute Webinar
  10. Court Transcript Proofreading Mini Course
  11. Podcast Virtual Assistant Workbooks
  12. Make Money Writing Romance Novels ecourse
  13. Pinterest Virtual Assistant Training Workshop
  14. Jumpstart Your Virtual Assistant Business
  15. Self-Publishing Your First Book

Below, I will be diving deeper into what each option is like, as well as more information about each of those free resources.

Below are 15 home business ideas.

 

1. Sell printables on Etsy.

Are you looking for a smart home business idea that allows you to use your creativity? Are you wondering “What can I sell from home to make money?”

If so, I recommend checking out this option. See, creating printables on Etsy can be a great side hustle because you just need to create one digital file per product, which you can then sell an unlimited number of times.

Printables are digital products that customers can download and print at home. Examples include grocery shopping checklists, gift tags, candy bar wrappers, printable quotes for wall art, and patterns.

You can sign up for this free ebook that helps you figure out where to start when it comes to selling printables on Etsy.

Related content on successful home business ideas:

  • 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
  • 24 Of The Best Work From Home Jobs & How To Avoid Scams

 

2. Sell items on Amazon.

Yes, you can make money selling items on Amazon. Actually, this is one of the home business ideas with low start up costs because you can literally start selling items from around your house. Make money while you declutter your home, what’s not to love?!

The first year that my friend Jessica ran her Amazon FBA business, working less than 20 hours a week total, she made over $100,000 profit!

This free course shows you how to start a profitable Amazon business in a 9-part video course. You’ll learn:

  • The exact steps to follow to set up your Amazon Seller account
  • Two easy and affordable ways to find items to sell
  • How to choose profitable inventory that customers actually want to buy

Click here to sign up for the FREE Amazon FBA Starter Course!

 

3. Start a blog to work at home.

For obvious reasons, blogging is my favorite on this list of profitable home business ideas.

It is a business that allows me to travel full-time, have a flexible schedule, earn somewhat passive income, and more.

Blogging changed my life for the better, and it allows me to earn thousands of dollars a month, all by doing something that I love.

My blog was created on a whim as a way to track my personal finance progress. And when I first started my blog, I honestly didn’t even know that this was going to be one of the best small profitable business ideas out there. At least that’s been the case for me! 

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

 

4. 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.

In 2014, Carrie Olsen 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 Build A Voiceover Action Plan From Scratch Minicourse — This free course will help you learn about becoming a voice over artist, even if you’re brand new!

 

5. Run Facebook ads for local 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 without any prior experience in marketing or advertising.

The going rate for Facebook Ad management is $1,000 – $1,500 per month, per client.

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 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 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.

Bobby has a free webinar on this topic too. His webinar, Start An Online Advertising Business From Scratch, will teach you how to start this business even if you’re brand new, how to find paying clients, and more.

 

stay-at home business ideas

6. Start a bookkeeping business.

A bookkeeper is someone who tracks the finances of a business. They may handle payroll, billing and invoicing, etc.

These are all skills you can learn without being an accountant or having any previous 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. 

Start Your Virtual Bookkeeping Business will teach you more about running your own virtual bookkeeping business. You’ll learn:

  • Is a bookkeeping business for you?
  • What exactly is a bookkeeping business? What kind of work do they do?
  • How much money can you make as a bookkeeper?
  • How do you find clients?

 

7. Search for items to resell.

Have you ever found something that you thought you could resell to make a profit?

Melissa’s family earned $133,000 in one year by buying and selling items that they’ve found at thrift stores, yard sales, and flea markets.

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

This is one of the home business ideas that anyone can start because you can start off selling things in your own house — I know we all have lots of stuff in our house that we could stand to get rid of. Then once you get a feel for the work, you can start purchasing items to resell.

Melissa has a great free webinar, Turn Your Passion For Visiting Thrift Stores, Yard Sales & Flea Markets Into A Profitable Reselling Business In As Little As 14 Days, that will help you learn how to make money by flipping items.

 

8. Transcribe audio or video content into text.

Transcription is when you turn audio or video content into a text document. You listen to what’s being said and type it up.

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 and it goes up from there.

You can learn more in the Free General Transcription Mini-Course. In this course, you will learn what it takes to become a transcriptionist, how much money you can earn, how you can find jobs, and more.

 

9. Become a general proofreader.

Proofreading is one of the most flexible and detail-orientated home business ideas that work. All you need to work as a proofreader is a laptop or tablet, an internet connection, and a good eye for finding mistakes.

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

You 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.

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

Caitlin 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.

 

10. Become a court transcript proofreader.

Becoming a court transcript proofreader is a more focused version of the last idea.

Here’s what it’s like:

“Court reporters use digital stenography machines in combination with computer-aided transcription software to write verbatim records of various legal proceedings. They report depositions, trials, hearings, arbitrations, case management conferences, compulsory medical examinations, examinations under oath, and pretty much any other type of legal proceeding. Because of the sensitive nature of legal proceedings, it’s imperative that as many errors as possible be eliminated from transcripts — an especially major error could ruin an entire trial!”

Due to this, many court reporters also use court transcript proofreaders.

There is more training that goes into becoming a court transcript proofreader, and that is why I separated it from the general proofreading job above.

Caitlin, mentioned above, also has a great FREE 7 day course just for people who are interested in becoming a court transcript proofreader.

 

Home business ideas with low startup costs

11. Become a podcast virtual assistant.

There’s a big demand for podcast virtual assistants right now.

This is because 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 home business ideas that help out with all of these podcasts.

While the podcast host is responsible for recording 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 can offer as a podcast virtual assistant include:

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

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

 

12. Write romance novels.

My friend Yuwanda Black has found one of the most interesting home business ideas – she writes romance novels, and in one month, she was able to make over $3,000!

With her free Making Money Writing Romance ecourse, she teaches you how to make money writing and self-publishing romance novels.

It is taught from first-hand experience, which Yuwanda has because she’s written and self-published 50 romance novellas since 2013. And, she continues to publish today.

 

13. Work as a Pinterest virtual assistant.

Working as a Pinterest virtual assistant is a growing field as more and more business owners are using Pinterest to grow their business.

Pinterest VAs help businesses improve their reach by doing things like:

  • Designing Pinterest images for a website
  • Helping business owners set up their Pinterest account
  • Scheduling pins because this can be time consuming for the average business owner
  • Brainstorming a marketing plan

Click here and click on “Free Training Workshop” to learn how to become a Pinterest virtual assistant and find your first client. In this free course, you’ll learn what you need to do to get started, what services to offer, and how much to charge as a Pinterest virtual assistant.

 

14. Work as a virtual assistant.

If you’re looking for home business ideas with low startup costs, then virtual assisting is a great one!

Virtual assistance is a field that is growing very quickly and it is one of the very popular stay-at home business ideas.

Not only does the internet allow us to complete more of our daily tasks online, more and more people are working online. This presents a good opportunity for more virtual assistants.

Virtual assistant 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.

If this is one of the home business ideas you’re interested in, I recommend checking out Jumpstart Your Virtual Assistant Business. In that link, you’ll receive a free worksheet and workbook that will help you decide what virtual assistant services you can offer (there are over 150 choices!).

 

15. Write your own eBook for work from home ideas.

Writing your own eBook is a great way to make money from home, and there is probably something super helpful that you could write about (even if you think otherwise!).

In fact, my friend Alyssa self-published her first book and has sold more than 13,000 copies.

She is now earning a great passive income of over $200 a day from her book ($6,500 in one month alone!).

Learn more at Self-Publishing Your First Book. This free series will teach you what it takes to publish a book, including the strategies used to launch a book, writing tips, and more.

 

What is the best home business to start? What are the most successful small businesses?

As you can see, there are plenty of different home business ideas out there, and this list is only scratching the surface. There are full-time home based business ideas, and then there are part-time business ideas.

The best business home based ideas are going to be different for everyone. For example, some people are naturally good proofreaders, while others will have a knack for finding the right items for reselling.

I would think about what kinds of things you’re good at, what interests you, the skills you already have, etc. That may narrow the choices down some. 

But, what I love about the home business ideas on this list is that the free courses and guides listed mean you can learn more about any of them without a big investment. You can explore ideas without feeling like you’re wasting your money.

What home business ideas are you interested in?

The post 15 Home Business Ideas & The Free Courses You Need To Get Started appeared first on Making Sense Of Cents.

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