Part 10 (1/2)
Posting ite Stuff is to list it on Craigslistorg, a free classified-ad site Craigslist doesn't reach as many people as eBay because it's limited to your local area, but that slist doesn't have any built-in protections; people can and do get scareat way to get cold, hard cash for your dusty old Stuff
Though posting an ad on Craigslist is fairly straightforward, there are things you can do to increase your chances of success: - Write detailed descriptions Provide all the info-like size, color, style, and so on-that buyers need to make a decision
- Be honest Don't try to fool anyone If you say so is ”like new” and a potential buyer shows up to discover it's orn, you won't make the sale-and you'll have a cranky customer on your hands
- Post photos You don't have to include photos in your ad, but you'll have better luck if you do Even if you write well, you can't describe that old dining room table as well as a picture can show it
- Ask a reasonable price If you're not sure how slist and eBay to see how much similar items fetch And reet near what you paid for it
- Be patient You'll get lots of responses, but few people will follow through Don't let it bother you-that's just how Craigslist works Be grateful for the folks who do follow up
- Stand firm Don't let buyers talk you into alternate for 250 for so, don't accept a trade for it instead Folks ant to trade are so to pull a fast one
TipIf you're new to the site, check out Dayana Yochislist: tinyurlco to Charity After you've sold your expensive iteslist, you'll still have Stuff left over Fortunately, there are better ways to get rid of it than throwing it in the trash
Try giving your Stuff to charity: Donate it to a local church or school, or take it to a thrift shop And ask your friends and coworkers if they know of any specialized charities For exaanization like Free Geek (freegeekorg), a Portland-based nonprofit that accepts computers and refurbishes them for local schools and charities
If you can't find a charity that wants your Stuff, check out Freecycle (freecycleorg), a grassroots nonprofit et ite iteer want or need Best of all, membershi+p is free
TipAny time you make a donation, keep a detailed record of what you donated where If you iteh deductions on your tax return, you can pay less to Uncle Sa Extra Cash in Your Spare Time Maybe you don't have a productive hobby or an attic full of Stuff to sell, but that doesn't mean you can't make a little money on the side Here are a handful of ways to add to your cash flow: Research studies You can earn quick cash by participating instudies I once earned 120 for spending an hour inside an MRI scanner while answering questions aboutopinions on food packaging, 50 to record 40 raes and co for people to join their experiroups To find studies in your area, check Craigslistorg's ”e newspapers and bulletin boards Here's a short video from MSN Money that describes one study: tinyurlcoood atyour services as a private tutor Forand and tinyurlco Market-research coather info on products and services These people get paid a noular custo won't replace your day job, but you can have a good ti a bit of extra money Here are sources for more info: - Be sure to read the FTC's consu: tinyurlcom/FTCmystery-shop (Summary: Watch out for scams; you don't have to pay to become a mystery shopper) - For the lon on mystery shoppers and how to beco Providers association at
- Here's a first-hand account of life as a mystery shopper: tinyurlcom/freedmanMS (The box below has out for mystery shoppers is volitionco Ends Meet with Odd JobsDonna Freedman has a history of odd jobs She's found creative ways to , and at 52 she still draws inco to Seattle in 2004, she's babysat, dogsat, participated in ht housework, run an Internet er”Simply put, I needed the money,” Donna says ”I was at that point a freelance writer and, starting in Septeuarantees a lot of income, if you knohat I mean Any extra 10 or 20 I could pick up was a tre 35 for watching a short porn filest boost to her budget has been her apart time meant she didn't have to pay rent She now pays some rent to the neners, but it's less than other tenants pay-plus she gets achores around the coular writing gig at MSN Money, but I haven't given it up entirely,” Donna says Since resolving to walk every day for exercise, for exa-walker ”I also plan to pick up raduate”You can readwith Less” colu out a spare rooe, consider renting it out If you choose your tenants carefully, this can be a in situation: You give them a cheap, safe place to live and you make a bit of extra money (Plus it may help with your tax bill!) But before you do this, be sure to check your local laws and homeowners insurance policy to make sure it's allowed Here's a Get Rich Slowly article where readers shared their tips on renting spare rooms: tinyurlcom/GRSrental
Unclaimed property The National association of Unclaianization that assists in ”reuniting owners with their property” The group sponsors the site moneycom, which lets you search unclai states
Common types of unclaimed property include bank accounts and safe deposit boxes; stocks, es; insurance policies, certificates of deposit, and trust funds; and utility deposits and escrow accounts
The Missing Money database includes 40 states and one Canadian province (Alberta) For other unclaioverne (tinyurlcom/GovtOwes) or contact your state's unclaiht: Blogging won'tto say that people want to hear, you can put 50 or 500 a month in your pocket (And so) Blogs don't have to be intierco one up a breeze Pick a topic you're passionate about, start writing, and share the blog with folks you know If you're able to build an audience-whichthrough Google Adsense (one up a breeze Pick a topic you're passionate about, start writing, and share the blog with folks you know If you're able to build an audience-whichthrough Google Adsense (adsensecoadscom) and you'll have some extra pocket ? Let your ihbors (just like when you were a kid) Collect cans and bottles for the deposit Babysit or petsit Haul stuff (I oncehis van to haul stuff for people he slist!) Get a paper route
There are tons of ways to make extra money in your spare ti to put in so World of Warcraft, get out there andthis chapter, some people will come up with all kinds of reasons they can't make more money They'll think, ”That's easy for you to say, but I can't because” To be successful, you have to overco
The truth is, there are no shortcuts Despite so envelopes or peddling vitamin pills If you want to earn more, you have to put in time and effort
Every aspect of personal finance has its naysayers (see Coping with Mistakes and Setbacks Coping with Mistakes and Setbacks) So cheap Others think that building wealthbeliefs, the most common is, ”I can'tjobs have so they lack, or that those people are lucky There's no question that luck and talent play a role, but by far the most important factor in career success is perseverance
Henry Ford supposedly said, ”Whether you believe you can or can't, you're probably right” If you don't think you can spend a year working 60-hour weeks to earn enough to pay off your debt, then you'll probably never reach that goal But if you truly believe that you can et out there and do the work-and stick with it when others won't
Chapter7Banking for Fun and Profit
”A penny saved is a penny earned”-Benja is the cornerstone of our financial lives, yet few people give it ht If you're like ood deal on toilet paper, but you pick a bank simply because it's close to you, your parents banked there, or they're giving out free coffee ht accounts can make your life easier and help you save (and possibly earn) some moolah
In this chapter, you'll learn how to find a bank and accounts thatfees anda Bank Finding ways to increase your inco (see Chapter6 Chapter6) You can even have fun looking for ways to cut your everyday expenses (Chapter5), especially when you see the results in your bank account But selecting the bank account itself? Boring, boring, boring At least that's the conventional view Actually, you can have fun banking
Consider two things when choosing a financial institution: the bank itself and the accounts it offers Banks are tools for building positive cash flow, and bank accounts can help guide you toward your financial goals (some are better suited for the job than others) This section covers the different types of banks out there, and the next section (Finding Accounts That Meet Your Needs) explains the various kinds of accounts you can choose from
Types of Banks People use the word ”bank” tocommercial banks, retail banks, and investment banks (which are a different kind of bank entirely) When deciding where to open basic accounts like checking and savings, you only need to worry about three broad categories of banks: traditional banks, credit unions, and online banks Keep reading to learn about each option
Traditional banks When e company with hundreds (or thousands) of branches spread across the country Because these large banks have locations everywhere, having an account with one is convenient And big banks generally offer a wider variety of products and services than s centers for your financial needs Big banks have their place, but you have other options
Lots of small, local banks have only a handful of branches (sometimes only one branch) These institutions don't offer the sa boys, but they often make up for it in lower costs and better service Small banks have other benefits, too Many are active in their coious or political philosophies that appeal to certain custoned to serve residents and spur economic development in low- to moderate-income areas
NoteFor more on co, which lets you search for organizations that share your values
If you travel a lot and need access to branches across the country, a big bank ht for you On the other hand, if you stick close to horeat service and values similar to yours, it may be your best bet But be sure to check out your other options, explained next
Credit unions Unlike banks, credit unions are not-for-profit institutions Because of that, they usually have better interest rates and lower fees than traditional banks According to the National Credit Union association (NCUA)-which is probably a bit biased-credit unions offer better rates on nearly every product, fros accounts
NoteDon't assuive you a less-polished experience than a bigger organization When I switched to a local, four-branch credit union, I found it had better online features than the huge national bank I'd been using for years!
Another difference is that credit unions are member owned In other words, if you have an account there, you're one of the owners Members elect the board of directors, which sets interest rates and makes other important decisions
Also, credit unions are more selective than banks-you can't just join any ol' one Each credit union liion, job, or association For example, some are only for teachers and their fa in specific counties So make sure you can actually join your local credit union before getting your heart set on opening an account there Use the Credit Union Locator (tinyurlcom/CU-locator) to find one near you
TipYour money is safe in a credit union It's insured by the NCUA in much the same way the FDIC insures bank deposits (see the box on Online banks Online banks)
Credit unions typically have strong ties to the communities they serve They also tend to cooperate with each other instead of co,” which means that if you bank at a credit union in Delaware, you may be able to make deposits, withdrawals, and loan payments at an unrelated credit union in Montana It's as if they're allnetwork (For , check out cuservicecentercom) If there's a credit union in your area that you qualify to join, it's definitely worth considering Just be sure to check out the types of accounts (Finding Accounts That Meet Your Needs) and interest rates it offers
Frequently Asked Question: How Safe Is My Money?You've probably heard the phrase ”member FDIC” before, but what does that actually overnment created the Federal Deposit Insurance Corporation in response to all the bank failures that were happening The FDIC's job is to watch banks tocustomers well, and to insure custooes belly up, your money is safeThe FDIC insures up to 250,000 per depositor depositor per bank, but you can have le bank if you have accounts that fall into different categories of legal ownershi+p For example, you can have an individual account insured for 250,000 and a joint account (with your spouse, say) insured for that amount, too For more info, talk to your bank or check out the FDIC's website, per bank, but you can have le bank if you have accounts that fall into different categories of legal ownershi+p For example, you can have an individual account insured for 250,000 and a joint account (with your spouse, say) insured for that amount, too For more info, talk to your bank or check out the FDIC's website, fdicgov, which includes a deposit insurance esti, savings, money market, and CD accounts (all of which you'll learn about later in this chapter) And note that the insurance limit is scheduled to drop to 100,000 per depositor on January 1, 2014As long as you keep your money in an FDIC-insured bank, you should be fine If you're worried about your bank's health, do a little research using tools like the BauerFinancial star ratings (tinyurlcos (tinyurlcom/BRsafe)
Online banks Online banks offer the same sorts of products and services as traditional banks The big difference is that online banks don't have storefronts, so you can't walk in and talk to a teller That means you have to make all your transactions online, by phone, or via snail mail But for many people, these drawbacks aren't drawbacks at all-they're advantages