Side Income - Fresh Life Advice

Strategic Approaches to Minimizing Long-Term Student Debt

September 26, 2023 by Fresh Life Advice

To achieve financial freedom, you need some strategic approaches to minimizing long-term student debt.

Welcome to the 12th FLA Guest Blog Post! Today, we provide some insight on reducing long-term debt for young adults. Thank you to Chelsea from Business POP for sharing this helpful article.
Chelsea is an experienced Marketing and Advertising professional with a demonstrated history of working in the media industry. Chelsea is especially skilled in Digital Media advertising, Events, Search Engine Optimization (SEO), Search Engine Marketing (SEM), Microsoft Suite, Data Analytics, Adobe products, and Marketing Strategy.
The digital age has unquestionably arrived. Incorporating new technologies into business procedures will be critical for owners who want to grow their businesses.
Business POP will show you how to grow your business through innovation. It is aimed at small and medium-sized business owners and will offer advice on what digital enhancements to consider and how such changes can help them grow.

The issue of student debt is a growing concern that affects millions of people nationwide. With the rising costs of education, the financial burden of student loans often lingers for years, or even decades, after graduation.

Therefore, it’s crucial to adopt smart strategies aimed at minimizing long-term student loan debt. Courtesy of Fresh Life Advice, we will examine various approaches that can make a significant impact on your financial future.

Look Into Scholarships and Grants

Seeking scholarships and grants is a pivotal first step for students looking to reduce the burden of educational costs. These forms of financial aid don’t require repayment, setting them apart as superior ways to fund your education. Universities, private organizations, and government programs all offer a variety of scholarships for different types of students and different fields of study.

When looking for scholarships, it’s important to cast a wide net. Apply for as many scholarships as you can, even those with smaller award amounts; these smaller scholarships can add up and make a significant difference in your overall financial situation. The key is to not overlook any opportunity, no matter how insignificant it may seem at first.

In addition to scholarships, grants are another often-overlooked resource for free educational funding. Contrary to popular belief, grants are not always automatically awarded to eligible students. Many grants require a separate application process, distinct from that of the general financial aid application.

This means you should be proactive in conducting detailed research and consult with your school’s financial aid office to identify all grant opportunities for which you might be eligible. A well-informed approach to securing grants can help you tap into institutional or specialized program offerings that can significantly reduce your overall tuition and fees.

Start Your Journey at a Community College

Starting at a community college and then transferring to a four-year institution can be a strategic way to reduce your overall education costs.

Community colleges typically offer lower tuition rates, allowing you to complete general education courses at a fraction of the cost. By doing so, you can save tens of thousands of dollars on tuition fees.

However, it’s important to ensure that the credits you earn will transfer to your desired four-year institution. Consult academic advisors at both schools to map out a clear transfer pathway.

This approach not only reduces tuition costs but also offers the possibility of adapting to college-level work in a less financially risky environment.

Saving Through Online Programs

Enrolling in an online degree program offers a cost-effective way to obtain a quality education; this may be helpful for those balancing other commitments like work or family. Online programs often have lower tuition rates and eliminate additional expenses such as on-campus housing.

Moreover, the flexibility of online courses allows you to work part-time or even full-time, thereby reducing your dependence on loans for living expenses. This provides a dual benefit: gaining work experience while studying, which can make you more marketable upon graduation.

Part-Time Work During School

Part-time work, while challenging, is a valuable strategy for managing living expenses as a student. Securing jobs on or near the campus can be particularly beneficial due to their convenient locations and class-friendly schedules.

By covering daily costs through employment, students can reduce the need for larger loans, thus minimizing long-term debt. The goal is to balance work without sacrificing academic performance.

To help students maintain this balance, many colleges offer work-study programs tailored to class schedules. These programs provide an opportunity for students to earn while they learn.

Beyond the financial benefits, these roles can also offer invaluable experience, especially if they’re related to a student’s field of study. Prioritizing such opportunities can lead to both immediate financial relief and long-term career benefits.

Student Debt — **Image Source: zinkevych via FreePik**

Creating and Adhering to a Realistic Budget

Creating a budget specifically designed for student life is a crucial part of managing your finances effectively. The first step is to identify all your sources of income and itemize your expenses.

By understanding your financial landscape, you can make informed decisions on where to cut costs—like opting for a more economical meal plan or sharing an apartment to reduce living expenses. A budget is the cornerstone of a solid financial strategy as a student.

To maintain your budget, consistency is vital. Utilizing budgeting apps or software can help you keep a real-time track of your finances.

As your financial circumstances evolve, make sure to adjust your budget accordingly. It’s essential to review your budget regularly and make small, incremental changes, as these can lead to significant long-term savings.

Leveraging FAFSA for Financial Aid

Filling out the Free Application for Federal Student Aid (FAFSA) is essential for anyone seeking financial assistance for college. Through FAFSA, you gain access to federal grants, work-study opportunities, and subsidized loans. Even if you think you won’t qualify, it’s worth applying—you might be surprised by the aid you’re offered.

Your FAFSA results will outline your eligibility for different types of financial assistance. Subsidized loans, for example, are more favorable than their unsubsidized counterparts, as the government pays the interest while you’re in school. Work-study programs, too, offer a way to earn money for college expenses while potentially gaining experience in your chosen field.

Exploring Alternative Education Options

Traditional four-year college programs aren’t the only pathway to a rewarding career. Alternative options, such as online courses, competency-based education, and vocational programs, can offer quality education at a fraction of the cost. By exploring these paths, you can avoid the trap of believing that a more expensive program is inherently better.

Trade schools, apprenticeships, and certification programs are excellent alternatives that often require less time and money than a traditional four-year degree. These options can lead to high-paying jobs and offer the added advantage of quicker entry into the workforce.

Mitigating long-term student debt requires proactive planning and smart choices. From scholarships and part-time work to budgeting and alternative education paths, various strategies can help minimize the financial burden of obtaining an education. By implementing the approaches outlined in this article, you can pursue your academic and career goals without being shackled by crippling debt.

Conclusion

Minimizing long-term student debt will set you up for success. By chipping away at debt, you’ll be able to build a bigger nest egg for retirement.

Although saving and investing is not easy, it will all be worthwhile in the end. Paying off student debt will relieve an immeasurable burden off your shoulders.

Disclosure: Fresh Life Advice is an opinion-based website. I am not a financial advisor, and the opinions on this site should not be considered financial advice.

Personal Capital: The Ultimate Tool to track your Net Worth, Budget and more.

What are your thoughts on long-term student debt? Let me know in the comments below.

August Side Income Report | 2023

September 1, 2023 by Fresh Life Advice

Welcome to the 2023 August Side Income Report.

Let’s start this post with the obligatory caveat:

FLA’s side hustle income reports are not for the purpose of bragging. This side income amount of money is by no means impressive. The sole purpose of this series is to inspire you to create diversified income streams in order to help you achieve your financial goals faster.

I began this tumultuous F.I.R.E. (Financial Independence – Retire Early) journey almost immediately after graduating from college and shortly realizing it is never ideal to work for someone other than yourself.

After withdrawing from the corporate world, I plan to fully indulge in my mission of helping 10 million people with their own path to financial freedom. I’ve discovered a wonderful community of people with shared mindsets. So I’m currently on a journey to see if we can turn FLA into a little business that supports the mission.

The reason I’ve decided to publish these income reports is because I want you to be a part of the journey.

After aggressively saving 50%+ of my annual income year after year, I’m approximately 35% of the way to retirement with 9 years to go. I’m aware that side hustles may never fully support one’s expenses, but I’m willing to try.

At the very minimum of making $1/month (what one may consider failure), I am ecstatic as I realize this can be considered supplemental income that will be able to be reinvested into this blog to enhance your reading experience on FLA.

Through my arduous journey, I’ve learned to focus on the future value of money. One dollar to you may look like a standard George Washington-faced bill, but to me, I see its potential. Accounting for 3% inflation, investing that dollar could return 5 times its original value in 25 years. Yes, that’s like putting $1 into an ATM and having it return a $5 bill back to you. How amazing is compound interest?! Hypothetically, you can increase that principal amount, and you’ve got yourself some unbelievable returns.

My hope with these income reports is ultimately to present some transparency for you. By showing it doesn’t take much effort to earn and save, I may motivate you to chase one of your biggest dreams. Dreams may originally sound outlandish, but they all need to start somewhere, right? Without further ado, here is FLA’s August 2023 Side Income Report.

AUGUST SIDE INCOME REPORT

The best way to make money is to have various streams of revenue. The best way to protect yourself in the course of ill-fated events stripping you of some of your main sources of income is to diversify.

We have all heard the pragmatic advice of “Don’t put all of your eggs in one basket.” Well, put this theory into practice. The following is my best attempt to develop additional sources of income. Below are the six ways I attempted to make money from my side hustles in the month of August.

Stocks are my absolute favorite money-making assets. Your money can make money for you with the click of a ‘buy’ button! Sure, there are ups and downs in the stock market, but if you look historically at the S&P 500 Index or the Dow Jones Industrial Average, your investment generally grows over the long term. Remember, investing and gambling are not the same thing.

“If you aren’t willing to own a stock for ten years, don’t even think about owning it for ten minutes.”
-Warren Buffett, American Investor/Business Tycoon/Philanthropist/Chairman and CEO of Berkshire Hathaway

Investors and analysts contend that conducting research on which stock to buy may be active work, but it is a generally held credence that dividends are passive income.

What are dividends?

Simply, they are distribution of some of a company’s earnings to a class of its shareholders. In this case, you are the shareholder. Yes, I know it’s hard to believe, but the company you invest in will reward you with bonus money!

Let’s take a look at the aftermath of the stocks that paid out dividends this month:

Which stocks have I invested in? I have a few individual stock picks, but the finance community knows this is a loser’s game. I mainly hold VTI, the Vanguard Total Stock Market Index Fund, which allows you to be diversified and capture 3,525 different stocks with a minimal expense ratio, or annual fee, of 0.03%. Index funds will often take you to the promised land in the long run.

Typically, you have 2 choices with dividends. You can either accept the dividend as cold hard cash or you can choose to reinvest the money back into the same stock automatically. It’s as simple as clicking the ‘yes’ button when prompted with the question on whether or not to re-invest dividends.

I strongly recommend you to reinvest your dividends and capital gains. Why? Well, look at this way: you didn’t have the earned dividend money to begin with. Do you really need it at this moment? Why not let your additional money grow even more? Open up an investment account and enjoy the magic of compounding interest by increasing your principal investment.

August Side Income – Stock Dividends / Interest Total: $91.98

In my free time, I participate in paid surveys. It’s one of my other sources of income. The surveys are mindless and allow you to temporarily escape from life’s struggles and reality. Oftentimes, you have a chance to play your part in society and provide meaningful feedback on hot topics that may be decided by top companies and government officials.

The 3 survey programs I use daily are:

I strongly recommend any of these three survey websites because of the higher payouts. Our time on this planet is valuable. Always consider how much time you are trading for money.

Prolific

Prolific seems to have the highest quantity of surveys available. Each survey also previews an hourly rate to the user. This significantly helps in determining if the survey is worth your time. I’ve seen them range from $3/hour all the way up to $30/hour, but on average are $8/hour.

Pinecone Research

Pinecone Research surveys always reward you with $3 for every survey. Since each survey is typically around 10 minutes long, the site has a pretty standard hourly rate of $12/hour. However, the frequency of surveys is much less than Prolific.

YouGov

Finally, YouGov’s typical survey lasts for 10 minutes and will pay out $1.50, translating to an hourly rate of $6/hr. Even though it is the lowest payout, it still helps to have supplemental income. Again, always consider the balance between time and money.

YouGov is an eclectic group of the media, nonprofits and companies that congregate to find out what the world thinks. YouGov happens to be one of the most-quoted data sources in the US and across the world.

Prolific, Pinecone Research, and YouGov offer all kinds of rewards, but I normally recommend cash payout via PayPal. The transfer is usually instantaneous. Prolific does pay out in GBP, but the money is translated to USD when conducting a bank transfer in PayPal.

In fact, Prolific does not have a minimum payout, Pinecone’s minimum payout is $5, and YouGov’s minimum cash payout is $50, albeit YouGov offers the option of a $15 Amazon gift card.

August Side Income – Surveys Total: $289.86

An additional passive income stream is selling your old goods or unused consumer products. Simply list your items with competitive pricing on Amazon and/or eBay, sit back, and let the buyers make you offers.

I often notice friends, family, and even co-workers constantly looking to throw out items that are still in perfectly good condition; it drives me nuts! Why not let someone bid on the product? Worst case will be that it doesn’t sell, and then you can throw out the item. No harm, no foul.

At the very least, donate your stuff. I typically enjoy donating old apparel to the Salvation Army and other charities. It always feels good to know your treasured clothing is not going to waste.

This month, there was a stranger that bought an item of my personal inventory I was looking to discard. After fees and small shipping costs, I usually still walk away with a hefty profit.

August Side Income – Selling Total: $35.51

As a blogger, I would like to keep the user experience as clean as possible. Therefore, I have chosen to keep all Google AdSense ads from my website. I am an avid reader of many other blogs, and I can truthfully admit it retracts from the reading experience. I am very proud of this decision and will continue with this route.

August Side Income – Google AdSense Revenue: $0.00

I published my first eBook titled How I Launched, Marketed, and Promoted a High-Traffic Blog in Under 15 Days last year. I only promoted the book as part of the launch, but several people found their way to the sales page. Again, this is a learning process to convert the views into actual sales. As Robert Kiyosaki alludes to in his book Rich Dad, Poor Dad, it’s all about being a best-selling author, not a best-writing author. There is a subtle yet significant difference.

August Side Income – eBook Blog Startup Manual Sales: $0.00

Who would’ve ever thought that spending money would actually earn you money? Well, with cash-back credit cards, now it’s certainly possible. With my Capital One Venture Card, I can now make this dream a reality.

Depending on the card you have, you’ll score 1-2 miles with every dollar you spend. Capital One Miles can be used in a variety of ways and are generally worth between half a cent and one cent apiece.

Earn 50,000 bonus miles (equivalent to $500) once you spend $3,000 on purchases within the first 3 months from account opening.

Although I’m still trying my best to limit opportunities to throw away those hard-earned paychecks, the positive result is that I earn more in cash back from the credit card rewards.

After looking at my monthly expense report, I saw that I earned 1,523 miles, which is equivalent to $15.23.

I now have a Chase Sapphire Preferred Credit Card.

Earn 80,000 bonus miles (equivalent to $1,000) once you spend $4,000 on purchases within the first 3 months from account opening.

When you use points to redeem for cash, each point is worth $.01 (one cent), which means that 100 points equals $1 in redemption value. Each point you redeem for travel booked through Chase Ultimate Rewards is worth $.0125 (one and a quarter cents), which means that 100 points equals $1.25 in redemption value, and points are worth 25% more than if redeemed for cash. For example, 20,000 points are worth $250 when redeemed for travel purchases, or $200 when redeemed for cash. The cost of travel is based on the rates and fares available through the Ultimate Rewards website and travel center, and may not reflect all rates and fares that are available through other sales channels.

If you choose to use points and your Chase Sapphire Preferred credit card to pay for your purchase, each point will be worth $.0125, but your credit card will be charged the full remaining dollar amount.

After this month, I was able to earn $46.42 this month from the Chase card.

August Side Income – Capital One & Chase Sapphire Preferred Credit Card Cash-Back Rewards – $61.65

Well, that’s it for this month’s side income report! Hope your 2023 is going well.

In 2022, I was able to max out my Roth IRA and 401k – I highly recommend you do the same in 2023 if you have the option! In January, I immediately transferred the maximum $6,500 limit from my taxable brokerage account to the tax-deferred Roth IRA for the 2023 year, with most of it invested in January. The sooner, the better since time in the market often beats timing the market.

Investing in 2023 is a great time because we were just in a bear market (down over 20% from the highs) in 2022 so stocks are on sale!

Thank you for taking the time to read through my latest August income report and thank you for contributing if you have previously purchased something through one of my affiliate links!

If you wish to support this site, but don’t have a need for any of FLA’s affiliate products, you could simply do your regular Amazon shopping through any of the links on this site that lead to Amazon.com. You won’t pay any extra and FLA will receive a small commission. Thanks so much if you do so!

That’s a wrap for this income report! I am looking forward to earning more money on the side in the future. Stay hustlin’, my friends!

Total August Side Income: $479.00

How was your August 2023 side hustling? Let me know in the comments below.

Editorial Note – Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, or other entity. This content has not been reviewed, approved, or otherwise endorsed by any of the entities included within the post.

User Generated Content Disclosure – Responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved, or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.

Embrace Affluence: Strategies to Rewire Your Money Mindset for a Life of Prosperity

August 23, 2023 by Fresh Life Advice

To embrace affluence, you need some strategies to rewire your money mindset for a life of prosperity.

Welcome to the 11th FLA Guest Blog Post! Today, we provide some steps to financial independence for young adults. Thank you to Chelsea from Business POP for sharing this helpful article.
Chelsea is an experienced Marketing and Advertising professional with a demonstrated history of working in the media industry. Chelsea is especially skilled in Digital Media advertising, Events, Search Engine Optimization (SEO), Search Engine Marketing (SEM), Microsoft Suite, Data Analytics, Adobe products, and Marketing Strategy.
The digital age has unquestionably arrived. Incorporating new technologies into business procedures will be critical for owners who want to grow their businesses.
Business POP will show you how to grow your business through innovation. It is aimed at small and medium-sized business owners and will offer advice on what digital enhancements to consider and how such changes can help them grow.

Most people do not have the money mindset needed to maintain a fruitful life of prosperity. This article, courtesy of the Fresh Life Advice blog, aims to equip you with the necessary tools and knowledge to embrace affluence.

From budgeting basics to smart education investments and emergency fund essentials, this comprehensive guide is your roadmap to financial security and independence.

You Need a Budget

Your attitude towards money can have a profound impact on your overall quality of life. A positive money mindset can pave the way for financial stability, enabling you to live a comfortable and rewarding life, and realize your aspirations.

Conversely, a negative money mindset often leads to unwise financial choices, stress, and a diminished quality of life. Developing a healthy money mindset is about more than just amassing wealth; it involves making intelligent decisions with the resources at your disposal.

In this article, shared by Fresh Life Advice, we will delve into seven vital strategies that can assist you in transforming your money mindset, ultimately leading to a more prosperous and fulfilling life. By embracing these practices, you will be well-positioned to attain financial stability, expand your wealth, and nurture a positive relationship with money.

Look Into About Investing

Shifting your perspective from saving to investing is one of the first steps towards transforming your money mindset. Instead of keeping all your money in a low-interest savings account, consider investing in assets like stocks, bonds, or real estate that offer potential growth.

Diversifying your investments is essential to minimize risk and maximize returns over time. Continuous evaluation of your investment portfolio and adjusting your strategy based on current market conditions will also help in achieving your financial goals faster.

Engaging a financial advisor can be beneficial in creating a customized investment plan that aligns with your risk tolerance and financial objectives. With a growth-focused mindset, you can put your money to work and generate passive income.

Find Ways to Leverage Your Home Equity

Home equity is the difference between the market value of your home and the amount you owe on it. Tapping into your home equity for strategic purposes, such as funding education, home improvements, or starting a business, can be a smart move.

However, it’s crucial to use this equity responsibly, as mismanagement can lead to financial difficulties or even the loss of your property. Consult with financial professionals to understand the implications of borrowing against your home equity and ensure that you’re making informed decisions that won’t jeopardize your property’s value.

Automate Your Finances

Automating your budgeting and investment processes is an indispensable strategy for maintaining financial discipline. By setting up automatic payments for your bills and investments, you not only streamline your finances but also prevent late fees and missed payments, which can have detrimental effects on your credit score.

Automatic contributions to your investment accounts also ensure that your money is working for you on a consistent basis, taking advantage of compound growth over time. With the plethora of online tools and apps available today, tracking your expenses, savings, and investments has never been easier. Automation also removes the element of guesswork and reduces the likelihood of errors that are often associated with manual money management.

Learn All You Can About Investing

Knowledge is indeed power, especially when it comes to investing. By educating yourself about various investment options, including stocks, bonds, real estate, and retirement accounts, you empower yourself to make informed decisions that are in line with your financial goals.

Engage in continuous learning by taking online courses, attending seminars, and reading financial blogs and books. This will not only enhance your investment knowledge but also help you stay updated on current market trends and opportunities.

Armed with the right information, you will find yourself more confident in making investment choices and better equipped to navigate the complex world of financial markets. Ultimately, this knowledge will serve as a valuable tool in your journey toward financial prosperity.

Strategies to Rewire Your Money Mindset for a Life of Prosperity — **Image Source: Karolina Grabowska via Pexels**

Discover the Benefits of Financial Planning

Financial planning involves creating a comprehensive plan that outlines your financial goals and the steps needed to achieve them. This includes considering factors like retirement, emergency funds, and major expenses.

By creating a well-structured plan, you can guide your financial choices, stay on track, and avoid making impulsive decisions that can derail your financial progress. Seeking the guidance of a professional financial planner can be beneficial in creating a customized financial plan that aligns with your unique circumstances and goals.

Develop a Spending Plan

A realistic spending plan is an indispensable tool for effective financial management. By meticulously categorizing your expenses into essential and discretionary buckets, you can clearly delineate between your needs and wants, enabling you to prioritize necessities over luxuries.

As you go through your expenses, identify areas where you can cut back on spending and allocate those savings more productively, such as towards investments or building an emergency fund. A well-thought-out spending plan not only helps you live within your means but also prevents you from falling into the trap of overspending that can lead to financial stress.

Consistency is key when it comes to following this plan; regular adherence will ensure that you save steadily over time. By staying committed to your spending plan, you cultivate healthy financial habits that contribute to long-term financial stability. Ultimately, this disciplined approach to managing your finances lays the foundation for a secure and comfortable future.

Consider Starting a Business

If you aspire to start a business, venturing into B2B entrepreneurship can be a viable option. Before starting, understand the fundamentals of business creation, including marketing strategies, identifying target clients, nurturing leads, and measuring success.

Take time to research the market, analyze your competition, and create a strong business plan (give this a view for more info). Starting a business involves risks, so ensure you have adequate savings and a fallback plan in case your business venture doesn’t pan out as expected.

Transforming your money mindset is a journey that requires dedication, consistency, and a willingness to learn. By embracing and applying these seven key strategies, you can shift your perspective on money, gain greater control over your finances, and set the stage for a more prosperous future. This transformation is not just about accumulating wealth but fostering a positive relationship with money.

By consistently focusing on long-term financial goals and adopting a growth-oriented mindset, you can ultimately achieve a fulfilling and stress-free life. Remember, a healthy money mindset is an essential foundation for building a life of abundance and satisfaction.

Conclusion

Doing this stuff is tough. It takes practice, and you’ll slip back into your old habits more than once. But you have to keep trying and trying. And trying.

If you’re struggling with one of the ways to rewire your mind, then look a little deeper into why that might be. But, over time, you’ll develop a positive money mindset.

Disclosure: Fresh Life Advice is an opinion-based website. I am not a financial advisor, and the opinions on this site should not be considered financial advice.

Personal Capital: The Ultimate Tool to track your Net Worth, Budget and more.

What are your thoughts on prosperity? Let me know in the comments below.

July Side Income Report | 2023

August 1, 2023 by Fresh Life Advice

Welcome to the 2023 July Side Income Report.

Let’s start this post with the obligatory caveat:

The reason I’ve decided to publish these income reports is because I want you to be a part of the journey.

JULY SIDE INCOME REPORT

“If you aren’t willing to own a stock for ten years, don’t even think about owning it for ten minutes.”
-Warren Buffett, American Investor/Business Tycoon/Philanthropist/Chairman and CEO of Berkshire Hathaway

Investors and analysts contend that conducting research on which stock to buy may be active work, but it is a generally held credence that dividends are passive income.

What are dividends?

Let’s take a look at the aftermath of the stocks that paid out dividends this month:

July Side Income – Stock Dividends / Interest Total: $1.82

The 3 survey programs I use daily are:

I strongly recommend any of these three survey websites because of the higher payouts. Our time on this planet is valuable. Always consider how much time you are trading for money.

Prolific

Pinecone Research

YouGov

In fact, Prolific does not have a minimum payout, Pinecone’s minimum payout is $5, and YouGov’s minimum cash payout is $50, albeit YouGov offers the option of a $15 Amazon gift card.

July Side Income – Surveys Total: $173.14

At the very least, donate your stuff. I typically enjoy donating old apparel to the Salvation Army and other charities. It always feels good to know your treasured clothing is not going to waste.

This month, there were a couple of strangers that bought an item of my personal inventory I was looking to discard. After fees and small shipping costs, I usually still walk away with a hefty profit.

July Side Income – Selling Total: $57.40

July Side Income – Google AdSense Revenue: $0.00

July Side Income – eBook Blog Startup Manual Sales: $0.00

Earn 50,000 bonus miles (equivalent to $500) once you spend $3,000 on purchases within the first 3 months from account opening.

Although I’m still trying my best to limit opportunities to throw away those hard-earned paychecks, the positive result is that I earn more in cash back from the credit card rewards.

After looking at my monthly expense report, I saw that I earned 3,899 miles, which is equivalent to $38.99.

I now have a Chase Sapphire Preferred Credit Card.

Earn 80,000 bonus miles (equivalent to $1,000) once you spend $4,000 on purchases within the first 3 months from account opening.

After this month, I was able to earn $101.15 this month from the Chase card.

July Side Income – Capital One & Chase Sapphire Preferred Credit Card Cash-Back Rewards – $140.14

Well, that’s it for this month’s side income report! Hope your 2023 is going well.

Investing in 2023 is a great time because we were just in a bear market (down over 20% from the highs) in 2022 so stocks are on sale!

Thank you for taking the time to read through my latest July income report and thank you for contributing if you have previously purchased something through one of my affiliate links!

That’s a wrap for this income report! I am looking forward to earning more money on the side in the future. Stay hustlin’, my friends!

Total July Side Income: $372.50

How was your July 2023 side hustling? Let me know in the comments below.

Steps to Financial Independence for Young Adults

July 24, 2023 by Fresh Life Advice

Financial independence is the ultimate goal for most people. It’s critical to start saving as early as you can for most young adults to prepare for the future.

Welcome to the 10th FLA Guest Blog Post! Today, we provide some steps to financial independence for young adults. Thank you to Chelsea from Business POP for sharing this helpful article.
Chelsea is an experienced Marketing and Advertising professional with a demonstrated history of working in the media industry. Chelsea is especially skilled in Digital Media advertising, Events, Search Engine Optimization (SEO), Search Engine Marketing (SEM), Microsoft Suite, Data Analytics, Adobe products, and Marketing Strategy.
The digital age has unquestionably arrived. Incorporating new technologies into business procedures will be critical for owners who want to grow their businesses.
Business POP will show you how to grow your business through innovation. It is aimed at small and medium-sized business owners and will offer advice on what digital enhancements to consider and how such changes can help them grow.

Embarking on the journey of adulthood is a thrilling adventure, filled with novel experiences and responsibilities. One of the most crucial tasks young adults face is navigating the complex world of personal finance. This article, courtesy of the Fresh Life Advice blog, aims to equip you with the necessary tools and knowledge to steer your financial ship confidently.

From budgeting basics and savvy shopping tips to smart education investments and emergency fund essentials, this comprehensive guide is your roadmap to financial security and independence.

You Need a Budget

The first step toward financial independence begins with a well-planned budget, the cornerstone of sound financial management. Starting out, identify all your income sources and list your monthly expenses. This list should include everything from rent and utilities to groceries and transportation.

Once you’ve accounted for these essentials, allocate funds for savings and discretionary spending. Remember, a budget is more than just tracking your bills. It’s about understanding your financial habits and planning for both short-term and long-term goals.

Your Budget Will Change

Your financial situation can change over time due to income fluctuations, lifestyle changes, or unexpected expenses. Therefore, it’s crucial to review and adjust your budget regularly to reflect these changes.

Thankfully, there are numerous budgeting apps and online tools available to simplify this process. These platforms can help you track your spending, identify areas for improvement, and ensure you stick to your financial plan. With a solid budget, you’re well on your way to navigating the complexities of personal finance with confidence.

Higher Education Is an Investment in Your Future

Boosting your earnings often requires a strategic investment in your education. The long-term impact of going back to school can be substantial, leading to higher-paying job opportunities and greater financial stability. However, the thought of returning to school may seem challenging due to the perceived time commitment or cost.

This is where online degree programs can be a boon. These programs offer huge time savings and reduced financial burden, allowing you to learn at your own pace, eliminating commuting time, and often lower tuition costs compared to on-campus learning.

By furthering your education, you not only gain new skills and knowledge but also enhance your value in the job market. Whether it’s a new degree, a certification, or a skill development course, the time and effort you put into your education can pay off significantly in the long run by boosting your earning potential.

Steps to Financial Independence for Young Adults FLA — **Image Source: Foto Sushi via Unsplash**

Learn to Embrace Cooking at Home

For many young adults, dining out can become a frequent indulgence. However, this habit can quickly put a serious dent in your budget. Conversely, cooking at home emerges as a cost-effective and rewarding alternative. Not only does it help you save money, but it also offers you complete control over the ingredients you use, making it a healthier choice overall. By swapping a few restaurant meals with home-cooked ones each week, you can significantly cut down on your food expenses.

Dive Into New Culinary Adventures

Starting your culinary journey doesn’t have to be complicated or intimidating. Begin with simple recipes that require a few ingredients and basic cooking techniques. As you gain confidence, gradually expand your culinary repertoire by trying out more complex dishes.

Investing in essential kitchen appliances and pantry staples is key to making this transition smoother, and often you can find affordable deals through sites like eBay or Facebook Marketplace. Before you know it, you’ll be preparing meals that not only rival those of your favorite restaurants but are kinder to your wallet as well.

Tamp Down Impulse Buying, Shop for Deals

Impulse purchases can quickly derail your budget. To avoid them, adopt a mindful shopping approach. Ask yourself if you truly need the item or if you’re simply attracted to the novelty or sale price.

Implement a waiting period for significant purchases. Giving yourself 24 hours to think it over can help you distinguish between wants and needs, preventing unnecessary spending.

Shop Mindfully

When it comes to shopping, especially for big-ticket items, never settle for the first price you see. This is where savvy shopping comes into play. It’s all about doing your research, comparing prices from different sellers, and hunting for the best deals. Sales and discounts are a great way to stretch your dollars further. In addition, many stores offer loyalty programs that can give you access to exclusive deals and rewards.

In recent years, online shopping has become increasingly popular due to its convenience. You can compare prices, read product reviews, and even score better deals all from the comfort of your home. However, it’s important to be vigilant when shopping online. Always ensure you’re buying from reputable websites, check product reviews from other customers, and ensure secure payment options to protect yourself from online scams.

Avoid Overspending with Credit Cards

While credit cards can be beneficial for building credit history, they can also lead to overspending. If you choose to use a credit card, ensure you pay off the balance in full each month to avoid interest charges.

Consider using cash or a debit card for everyday purchases. This method helps you stay within your budget since you can only spend what you have.

Avoid Payday Loans, Build an Emergency Fund

At first glance, payday loans might seem like a quick fix during a cash crunch. They offer immediate access to funds when you’re in a bind and can’t wait until your next paycheck. However, these short-term loans often come with high-interest rates and fees that can quickly add up. If not managed properly, they can trap you in a cycle of debt, where you’re constantly borrowing to pay off previous loans.

Grow an Emergency Fund

Instead of relying on payday loans, focus on building an emergency fund for unexpected expenses. Start by setting a goal to save at least three to six months’ worth of living expenses. This might seem daunting, but even small, regular contributions can add up over time.

Having an emergency fund provides a financial independence safety net, giving you peace of mind and reducing the need to resort to costly payday loans. By prioritizing savings, you’re investing in your future financial stability.

Conclusion

Achieving financial independence as a young adult involves proactive planning, informed decision-making, and disciplined spending. With these tips in mind, you’re well on your way to protecting yourself and your wallet.

Remember, the financial habits you form now will set the tone for your financial health in the future.

Disclosure: Fresh Life Advice is an opinion-based website. I am not a financial advisor, and the opinions on this site should not be considered financial advice.

Personal Capital: The Ultimate Tool to track your Net Worth, Budget and more.

What are your thoughts on recessions? Let me know in the comments below.

A Guide to Dollar Cost Averaging

July 20, 2023 by Fresh Life Advice

There are several strategies towards investing. This post will serve as a guide to dollar cost averaging.

Welcome to the 9th FLA Guest Blog Post! Today, we explore how not only to dollar cost average but also understand what dollar cost averaging is. Thank you to Andrew from Gauss Money for sharing this helpful article.
Andrew helped develop a fintech app for paying off debt. He thought my readers might be interested to hear more about how to use Chat GPT for their personal finances. Recently, Gauss Money purchased the rights for their GPT tool that is 100% free to users, and has been created with the inputs needed to support even the most complex financial questions. They call it ChatPF (personal finance).
They’ve gained a lot interest from users dropping in all of their debts to create an optimized budget and payoff plan. They can answer which debts to pay off first and what strategies are the best for your specific budgets, goals, and debt amounts.
Gauss improves your credit score in most cases. Gauss prevents late payments and reduces the amount of debt on your cards, reducing their utilization, which has a great positive effect on your credit score. You can improve the score further by paying on time to Gauss. No fees are charged if you’re late with your repayments to Gauss, but your credit score will be negatively affected.

Dollar Cost Averaging (DCA) is an investment strategy that involves dividing one’s total amount to be invested across periodic purchases of a particular asset. This strategy seeks to reduce the impact of volatility on the overall purchase. It is typically used in buying shares of a mutual fund or an exchange-traded fund (ETF).

To put it simply, instead of buying all at once, an investor using DCA will spread out their total investment across many points in time. The goal is to reduce the risk of incurring a substantial loss resulting from investing an entire “lump sum” just before a market downturn. By spreading the purchases out, the investor also potentially reduces his or her exposure to price volatility.

Dollar Cost Averaging is especially beneficial for beginners and those who are not comfortable with investing a large amount of money at one time. It helps to instill discipline in investing by committing to a regular investment schedule, regardless of the asset’s price.

The Principle Behind Dollar Cost Averaging

The principle of Dollar Cost Averaging aims to avoid making the mistake of making one-off investments at the wrong time. By spreading the purchases, the investor can avoid buying high. This is because the purchases may occur at different price points and the average cost per share (or other asset) over time can be lower than the average price.

The principle of DCA is based on the notion that it’s impossible to time the market. By spreading out investments, you’re not as susceptible to short-term swings in price. If an investor purchases more when prices are low and less when prices are high, it can result in a lower average cost per share than if they were to buy a fixed number of shares at each period.

It’s important to note that Dollar Cost Averaging does not guarantee a profit or protect against a loss. However, it does provide a systematic way for investors to participate in the market, potentially reducing the impact of price volatility on their investments.

Benefits of Dollar Cost Averaging

One of the primary benefits of Dollar Cost Averaging is that it provides protection against market volatility. Because investments are spread out over time, investors are less likely to experience a significant impact from a sharp decline in asset prices.

Another benefit of Dollar Cost Averaging is that it removes the emotional aspect of investing. It can be stressful to decide when to buy into the market, especially when prices are volatile. With DCA, investors set up a regular schedule and stick to it, eliminating the need to constantly monitor market conditions and make decisions based on short-term price movements.

Lastly, Dollar Cost Averaging is an accessible strategy for beginners and those with limited funds. Because it involves making smaller, regular investments over time, it can be a more manageable and less intimidating way to start investing.

How to Implement Dollar Cost Averaging

Implementing Dollar Cost Averaging involves setting up a regular schedule for investing. This could be weekly, monthly, or quarterly, depending on the investor’s preference and financial situation. The key is consistency; the same amount is invested at each interval.

Once the schedule is set, the investor should stick to it. This means making investments regardless of what the market is doing. It may be tempting to skip a purchase when prices are high, but remember the principle behind Dollar Cost Averaging: it’s about reducing the impact of volatility, not trying to time the market.

It’s also important to review the plan regularly. Although the schedule should be adhered to, the amount invested can be adjusted as necessary. This could be in response to a change in financial circumstances or a shift in investment goals.

Real-World Examples of Dollar Cost Averaging

Consider this example: an investor decides to invest $12,000 in a particular fund. Instead of investing the entire amount at once, they use a Dollar Cost Averaging strategy and invest $1,000 each month for 12 months.

In another scenario, suppose the same investor decides to invest the same $12,000, but this time in a volatile market. If they invest all at once, they run the risk of buying at the market peak. However, by using DCA, the investor reduces this risk by spreading out their purchases and buying at different price points over the year.

These real-world examples show how Dollar Cost Averaging can help investors reduce risk and potentially improve their investment outcomes.

Dollar Cost Average Investment Strategy — **Image Source: eamesBot by Shuttershock**

Tips for Successful Dollar Cost Averaging

For successful DCA, consistency is key. It’s important to stick to the schedule and invest the same amount at each interval. This could be difficult in volatile markets, but remember the principle behind DCA: it’s about reducing the impact of volatility, not trying to time the market.

Another tip is to review the plan regularly. Although the schedule should be adhered to, the amount invested can be adjusted as necessary. This could be in response to a change in financial circumstances or a shift in investment goals.

Finally, patience is crucial. Remember that this is a long-term strategy, and it can take time to see results. However, the end result can be worth it, as DCA can help reduce risk and potentially improve investment outcomes.

Risks and Considerations in Dollar Cost Averaging

While Dollar Cost Averaging has its benefits, it’s not without risks. For one, it’s not guaranteed to result in a profit or protect against a loss. The market could continue to decline long after you’ve started your DCA strategy, leading to potential losses.

Another risk is that if the market rises rapidly, a DCA strategy may result in a higher average purchase price than a lump-sum investment. That’s because the lump-sum investment would have been made at a lower price.

Finally, a DCA strategy doesn’t work if you don’t stick to it. It requires discipline to continue making the investments, even when the market is down.

Dollar Cost Averaging vs. Lump Sum Investing

Dollar Cost Averaging and lump sum investing are two different strategies, each with its pros and cons. With lump sum investing, you invest the entire amount at once. The advantage is that if the market rises shortly after you invest, you’ll benefit from the upswing. However, the downside is that if the market falls shortly after you invest, you could suffer losses.

On the other hand, DCA reduces the risk of investing a large amount in a down market. It also removes the stress of trying to time the market. However, if the market rises rapidly, a DCA strategy could result in a higher average purchase price than a lump-sum investment.

Expert Advice on Dollar Cost Averaging

Experts generally agree that Dollar Cost Averaging is a sound strategy, especially for new investors. It’s a good way to get started with investing, as it doesn’t require a large initial outlay and it reduces the risk of market volatility.

However, experts also caution that DCA isn’t foolproof. It requires discipline and patience, and it’s not guaranteed to result in a profit. As with any investment strategy, it’s important to review your plan regularly and adjust as necessary.

Conclusion: Is Dollar Cost Averaging Right for You?

In conclusion, Dollar Cost Averaging can be a helpful strategy for beginners or those who are not comfortable with investing a large amount of money at once. It’s a way to mitigate risk and reduce the emotional stress of investing. However, it’s not right for everyone.

For those who have a large sum that they wish to invest, and are confident in their ability to time the market, lump-sum investing may be a better option. Similarly, for those who prefer to actively manage their investments, DCA may be too passive a strategy.

In the end, whether Dollar Cost Averaging is right for you depends on your personal situation, your risk tolerance, and your investment goals. As always, it’s best to consult with a financial advisor before making any major investment decisions.

Do you have unpaid credit cards?

Gauss money can help pay off your credit cards easily. Pay off any credit card balance using a low-interest credit line from Gauss. You’ll save with a lower APR and you can pay off balances faster. Gauss offers no annual fees, no origination fees, and no fees of any kind. Check out Gauss for a lower APR today to maximize your credit cards.

Additionally, use tools like the credit card payoff calculator to visualize your progress overtime, and get insights into how much you should put towards your debt to achieve your debt free date. Gauss’ debt payoff calculator and debt tracker is 100% free to use via Gauss’ website or mobile app.

Disclosure: Fresh Life Advice is an opinion-based website. I am not a financial advisor, and the opinions on this site should not be considered financial advice.

Personal Capital: The Ultimate Tool to track your Net Worth, Budget and more.

What are your thoughts on building a good credit score? Let me know in the comments below.

June Side Income Report | 2023

July 26, 2023July 12, 2023 by Fresh Life Advice

Welcome to the 2023 June Side Income Report.

Let’s start this post with the obligatory caveat:

The reason I’ve decided to publish these income reports is because I want you to be a part of the journey.

After aggressively saving 50%+ of my annual income year after year, I’m approximately 25% of the way to retirement with 10 years to go. I’m aware that side hustles may never fully support one’s expenses, but I’m willing to try.

JUNE SIDE INCOME REPORT

“If you aren’t willing to own a stock for ten years, don’t even think about owning it for ten minutes.”
-Warren Buffett, American Investor/Business Tycoon/Philanthropist/Chairman and CEO of Berkshire Hathaway

Investors and analysts contend that conducting research on which stock to buy may be active work, but it is a generally held credence that dividends are passive income.

What are dividends?

Let’s take a look at the aftermath of the stocks that paid out dividends this month:

June Side Income – Stock Dividends / Interest Total: $317.49

The 3 survey programs I use daily are:

I strongly recommend any of these three survey websites because of the higher payouts. Our time on this planet is valuable. Always consider how much time you are trading for money.

Prolific

Pinecone Research

YouGov

In fact, Prolific does not have a minimum payout, Pinecone’s minimum payout is $5, and YouGov’s minimum cash payout is $50, albeit YouGov offers the option of a $15 Amazon gift card.

June Side Income – Surveys Total: $379.87

At the very least, donate your stuff. I typically enjoy donating old apparel to the Salvation Army and other charities. It always feels good to know your treasured clothing is not going to waste.

This month, there was one stranger that bought an item of my personal inventory I was looking to discard. After fees and small shipping costs, I usually still walk away with a hefty profit.

June Side Income – Selling Total: $24.64

June Side Income – Google AdSense Revenue: $0.00

June Side Income – eBook Blog Startup Manual Sales: $0.00

Earn 50,000 bonus miles (equivalent to $500) once you spend $3,000 on purchases within the first 3 months from account opening.

Although I’m still trying my best to limit opportunities to throw away those hard-earned paychecks, the positive result is that I earn more in cash back from the credit card rewards.

After looking at my monthly expense report, I saw that I earned 4,290 miles, which is equivalent to $42.90.

I now have a Chase Sapphire Preferred Credit Card.

Earn 80,000 bonus miles (equivalent to $1,000) once you spend $4,000 on purchases within the first 3 months from account opening.

After this month, I was able to earn $46.28 this month from the Chase card.

June Side Income – Capital One & Chase Sapphire Preferred Credit Card Cash-Back Rewards – $89.18

Well, that’s it for this month’s side income report! Hope your 2023 is going well.

Investing in 2023 is a great time because we were just in a bear market (down over 20% from the highs) in 2022 so stocks are on sale!

Thank you for taking the time to read through my latest June income report and thank you for contributing if you have previously purchased something through one of my affiliate links!

That’s a wrap for this income report! I am looking forward to earning more money on the side in the future. Stay hustlin’, my friends!

Total June Side Income: $811.19

How was your June 2023 side hustling? Let me know in the comments below.

May Side Income Report | 2023

July 26, 2023June 5, 2023 by Fresh Life Advice

Welcome to the 2023 May Side Income Report.

Let’s start this post with the obligatory caveat:

The reason I’ve decided to publish these income reports is because I want you to be a part of the journey.

MAY SIDE INCOME REPORT

“If you aren’t willing to own a stock for ten years, don’t even think about owning it for ten minutes.”
-Warren Buffett, American Investor/Business Tycoon/Philanthropist/Chairman and CEO of Berkshire Hathaway

Investors and analysts contend that conducting research on which stock to buy may be active work, but it is a generally held credence that dividends are passive income.

What are dividends?

Let’s take a look at the aftermath of the stocks that paid out dividends this month:

May Side Income – Stock Dividends / Interest Total: $78.30

The 3 survey programs I use daily are:

I strongly recommend any of these three survey websites because of the higher payouts. Our time on this planet is valuable. Always consider how much time you are trading for money.

Prolific

Pinecone Research

YouGov

In fact, Prolific does not have a minimum payout, Pinecone’s minimum payout is $5, and YouGov’s minimum cash payout is $50, albeit YouGov offers the option of a $15 Amazon gift card.

May Side Income – Surveys Total: $244.06

At the very least, donate your stuff. I typically enjoy donating old apparel to the Salvation Army and other charities. It always feels good to know your treasured clothing is not going to waste.

This month, there were two strangers that bought items of my personal inventory I was looking to discard. After fees and small shipping costs, I usually still walk away with a hefty profit.

May Side Income – Selling Total: $142.88

May Side Income – Google AdSense Revenue: $0.00

May Side Income – eBook Blog Startup Manual Sales: $0.00

Earn 50,000 bonus miles (equivalent to $500) once you spend $3,000 on purchases within the first 3 months from account opening.

Although I’m still trying my best to limit opportunities to throw away those hard-earned paychecks, the positive result is that I earn more in cash back from the credit card rewards.

After looking at my monthly expense report, I saw that I earned 3,267 miles, which is equivalent to $32.67.

I now have a Chase Sapphire Preferred Credit Card.

Earn 80,000 bonus miles (equivalent to $1,000) once you spend $4,000 on purchases within the first 3 months from account opening.

After this month, I was able to earn $97.01 this month from the Chase card.

May Side Income – Capital One & Chase Sapphire Preferred Credit Card Cash-Back Rewards – $129.68

Well, that’s it for this month’s side income report! Hope your 2023 is going well.

Investing in 2023 is a great time because we were just in a bear market (down over 20% from the highs) in 2022 so stocks are on sale!

Thank you for taking the time to read through my latest May income report and thank you for contributing if you have previously purchased something through one of my affiliate links!

That’s a wrap for this income report! I am looking forward to earning more money on the side in the future. Stay hustlin’, my friends!

Total May Side Income: $594.92

How was your May 2023 side hustling? Let me know in the comments below.

What Is a Good Credit Score?

May 18, 2023 by Fresh Life Advice

Your credit score is a vital indicator of your financial health. A good credit score opens doors to countless opportunities, such as securing low-interest loans, qualifying for favorable insurance rates, and even enhancing your employment prospects.

Welcome to the 8th FLA Guest Blog Post! Today, we explore how not only get a good credit score but also understand what a good credit score is. Thank you to Andrew from Gauss Money for sharing this helpful article.
Andrew helped develop a fintech app for paying off debt. He thought my readers might be interested to hear more about how to use Chat GPT for their personal finances. Just this past week, Gauss Money purchased the rights for their GPT tool that is 100% free to users, and has been created with the inputs needed to support even the most complex financial questions. They call it ChatPF (personal finance).
They’ve gained a lot interest from users dropping in all of their debts to create an optimized budget and payoff plan. They can answer which debts to pay off first and what strategies are the best for your specific budgets, goals, and debt amounts.
Gauss improves your credit score in most cases. Gauss prevents late payments and reduces the amount of debt on your cards, reducing their utilization, which has a great positive effect on your credit score. You can improve the score further by paying on time to Gauss. No fees are charged if you’re late with your repayments to Gauss, but your credit score will be negatively affected.

While building and maintaining a strong credit score requires consistent effort and responsible financial behavior, the rewards are well worth it. In this blog post, we will delve into actionable steps you can take to improve and maintain a good credit score.

What would be considered a satisfactory credit rating according to the FICO scoring system?

The FICO website states that a good score is between 670 and 739.

Scores ranging from 580 to 669 are considered fair, and scores between 740 and 799 are labeled as “very good”.

Any score above 800 is considered “exceptional”.

The average credit score in the United States, according to FICO, was 716 in August 2022, which is in the “good” category.

FICO is the name of the company that created the first credit scoring system, which utilizes information from TransUnion, Equifax and Experian, the three major credit bureaus.

What is considered to be a favorable VantageScore?

An alternative to FICO, VantageScore, uses the same data from the three credit bureaus to generate its score.

NerdWallet gives individuals the opportunity to obtain a free credit score through VantageScore coupled with the TransUnion credit report.

Scores ranging from 661 to 780 are considered ‘prime’, while those between 780 and 850 are known as ‘superprime’.

‘Near prime’ is indicated by scores ranging from 601 to 660 and anything below 600 is classified as ‘subprime’. According to the second quarter of 2021, the average VantageScore 3.0 was 695.

The advantages of having an excellent credit rating

Having a good credit record is significant because it decides if you can obtain a loan and the amount you will need to pay in interest. A good credit rating can help you get: an unsecured credit card with a reasonable interest rate, a suitable car loan or lease, a mortgage with a reasonable interest rate, the capability to open fresh credit for costs in a crisis if you do not have an emergency fund or it is used up.

A good credit score also can be advantageous in other ways: in numerous states, people with higher credit scores pay less for automobile insurance. Furthermore, some landlords use credit scores to screen out tenants. Therefore, having a good credit score is advantageous even if you do not plan to apply for credit.

Some frequently asked questions include:

What is a good credit score to buy a car?

If your credit score is under about 700, you should be prepared for questions about negative items on your credit file when purchasing a car. Individuals with major stains on their credit are routinely approved for car loans, but you may not qualify for a low rate.

What is a good credit score to buy a house?

You don’t have to have perfect credit to get a mortgage. In some cases, credit scores can be in the 500s. However, credit scores estimate the risk that you won’t pay as agreed, so lenders do offer lower rates for higher scores.

What is a good credit score for renting an apartment?

Landlords or property managers generally aren’t looking for perfect scores. They are more interested in your credit record.

What figure do loan providers consider to be an acceptable credit score?

Financial institutions like credit card companies and lenders of mortgages may each establish their own criteria for what makes someone a good credit risk. In the end, however, a “good credit score” is one that gets you access to credit when you need it, or qualifies you for the most favorable interest rate on a mortgage.

What elements have an impact on your credit rating?

When it comes to what impacts your credit score, two points stand out: whether you pay on time (payment history), and the amount of your credit limits you are using (credit utilization). The other elements play a part, but are not as significant: the duration of time you have had credit, the diversity of credit types you have, and how often and recently you have applied for credit.

Good Credit Score — **Image Source: iStock by Getty Images**

Ways to attain a strong credit ranking

Establishing good credit habits on a consistent basis will help increase your credit score. To do this, you should pay your bills on time as this is the most influential factor in your score. A skipped or late payment can damage your score and stay on your credit report for as many as seven years.

Try to keep your credit card balances below the limit, with utilization at around 30% or lower. High utilization will lower your score, but the damage can be reduced by reducing your balance and showing lower utilization on your credit reports. Whenever possible, keep credit accounts open, as this will raise your average age of accounts, which has a minor effect on your score.

Additionally, closing an account will reduce your overall credit limit, raising your utilization. Be careful not to make too many credit applications in a short period of time, as this can cause a short-lived dip in your score.

Make sure to check your credit reports and dispute information that you think is incorrect or too old (most negative information drops off after seven years). If you want to know what is powering your credit, sign up for a free credit score and get personalized insights with weekly updates to track your progress.

For instance, pay off high interest debt to lower your utilization. Utilize tools like credit card payoff calculators to make a plan you can stick to. Also consider using other financial tools to lower the APR on your credit card debt for faster payoffs like balance transfer cards or low interest credit lines designed for credit card debt.

Can a credit score of 700 be considered satisfactory?

Above all, a credit score of 700 is viewed positively. If you have a good credit score, you’re more likely to be approved for additional credit (although lenders may take into account other things besides your score). It is also more likely that you’ll get more desirable terms such as a lower rate of interest.

What is considered a high credit rating?

Credit ratings between 720 and 850 are deemed to be excellent. If your rating is above 800, you can receive the most favorable borrowing conditions.

What is the ideal credit rating, and how many individuals possess it?

The most popular credit scoring system is the FICO score, which ranges from 300 to 850. Based on a study completed by Experian, a credit bureau, 1.3% of the FICO scores in the third quarter of 2021 were the highest score of 850. Unfortunately, credit scores are variable and maintaining an 850 is not likely to happen continuously.

What is the acceptable level of creditworthiness?

An acceptable credit score is estimated between 630 and 689. In other words, it may be more challenging to qualify for financing or obtain the terms you are after.

A bad credit score is a numerical representation of an individual’s creditworthiness, which reflects their financial history, and is used to assess the risk of lending money to them.

Credit scores less than 630 are considered to be bad. Utilize the advice provided above to support your credit profile.

Sources of information used by the NerdWallet writers include peer-reviewed studies, government websites, academic research, and discussions with specialists in the field. Content is carefully examined for truthfulness, timeliness, and pertinence.

If you would like to learn more about the high standards of journalism followed by NerdWallet, you can refer to the editorial guidelines. Bev O’Shea, a former credit writer for NerdWallet, has written for the New York Times, Washington Post, MarketWatch, and other publications.

Comprehending one’s credit rating

The most general credit score is between 300 and 850, with a score of 690 being considered good. Moving the dot to your present score can help you to understand more, like how you can raise it.

In fact, if you don’t know what level your rating is at, you can get a free credit score from NerdWallet.

The upper limit of good credit is 719. Pick the score that is most similar to yours to learn what your credit score can do for you, such as: 690, 695, 700, 705, 710, 715, or if you reach 720 you have achieved excellent credit.

Conclusion

A good credit score opens doors to financial opportunities and empowers you to achieve your goals. By understanding the key factors that influence your credit score and adopting responsible financial behaviors, you can steadily improve your creditworthiness. Remember, building a good credit score requires patience, consistency, and discipline, but the long-term benefits are well worth the effort. Start today, and pave the way for a brighter financial future.

Disclosure: Fresh Life Advice is an opinion-based website. I am not a financial advisor, and the opinions on this site should not be considered financial advice.

Personal Capital: The Ultimate Tool to track your Net Worth, Budget and more.

What are your thoughts on building a good credit score? Let me know in the comments below.

The Ultimate Guide to Thriving in a Recession: Practical Tips for Your Finances and Business

August 28, 2023May 11, 2023 by Fresh Life Advice

The thought of a recession can be overwhelming and stressful, especially for those who are not prepared. It’s important to remember that a recession is not the end of the road. With the right mindset and actions, there are ways to come out victorious during tough economic times.

Welcome to the 7th FLA Guest Blog Post! Today, we explore how not only survive but also thrive through a recession. Thank you to Chelsea from Business POP for sharing this helpful article.
Chelsea is an experienced Marketing and Advertising professional with a demonstrated history of working in the media industry. Chelsea is especially skilled in Digital Media advertising, Events, Search Engine Optimization (SEO), Search Engine Marketing (SEM), Microsoft Suite, Data Analytics, Adobe products, and Marketing Strategy.
The digital age has unquestionably arrived. Incorporating new technologies into business procedures will be critical for owners who want to grow their businesses.
Business POP will show you how to grow your business through innovation. It is aimed at small and medium-sized business owners and will offer advice on what digital enhancements to consider and how such changes can help them grow.

The economy can be a rollercoaster ride, and with the recent pandemic, the unpredictability has only increased.

In this article, Fresh Life Advice will discuss important strategies such as cutting expenses, wisely investing, and finding alternative sources of income to help you become recession-proof and potentially emerge even stronger from the experience.

Keeping Your Household Budget Under Control During a Recession

Managing your household budget is a key strategy for surviving a recession. This involves sticking to a budget, spending only on necessary expenses, and finding practical ways to save money. Start with creating a budget, which includes an inventory of your expenses and income.

It’s important to review your expenses and see where you can make changes. This could include cutting subscriptions you don’t use, shopping around for insurance, dining out less often, and focusing on buying what is absolutely essential.

There are also multiple resources out there that can help you save money. Consider becoming a member of a local credit union to take advantage of lower interest rates and additional services.

Paying Off High-Interest Debt

During a recession, paying off high-interest debt is crucial for financial planning. It’s often difficult to pay off debt because high-interest rates can add up quickly, making your overall debt much harder to manage. For instance, if you have credit card debt with an interest rate of over 20%, paying down the principal can feel like an impossible task.

Consolidating your debt with a lower interest rate may be the solution. A credit counseling agency can help you assess your finances and identify your options to manage your debt.

Alternatively, consider negotiating lower interest rates by refinancing or taking out a personal loan. By doing so, you can reduce your debt and gain more control over your finances during a recession.

Recession Investing in a Home Warranty

Homeownership can come with unexpected expenses, but having a home warranty can help to alleviate the stress and financial burden associated with surprise repairs. For individuals who are interested in avoiding the high costs of home system and appliance repairs during a recession, it’s essential to consider this option.

A good home warranty generally covers a range of systems and appliances, such as plumbing, electrical, heating, and cooling systems, and large appliances, including refrigerators, water heaters, and ovens, providing peace of mind that in case anything goes wrong, you are covered.

Consequently, investing in a warranty can be an incredibly wise choice for those seeking to manage their monthly expenses while safeguarding their financial security.

Earning Extra Income on the Side

During a recession, relying on a single source of income can be a risky move. This is why diversifying your income is critical to ensuring financial stability.

The first step to diversifying your income is to evaluate your skills and see if there are any opportunities to monetize them. For example, you can offer your services as a freelancer, tutor, or gig worker for ride-sharing services. You could even consider starting a small business or selling items you no longer need online.

Referral programs are another option for generating additional income with minimal effort. By referring new clients to businesses, you can earn extra cash without investing too much time or resources. Overall, diversifying your income is essential to surviving a recession and ensuring financial security in the long run.

Effectively Diversifying Your Portfolio

To weather the storm of an economic downturn, it is crucial to diversify your investments and avoid putting all your financial resources into a single avenue. By spreading your investment portfolio across different types of assets such as stocks, bonds, and commodities, you minimize the impact of market fluctuations on your wealth.

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Beyond this, it is essential to remain aware of the different industries and sectors in which you invest. Some sectors like tourism or hospitality are especially vulnerable to recessions and downturns. Therefore, diversifying across industries further can help you mitigate the risk of losses during a financial crisis.

So, remember to diversify both the type of investments and the industries in which you invest to secure a more robust and resilient portfolio.

Tackling Financial Anxiety and Stress

During a recession, the impact on emotional health should not be underestimated. Financial strain, job insecurity, and overall uncertainty can lead to feelings of frustration, fear, and anxiety.

It is crucial to recognize the early signs of mental health issues and seek appropriate help to manage them effectively. Maintaining a healthy lifestyle with regular exercise, taking care of nutrition, and getting enough sleep can help reduce stress levels.

Additionally, seeking support from a trusted network and confiding in someone about your financial concerns can provide much-needed reassurance and support. Mental and emotional health should be a top priority during a recession as it can significantly affect your overall quality of life. It’s important to remember that taking care of yourself is not a selfish act but rather an act of self-care that can benefit you and those around you.

Surviving a Recession

In conclusion, the prospect of surviving a recession can be daunting, but it is not impossible. By taking steps to manage your household budget, you can ease your financial burdens and put yourself on a path toward stability. An impactful way to accomplish this is by investing in a home warranty, which can protect you against unforeseeable expenses that could put a severe strain on your finances.

It is important to remember that experiencing anxiety related to financial worries is normal, but there are several strategies available to help manage your stress levels. With dedication and persistence, you can not only survive but also thrive during a recession, emerging from this experience stronger and more resilient than ever before.

Disclosure: Fresh Life Advice is an opinion-based website. I am not a financial advisor, and the opinions on this site should not be considered financial advice.

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