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November Side Income Report | 2024

December 4, 2024 by Fresh Life Advice

Welcome to the 2024 November 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 38% 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 November 2024 Side Income Report.

NOVEMBER 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 November.

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.

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 3,674 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.

November Side Income – Stock Dividends / Interest Total: $198.54

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.

November Side Income – Surveys Total: $354.91

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 were no 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.

November Side Income – Selling Total: $0.00

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.

November 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.

November 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 1,187 miles, which is equivalent to $11.87.

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 $94.76 this month from the Chase card.

November Side Income – Capital One & Chase Sapphire Preferred Credit Card Cash-Back Rewards – $106.63

Well, that’s it for this month’s side income report! Hope your 2024 is going well.

In 2023, I was able to max out my Roth IRA and 401k – I highly recommend you do the same in 2024 if you have the option! In January, I immediately transferred the maximum $7,000 limit from my taxable brokerage account to the tax-deferred Roth IRA for the 2024 year, with most of it invested in January. The sooner, the better since time in the market often beats timing the market.

Investing is always a great time but keep in mind we are near all-time highs in 2024 so stocks are not on sale yet.

Thank you for taking the time to read through my latest November 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 November Side Income: $660.08

How was your November 2024 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.

Affordable Education: How to Earn a Degree Without Breaking the Bank

November 26, 2024 by Fresh Life Advice

What is affordable education? Today, we will explore how to earn a degree without breaking the bank.

Pursuing higher education is a life-changing opportunity, but for many college students these days, the fear of significant debt can overshadow the excitement of earning a degree. The rising cost of tuition has made financial planning an essential part of the college experience. Fortunately, there are several practical strategies that modern students can use to minimize their expenses and avoid long-term financial burdens. From scholarships and grants to researching your educational options and budgeting wisely, this article explores effective ways to get a quality education without drowning in debt.

Engaging in Effective Time Management

Juggling academic responsibilities and work commitments can be a little challenging, but striking the right balance is essential for both your educational and financial goals. By effectively managing your time and setting clear priorities, you can excel in your studies while gaining valuable work experience that reduces your need for student loans. Utilizing planners or digital calendars can really help you organize your tasks and manage deadlines, ensuring that you allocate enough time for studying, working, and self-care. Going along with this, communicating openly with your employers and professors about your commitments can lead to flexible arrangements that accommodate your schedule. Setting healthy boundaries and avoiding over commitment protects you from burnout and keeps your academic performance on track.

Pursuing Affordable Nursing Degrees Through Online Programs

Choosing an online degree program can significantly reduce your educational expenses while offering the flexibility you need. By pursuing a Master of Science in Nursing online, you can balance full-time work and family commitments with your studies, avoiding the financial strain of lost income. Online education allows you to advance into specialized nursing fields like education, informatics, administration, or advanced practice without the hefty price tag of traditional programs. Many online programs are designed to let you learn at your own pace, helping you manage both your time and finances effectively. This approach not only makes higher education more accessible but also empowers you to advance your career without accumulating significant debt.

Unearthing Scholarship Opportunities Through Community Connections

Regularly checking with community organizations such as nearby businesses and local non-profits can uncover scholarships tailored to students like you. These organizations often offer financial aid to residents or those actively participating in regional initiatives, which means a smaller applicant pool and a better chance for you to secure funding. By engaging with local groups, you not only discover scholarship opportunities but also build relationships that could benefit your future career. Attending community events, visiting community centers, and connecting with organization leaders keep you informed about new scholarships and upcoming application deadlines. Taking advantage of these local scholarships can substantially decrease your college expenses and are often less competitive than national awards.

Reducing Student Loan Debt Through Merit-Based Scholarships and Grants

Actively seeking out merit-based scholarships and grants can significantly decrease your reliance on educational loans. Many students successfully obtain scholarships and fellowships awarded for academic excellence or special skills, which can cover substantial portions of tuition and fees. These merit-based financial aids not only reduce your immediate expenses but also lessen the long-term burden of student loan debt. By minimizing borrowed amounts, you can focus more on your studies without the stress of future repayments. Taking advantage of these affordable education opportunities is a proactive step toward a debt-free college degree.

**Image Source: Scholarship Application via Free Pik**

Understanding Credit Cards and Avoiding High-Interest Debt

Understanding the benefits and risks of credit cards is essential to prevent overwhelming high-interest debt. While credit cards provide convenience and can boost your credit score, they often carry steep interest rates that can quickly accumulate if you don’t pay off your balance each month. You might find yourself spending more with credit cards than with cash, as the delayed payment can make purchases feel less immediate. If you habitually overspend and only make minimum payments, your debt can grow rapidly, leading to financial strain and potential credit issues. By educating yourself on how credit cards work, and using credit responsibly, you can reap their advantages without falling into debt.

Saving Money by Sharing Off-Campus Housing Expenses

Exploring off-campus housing with roommates can significantly lower your living costs by dividing rent and utility bills among multiple people. Sharing a living space reduces individual expenses and offers the added benefit of social interaction and support. Being open to less luxurious accommodations can help you find a place that fits your budget without sacrificing comfort. Working together with your roommates to negotiate better deals on services like internet or cable can lead to further savings. By collaborating on these strategies, you can create an economical living arrangement that eases financial stress while enhancing your college experience.

Achieving Financial Success in College with a Detailed Budget Plan

Developing a detailed budget plan is essential for managing your college finances effectively. By carefully monitoring your expenses – from fixed costs like tuition and housing to variable expenses such as food and entertainment – you can make your money last the entire semester. This proactive approach helps you avoid the stress of running out of funds and reduces the risk of accumulating credit card debt, which can have lasting impacts on your financial future. By identifying areas where you can save on affordable education, you may be able to build an emergency fund to handle unexpected costs. Embracing budgeting in college not only supports your current needs but also cultivates financial habits that will benefit you long after graduation.

Graduating with little to no debt is an achievable goal with the right approach and resources. By taking advantage of financial aid opportunities, making smart spending choices, and staying proactive about managing costs, students can focus on their education without the stress of looming debt. Remember, the choices you make today will shape your financial future, so prioritize strategies that allow you to enjoy your college years while building a stable foundation for life after graduation.

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.

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

Discover a fresh perspective on personal finance at Fresh Life Advice and unlock new insights for your financial success!

Smart Money Moves: Proven Practices to Keep You Financially Grounded

November 20, 2024 by Fresh Life Advice

What are some smart money moves? Today, we will explore proven practices to keep you financially grounded.

Financial stability isn’t just about earning or saving; it’s about building habits that keep you steady through life’s shifts. By focusing on clear, actionable smart money moves, you can create a foundation that supports both current needs and future goals. This isn’t a one-time fix – it’s a mindset that evolves with you, helping you prioritize what matters most while staying adaptable to changing circumstances. Courtesy of Fresh Life Advice, here are some tips to help you design a life where you can feel prepared, confident, and in control.

Build a Budget That Works

Creating a practical monthly budget starts with examining your spending habits. By analyzing where your money has been going, such as noticing a spike in dining out expenses on weekends, you can identify areas for improvement. This insight allows you to set achievable financial goals, like saving a certain amount each month for a future purchase. Utilizing budgeting tools can simplify this process by automatically tracking and categorizing your expenses, helping you maintain financial discipline. A budget tailored to your unique spending habits provides the flexibility to enjoy life while preparing for unexpected financial challenges.

Establish Separate Savings Accounts

Setting up separate accounts for distinct savings goals can be a simple yet powerful way to manage your finances with clarity. By designating individual accounts for specific goals – such as an emergency fund, travel savings, or a future home purchase – you create clear boundaries that help prevent accidental overspending. This approach not only provides visual motivation as you watch each account grow but also makes it easier to track your progress. When each dollar has a designated purpose, you’re less likely to dip into these funds for everyday expenses, making it easier to stay disciplined and committed to your long-term goals.

Stay Vigilant of Financial Scams

Staying vigilant against financial scams is crucial in an increasingly digital world, where threats can appear through phone calls, emails, or even text messages. Recognizing red flags, such as unsolicited investment offers or pressure tactics, can help protect your assets. For suspicious calls, using a reverse phone lookup tool can confirm essential details like the caller’s identity, address, and carrier, which helps filter out potential scams. Many of these services also provide access to complaint databases and frequently reported numbers, offering a clearer picture of the caller’s intentions. For example, using this service can provide details on the 212 area code, helping you make informed choices and shield yourself from deceptive schemes that could compromise your financial security.

Invest and Prosper

Investing is a great way to save for your future and to plan for retirement. To make the most of your investments, diversification is a crucial strategy for managing risk. By spreading your investments across different asset classes, sectors, and regions, you can mitigate the impact of any single investment’s poor performance. This approach not only protects against economic shifts but also enhances your potential for achieving long-term financial goals. Regularly reviewing and rebalancing your portfolio ensures it aligns with your risk tolerance and objectives, providing a stable foundation for financial growth.

Multiply Your Earnings Through Other Income Streams

Building additional income streams can be a transformative strategy for achieving financial security and flexibility. By exploring opportunities beyond your primary job, such as freelance work, rental income, or investing, you can reduce reliance on a single paycheck and create a buffer against economic shifts. Diversifying income doesn’t just boost your earnings – it also empowers you to pursue interests, build new skills, and expand your professional network. Each stream acts as a financial safeguard, providing stability even when one source may fluctuate.

Create a Safety Net with Emergency Funds

An emergency fund is your financial safety net in times of crisis. Life is unpredictable, and sudden expenses like medical bills or job loss can quickly drain your savings if you’re unprepared. By setting aside three to six months’ worth of living expenses, you create a buffer that allows you to handle unforeseen costs without resorting to high-interest loans or credit card debt. This cushion not only protects you from debt cycles but also provides peace of mind, enabling you to focus on making informed decisions during challenging times.

Early Tax Planning Pays Off

Early tax planning can be a game changer for maximizing deductions and minimizing liabilities. By starting your tax planning early, you can strategically manage your income and expenses to take advantage of available tax benefits. For instance, contributing to retirement accounts not only secures your future but also reduces your taxable income for the year. Early planning helps you avoid tax surprises and ensures a smoother financial journey.

Time for Taxes Money Financial Accounting Taxation Concept — **Image Source: Tax Time via Free Pik**

Visit a Financial Advisor

Seeing a financial advisor offers valuable guidance that can enhance your financial health and help you achieve both short-term and long-term goals. Advisors provide expertise in areas like budgeting, investing, retirement planning, and tax strategies, tailoring their advice to your unique situation and goals. They can help you make informed decisions about managing debt, growing savings, and maximizing your investments, all while helping you avoid costly financial mistakes. With a clear plan in place, guided by professional insight, you gain peace of mind, improved financial stability, and a more strategic approach to building wealth over time.

Consider Homeownership

When you buy a home instead of renting, you build equity over time, turning your monthly payments into an investment rather than just an expense. Owning a home also gives you more control and stability, as you can make changes to suit your preferences without needing a landlord’s approval. Additionally, homeownership can provide tax benefits, such as deductions on mortgage interest and property taxes, potentially saving you money each year. Finally, buying a home allows you to settle into a community and enjoy the security of having a permanent place to call your own.

Achieving financial stability with smart money moves is a continuous process, one that rewards consistent effort and mindful planning. By integrating these practices into your daily life, you’re not just securing your finances; you’re fostering a sense of confidence and resilience that extends beyond money. Staying on track financially allows you to focus on what truly matters, providing peace of mind and opening doors to new opportunities. As you refine your approach and adapt to new goals, remember that every small step taken today builds a more secure and fulfilling 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.

What are your thoughts on Smart Money Moves? Let me know in the comments below.

Find practical tips and inspiration for a healthier, more fulfilling lifestyle at Fresh Life Advice.

October Side Income Report | 2024

November 13, 2024November 1, 2024 by Fresh Life Advice

Welcome to the 2024 October 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.

OCTOBER SIDE INCOME REPORT

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:

October Side Income – Stock Dividends / Interest Total: $386.88

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.

October Side Income – Surveys Total: $487.90

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 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.

October Side Income – Selling Total: $55.00

October Side Income – Google AdSense Revenue: $0.00

October 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 5,089 miles, which is equivalent to $50.89.

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 $72.80 this month from the Chase card.

October Side Income – Capital One & Chase Sapphire Preferred Credit Card Cash-Back Rewards – $123.69

Well, that’s it for this month’s side income report! Hope your 2024 is going well.

Investing is always a great time but keep in mind we are near all-time highs in 2024 so stocks are not on sale yet.

Thank you for taking the time to read through my latest October 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 October Side Income: $1,053.47

How was your October 2024 side hustling? Let me know in the comments below.

Is Income Proof Mandatory for Buying a Term Insurance Plan?

November 13, 2024October 21, 2024 by Fresh Life Advice

Is Income Proof Mandatory for Buying a Term Insurance Plan?

This is probably one of the most simplistic and least expensive ways to secure a financial future for your family in case something happens to you. Perhaps it feels that everyone has always known at least one person who bought a term insurance plan. Now, one of the most common questions that people ask when considering buying a term insurance plan is: “Is income proof mandatory for buying a term insurance plan?”

The short answer is: It depends. Generally, though income proof isn’t strictly required on every Term Life Insurance application, it remains one of the most common requirements that insurers use to estimate how much coverage you need and whether you can afford premium payments. In this post, we are going to look into why it’s most often required, the situations where it’s least likely to be required, and how to buy Term Life Insurance online hassle-free.

Understanding the Purpose of Term Life Insurance Policies

Term life insures you for a set term of time; for instance, 10, 20, 30 years, and can be extended even farther based on your needs. If the term of the policy is ongoing and you die, it pays a death benefit to the people whom you have named as beneficiaries. Unlike permanent life insurance, term life does not build up any cash value and will lapse at the end of the term unless renewed.

The level of coverage you wish to purchase generally relates to what your income and financial obligations may be. Term Life Insurance is often designed to be used to replace lost income, to pay off outstanding debts, including mortgages, or to provide for living expenses remaining for your family members after you are gone, which makes income relevant to how much coverage is sufficient.

Why Do Insurance Companies Ask for Income Proof?

One of the primary reasons that insurers commonly require proof of income is to verify your capacity to pay premiums and set coverage levels. Your life insurance coverage needs are typically determined by multiplying your annual income by a multiple. For example, while a standard rule of thumb advises buying coverage equal to 10 to 12 times your annual income, this number can differ significantly. It uses income proof to ensure the death benefit serves a correct ratio to your present financial situation and responsibility.

Now, here’s why income proof may be necessary:

Affordability Assessment: Insurers want to ensure that you can comfortably afford the premiums. This is particularly important for Term Life Insurance Policies with higher coverage amounts. Providing income proof, such as pay stubs, tax returns, or financial statements, helps the insurer assess whether the premium payments fit within your financial means.
Preventing Over-Insurance: Insurers need to make sure you are not purchasing more coverage than you genuinely need. Over-insuring yourself could lead to situations where the death benefit far exceeds your financial contributions, which can raise concerns about the legitimacy of the policy. Income proof helps insurers offer appropriate coverage limits based on your income.
Determining Coverage Needs: Life insurance policies are typically meant to replace income, pay off debts, or cover expenses like children’s education. Your income level plays a role in calculating how much coverage you need. Without income proof, insurers may find it challenging to assess your true insurance needs.
Regulatory Compliance: Some insurers may be required by law to ensure that their customers are appropriately insured based on their income levels. In these cases, income verification is used to comply with regulatory standards.

**Image Source: Are You Covered? via Free Pik**

Situations Where Income Proof Might Not Be Required

While income proof is often requested, there are scenarios where it may not be mandatory. These include:

Lower Coverage Amounts: For Term Life Insurance Policies with lower death benefits (usually under a certain threshold), insurers might not require income proof. This is because the financial risk to the insurer is smaller, and the premium amounts are generally more affordable.
No-Medical-Exam Policies: Some insurers offer no-medical-exam life insurance policies, which tend to be more accessible for people who don’t want to go through the hassle of underwriting. These policies might also forgo the need for income proof. However, it’s important to note that these policies typically come with higher premiums and lower coverage amounts.
Simplified Issue Policies: Simplified issue policies often have minimal requirements. These types of policies are designed to provide quicker coverage with fewer questions asked, which may include skipping income verification. While these policies may not offer as much coverage, they are an option for those who prefer a faster, less invasive application process.
Group Term Insurance: If you’re getting Term Life Insurance through your employer, income proof is generally not required. Group policies often have standardized coverage amounts based on job title or salary, and the application process is simpler because of the group nature of the plan.

How to Buy Term Life Insurance Online Without Income Proof

In the present digital world, it has become quite easy to purchase Term Life Insurance online. Most insurance service providers provide simplified steps enabling you to get Term Life Insurance Quotes, fill in an application form and receive approval from the home comfort zone.

If you would like to purchase Term Life Insurance online without requesting proof of income, you will be able to do so in the following ways:

Look for Simplified Issue or No-Medical-Exam Policies: Some insurers offer simplified issue policies that may not require income verification or a medical exam. These policies generally have lower coverage amounts, but if you’re only seeking basic protection, this could be an ideal option.
Choose Lower Coverage: If you want to avoid providing income proof, opting for a lower coverage amount could help. Policies with smaller death benefits are less likely to require detailed financial information, making the application process smoother.
Use Online Comparison Tools: Many insurance providers offer easy-to-use tools that allow you to compare Term Life Insurance Quotes online. You can adjust the coverage amount, term length, and other factors to see how they affect your premiums. This gives you a clear understanding of what you can afford and how much coverage you can get without needing to submit income proof.
Read the Fine Print: While applying for life insurance online may seem quick and easy, it’s essential to carefully review the policy terms and conditions. Some insurers may waive income proof requirements during the initial application but ask for it later during underwriting, especially for higher coverage amounts.

illustration-people-with-insurance-policy — **Image Source: Insurance Policy via Free Pik**

What Happens if You Don’t Have Income Proof?

If you do not have formal proof of income, such as if you are a sole proprietor, a freelancer, or temporarily unemployed, you will still be eligible for term insurance. This is how you can work through this:

Alternative Proof of Financial Status: If you don’t have pay stubs or a salary, you can provide alternative documents such as tax returns, bank statements, or profit-and-loss statements if you’re self-employed. Insurers are generally flexible with what they accept as income proof, as long as it reflects your financial status accurately.
Family Contributions: Some insurers might consider household income if you’re part of a dual-income family. Even if your individual income isn’t sufficient for higher coverage, combining household income may allow you to qualify for a policy that provides adequate protection.
Opt for a Lower Coverage Amount: If providing income proof is a challenge, selecting a lower coverage amount that doesn’t require it is another option. You can always review and increase your coverage later if your financial situation changes.
Discuss with the Insurer: Some insurers may allow flexibility with income verification if you explain your situation. For example, if you have significant assets or investments, insurers may be willing to accept asset proof in place of income documents.

Why Providing Income Proof Might Be in Your Best Interest

Even though providing income proof may feel like an inconvenience, doing so can be beneficial in ensuring you get the right amount of coverage. Here’s why:

Accurate Coverage: When you provide income proof, you’re allowing the insurer to recommend the best coverage for your financial situation. This helps ensure that your family will have enough financial support in the event of your death.
Avoiding Underinsurance: By sharing your income information, the insurer can calculate a coverage amount that reflects your actual financial needs. This prevents you from being underinsured, which could leave your loved ones with financial gaps.
Getting Competitive Premiums: With more accurate financial information, you might qualify for better premiums. Insurers often provide better rates to individuals who can demonstrate stable income and financial responsibility.

How to Choose the Right Term Life Insurance Plan

When choosing between different Term Life Insurance Policies, you’ll want to consider several factors:

Coverage Amount: Make sure the policy provides enough to cover your family’s needs, whether it’s paying off a mortgage, covering daily expenses, or saving for education.
Term Length: Choose a term that aligns with your financial obligations. If you have young children, you may want coverage until they finish college. If you have a mortgage, choose a term that matches the remaining years on your loan.
Premiums: Compare Term Life Insurance Quotes online to find a premium that fits your budget. While lower premiums might seem attractive, be sure they align with your coverage needs.
Additional Benefits: Some Term Life Insurance plans offer riders that provide extra coverage for critical illness, disability, or accidental death. Consider whether these add-ons would be beneficial for your situation.
Renewability: If you think your insurance needs might change, look for a policy that allows for renewals or conversion to a permanent policy without additional underwriting.

Final Thoughts

While income proof is not strictly required when buying Term Life Insurance, this documentation is often requested by the insurer in order to determine whether you have proper coverage and whether you can pay the premium amounts. You will more likely get a policy that suits your actual financial needs and is well-protected if you give your income proof.

Other available products that riders could consider and avoid income verification include: coverage amounts smaller than what the client needs; issue annuities without medical evidence; and no-medical-exam policies. These might come, though, with trade-offs in terms of higher premiums or limited coverage.

Whether to bring income proof or choose an easier application process, the bottom line is to get a Term Life Insurance Policy bringing financial security to your family.

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.

What are your thoughts on Income Proof and Term Life Insurance? Let me know in the comments below.

For fresh perspectives on personal finance, visit Fresh Life Advice today!

Thriving on Passion: How to Build a Profitable Business from Your Hobby

October 15, 2024October 11, 2024 by Fresh Life Advice

How do you thrive on your passion? How can you build a profitable business from your hobby?

Thriving on your passion and turning a hobby into a profitable business requires focus, consistency, and strategy. First, start by identifying your unique strengths and how your passion fills a gap or meets a need in the market. Next, build skills around your hobby, and start small by testing your products or services with a limited audience. Gradually scale up by expanding your reach through marketing, networking, and refining your business model. Finally, establish a clear brand identity and always prioritize quality to differentiate yourself, which helps attract loyal customers.

Turning a hobby into a business is an exciting step that requires thoughtful planning and preparation. Understanding how to navigate this transition can help you transform a personal passion into a sustainable venture. By approaching it strategically, you can turn what you love into a profitable opportunity. Fresh Life Advice offers these tips.

Establishing a Distinctive Edge

In a competitive landscape, the ability to stand out hinges on identifying and capitalizing on what makes your business unique. Business News Daily notes that diving deep into the core of your hobby-turned-business is essential to discover attributes or offerings that differentiate you from others. Whether it’s delivering a service with a personal touch unmatched by others, possessing expertise in a rare skill, or addressing the needs of a niche market overlooked by the mainstream, these unique qualities are your business’s beacon.

Conducting Market Research

Conducting market research is essential when turning a hobby into a business, as it helps you understand the demand for your products or services and identify your target audience. Researching your competitors, analyzing trends, and gathering feedback from potential customers can provide valuable insights into pricing strategies and product development. Additionally, understanding market size and customer preferences ensures you’re meeting needs and positioning your business for success.

Skill Enhancement and Knowledge Acquisition

Going back to school to earn an online degree is a great way to sharpen your skills and stay competitive in your field. For example, by earning a computer science degree, you can build expertise in IT, programming, and computer science theory, opening up new opportunities for growth. Earning an online degree allows you the flexibility to learn while continuing to run your business. If you’re considering this option, take a look at this path to enhance your professional capabilities without sacrificing your current responsibilities.

Crafting a Profitable Pricing Strategy

Mastering the art of pricing is critical for any business aiming to strike the right balance between being competitive and profitable. Conducting comprehensive market research is a foundational step in understanding the pricing dynamics within your industry and assessing what your target market is willing to spend. This research should consider your direct costs, the profit margin you aim to achieve, and the intrinsic value your products or services offer. By integrating these factors, the U.S. Chamber of Commerce points out that you can develop a pricing strategy that supports your business’s financial health. As a result, this will also resonate with your target audience.

Pinpointing Your Ideal Customer

Identifying your target market is foundational in crafting effective marketing strategies. This process involves thoroughly analyzing potential customers’ demographics, interests, and the challenges they face. By understanding these elements, you can tailor your products or services to better meet their specific needs. This targeted approach ensures that your offerings are relevant and helps build a loyal customer base that feels understood and catered to.

Leveraging Writing for Business Growth

For individuals with writing talent, this skill can serve as a powerful tool to captivate and grow your audience. Engaging in writing high-quality blog posts, compelling social media content, or informative newsletters can showcase your expertise and connect with your audience on a deeper level. This content not only provides value to your readers but also helps in building a strong brand presence online.

The Cornerstone of Success: A Robust Business Plan

Developing a comprehensive business plan is the cornerstone of launching and growing a successful business. For example, this document should outline your business goals, strategies for achieving them, financial projections, and the milestones you aim to hit along the way. Albeit, a well-structured business plan serves multiple purposes: it acts as a roadmap for your business journey, a tool for monitoring progress, and a persuasive document for attracting potential investors or partners. By clearly articulating your business vision, strategies, and financial expectations, you demonstrate the viability and potential of your business endeavor.

Conclusion

To conclude, turning a hobby into a business can be a rewarding way to pursue your passion while generating income. With careful planning and a strong understanding of your market, you can transform your interests into a thriving venture. The key is to stay adaptable and focused, ensuring that your business remains aligned with both your goals and the needs of your audience.

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.

What are your thoughts on Building a Business from your Hobby? Let me know in the comments below.

For fresh perspectives on personal finance, visit Fresh Life Advice today!

September Side Income Report | 2024

November 13, 2024October 1, 2024 by Fresh Life Advice

Welcome to the 2024 September 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.

SEPTEMBER SIDE INCOME REPORT

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:

September Side Income – Stock Dividends / Interest Total: $274.91

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.

September Side Income – Surveys Total: $128.09

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 no 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.

September Side Income – Selling Total: $0.00

September Side Income – Google AdSense Revenue: $0.00

September 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 1,290 miles, which is equivalent to $12.90.

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 $58.40 this month from the Chase card.

September Side Income – Capital One & Chase Sapphire Preferred Credit Card Cash-Back Rewards – $71.30

Well, that’s it for this month’s side income report! Hope your 2024 is going well.

Investing is always a great time but keep in mind we are near all-time highs in 2024 so stocks are not on sale yet.

Thank you for taking the time to read through my latest September 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 September Side Income: $474.30

How was your September 2024 side hustling? Let me know in the comments below.

August Side Income Report | 2024

November 13, 2024September 4, 2024 by Fresh Life Advice

Welcome to the 2024 August 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.

AUGUST SIDE INCOME REPORT

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:

August Side Income – Stock Dividends / Interest Total: $231.32

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.

August Side Income – Surveys Total: $178.88

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 no 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.

August Side Income – Selling Total: $0.00

August Side Income – Google AdSense Revenue: $0.00

August 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 1,470 miles, which is equivalent to $14.70.

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 $75.21 this month from the Chase card.

August Side Income – Capital One & Chase Sapphire Preferred Credit Card Cash-Back Rewards – $89.91

Well, that’s it for this month’s side income report! Hope your 2024 is going well.

Investing is always a great time but keep in mind we are near all-time highs in 2024 so stocks are not on sale yet.

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!

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: $500.11

How was your August 2024 side hustling? Let me know in the comments below.

July Side Income Report | 2024

November 13, 2024August 1, 2024 by Fresh Life Advice

Welcome to the 2024 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

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: $518.57

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: $138.23

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 no 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.

July Side Income – Selling Total: $0.00

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 1,991 miles, which is equivalent to $19.91.

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 $127.04 this month from the Chase card.

July Side Income – Capital One & Chase Sapphire Preferred Credit Card Cash-Back Rewards – $146.95

Well, that’s it for this month’s side income report! Hope your 2024 is going well.

Investing is always a great time but keep in mind we are near all-time highs in 2024 so stocks are not on sale yet.

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: $803.75

How was your July 2024 side hustling? Let me know in the comments below.

June Side Income Report | 2024

November 13, 2024July 9, 2024 by Fresh Life Advice

Welcome to the 2024 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.

JUNE SIDE INCOME REPORT

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:

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.

June Side Income – Stock Dividends / Interest Total: $205.24

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: $195.53

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 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.

June Side Income – Selling Total: $144.61

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 2,117 miles, which is equivalent to $21.17.

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 $13.34 this month from the Chase card.

June Side Income – Capital One & Chase Sapphire Preferred Credit Card Cash-Back Rewards – $34.51

Well, that’s it for this month’s side income report! Hope your 2024 is going well.

Investing is always a great time but keep in mind we are near all-time highs in 2024 so stocks are not on sale yet.

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!