Hello TheMoneyTools family. Welcome back to my blog. The FED still increases the interest rate. At this point, there are talks about the economy is stepping into a recession. To stay on top of the falling economy, here are many ways to not only save money but also make money as well.

1. START A SIDE BUSINESS

Don’t be sitting at home and scrolling through your social media all day. If you can walk, here are the top 5 businesses you can start right now.

Photography business. Turn a passion for photography into a side business.

1. Define your niche: Determine the type of photography you want to specialize in. It could be portrait photography, event photography, landscape photography, product photography, or any other area that aligns with your skills and interests. Focusing on a specific niche allows you to target your marketing efforts effectively.
2. Assess your equipment: Evaluate your current camera gear and assess if it meets the requirements for your chosen niche. Depending on the type of photography you plan to pursue, you may need additional lenses, lighting equipment, tripods, and other accessories. Invest in quality equipment that meets your specific needs and budget.
3. Build your portfolio: Start building a portfolio by capturing high-quality photographs in your chosen niche. You can collaborate with friends, family, or models to create a diverse range of images that showcase your skills. Consider offering your services for free or at a discounted rate initially to gain experience and expand your portfolio.
4. Create a professional online presence: Establish an online presence to showcase your work and attract potential clients. Build a website or create a portfolio on platforms like Instagram, Flickr, or Behance. Feature your best images, provide a clear description of your services, and include contact information for inquiries.
5. Set competitive pricing: Research the market rates for photography services in your area and determine competitive yet profitable pricing. Consider factors such as your experience level, equipment costs, editing time, and the value you offer to clients. Gradually increase your rates as you gain more experience and build a reputation.
6. Develop a marketing strategy: Identify your target audience and develop a marketing plan to reach them. Utilize social media platforms, online directories, and local advertising to promote your services. Collaborate with complementary businesses or offer referral incentives to expand your network.
7. Provide excellent customer service: Deliver exceptional customer service to ensure client satisfaction and positive word-of-mouth referrals. Communicate clearly with clients, understand their needs, and deliver the final products in a timely manner. Respond promptly to inquiries, be professional and friendly, and go the extra mile to exceed expectations.
8. Expand your skills and knowledge: Continuously improve your photography skills through self-study, workshops, online courses, or mentoring programs. Stay updated with the latest photography techniques, editing software, and industry trends. Growing your skills and knowledge will enhance the quality of your work and help you stand out from the competition.
9. Network with other photographers: Connect with other photographers in your area or online photography communities. Attend local photography meetups, workshops, or conferences to learn from professionals and build relationships. Networking can lead to collaborations, referrals, and valuable insights from experienced photographers.
10. Manage your time effectively: Balancing a side business with other commitments can be challenging. Create a schedule that allows dedicated time for photography, client interactions, editing, and marketing. Prioritize tasks and set realistic goals to ensure you maintain a healthy work-life balance.

Start a clothing line.

Grab a slice of the $775 billion e-commerce fashion industry right now. Many platforms allow you to upload designs onto t-shirts, sweaters, hats,… are  Printful, Lulu Direct, and Printify

Sell your skills by becoming a freelancer.

Popular side hustle ideas include freelance writing, designing, online dating consulting, personal training, and landscaping. There are the most popular sites that allow you to become a freelancer: Fiverr, Upwork, Designhill, and Toptal.

1. Create a compelling profile: Your Upwork profile is your digital resume and potential clients’ first impression of you. Optimize your profile by highlighting your skills, experience, and expertise. Use a professional photo, write a captivating bio, and showcase your portfolio. Include relevant keywords in your profile to improve your visibility in client searches.
2. Build a strong portfolio: Clients often make hiring decisions based on a freelancer’s previous work. Develop a portfolio that showcases your best projects and demonstrates your skills. Include a variety of samples that highlight your range and expertise. If you’re new to freelancing, consider offering discounted or pro bono work to build your portfolio.
3. Submit tailored proposals: When applying for jobs on Upwork, take the time to craft personalized and tailored proposals for each opportunity. Read the job description carefully, understand the client’s requirements, and address how your skills and experience align with their needs. Highlight relevant projects from your portfolio that showcase your abilities.
4. Deliver exceptional work: Consistently provide high-quality work that exceeds client expectations. Meet project deadlines, communicate effectively, and maintain professionalism throughout the process. Regularly update clients on progress and seek feedback to ensure you’re meeting their requirements. Positive reviews and client recommendations will help you secure future projects.
5. Nurture client relationships: Cultivate strong relationships with your clients to foster repeat business and referrals. Be responsive and communicative, actively listen to their needs, and offer solutions to their challenges. Go the extra mile to provide exceptional customer service. Satisfied clients are more likely to recommend you to others and leave positive reviews on your Upwork profile.

Bonus tip: Invest in continuous learning and skill development to stay competitive. Stay updated with industry trends, expand your knowledge, and consider taking relevant online courses or certifications. The more skills you acquire, the broader your range of opportunities becomes.

Become a virtual assistant.

If you are good at scheduling appointments, arranging travels, managing emails, and taking phone calls, this is the job for you. 

1. Upwork (www.upwork.com): Upwork is one of the largest freelancing platforms where you can find a wide range of virtual assistant jobs. Create a profile, search for relevant job postings, and submit proposals to clients.
2. Freelancer (www.freelancer.com): Freelancer is another popular freelancing platform that offers virtual assistant job opportunities. Sign up, complete your profile, and bid on projects that match your skills and expertise.
3. Fiverr (www.fiverr.com): Fiverr is a platform where you can offer your virtual assistant services and set your own rates. Create a gig showcasing your skills and experience as a virtual assistant, and potential clients can hire you directly.
4. Virtual Assistant job boards: Various websites and job boards are dedicated to virtual assistant job listings. Examples include www.virtualassistantjobs.com, www.remote.co, and www.hiremymom.com. Visit these platforms regularly to find new job opportunities.
5. LinkedIn (www.linkedin.com): LinkedIn is a professional networking platform where you can connect with potential clients and find virtual assistant job listings. Update your LinkedIn profile, join relevant groups, and search for virtual assistant positions posted by companies or individuals.
6. Online communities and forums: Engage in online communities and forums related to virtual assistance. Often, clients post job opportunities or look for virtual assistants in these spaces. Examples include the Virtual Assistant Forums (www.virtualassistantforums.com) or the r/WorkOnline subreddit (www.reddit.com/r/WorkOnline).
7. Company websites: Some companies directly advertise virtual assistant positions on their websites. Check the career or job openings sections of companies that you are interested in working with to see if they have any virtual assistant positions available.

Become a language teacher.

The most popular languages include English, Chinese (Mandarin), Hindi, Spanish, and French. You can either create your own website or join online learning platforms such as Skooli, VIPKid, or Qkids.

1. TEFL (Teaching English as a Foreign Language): A TEFL certification is widely recognized and respected for teaching English as a foreign language. It provides training in language teaching methodologies, lesson planning, classroom management, and assessment techniques. Many online language teaching platforms and institutions prefer or require TEFL certification for English language teaching positions.
2. TESOL (Teaching English to Speakers of Other Languages): Similar to TEFL, TESOL certification focuses on teaching English to non-native speakers. It covers principles of language acquisition, lesson planning, teaching techniques, and cultural considerations. TESOL certification can be beneficial for online language teaching positions, particularly for teaching English as a second language.
3. CELTA (Certificate in Teaching English to Speakers of Other Languages): CELTA is an internationally recognized qualification offered by Cambridge Assessment English. It provides comprehensive training in language teaching methodologies, lesson planning, and practical teaching experience. CELTA is highly regarded and can open doors to online language teaching opportunities.
4. DELTA (Diploma in Teaching English to Speakers of Other Languages): DELTA is an advanced-level qualification for experienced language teachers. While not always required for online teaching, DELTA demonstrates a high level of expertise and can be advantageous in competitive job markets or when seeking higher-level teaching positions.
5. Other language-specific certifications: If you plan to teach languages other than English, there may be language-specific certifications available. For example, for teaching Spanish, you may consider certifications like DELE (Diplomas of Spanish as a Foreign Language) or SIELE (International Spanish Language Evaluation Service). These certifications validate your language proficiency and teaching competence in specific languages.

2. Play Cashflow 101

CASHFLOW (originally titled CASHFLOW 101) is an educational board game built upon the lessons from the New York Times best-seller in personal finance, Rich Dad Poor Dad.

If you have ever wanted to learn how to invest but fear losing money in the process, playing CASHFLOW will show you how to change your financial habits and pinpoint where growth could happen in your life—if you were only to implement what you learned.

CASHFLOW won’t teach you how to get a promotion or find a better job… but it will enable you to travel the world, cure a disease or save the rainforest… if that’s your dream.

This simple board game about money will give you the motivation and roadmap to retire young and rich, giving you a better life for you and your family… all through gameplay!

After you discover your habits playing CASHFLOW, you will…Realize It’s Not How Much Money You Make—But How Much You Keep—That Determines Your Wealth

3. Join Swagbucks

Swagbucks.com is the leading destination for earning real rewards for things you do online or on your phone. At home or on the go, you can conveniently earn points (called SB) when you:  Shop your favorite stores, Search the web, Answer surveys; Discover great deals, and Play games.  SB points can be redeemed easily for cash (Paypal)  or gift cards to your favorite stores like Amazon, Walmart, and Target. Membership is free. 

There are four main ways a college-students can make money online and extend their budget. They are:

1. Answering surveys
2. Signing up for trial offers that actually pay you more than they cost
3. Watching videos
4. Using the Swagbucks cashback program for online shopping & dining

4. Listen to financial Podcast

It is always helpful to improve your financial literacy, which is the ability for you to understand and effectively use various financial skills, including personal finance management, budgeting, and investing. Here are the best five financial podcasts in 2022:

Millennial Investing by The Investor’s Podcast Network is hosted by Robert Leonard (@therobertleonard) and Rebecca Hotsko (@RebeccaHotsko). They cover not only investing basics and investment and financial advice, but also business topics such as entrepreneurship, side hustles, personal development, and more to help educate and inspire the millennial generation. The show’s mission is to improve people’s financial literacy and business savvy in order to help anyone make better investment decisions with both their time AND money.

New Episodes are Released Bi-weekly on Tuesdays! Welcome to Ditch the Suits, where reformed planners get real about the stuff no one in the financial world wants you to know about. If you are interested in learning from successful business owners about how to build your retirement and better manage your family’s wealth while protecting it from financial exploitation, stick around and join co-hosts Steve Campbell and Travis Maus for this unapologetic and thought-provoking no-holds-barred banter. Connect with us! Send us an email at ditchthesuits@gmail.com with any thoughts, questions, or feedback.

With over 20 years of experience, Quint Tatro and Daniel Czulno have a passion for helping folks who desire to go it alone in the world of personal finance and investing. Whether you’re looking to start a simple budget and get out of debt or you’re developing a full blown financial and retirement plan, DIY Money is for those who want to drive the ship towards their retirement future.

Take control of your life and money once and for all. The Ramsey Show offers up straight talk from Dave Ramsey and his team of co-hosts. Millions listen in as callers from all walks of life learn how to get out of debt and start building for the future. Check out one of Apple’s most popular podcasts! For more information, visit www.ramseysolutions.com

Have a question for the show? Call 888-825-5225 Weekdays from 2-5pm ET.

7. Read “Rich Dad Poor Dad”

It is one of the most famous books in all of personal finance. Even though the book came out in 1997, it is still a number 1 Best Seller on Amazon in 2022. The book is recommended for all ages. I didn’t grow up in America, so I didn’t read it until year three after becoming a pharmacist. It changes the way I think about money, and gives me the motivation to do better financially.

8. Make money as an Amazon Associate

As an Amazon Associate, you can earn money by promoting and recommending products from Amazon on your website, blog, or social media channels. When someone clicks on your affiliate link and completes a purchase on Amazon, you receive a percentage of the sale as a commission. The commission rates vary depending on the product category, but they can range from 1% to 10% or more. By promoting products and generating sales through your affiliate links, you can earn a commission on each sale, which can contribute to your extra income.

1. Sign up for the Amazon Associates program: Visit the Amazon Associates website and sign up for the program. Provide the necessary information and agree to the terms and conditions. Once your application is approved, you’ll receive a unique affiliate ID that you can use to track your referrals and earnings.
2. Choose your niche and target audience: Select a specific niche or category of products that aligns with your interests and target audience. Focusing on a niche allows you to establish yourself as an authority and attract relevant visitors who are more likely to make purchases.
3. Create a website or blog: Build a website or blog where you can promote products as an Amazon Associate. Choose a domain name that reflects your niche and create engaging, informative, and valuable content for your target audience. Regularly update your website with fresh content to attract visitors and keep them engaged.
4. Add affiliate links to your content: Incorporate Amazon affiliate links within your content to direct visitors to specific products on Amazon. You can create text links, image links, or even use Amazon’s native shopping ads. Ensure that your affiliate links are properly disclosed according to the guidelines set by Amazon and the relevant regulations in your jurisdiction.
5. Produce high-quality content: Focus on creating high-quality content that provides value to your audience. Write product reviews, buyer’s guides, tutorials, or other content that educates and assists your readers in making informed purchasing decisions. By offering helpful information and recommendations, you can increase the likelihood of conversions.
6. Drive traffic to your website: Implement strategies to drive traffic to your website or blog. Optimize your content for search engines (SEO), promote your content on social media platforms, participate in relevant online communities, and consider running targeted advertising campaigns. The more targeted traffic you attract, the higher the chances of generating affiliate sales.
7. Analyze and optimize your performance: Use the reporting and analytics tools provided by Amazon Associates to track your performance. Monitor your click-through rates, conversion rates, and earnings to identify trends and opportunities for improvement. Optimize your content, placements, and marketing strategies based on the data to maximize your earnings potential.
8. Explore additional promotional opportunities: In addition to your website or blog, consider exploring other promotional avenues. You can leverage social media platforms, email marketing, YouTube videos, or even create your own Amazon affiliate storefront to expand your reach and increase your earning potential.

9. Improve your credit score

A strong credit score increases your chances of being approved for credit applications, such as loans, credit cards, and mortgages. Lenders use your credit score as one of the primary factors in assessing your creditworthiness. A good credit score demonstrates your ability to manage credit responsibly and makes it easier for you to obtain loans or credit at favorable terms and interest rates.

1. Pay your bills on time: Payment history is one of the most significant factors in determining your credit score. Consistently paying your bills by the due date can have a positive impact on your score. Set up automatic payments or reminders to ensure you don’t miss any payments.
2. Reduce credit card balances: Your credit utilization ratio, which is the amount of credit you’re currently using compared to your total credit limit, plays a significant role in your credit score. Aim to keep your credit card balances low, ideally below 30% of your available credit limit. Paying down your balances can help improve your credit utilization and potentially boost your score.
3. Avoid opening new credit accounts: Opening multiple new credit accounts within a short period can be seen as a red flag to lenders and may negatively impact your credit score. Focus on managing your existing accounts responsibly rather than applying for new credit.
4. Check your credit reports for errors: Regularly review your credit reports from the major credit bureaus (Equifax, Experian, and TransUnion) to ensure there are no errors or inaccuracies. If you find any discrepancies, such as accounts that don’t belong to you or incorrect payment information, dispute them with the credit bureau to have them corrected. Removing errors can potentially improve your credit score.
5. Maintain a mix of credit types: Having a diverse mix of credit accounts, such as credit cards, loans, and mortgages, can positively impact your credit score. If you only have credit cards, consider diversifying your credit portfolio by responsibly managing different types of credit accounts over time.

10. Invest in a rental property

Investing in rental property can be a lucrative opportunity, but it may not be suitable for everyone. Here are some factors to consider when determining if rental property investing is a good fit for you:

1. Financial situation: Rental property investing requires a significant financial commitment. You’ll need funds for the down payment, property maintenance and repairs, property management fees (if applicable), and other ongoing expenses. Assess your financial situation to ensure you have the necessary capital and cash flow to handle these expenses without significant strain on your finances.
2. Risk tolerance: Like any investment, rental property carries risks. Property values can fluctuate, rental demand may vary, and unexpected expenses can arise. Consider your risk tolerance and willingness to handle potential financial setbacks or property-related issues that may occur.
3. Time commitment: Rental property investment can be time-consuming. It involves finding suitable properties, screening tenants, managing property maintenance, handling tenant issues, and staying updated on rental regulations and laws. Assess whether you have the time and willingness to dedicate to these tasks or if you prefer a more passive investment approach.
4. Market conditions and location: The real estate market and the specific location of the property can significantly impact your investment’s success. Research the local market conditions, including rental demand, vacancy rates, property values, and economic trends, to determine if the area is conducive to rental property investing.
5. Property management skills: Effective property management is crucial for rental property success. It involves marketing vacancies, maintaining the property, addressing tenant concerns, and ensuring legal compliance. Assess your property management skills and consider whether you are willing to handle these responsibilities yourself or hire a property management company.
6. Long-term investment horizon: Rental property investing is typically a long-term investment strategy. It may take time to recoup your initial investment and start generating positive cash flow. Evaluate your investment horizon and determine if you’re comfortable with a longer-term commitment rather than expecting immediate returns.
7. Legal and regulatory knowledge: Rental property investing requires familiarity with local landlord-tenant laws and regulations. Understanding your legal obligations, tenant rights, eviction processes, and other relevant regulations is essential to operate within the legal framework. Consider whether you’re willing to invest time in acquiring this knowledge or seek professional assistance.

1. Conduct thorough market research: Before making a purchase, thoroughly research the market where you intend to buy the rental property. Evaluate factors such as rental demand, vacancy rates, property values, neighborhood amenities, and potential future growth. Understanding the local market dynamics will help you make an informed decision and select a property with strong rental potential.
2. Determine your investment strategy: Clarify your investment goals and strategy. Decide whether you’re looking for cash flow, long-term appreciation, or a combination of both. This will guide your property selection process and financial analysis. Consider factors such as rental income potential, expenses, property management requirements, and your overall investment timeline.
3. Perform a thorough financial analysis: Before committing to a purchase, conduct a detailed financial analysis of the property. Evaluate its potential income and expenses, including mortgage payments, property taxes, insurance, maintenance costs, and any other relevant expenses. Factor in expected vacancy rates and consider the potential return on investment (ROI). Ensure that the property’s financials align with your investment goals.
4. Get professional assistance: Consider seeking professional guidance from real estate agents, property inspectors, and attorneys who specialize in real estate. They can help you navigate the purchase process, conduct property inspections, review legal documents, and provide valuable advice. Their expertise can help you make more informed decisions and mitigate potential risks.
5. Start conservatively and plan for contingencies: When purchasing your first rental property, it’s wise to be conservative with your financial projections. Overestimate expenses and account for potential vacancies or unexpected repairs. Have a contingency fund in place to cover unforeseen circumstances. Starting with a conservative approach will provide a buffer and help you manage unexpected challenges that may arise.

Additionally, remember to familiarize yourself with local landlord-tenant laws and regulations to ensure compliance. Establish clear tenant screening criteria and lease agreements to protect your interests as a landlord.

16. Pay down bad debt

In general, having no debt is good. However, many Americans are forced to take out a big loan as the only way to purchase a home. Good debt can increase your net worth or, importantly enhance your life, while Bad debt involves borrowing money to purchase rapidly depreciating assets or only for consumption.

Let’s look at a few examples of bad debts:

Cars.  

Borrowing money to buy one isn’t a great idea from a financial perspective. But everyone needs a car. So the question is: how much ca can I afford? Financial experts answer this question by using a simple rule of thumb: Car buyers should spend no more than 10% of their take-home pay on a car loan payment and no more than 20% for total car expenses, which also includes things like gas, insurance, repairs, and maintenance.

Credit card.

Credit card companies make money by charging you interest. If you can’t afford to pay off your credit card monthly, don’t use it.

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