If you’re considering getting married, you may have heard that prenuptial agreements, or “prenups,” can be an excellent way to protect your assets.
However, you might not realize that a prenuptial agreement before marriage isn’t just for the wealthy. There are many good reasons to consider signing a prenup before marriage, no matter your financial situation.
A prenup is a legal document you and your fiance sign before getting married. The contract outlines each person’s financial rights and responsibilities during the upcoming marriage and what will happen to your assets in the event of divorce proceedings.
Common Prenup Misconceptions
However, there are many misconceptions about prenups, so let’s clear some of them up. First, anyone with any assets or debts should consider signing a prenup. Even if you don’t have much now, you may acquire marital property or obligations during the marriage, so it’s better to be safe than sorry.
Another common misconception is that prenups are only for protecting substantial assets. While this is one function of a prenup, it can also do much more. For example, a prenup can state how a marital piece of property will be divided if the marriage ends in divorce.
It can also outline each spouse’s financial future responsibilities during the marriage and set limits on spousal support if the marriage ends in divorce.
What Does A Prenup Do?
A prenup can do many things, but it is most often used to protect assets and premarital property, which includes anything from a family home to a small business. It can also set out how finances will be handled during the marriage, such as who will pay bills and whether joint bank accounts will be opened.
In the event of couple divorces, a prenup can also help ensure that each spouse gets what they are entitled to under state law. Without a prenup, state laws on community property division would apply, which may not be fair or equitable.
Who Needs A Prenup?
There is no one-size-fits-all answer to this question, as every couple’s situation is unique. However, there are some circumstances in which a prenup might be particularly useful:
Pros And Cons Of Prenuptial Agreements
Like any decision, there are both pros and cons to entering into premarital agreements:
How Much Does A Prenup Cost?
The cost of a prenuptial agreement depends on the complexity of the prenup and the number of assets involved. Simple prenups can cost as little as $500, while more complex ones can cost upwards of $5,000. However, the average cost of a prenuptial agreement is between $1,500 and $3,000.
When Should Someone Begin The Process Of A Prenup?
If you’re considering a prenuptial agreement, starting the process as early as possible is important. Ideally, it would help if you began discussing the possibility of a prenup at least six months before your wedding date.
This will give both parties ample time to negotiate the terms of the agreement and have it drawn up by a family law attorney.
What’s The Best Way To Initiate The Prenup Conversation?
Some couples find it easiest to bring up the topic of a prenuptial agreement during casual conversation. Others prefer to sit down with their partner and have a more formal discussion about why they think a prenup would be beneficial.
There is no right or wrong way to initiate the conversation — ultimately, whatever method makes you both most comfortable is what’s best.
What Should A Woman Ask For In A Prenup?
There are several things women commonly ask for in prenuptial agreements, including:
Protection Of Separate Property
Protection of separate property, such as any assets owned by either party prior to marriage (e.g., homes, investments, inheritances, family business, life insurance policy). These things can be protected in a prenup, so they remain separate property after marriage.
Equal Division Of Marital Property:
In some states, marital property (i.e., property acquired during marriage) is automatically divided equally between spouses in the event of divorce or death.
However, if you live in a state where this is not the case, you may want to include language in your prenup specifying how you would like marital property divided in these circumstances.
A woman may request that her husband agree to pay alimony (spousal support) in the event of divorce or death. The amount and duration of alimony payments can be specified in a prenuptial agreement.
Waiver Of Rights To Certain Types Of Property:
In some cases, it may make sense for a woman to waive her rights to certain types of property (e.g., retirement benefits) in exchange for greater ownership of other types of property (e.g., real estate).
What Should A Man Ask For In A Prenup?
Just as there are certain things that women commonly ask for in prenuptial agreements, there are also certain things that men often request. These include:
Protection Of Separate Property:
As with women, men may want to protect any assets they owned prior to marriage in a prenup so that they remain separate property after marriage.
Equal Division Of Marital Property:
In states where marital property is not automatically divided equally between spouses in the event of divorce or death, men may want to include language specifying how they would like this type of property divided.
Waiver Of Property Rights:
Men may waive their rights to certain types of property (retirement benefits) in exchange for greater ownership of other types of property (for example, real estate).
Child Custody And Visitation Matters:
In some cases, men may want to include language in their prenuptial agreement specifying their rights and responsibilities with regard to child custody and visitation in the event of divorce.
Can You Create Your Own Prenup?
You can absolutely create your own prenuptial agreement, but some requirements must be met in order for the agreement to be valid. For starters, both parties must be of legal age and be of sound mind. The agreement must also be signed by both parties voluntarily, without any coercion or duress.
It’s important to note that simply having experienced family lawyers draw up the agreement does not make it legally binding. In order for the premarital contract to hold up in court, both parties must fully understand the terms of the agreement and sign it willingly.
How To Draft Your Own Prenup
If you decide to draft your own prenuptial agreement, there are a few things you’ll need to keep in mind. First, include all pertinent information, such as each person’s full name, address, and date of birth.
You’ll also need to list all assets and debts belonging to each party and any financial obligations (such as child support or alimony) that either party may have.
Once you’ve gathered all this information, you’ll need to put it into writing clearly and concisely. Again, it’s important to use simple language that both parties can easily understand; avoid legal jargon as much as possible.
Each party should then sign the document in front of a witness (or notary public), after which it will become a legally binding contract.
Making A Valid Prenup
There are a few key things to keep in mind if you want to ensure your prenup is valid. First, as we mentioned before, both parties must be of legal age and have sound minds when they sign the agreement.
Second, both parties must sign the agreement voluntarily; if any coercion or duress is involved, the agreement may not be valid.
It’s also important that both parties fully understand the terms of the agreement before signing it. This means that each party should have their own legal representation review the document before putting their signature on it.
Finally, the agreement must be signed in front of a witness (or notary public) in order for it to be legally binding.
What If One Party Won’t Sign The Prenup?
If you’ve gone through all the steps to create a valid prenuptial agreement and one party refuses to sign it, there’s not much you can do. The best course of action would be to get legal advice by consulting with divorce attorneys to see if there are any options available.
In most cases, however, if one party refuses to sign a prenup, it won’t be used in the event of a divorce or death.
What Can Happen If You Don’t Make A Prenup?
If you don’t make a prenuptial agreement before getting married, you’ll still have some protections under state law.
For instance, most states have laws that protect each spouse’s separate property (such as assets acquired before marriage or inherited during marriage). However, these laws vary from state to state, so it’s always best to consult with an attorney beforehand.
Without a prenup, any property acquired during the marriage will typically be considered joint property and will be subject to division in the divorce settlement. This means that each spouse could end up losing half of their assets if they decide to get divorced down the road.
Prenups vs. Postnups
A postnuptial agreement is similar to a prenup, but it’s made after you’re already married. Like a prenup, a postnup can spell out each spouse’s rights and responsibilities during the marriage and what will happen if the marriage ends in divorce. Some couples choose to have both a prenup and a postnup.
But whether you have one or both agreements depends on your unique situation.
Does A Prenup Protect Your Money?
Yes, but only if it is valid under state law. To be valid, a prenup must be fair and reasonable, and both parties must enter into it willingly with full financial disclosure.
What Prenups Don’t Cover
Prenups can’t cover everything. For example, they can’t:
If you try to include any of these things in your prenup, the court may not enforce it. That means that if you get divorced, the court could ignore the provisions in your prenup that address these topics.
Frequently Asked Questions:
How Long Does A Prenup Last?
A prenuptial agreement is typically valid for as long as the marriage lasts. If you have a change in circumstances (like having children), you can always amend (change) the agreement later.
Can I Get Rid Of My Prenup?
Yes, you can void (cancel) your entire prenuptial agreement if both spouses agree to do so in writing—even if one spouse changes their mind after signing it. In addition, you can also void specific provisions (sections) of your prenup if both spouses agree to do so in writing. This is called “severability.”
The severability clause states that even if one part of an agreement is found unenforceable by a court, the rest of the agreement still stands.
Who Keeps Track Of What Was Agreed Upon In The Prenup?
It’s best to keep copies of all financial records related to assets and debts brought into the marriage and any gifts or inheritances received during the marriage. Ensuring there’s no dispute later about what was supposed to be included in the division of property upon divorce.
How Do I Enforce My Prenup?
If your spouse doesn’t hold up their end of the bargain, you can take them to court to enforce the terms of your prenuptial agreement. But enforcement can be complicated and expensive, so it’s always best to work things out with your spouse first.
What If My Spouse And I Can't Agree On Something In Our Prenup?
You can try mediation or arbitration if you and your spouse can’t agree on a particular issue. These are alternatives to going to court, and they’re often less expensive and time-consuming.
As you can see, a prenuptial agreement is not just for the wealthy. It is a contract that can protect both parties in a marriage financially. If you are considering entering into a prenuptial agreement, there are some things you should know.
Prenuptial agreements can outline the division of assets in case of divorce or death. They can also spell out financial obligations during the marriage, and if done correctly, they can be enforceable in court.
Are you looking for high-income skills that you can learn from home? In today’s economy, having these skills can put you ahead of the competition.
There are plenty of opportunities out there for those who want to earn extra cash. If you don’t mind learning new skills, you can start earning extra money now.
Most everyone will agree that doctors, lawyers, engineers, etc., are careers with high income skills. But all of these require at least four years of college, if not more. Because these specialized skills need formal education, it’s understandable why they demand a high income.
However, did you know there are skills you can learn to generate six figures without a formal education? Keep reading for a list of 29 valuable skills and how you train for them.
What Is A High Income Skill? The Difference Between A Skill And A J.O.B.
A skill is something you do. Hard skills are things like being able to type, whereas a soft skill would be more nebulous, like a “good communicator.” Soft skills are often much more challenging to learn than hard skills, partially because everyone’s perception of what constitutes a “good” mastery of a skill is subjective.
It is easy to see if you can type 65 words per minute with no errors, while it is not easy to know if you will be able to get along with your team members.
A job requires you to trade time to start making money. It is where the acronym J.O.B. (Just Over Broke) comes from. You are expected to employ skills to perform work for an employer. In the end, it still is directly trading time for money unless you are being paid for piecework (i.e., x dollars for x pieces of work).
There are very few high-paying jobs that do not require a college degree of some kind. Most employers will expect some type of underlying college degree even for something like project management.
The Economics Of A “Six-Figure” Income
If you want to determine your take-home pay from a $100,000 job, here is a nifty online calculator that figures it out for you. If you play around with it a bit, you will find that where you live matters. Money just goes further in some states, especially when you look at the cost of living calculators.
The average working month contains 173 hours. A general rule of thumb is that an hourly rate of $50 per hour will result in a six-figure income. By using this as a baseline, any kind of service you choose to provide where you can bill a client $50 per hour is a high-paying skill by this definition.
As you will see, the majority of the list focuses on becoming an entrepreneur. The tax advantages of owning your own business are substantial and can lead to a high income. Not only that but most of the skills listed can also be used exclusively in an online business, with no brick-and-mortar storefront required (with a couple of notable exceptions).
Therefore, if you can work from virtually anywhere, there are significant advantages to living where living costs are low while earning a six-figure salary. Your money will go much further.
How Do You Develop High Income Skills?
Most high-income skilled workers attend trade or certificate-specific training by avoiding formal college classes (not full-time or for a degree). Almost everything in life requires time and money to learn. There are only a couple of the skills in this list where good looks and charm will get you the money you desire (being a con man is not recommended).
Not every skill will be worth $100k from the start. You will most likely need to suffer through the school of hard knocks to get to the top level of the skill. There is no substitute for hard work. To earn top dollar, you have to BE top dollar. These are not “get rich quick” schemes.
Break Out Of The 9 To 5: Becoming An Entrepreneur
You will find that many of the skills on this list are interrelated. This is the reason the “related skills” section has been included. If you become an entrepreneur, be prepared to start out doing everything on your own until you can afford to hire out some of the more mundane work.
Being an entrepreneur allows you to break out of the J.O.B. by working at your own pace. No other team members are slowing you down, no endless, pointless meetings, no other corporate distractions. It also allows you the freedom to figure out how to create something once and sell it to multiple customers.
This will enable you to break free from trading time for money. If done correctly, the result is usually more time and more money.
The Top 29 Best High Income Skills
These high-demand skills are presented in no particular order. For each skill, the training involved and the business ideas for utilizing it have been provided. There is also a “related skill” section to link skills together that appear on the list. Some are only loosely related, while others are tightly integrated.
Copywriting is a specialized form of writing that is intended to sell a product. There are examples of copywriting all over the web. However, if the words are designed to inform, then it is a form of copywriting. As you will see, this is a very relevant skill related to many other skills listed here.
How You Can Learn This Skill
Several companies and organizations teach copywriting on the web. In fact, some of them even offer certifications for the skill, which are useful when starting as a novice copywriter.
How You Can Use This Skill
You can use this high-income skill almost anywhere. Good copywriters are few and far between; if you master this craft, you may never have to worry about money again. Some copywriters make seven-figure incomes merely by getting a percentage of the sales that their copy generates.
I write for several large companies, and they pay me per article. Because I can type faster than the average person, I can quickly produce quality content that converts into money in my pocket. However, your earning potential depends on the amount of time and effort you’re willing to use on networking and writing content.
People can make decent money by listing their services on Fiverr and writing articles for bloggers.
Content Creation/Content Marketing, Online Course Creation, Social Media Marketing, Affiliate Marketing, Digital Marketing, Email Marketing, Podcaster, YouTube Creator, Real Estate, Public Speaker
2. Content Creation/Content Marketing
Content creation or marketing is when you write informative content and sell the content itself or advertise on the site you’ve created content for. Content marketing is actually what many people think of, like blogging.
However, blogging is not a business. It is a means to attract visitors to a site where you will sell them something. If you blog without any kind of content marketing associated with it, you have a hobby of producing free content for fun.
Besides creating content for an online company or blog, paid speakers are routinely compensated to present actionable information during conferences and events. As a result, top-level experts in their field with real-life experience can make a substantial income by traveling to give their information in person.
How You Can Learn This Skill
If you have graduated from high school, you have the skill required to become a content creator or content marketer. You don’t even have to have expertise in something to create content. You just need common sense and the ability to research any given topic.
There are also online companies that will provide specific training in content marketing from a business perspective, but the base skills are research and writing.
How You Can Use This Skill
If you can write compelling content that will bring people to your website to sell them e-books, or advertising on your site, you are a content marketer. Note: this is closely linked to affiliate marketing, but the difference here is that the content you are selling is your work, not the work of others.
Copywriting, Online Course Creation, Social Media Marketing, Affiliate Marketing, Digital Marketing, Email Marketing
3. Online Course Creation
One of the hottest trends in online marketing these days is online course creation. This is where you create an online course and sell it to people who want to learn about what you know and how your knowledge can fix other people’s problems. Of course, you have to have a related skill that you can teach, but this can be overcome with extensive research.
Have you taken an online course that you liked? Do you have personal experience to add to the content of the original course? Then you can emulate the course, making sure not to copy it, but to rewrite the material in your own words, based on your own experience with the topic.
Online courses offer a high opportunity, especially with the recent increase in online events. However, even if existing resources exist on the internet for free, people will pay for your work to curate and present the information in an easy-to-understand format.
There are several learning platforms and software that make course creation simple. The hardest part is the “expertise” piece, but even that can be overcome.
How You Can Learn This Skill
You can learn how to do course creation and increase your yearly income by following the tutorials on any learning platform such as Udemy. Each specific platform has its method of doing course creation, and other software companies have course-builder software you can implement on a website.
How You Can Use This Skill
Once you learn how to use the various tools to create online courses, you can sell course creation services to those who have the expertise but do not have the technical skills to complete a course. If you have any skills as a video editor, you can quickly push yourself into the next income bracket with a substantially higher income.
Copywriting, Content Creation/Content Marketing, Web Designer, Social Media Marketing, Affiliate Marketing, Digital Marketing, Email Marketing,
4. Graphic Designer
Graphic designers create the visual elements of both online and offline advertisements. They are the logo creators, the banner designers, and the artists that draw the cute characters that sell products. They should not be confused with web designers who can create websites without drawing a lick. However, graphic design requires some artistic talent.
The Arrest Your Debt logo at the top of this page was designed by someone I hired off Fiverr. I also routinely hire graphic designers to create infographics for my pages to illustrate a point I am trying to make. Graphic designers are great at helping small business owners creatively display their personal brands.
How You Can Learn This Skill
You can learn graphic design principles online or at your local community college or university. You do not have to complete a degree program to benefit from taking college-level classes in graphic design. You can learn design skills from many free online sources if you have a high school diploma. There are also technical colleges that may offer programs in graphic design as well.
How You Can Use This Skill
Graphic design is a highly marketable skill. You can hang out your shingle as a freelance or work for an ad agency, newspaper, or magazine. Anything that requires a visual element requires a graphic designer. There are multiple freelance sites where you can display your portfolio of work and land jobs.
5. Web Designer
How You Can Learn This Skill
There are multiple online courses, and each individual website-building platform will usually have free tutorials on how to use its software. There may also be classes at your local community college available.
How You Can Use This Skill
This is another highly desirable freelance skill to have. Of course, you could also work for a large company and design their website, but you are unlikely to command the same salary that you could obtain by doing this as a freelancer.
The high earners in this field are usually freelancers who can charge a substantial rate due to the high value and rare skill sets they offer. Advanced networking through digital media and word of mouth can add credibility to the web design services provided.
Graphic Designer, Web Developer
6. Web Developer
Microsoft boasts some of the highest median wage salaries for web developers in the corporate sector.
How You Can Learn This Skill
There are online classes that will teach you the technical skills encompassed by web development.
How You Can Use This Skill
Again, this is an excellent skill for freelancers. There are also jobs for web developers at most major companies as well. However, if you have the resume and work experience to back up freelance pricing, you can make even more as an independent contractor.
Web Designer, Software Developer
7. Software Developer
Software developers create apps. They can also contribute to web development by providing back-end databases and external application interfaces. Of course, software development is relevant everywhere computers are used. Software developers are the people who bring ideas to life and command computers to do their bidding. Mobile app development is a niche in the software development world.
How You Can Learn This Skill
You can teach yourself to program using online classes. This is the one skill on this list that might benefit from a formal college education, but many programmers are self-taught. Even app-building software these days can help you bring your app to life without knowing how to code.
How You Can Use This Skill
You can use this skill to build any app that you can think of and then sell the app on an app store such as Apple or Google or freelance as a coder for others who have ideas for applications. You can also work as a coder for companies like HP, Apple, etc., but most employers will require a college degree.
8. Project Management
You certainly can go to college to get a four-year degree in project management, but more companies are moving away from traditionally educated engineers.
Recently Google announced Grow.Google offers certificates through Coursera for specific fields.
The Google Project Management Certificate helps people get started in the high-growth project management field under the direction of Google. Graduates learn how to manage products with the latest technology and methods.
9. Data Analyst
Google offers the Google Data Analytics Professional Certificate to help people prepare for an entry-level data analyst position. However, don’t let the “entry-level” description fool you. Glassdoor reports that Google Data Analysts bring in an average salary of $98,812 per year.
If you enjoy working with numbers, finding patterns, and uncovering the latest trends, the data analytics course from Google may be a perfect fit.
10. UX Design Professional
With user experience (UX) being a top factor when it comes to websites and apps, UX design professionals are in high demand. Google has announced the Google UX Design Professional Certificate as an alternative method to learn a high income skill without attending a formal university.
This certificate program will teach you the basic foundations of UX design and develop your own prototypes that will increase sales and revenue for other companies.
This high-income skill will be a great option if you’re creative and enjoy designing.
11. IT Support Professional
You can get an entry-level job as an IT Support Specialist and work for a great company like Apple or Google. IT support professionals understand networking, troubleshooting, and the operating systems of their companies and ensure everything continues to stay operational.
While you could get traditional education for this skill, you could also pursue a Google IT Support Professional Certificate to get started sooner than later.
12. IT Automation Professional
Do you enjoy working with Python and other automation software? The Google IT Automation Professional Certificate is an easy way to get into advanced IT Support and make even more money.
For people who have completed the previous Google IT Support Professional Certificate, the IT Automation Certificate is an advanced program to further develop high-income skills that are highly sought after.
13. Amazon Web Services Cloud Certification
Amazon has come a long way from the bookstore in Jeff Bezos’s garage. Amazon has morphed into a digital marketplace with a profitable section in the cloud.
The cloud section of Amazon, known as AWS, brings in 10 to 12% of Amazon’s total revenue, and it continues to grow larger each year. Because of the influential power of Amazon, businesses are paying high incomes to entice AWS architects and developers.
How to obtain an AWS Certification
To learn more about obtaining an AWS Certification, head over to the Amazon AWS Certification page.
Parents today are actively enrolling their children in free coding classes to set them up with high income skills in the future. However, even though the younger generation is quickly learning how to code, the older generations have gained a foothold in the industry.
How to learn to code
Codecademy is one of the leading instructional websites, but many other free coding courses are available with a quick search.
With all the hype over cryptocurrency and blockchain, businesses and entrepreneurs are quickly trying to get ahead of the curve to understand this new technology.
Blockchain stores and tracks valuable information and uses the entire computer network connected to the chain to secure information. Most organizations struggle to understand the security of the blockchain, and learning how to incorporate this technology is definitely a high income skill.
Because blockchain technology is new and highly sought after, there are many free resources and courses online and available through established companies looking to expand their employee knowledge base.
16. Social Media Marketing
Social media marketers use social media, such as Facebook, Instagram, Twitter, LinkedIn, etc., to sell products and services. Typical clients include motivational speakers, life coaches, and other professionals who don’t have the time to offer clear communication and networking through social media.
How You Can Learn This Skill
You can learn social media marketing skills by taking online tutorials on the various platforms you want to advertise. In addition, many online courses are available on social media marketing to become a sales funnel expert.
How You Can Use This Skill
Social media marketers are in high demand by individuals and companies who want someone to manage their social media presence. Most social media marketers are freelancers, and they may have products or services of their own that they promote and work for others. Although there may be some corporate jobs out there for this skill, most openings are designed for freelancers.
Copywriting, Content Creation/Content Marketing, Online Course Creation, Affiliate Marketing, Digital Marketing, Email Marketing
17. Affiliate Marketing
Affiliate marketing is what most people think of when they consider making money online. Affiliate marketing occurs when you receive a commission for selling someone else’s product or service online. Most people think of Amazon when they think of affiliate marketing, but platforms like eBay, Walmart, and many manufacturers also offer affiliate commissions to those who sell their products.
How You Can Learn This Skill
Many course providers online will teach you the ins and outs of affiliate marketing. Many affiliate programs have tutorials on how to be a good affiliate.
How You Can Use This Skill
You use this high income skill to sell products and services on your website.
Copywriting, Content Creation/Content Marketing, Online Course Creation, Social Media Marketing, Digital Marketing, Email Marketing
18. Digital Marketing
In this context, digital marketing creates content that makes money through ad revenue. You are not selling anything in particular but using the traffic to your website or YouTube channel to produce advertising revenue from Google or another ad network.
This is the current monetization method I use on this website to continue to offer my information for free. The digital content and information I produce allow me to create an income without selling physical property. This side project provides me with financial security and is a great way to increase my revenue.
How You Can Learn This Skill
There are online courses related to digital marketing. This includes skills such as SEO (Search Engine Optimization) and other techniques to drive lots of visitors to your online platform so that you can generate money solely from advertising revenue.
How You Can Use This Skill
SEO experts are in high demand. You can work as a freelancer or work for a digital marketing agency. Usually, digital marketing requires expertise in one or more of its related skills, such as copywriting.
Copywriting, Content Creation/Content Marketing, Online Course Creation, Social Media Marketing, Affiliate Marketing, Email Marketing
19. Search Engine Optimization Professional
Search Engine Optimization professionals study the best practices for helping a company’s website appear higher up for online search terms.
Businesses can make a lot of money by appearing high in online search results, so they’re willing to pay large amounts of money for help with Search Engine Optimization (SEO).
It’s one of the higher-income skills on the market, so it makes sense to start your own business or work from home if you want to. If you have multiple clients on a monthly retainer, you can make a monthly rate of $1-2K per client per month.
Some professionals specialize in local SEO, where they help small businesses appear high up for searches like “Drycleaners in Phoenix,” “Electrician in New York,” or “best dentist in Los Angeles.”
You can learn about SEO through online courses and a nearly unlimited number of videos on YouTube. Neil Patel is a successful SEO professional who offers many great free resources to learn his trade.
20. Email Marketing
Email marketing is selling products and services via an email list. First, you must build an email list of contacts interested in a particular topic. Marketing includes writing useful content in a regular newsletter that contains links to products where you receive a commission. This includes affiliate marketing, content marketing, online course creation, or advertising space in your newsletter, also known as digital marketing.
How You Can Learn This Skill
There are a plethora of courses on email marketing online. This skill is closely related to copywriting as well, as you intend to sell along with information.
How You Can Use This Skill
Once you build a substantial list of subscribers (1k or more), others may approach you to sell their products or services to your list of subscribers. As the saying goes, “the money is in the list.”
This is not something you can do as a freelancer — wiring emails for others would fall under the copywriting skill, not email marketing. In this case, you must build and own the list of subscribers yourself.
Copywriting, Content Creation/Content Marketing, Online Course Creation, Social Media Marketing, Affiliate Marketing, Digital Marketing
A podcaster broadcasts an audio program designed to either entertain or inform listeners and provides a great user experience.
How You Can Learn This Skill
This high-income skill is another skill that requires you to know something you want to talk about. You might not know anything about the topic you wish to broadcast, but you would create shows based on interviews with experts or guests. This skill is just talking for a living.
How You Can Use This Skill
You can use this skill to create your podcast or lend your vocal talent to another podcast. You can get started using various online platforms for free, but the money comes from building a subscriber base and generating ad revenue.
Keep in mind, that there is a startup cost to become a podcaster that requires base equipment purchases. Studio quality headphones and a production mic are two of the most common components of a podcaster’s business.
22. YouTube Creator
Having a popular channel on YouTube is very lucrative. Being a YouTube creator requires rudimentary video production or animation skills and a topic or theme for your channel.
How You Can Learn This Skill
The YouTube Creator Academy will teach you everything you need to know about creating and growing your YouTube channel.
Create a YouTube channel, build a following, and generate ad revenues when your video content goes viral. This job requires creativity and rudimentary video production skills.
How You Can Use This Skill
Create your own YouTube channel or create YouTube videos as a freelancer for others who have a channel on YouTube. It requires some kind of video production or animation skills to do this successfully unless you hire freelancers to do the videos.
Video Production, Animator
23. Audio Production
Audio production is the process of making professional-sounding audio tracks using various audio production tools. Some of these tools, like Audacity, are free.
How You Can Learn This Skill
Again, online classes and tutorials for the various software tools. You might also consider college classes as well, but a degree isn’t generally required unless you’re trying to get a job for someone else.
How You Can Use This Skill
Podcasting, creating soundtracks for videos, working with independent music arts to produce tracks, there are many ways to put this skill to use as a freelancer. Most industry jobs will require some kind of technical degree, however.
24. Video Production
Video production can be as simple as creating videos with your cellphone. It can also be as sophisticated as working in broadcast journalism as a camera operator. There are tons of tools available to create and edit videos. Video editing software can be quite expensive, so be ready for significant startup costs if you want to be a videographer.
How You Can Learn This Skill
You can learn how to produce a video from online courses, helping out someone who is already doing it and needs an assistant, college or technical school, etc. Again, as with most of the skills on this list, you have to search for how someone else has done it and then replicate the steps they have used.
How You Can Use This Skill
You use this skill to make videos for yourself or others.
Video Production, Animator
Believe it or not, you no longer have to know how to draw to be an animator. I have absolutely no animation skills, yet I produced the video above in about ten minutes. The proliferation of “doodle” videos online gave rise to dozens of platforms that can create these videos using a stock set of characters already embedded in the software.
How You Can Learn This Skill
You can learn this high income skill through the tutorials provided in your animation software. It will teach you how to make the images move, apply soundtracks to your animation, and import images from outside the standard image set into your program.
How You Can Use This Skill
You are creating doodle videos to market products or services for yourself or others.
YouTube Creator, Video Production
26. Sales (Offline)
There is some element of sales in many jobs and professions. Companies hire salespeople to sell their products face to face, usually in business-to-business (B2B) type endeavors.
How You Can Learn This Skill
Sales skills are a talent. Yes, you can be trained to sell anything with the right script, closing techniques, etc. But the most successful salespeople are those born with “the gift of gab.” They tend to be likable people with prominent personalities. They are an excellent judge of people and always seem to know what to say.
How You Can Use This Skill
You can sell products in multilevel marketing (MLM) types of organizations such as Pre-Paid Legal Services, Amway Mary Kay, Avon, and Tupperware; the list is endless. While many MLMs are now moving online, think of other things like car sales or any time of door-to-door sales that still market face to face.
None, if purely focused on offline sales.
27. Real Estate
Real Estate is the selling of property. You can act either as a buyer’s or seller’s agent. Typically, the agents split 6% of the sales price of any property. So if a property sells for $100,000, then the buyer and seller agents would get $3,000 each on the sale.
As you can see, this money can mount up very quickly if you sell a high volume of properties. Other revenue streams are available, such as listing fees, referral fees from related services, etc.
How You Can Learn This Skill
Every state has different laws governing the licensing of real estate agents. You will need to find a class in your area that teaches you what you need to pass the real estate exam in your state. Initially, you will work for another real estate broker, as most states do not allow someone to become a broker until they have had multiple years of experience as agents. Once you become a broker, you can hang out your shingle.
How You Can Use This Skill
You use this skill by joining a real estate agency under the tutelage of a real estate broker.
Digital Marketing, Email Marketing, Video Production, Sales (Offline}
28. Public Speaker
Anyone can hang out their shingle as a public speaker as long as they have information that people are willing to pay for. Most speakers can command $2,000+ depending on the topic. You may also be able to charge per diem rates for travel as well. If you are an author, your public speaking can be combined with book sales.
How You Can Learn This Skill
You can learn everything you need by joining Toastmasters.
How You Can Use This Skill
Becoming a public speaker is a matter of learning to tell your story and then selling it to the people who want to listen to it. Anyone can establish themselves as a public speaker. Have you done anything noteworthy?
None of the examples above require a specific skill, although it does help. Passion is what drives many of these individuals.
Examples of successful entrepreneurs who are great public speakers include:
Although many of the skills on this list would help promote yourself, none of them are required to become a public speaker.
29. Sports Arbitrage
This is perhaps the most unusual high income skill on the list. Sports arbitrage is where you bet on both sides of a given sporting event across multiple bookmakers so that you will still make money no matter what the outcome of the game is. This is because different bookmakers place different odds on the matches.
This is perfect for the sports fan who is good at math and has some kind of bankroll to start with.
How You Can Learn This Skill
There are multiple books and online tutorials on sports arbitrage.
How You Can Use This Skill
Gambling on any kind of head-to-head contest. Caveat: You must live where this kind of sports betting is legal. There are many online bookmakers to choose from. You will need multiple accounts to get started and can increase your bets over time. This is a great “side hustle.”
BONUS: High Income Skills Not Specifically Related To A Single Profession
The skills in this section are often referred to as “soft skills.” They are sometimes more of a talent than a skill because they are not easily taught in a book. Skills that can be taught are considered hard skills.
Here are five soft skills that everyone should try to develop:
Listening — A good listener becomes an effective communicator, and effective communication is at the heart of all successful endeavors.
Efficiency — Look for the little things that save you time. Time is money.
Persistence — Sometimes, that last bit of effort makes all the difference in the world.
Kindness — When you are in business for yourself, you will stand out from the other guy if you are always kind to your customers and clients. Send thank-you notes with large orders, send birthday wishes, mention customers in your newsletters, etc. These small gestures add up over time.
Generosity — Be socially conscious. People gravitate toward people who give themselves to causes they believe in.
Use these soft and high income skills to take your earning potential to the next level. While starting out on your own may seem like a great idea, according to Fundera, 20% of small businesses fail within the first year, and a total of 30% fail in the second year. To make matters worse, 50% fail after five years.
I don’t cite these statistics to scare you, but to make you recognize that you have to be better than your competitors and refuse to give up to be successful.
Frequently Asked Questions:
What skills can make a lot of money?
The most important skill you need to become successful is communication skills. You can sell anything if you know how to communicate it. In addition to sales, the better you communicate, the more likely you are to be sought out by others for high-paying positions.
What is the easiest high income skill to learn?
The easiest high-income skill to learn is how to make money online. It’s not rocket science, but it requires understanding how people use the internet today.
You can earn money online by writing ebooks, creating web pages, and selling products. These are just a few of the methods available.
Which high income skill is best for the future?
Many people think they have to have specific technical skills, but those aren’t always as important as soft skills.
You’ll need to know how to communicate well, you’ll need to be able to manage your time properly, you’ll need to have an ability to collaborate with others and work within teams, and be flexible and adaptable. You’ll also need to understand how to deal with ambiguity and uncertainty.
In order to thrive in this environment where technology is advancing at such a fast rate, you’ll need to develop these soft skills too.
As a farmer trying to get an agriculture loan, you probably already know the challenges of applying for one. But did you know that there are a lot of mistakes that can lead to the cancellation of your application?
After all, you’re probably used to being rejected by banks and other lending institutions regularly—and it’s not exactly fun. But if you make any of these seven common mistakes, your chances of getting approved might become slimmer. So what are these seven mistakes? Read on to find out.
1. Applying For The Wrong Loan
There are many types of agricultural loans, each with different purposes. There is no one-size-fits-all regarding these loans—you must pick the right one for your needs. For example, if you’re looking for a loan to buy a farm, you should apply for an agricultural real estate loan. On the other hand, if you need a loan for farm equipment, you should apply for an agricultural equipment loan. Applying for the wrong type of loan will only lead to frustration and wasted time.
2. Not Shopping Around
Don’t just go to your local bank or credit union when applying for an agriculture loan. Shop around and compare rates from different lenders. Many online lenders specialize in agricultural loans, so you should also consider them. You might be surprised at how much money you can save by shopping around.
3. Not Aware Of Your Credit Score
Your credit score is one of the most important factors when applying for any loan. Make sure you know your credit score before applying for an agricultural loan. If your credit score is low, you might not qualify for the best interest rates and terms. On the other hand, if your credit score is high, you’ll have a much better chance of getting approved and getting better rates.
4. Applying For Too Much Money
When it comes to agricultural loans, bigger is not always better. If you need a loan for $25,000, don’t apply for a $700,000 loan just because you think you might qualify. Not only will this increase your chances of being rejected, but it will also harm your credit score. Only apply for the amount of money that you need. You can also consider a community bank or credit union for an agriculture loan. Click here to know more.
5. Not Having A Good Reason For The Loan
When applying for an agricultural loan, the lender will want to know why you need the money. Make sure you have a good reason before starting the application process. For example, if you’re planning to use the loan to buy new farm equipment, be prepared to explain why this equipment is necessary and how it will help your business.
6. Not Providing Collateral
Most agricultural loans will require collateral, so be prepared to offer something of value as security for the loan. The collateral can be anything from farmland to farm equipment. Suppose you don’t have any collateral to offer. In that case, you might still be able to get a secured loan by using your home as collateral. However, this is a risky move and should only be done if you’re confident you can repay the loan.
7. Failing To Meet The Lender’s Requirements
Each lender has different requirements for their agricultural loans. Make sure you understand these requirements before applying for a loan. Otherwise, you might waste your time and effort on an application doomed to be rejected from the start.
Applying for an agricultural loan can be frustrating, but it doesn’t have to be. If you avoid these common mistakes, you’ll increase your chances of getting approved and getting the best terms possible.
The purpose of having a raffle basket is to raise funds. It is an idea that is used mainly by nonprofits to generate some revenue. However, other organizations and institutions have also used it to raise funds in schools, community groups, and churches.
The idea simply puts some related stuff in a box creatively decorated and wrapped to suit the occasion, then with some fun stuff to bring about an atmosphere of excitement and fun during the event.
Some of the best fun basket ideas include a jewelry box, wine basket, housewarming gift basket, delicious food, grooming supplies, bath products, homemade beauty products, a box of chocolate, cooking supplies, craft supplies, and gamer basket, among other basket ideas.
There are so many ideas that you can use to fundraise in an appealing way. In this article, I will discuss some of the best raffle basket ideas you can try. Of course, each basket idea can be suitable for an occasion or an event, whether a birthday party, housewarming or cocktail party.
1. Jewelry Basket
Of course, everyone loves jewelry. Therefore, a jewelry basket can be a great idea since it appeals to most occasions, such as cocktail parties and galas, among other events. To make it appealing, you can give it a twist, organize it in a way that looks attractive, and include handpicked items wrapped together creatively in a box.
An idea here is to sell as many jewelry boxes as possible, and in one package, you can include the winner’s ticket. If you have so many boxes of this sort, most people would prefer to buy them when there is more than one winner. Therefore, you can have multiple winners in different jewelry boxes.
In selecting the items to wrap together in a box, you can include some essential jewelry items such as plastic kid rings, fun jewelry items, earrings, and necklaces, among others.
2. Wine Basket
A wine basket will appeal to all wine lovers, and you will likely raise more money if you make it more attractive. You can have some bottles of wine in the basket, including red wine and other delicious treats such as fresh nuts. You should also include a wine bottle opener and foil cutter, and don’t forget to have wine glasses in the basket.
Of course, wine is one of the things that the audience would expect in a traditional nonprofit fundraiser; therefore, you need to be creative in packaging your basket to ensure you make it fun and with everything that would make it stand out. You can also dress up your basket with some chocolate pairings, and don’t forget to add wine name tags.
3. Housewarming Gift Basket
You can either go traditional or modern when choosing what to include in your housewarming basket. The traditional way used to include a loaf of bread, which had a significant meaning. It was to denote blessings and wishes of abundance.
Of course, you can include delicacies in your baskets, such as sandwiches, cheese, and fresh goodies. In addition, you can have a mix of items essential in a new home, such as slippers for guests and some towels. This raffle basket is a great way to sell your raffles and fundraise for a housewarming party.
4. Grooming Supplies Basket
You can use this basket to make a difference and even as a surprise box for loved ones. Therefore, when making it a raffle idea, you can make it unique by hiding some of the gifts inside that would create a buzz during the event. Package the grooming supplies in an appealing box with uniquely selected colors.
Of course, grooming is not only limited to humans. You can as well include the grooming supplies for pets in your basket. Examples to consider in your grooming basket include a comb, tweezers, brushes, grooming shears, eye and ear cleaning kit, and shaving cream.
In addition, you can make it unique by adding fun items in excellent packaging that will appeal to sell.
5. Homemade Beauty Products
Some DIY beauty products in the basket include coconut oil body scrubs, lemon sugar scrubs, oatmeal exfoliating bars, sugar scrub flowers, and sea salt body scrubs. You can also have DIY beard oils, homemade body moisturizers, and spiced chai, among other homemade scrubs.
6. Father’s Day Basket
Fill your basket with everything that any dad or father would love. Of course, some nice socks would be an excellent idea. In addition, a lovely book and a pair of sandals will make the day exciting for him.
The idea is to make this basket unique, so it appeals to many fathers and those who may want to surprise their fathers and, simultaneously, can help raise more funds for the event. In addition, you can include a raffle ticket for one or more winners in one or more of the baskets.
7. Sports Basket
The sports basket will appeal to the audience that loves sports. If the event is composed of sportspersons, for instance, a tournament, that would be a great idea to sell. Therefore, you need to decorate your basket and dress it up with sports gear such as sports tickets, posters, trading cards, sports team programs, and bobbleheads, just to mention a few.
Of course, many ideas come to mind when dressing up a sports basket. You need to be creative so that your basket can appeal to the audience. You may also include some sports drinks, ball cleaners, and scorecards, among other items. Make it look fun, and add some customized chocolate or gourmet snacks.
8. Delicious Food Basket
Fill your raffle basket with flavor-filled assortments of any kind. In your basket, you can have assorted brownies, smores ingredients, dark chocolate, sweet and savory snacks, burrata, cheese and sausages, and fruit blends of different kinds.
Of course, you can dress your basket to make it fun with some toppings like sprinkles, chocolate syrup, and peanut butter. There are so many ways that you can pack your basket creatively to make it look unique and stand out for it to appeal to the audience. You may also consider canned seafood such as sardines, crab meat, and clams.
9. Gamer Basket
You don’t necessarily need to fill the gamer basket with gaming stuff. Instead, you can make it unique by adding energizing drinks and snacks, gaming gift cards, gaming socks, candy, and gaming shirts.
What you need to do with the gaming basket is to think outside the box, considering who your audience is.
For example, if you sell your raffle tickets in a gaming tournament, you must figure out what is suitable for that particular audience. Then, it would help if you made your basket full of gaming pleasantries. In addition to that, consider having some teenagers’ gaming stuff included.
10. Beauty Products Box
Sample the best affordable beauty products and fill them in your basket. In the basket, include some face cleansers, moisturizers, eye creams, facial toners, and sun protection. Of course, you can have some gift cards for your favorite brands and other stuff.
When packing your stuff, think creatively and ensure that your selected beauty products are appealing with a scent your audience will like. In addition, consider all beauty products that are not common and will create some buzz for your target audience.
11. Bubble Bath Basket
This also comes with beauty products, including scrubs, bath salts, loofah, shower steamers, and some specific lotions. If you are new to bubble baths, this is used to make bathwater have some pleasing fragrant scents and luscious bubbles.
Think outside the box when dressing your bubble bath basket to make it as fun as possible. Of course, you may need to avoid everyday things such as body mists and perfumes since they may not fit into your bubble bath basket but rather beauty care products. You can also make it fun by adding some aromatherapy candles.
12. Makeup Basket
You can dress up different baskets for men’s and women’s makeup. Of course, this can be the best gift idea and appeal to any audience. Some of the simple items that you can include in the basket include lip glosses, makeup removers, eye shadow pallets, and gift cards.
Makeup basket is just a name. You can think of anything suitable for makeup, whether for men or women and even for the kids. You may also want to include some foundations, blushes, and powders.
Including some food or fruits in a makeup basket would not be suitable since they may not go together in one basket. Therefore, you can only stick to makeup items but arrange them creatively to make them unique and stand out.
13. Cooking Supplies Basket
This basket will stand out and make it possible to sell to donors and parents. Therefore, get the best theme that suits the occasion and pick some fun items to include in your basket. Then, of course, you can dress your basket with coordinated colored items that match the theme.
In your basket, you can include stuff like grilling tools, gift cards to favorite cooking supplies shops, cookbooks, savory spices and condiments, barbecue knives, basting brushes, lemon-printed tea towels, barbecue sauces, and lemon-scented hand soap. Of course, a well-dressed basket with these items will appeal to your donors.
14. Bath Products Basket
A bath products basket is another fancy idea that will also make a good raffle basket idea. This basket will appeal to anyone if well dressed and themed to suit the event.
The products you can include in your bath products basket can consist of body scrubs, face masks, scented candles, handmade organic soaps, bath beads, bath salts, bath bombs, body butter or lotion, and a shower sponge.
These are just a few items that will make your basket appeal to anyone, regardless of the occasion. This can also make a great gift idea and would be perfect for anyone who wants to gift a friend or lover.
15. Box Of Chocolates
You must be creative when packing a box of chocolates in your raffle basket. It should not look like any other chocolate, but you should dress your basket to look spectacular and appeal to different audiences.
Of course, a box of chocolate can appeal to different occasions and be a perfect gift idea to surprise a friend. That is what will make your package unique. Also, theme it with a color that matches the event.
In your box of chocolate, you can consider including different types of chocolates wrapped uniquely and stylishly.
For example, you can wrap your chocolate in a paper, an envelope, or foil. You can also cover it with some strawberries and wrap everything with a colored ribbon that matches the event color.
Some chocolates include milk chocolate, white chocolate, ruby, and dark chocolate. The trick lies in how you dress your basket to stand out from what traditional chocolate looks like.
16. Love Basket
In the love basket, you can make it unique by creatively selecting the best items that are good for lovers, such as berry flowers and red roses, and with some customized chocolate to suit the occasion.
Of course, a love basket is suitable for any event or occasion and could be perfect for Mother’s Day, dinner parties, anniversaries, or birthdays.
Of course, you need to understand your audience to come up with love baskets that would sell. Remember, the baskets are the raffles, and the more it appeals to the audience, the more you will make the fundraising event successful.
17. Cleaning Supplies Basket
Cleaning is vast, and everything used for cleaning can fit into a raffle basket idea. It is suitable for homeowners, parents, and even young adults. In your basket, you should consider cleaning items such as baking soda, dish soap, disinfectants, glass cleaner, cleaning caddy, dusting spray, and dusting tool.
Another set of products to include in your basket can be bathroom cleaner, surface cleaner, window cleaner, microfiber cleaning cloths, white vinegar, sponge, and tub and tile cleaner.
Therefore, how you dress up your basket would determine how your basket will appeal to your audience. Again, you need to be creative to make it fun for the event.
18. Staycation Basket
Staycation is one of the best adventures you can have without traveling too far. Of course, you can make day trips while at home, but you must be prepared to enjoy your trips with your family or friends.
When making a raffle idea out of this, you need to get awesome goodies required for a perfect staycation and make it as appealing and fun as possible. You can include a bubble bath, facemask, herbal teas, popcorn, sodas, candle boxes, candy bars, sporting tickets, and restaurant gift certifications in your staycation basket.
19. Mother’s Day
Mother’s Day is celebrated every year. It falls on the second Sunday of May, which happens worldwide. Of course, it is a day to honor mothers for their effort and value in the family and society.
If you are fundraising around this period, it would be a good idea to have a Mother’s Day basket as a raffle idea a few days before the Mother’s Day event. This will be a relevant idea and can appeal to anyone who may want to gift a mother and at the same time win the goodies of your event.
Some items to consider in your basket include beauty products, gourmet snacks, gift cards to favorite shops or restaurants, voucher booklets, yogurt cookies, chocolate, candles, tea infuser, bath bombs, and homemade gifts.
20. Baby Essentials Basket
This great raffle basket idea would be great for any young parent. It is also a perfect gift for anyone who wants to gift a new mother or infant. You can include baby wipes, bottles, swaddles, organic baby lotion, pacifiers, baby thermometers, sponges, bath towels, and infant spoons.
Baby baskets are an excellent raffle idea for any event, and you can sell them to anyone. But, of course, the idea is to raise funds, so your basket should comprise affordable items yet packed in a pleasant and fun manner to appeal to your target audience.
21. Gift Hamper
A gift hamper is a versatile basket you can create to match your event. Anyone can buy a gift hamper for a friend or a loved one. You can consider gifts for different occasions, such as birthdays, Christmas, or a wedding anniversary. What to pack in your gift hamper depends on the target audience and season.
For instance, if it is approaching Christmas, you can come up with a gift box suitable for Christmas day, and if it is Easter, you should pack items that match the day. Restaurant gift cards, champagne, cookies, chocolate, vases or potted plants, and mugs can include in your gift hamper basket.
22. Hostess Gift Basket
You need to add charm to your hostess basket to make it a beautiful gift basket. However, you need to go with your theme or a favorite event theme, which will be outstanding rather than essential. Of course, people love when the basket looks impressive with some fun dressed up in it.
Hostess gifts include beautiful flowers, wine, personalized mugs, cookies, chocolates, biscotti, specialty food items, fresh fruits, crackers, and other non-food items. How you dress your basket matters a lot more than the content.
Therefore, you need the attitude of an artist and a creative mind to come up with a unique and awe-inspiring basket.
23. Movie Theme Basket
Anyone who loves movies will be impressed by this. It is a fantastic raffle basket idea and a perfect gift for young kids.
But, of course, you need to be a movie fan when it comes to filling your basket. If not, you can search for the best movies for kids or young adults and blend various movie items related to your selected movie.
At the bottom of the winning raffle basket, you can include the prize or the raffle ticket, and some of the best things include books, movie DVDs, theater tickets, and personalized-themed T-shirts.
24. Travel Basket
This is an excellent idea for anyone that loves traveling. Whether camping or on road trips, traveling baskets can appeal to most people regardless of the occasion. You, therefore, need to theme your basket and pack stuff that will suit any passionate traveler.
When it comes to traveling, as it is an adventure, most people would love to have travel tickets, hotel reservation tickets, beach towels, portable items, sticker books, travel magazines, compression socks, and a comfortable neck pillow. With this stuff, you need to make your basket stunningly awesome for anyone who desires it.
25. Golf Basket
If you are attending a golf tournament and want to raise more funds for your cause, you must be creative and create a basket with golf-related stuff. Golf players’ audience may be interested in your things if you have packaged them and dressed your basket uniquely and with fun.
Among the things to put into your basket include tees, golf ball cleaners, koozies, sports drinks, and scorecards. You can also include some mulligans and birdies but most importantly, make it fun and attractive. You can even create handmade stuff for golf lovers, making it unique and stand out.
26. Gardening Basket
This is a perfect idea that will appeal to anyone, especially homeowners and adults. Your gardening basket should, therefore, be spectacular and unique in itself. It should not be the usual thing that a gardener would get easier.
Of course, not everything should be something new, but you can blend readily available items and things that appeal to anyone interested in gardening.
In your basket, include gardening boots, garden-scented candles, gloves, seeds, a watering can, a vase of plants, and pruning shears. It would help if you made a fancy basket to think outside the box and create unique items to include among those I have mentioned.
27. Cozy Slippers Basket
This is a perfect idea for any occasion. The idea itself looks fancy and appeals to different audiences. You need, therefore, to be thoughtful and creative to come up with a great themed basket with cozy slippers.
You can have a mix of items packed with cozy slippers with a theme color, and these can include things such as fresh fruits, heavy socks, and other fun small gifts. Of course, this is one of the cheapest baskets to make, but you need a personal touch and a creative mind to create an outstanding basket.
28. Date Night Basket
You need physical items that would be great for a date night. The articles should target couples and have a romantic theme to suit the event. Of course, you must consider items to include in the package carefully. Some good ideas include champagne, dark or white chocolate, restaurant gift cards, romantic movies, bubbly drinks, and candles.
29. DIY Spa Gift
There are a lot of options when it comes to filling up your DIY spa gift basket. You have various items, including washcloths, body wash lotion, essential oils, diffusers, puffs, aromatherapy candles, bath pillows, and skincare items.
Anything suitable for a spa can fit into the basket. You, however, need to be selective and creative to make it fancy and fun. So, of course, you can also include chamomile flowers, herbs, rose buds, and pink Himalayan salt, among other suitable stuff.
30. Coffee Lover Basket
You can limit your basket to anything related to coffee. Start with a coffee mug at the bottom, then choose other products such as biscuits, flavored syrup, coffee beans, French press, coffee grinder, and homemade cold brew, among other related stuff.
A coffee lover would probably love other related items like green tea, cocoa, and hot chocolate. Make it look fancy and unique to attract and please your audience.
31. Pets Only Basket
Pet lovers would be interested in your basket. Theme with the best items related to pets, whether for cats or dogs. Some things you can include in this basket include gift cards to pet stores, pet toys, dog bed supplies, and dog shampoo.
There is so much you can do with this basket. But, of course, you are not limited to the products I have listed. You can make it fun even with some handmade pet stuff, and decorate your basket to make it unique and stand out.
32. Gift Card Basket
If you want to impress your audience with different gift cards, of course, this would be a fantastic idea to have. You can select various gift cards from different niches such as gardening, beauty, food, gaming, and more, then pack your gift cards with some goodies such as chocolate, flowers, and wine.
Gift card baskets would be the most fabulous idea and would appeal to any audience. Of course, no one would be hesitant to have a gift card of any nature. But, with a touch of creativity, you can make it appealing and fun to have.
33. Beach Theme Basket
Any beach lover would be interested in sunglasses, sunscreen, sun visors, beach towels, tanning oil, and snacks. Some assorted drinks like sodas can also be a perfect idea. You may also want to add some fresh fruits, wine, and desserts.
34. Great Outdoors
Outdoor adventures are inevitable. Anyone would enjoy some time outside the home. Whether camping, a road trip, or a bonfire adventure, there are things you cannot do without and others that you can use for fun.
To make it stand out, your basket should comprise more enjoyable items than the essentials. Of course, you can put some unique lighters or fire starters, knives, headlamps, and emergency blankets, among other things. Decorate your basket with some smores and drinks perfect for the season.
35. Pamper Gift Basket For Mom
This is a basket for moms only. But, of course, a husband or a father may also become interested, depending on how you decorate your basket. It can make the best gift for a mom hence appealing to anyone.
In this basket, you can have items such as local salon gift cards, candles, towels, and bath salts, just to mention a few things. Milk chocolate and some fresh fruits can also make a good addition.
36. Book Club Basket
For most people who love reading, this can be so appealing to them. So, this basket includes rare things for most readers and some typical stuff but in a fun and fantastic arrangement. You can have Kindle book covers, reading throw blankets, relaxing candles, tea mugs, audiobooks, and even a Bible.
37. First Aid Basket
This basket will appeal to anyone, especially athletes and those who love sports and exercise. You can include some safety pins, disposable sterile gloves, bandages, cotton wool, plasters, adhesive tape, an eye patch or shield, super glue, and elastic wrap bandages.
38. Seasoning and Spices
For cooks and chefs, you should not forget to impress these people with some fantastic cooking stuff such as seasonings and spices. Of course, there is a wide variety of spices and herbs. You can check the trending or latest seasonings and incorporate them into your basket.
Other than spices and seasonings, you can also include some stuff related to cooking, such as a recipe book, apron, egg trimmer, and egg cup. You can as well add some chocolates and fresh fruits. Once you have selected your items, be creative and make your basket fun and unique.
Frequently Asked Questions:
The Raffle basket idea is the best way to raise funds for your cause. Whether for a church, institution, or a social reason. What strikes the mind of anyone who wants to come up with a raffle basket is how to make it unique, and the questions that most people ask regarding this include the following:
What Should I Put In A Raffle Basket?
What you put in the basket depends entirely on the theme, event, or occasion. For instance, if you target a sports tournament, you must create a basket with sports and related items. Therefore, you should put items that are directly related to the event or things that would appeal to your audience.
How Much Should I Spend On A Raffle Basket?
How much you can spend on one basket depends on the event. This is because some events may come with stuff that is a bit more expensive than others. For instance, if you buy some golf stuff, you may spend more than buying for a birthday party. However, you need to limit your supplies expenses to the least possible.
What Makes A Good Raffle Prize?
You can have multiple cheap prizes and a grand prize. For example, a good raffle prize would include plane tickets, gift cards to high-end shops, tuition vouchers, a car, designer items, cash, or even a new house.
How Do You Fill The Bottom Of A Gift Basket?
For your gift basket, you need a decorative base that should comprise crumpled paper, shredded paper, cellophane paper, and the largest or heavy items. You can also add some layer of tissue paper so that your items can easily prop up in the basket.
All said, you need to put into action what you have learned. Of course, you don’t need to stick to the items I mentioned, but you can include your chosen items to make your basket stand out from the rest and appeal to any audience. Remember, you aim to sell as many raffles as possible, making it fun and affordable.
Just as you protect your belongings against loss, damage, or theft, your car also needs to be insured. Of course, car insurance comes in different forms, each with its benefits and drawbacks. However, it’s difficult to say what the best car insurance is, as it all depends on how the policy you purchase suits your and your family’s needs.
Whether you’re purchasing a policy for the first time or are shopping around for a better deal, it’s essential to determine your state’s minimum insurance requirements and consider your financial situation in relation to any requirements.
But before you flip that switch, here are three pros and cons of switching car insurance carriers:
Pros Of Switching Car Insurance
1. Improved Customer Service
Like every financial transaction, insurance is more than just an exchange of money; it also comes down to fairness and satisfaction. Although costs should be your primary consideration, you should also ensure you’ll receive quality and responsive customer service, especially when filing a claim. After all, you don’t want to wait on hold forever before speaking with an agent, nor do you want to be treated poorly in a time of distress.
2. Welcomed Discounts
The beauty of a competitive market is how it helps consumers receive maximum benefits. To encourage patronage, signing up as a new customer with some insurers comes with unique coupons and discounts, which may not be available with your former insurer. One of the easiest ways to reduce your bill is by getting car insurance discounts. Some popular options include:
3. Improved Coverage
While you may be satisfied with your existing insurance company, switching might allow you to see just how much you have been missing in terms of coverage. Be on the lookout for companies with high customer service ratings and affordable coverage options, including accident forgiveness. While you may have to pay more for specific add-ons, doing so will likely provide you with tremendous value.
Cons Of Switching Car Insurance
1. Hidden Charges
Suppose you don’t do your homework before selecting a new insurance carrier. In that case, you might fall victim to paying hidden charges and other sneaky expenses that needlessly drive up your insurance bill. Reading over any new or existing policy and making a few tweaks here and there could help lower the costs of your premiums. In particular, when looking for cheap car insurance, you should always be mindful of:
2. Cancelation Fees
Depending on the company, you can potentially cancel your insurance policy at any time. However, you run the risk of incurring cancellation fees or forfeiting your right to any refunds if you terminate the agreement early. If you do so, expect a $50 cancelation fee and/or be charged a small percentage of your last premium. Additionally, you may be required to send a formal letter of cancelation. Some insurance companies require a 30-day notice.
3. Loss Of Loyalty Benefits
Leaving one insurance company for another can also mean leaving behind some exclusive perks you may not otherwise be privy to elsewhere. For example, some companies can reduce your deductibles the longer you stay with them, while others can offer accident forgiveness, even when you are at fault.
Picking The Right Provider Doesn’t Need To Be Difficult
Of course, there is no perfect insurance company, but you can always find one that best suits your life circumstances. In your quest to find an ideal car insurance company, conduct proper research and weigh any and all advantages and disadvantages. Happy insurance hunting!
Just like different people have different preferences for cars, auto insurance companies also have different rates for different people. More than a dozen factors affect the rates of your auto insurance policies, and the type of car you drive is one of the most impactful factors.
The type and make of your car decide the auto insurance and premium rates. The condition and age of the vehicle, along with any other aftermarket modifications, also affect the insurance rates. But what about the new and advanced electric vehicles?
The number of electric cars has been increasing, and there is no stopping. So how much more do electric vehicle owners pay for insurance policies, and why? Why is it that electric cars are more expensive to insure compared to traditional gas cars? Let’s find out.
How Much More Does Electric Car Insurance Cost?
Ever since the rise in popularity of electric cars, the rates of car insurance policies for almost all-electric car models have increased. This price difference can range anywhere from 15% to a whopping 50%.
This means that it could cost you 50% more to buy car insurance policies for some electric can than what you’d pay for the auto insurance policies for standard gas cars. This is not the case for all-electric vehicles, but only a few where other factors seep in as well.
The type and make of the electric car is a deciding factor in the insurance rates. For example, suppose you are looking at a low-cost electric vehicle such as the Hyundai Kona, which is a sub-compact, affordable electric car. In that case, the yearly insurance rate could range anywhere between $1,200 to $1,400.
This price is a ballpark figure. Your driving record, past insurance claims, and other internal factors can increase or decrease insurance rates. But for most people, this is the price range. But Kona is one of the most affordable electric cars in the US.
As the price of the car increases or the brand changes, the insurance rates also increase. For example, Nissan Leaf, which is slightly more expensive than Hyundai Kona, can cost you as much as $1,500 for auto insurance policies. The rates rise progressively.
Premium Electric Cars
Premium electric cars that cost more will require you to spend more on auto insurance policies. The premium electric car range is dominated mainly by three or four brands. Tesla, BMW, Audi, and Porsche are the most prominent players in the premium electric car segment.
There’s no doubt that Tesla is the only brand that comes to mind when someone thinks of a premium electric car brand. Unfortunately, insurance for Tesla models is also very expensive. Some Tesla cars are one of the most expensive electric cars to insure.
Insurance for Tesla Model 3 will cost you the least, at around $1,800 a year. The Tesla Model S is the most expensive to insure. You might end up paying upwards of $3,000 a year to get an insurance policy for this car. Model X is not far behind, costing you around $2,900 a year.
Porsche Taycan, which is considered the supercar of electric cars, is genuinely a supercar in terms of insurance price as well. It can cost you almost $3,600 to insure this fast and sleek electric supercar.
The bottom line is that while dozens of factors can affect your car insurance rates, an electric car can cost you $300 – $400 more to insure than a gas car. But why do auto insurance companies charge you more for electric vehicles?
Why Does Electric Car Insurance Cost More?
Auto insurance companies decide the rates of policies based on many factors. When it comes to the make and model of the car, they have to consider the costs of repairs, spare parts, the risk of a car getting damaged, how easy it is for some parts of the vehicle to get damaged, how likely it is to get stolen, and a lot of other factors.
Here are some of the reasons why auto insurers charge more to insure electric cars:
Gas cars are made up of hundreds of small parts. Multiple parts can be salvaged or repaired from the piston to the combustion pipe in case the car gets into an accident. But electric cars are usually one giant hunk. The chassis sits on a large battery pack and a motor. So the chances of an electric car getting totaled are much higher than a gas car.
While the affordability of electric cars is increasing, being the cutting edge of fairly new technology, buying a gas car is still more affordable than an electric one. This price difference is also a significant factor in the increased insurance rates of electric vehicles.
There are a lot of internal factors that can affect insurance rates. For example, Florida is one of the most expensive states regarding car insurance. In addition, labor costs, land costs, taxes, etc., are important factors in insurance rates.
Make sure you search for the best car insurance policies specific to states. For example, if you live in California, look for the cheapest auto insurance quotes in California to get the best rates and great auto insurance coverage.
Electric cars are expensive, but repairing these cars also costs a fortune. In addition, the high fidelity of their design requires these cars to carry expensive parts, most of which are usually connected to the entire body design.
For example, replacing the windshield of a gas car (cheap hatchback) would cost you around $200-$300. Replacing the windshield of a Tesla can cost you up to $1,000. This explains the high auto insurance rates for Tesla cars.
Grocery delivery service is becoming more popular. Enter your grocery list online, and the grocery delivery service will take care of the rest. Not only is it convenient, but it can also save you money.
Why Choose Grocery Delivery?
Grocery delivery services gained popularity through the pandemic. Many realized they loved the convenience and have continued using this service despite the fees attached.
Grocery Delivery Saves Time
Everyone is busy with homes, jobs, and families. Our time is better spent watching our kids play soccer or working that side hustle.
There are many reasons why grocery delivery is becoming popular. You don’t have to go to the grocery store and fight through crowds. You can sit back and relax.
Are Grocery Delivery Services More Expensive?
One common concern about grocery delivery services is that they may be more expensive than traditional grocery stores. However, this is not always the case.
With grocery delivery, you don’t have to worry about impulse buying or overspending on items you don’t need. You can order the things you need and stick to them. That can help you stay within your budget and save money in the long run.
Grocery delivery services can often be cheaper than in-person grocery shopping.
How To Save Money With Grocery Delivery Services
The cost of everything is on the rise. Even with a delivery fee, people are opting for grocery delivery. It’s no longer for the wealthy and allows you to become more efficient with your time.
Here are ten ways that you can grab cheap food and save money with the best grocery delivery service:
When you grocery shop in person, it’s easy to impulse buy items that you don’t need. However, when you take the time to plan out all your meals and snacks for the week (or two weeks), then you know what you need. Impulse shopping can quickly add up and blow your budget. Planning cheap meals based on sale prices will reduce grocery costs.
Consider taking stock of your pantry to ensure you haven’t run out of backups and staples.
Try to reduce food waste. The more food you eat, the less you have to purchase. Meal planning will help you only order the items you need, saving you money in the long run.
2. Make A List
Another way to save money with grocery delivery is to make a list before you start shopping. You can make this list in the grocery store app or on a piece of paper. It’s easier to stick to the items you need. You’re less likely to impulse buy when you know what you need.
3. Use Coupons
Many grocery stores offer online coupons. Unfortunately, traditional paper coupons aren’t allowed, but most stores have stepped up their digital coupon game. Remember to check your store’s app for additional discounts when choosing grocery delivery.
4. Avoid Missing Items
Missing items are a huge issue with online ordering of any type. If you’re trying to save money by having food delivered weekly, going to the store for missing items defeats the purpose. Allowing for substitutions will help when your objective is to avoid impulse purchases.
5. Refer Family and Friends
Instacart allows you to refer family and friends and offer them a $10 credit for their first order. You will then get $10 off your order, too. Walmart has the same, and Fresh Direct will give you $25.
6. Know The Disadvantages
There are always disadvantages to having someone else do the shopping for you—the risks of fuzzy blueberries or extra large ketchup bottles. Delivery is for you if you’re not a micro-manager and can get past the inconsistencies. Or, if the risk outweighs the work, online grocery delivery is a great way to go.
7. Stock Up
Consider stretching your weekly grocery deliveries to two weeks or even once a month to minimize any delivery fees you might encounter.
Stack your pantry with discount items, so staples are at your fingertips. Know when things go on sale and maximize your deliveries.
8. Be Flexible
It’s almost inevitable that your store will be out of something you want. To avoid not having bread and having to physically walk into the store after delivery, be flexible with the type of bread you want. Consider making notes on each item, like “any wheat bread is ok.” This way, your shopper has guidelines to follow.
9. Consider A Membership
Many stores are now offering a yearly fee for grocery delivery. You get free shipping, a discount on gas, and unlimited free grocery deliveries. Walmart+ provides a free 30-day trial and $98 for the year.
Instacart, the largest online grocery service provider, offers a membership for $99 a year, and if you have an Amazon Prime membership, you can get free Whole Foods Market deliveries.
Peapod from Stop & Shop and Giant grocery chains offer delivery for less than $7.
10. Look For Free Trials
Take advantage of discounts and promotions. Many grocery delivery services offer discounts for first-time users or referrals. You can also often find promo codes that you can use to save even more money.
FreshDirect is an online-only grocery store specializing in fresh food from farms, fishers, and artisans. Their selection tends towards more expensive items. However, some staple staples are available at reasonable prices, too!
They’ve been a big player for years within the New York City area but recently expanded into new markets, including Washington DC, Philadelphia, New Jersey, and Connecticut.
Try Grocery Pickup Instead Of Delivery
Skipping the delivery is one way to save a few dollars. An alternative would be free grocery pickup. Most grocery stores, big box stores, and department stores offer curbside delivery. Curbside delivery means you order your needs online and call when you get to the store or use the app to let them know you’ve arrived. The store employee will bring your purchases to your car and load them.
This way, you can still decrease your chances of impulse shopping. Easy enough to grab your groceries on the way home from work or while running errands.
Grocery delivery services are a great way to get the groceries you need without leaving your house. With some planning, you can save money and time by using a grocery delivery service. Following these tips can save money on your monthly grocery bill.
It’s that time of year again. As August rolls around, parents, children, and teachers start thinking about school again. With school comes supplies and new clothes for the fall!
Here are the five top tips for getting through this school shopping season without breaking the bank.
1. Price Compare
It may seem obvious, but some folks need reminding. Once you get your list, look online and compare prices for the items you need based on the available stores. You can compare online and storefront options to see who has the lowest prices on the things you need.
Inflation has caused many families to reduce or stop spending because costs are so high. To combat this, many big box stores have started slashing prices to help consumers spend on the items they need. Look carefully at prices and start from there when shopping.
2. Coupon Apps
Couponing is a great way to save on school shopping, but who has time to cut coupons? Thankfully, there are helpful coupon apps that find online coupon codes for you! The easiest way to use apps such as Honey is to download the extension on your web browser.
As you shop, the app will keep you updated on price comparisons. When you get to the cart, it will offer to run any coupon codes it finds online for the items you are purchasing.
There is also Rakuten which will give you cash back for your purchases. This way, you not only save by getting less expensive items at the least expensive spots, you also get cashback in various places.
3. Shop the Sales
We all get bombarded with promo emails from our favorite stores. Instead of deleting them and being annoyed that they are filling your mailbox, it’s time to dive deeply and find the best deals!
You can often find online/in-store coupons to reduce the price. If there are no coupons, you can look at the sales to see what they offer before you buy online or go to the stores.
Outlets are a great place to find sales also. You can get quality when shopping deals at the outlets because the prices are already reduced in many cases.
Kids grow so fast that it can be hard to keep up with the clothing they need throughout the year. Making sure you shop the best sales will help you save on necessary purchases and help your bottom line.
You can also utilize well-known events such as Amazon’s Prime Day sales. Knowing what you need, you can search to see if prices are lower for the items you need during that sale. As a Prime member, you also get free shipping all year-round, which is a great way to save money when shopping online. Prime members also get better deals on Prime Day, and they just announced another event coming soon, so look out for it. There is a fee for the membership, but you get your money back in free shipping pretty quickly if you utilize the membership.
You have the opportunity to try a variety of stores and sales for well-known sales weekends such as Labor Day. Finding deals before school starts will allow you to go into the new season feeling confident you didn’t overspend, and that your children have everything they need for the upcoming school year.
4. Try Your Local Dollar Store
Surprisingly, there are a variety of great deals for school in the dollar store. Many dollar stores have most if not all of the supplies you will need at a fraction of the price.
It’s a quick stop to see what you can get at a discount before you go into the more moderately priced items. Take a look, and you might be pleasantly surprised!
Dollar stores are also a great source of supplies for teachers looking to decorate their classrooms on a budget. They stock bulletin board letters, boarders, pointers, and more. It is much less expensive than typical teacher stores, and you can find excellent learning resources.
5. Buy In Bulk
Most kids are rough on their supplies. (Ever found yourself back in the store one month later because those crayons and scissors you bought them are already broken?)
If you catch a sale for back-to-school, it is often a good idea to buy the bulk sales for items such as pencils, notebooks, crayons, markers, and other things that often need to be replaced.
Big box bulk stores are also a great place to find clothes for school each season because even if you are not buying the bulk items, they often have great discounts and low prices on clothing for the whole family.
There is a membership with these stores, but if utilized correctly, it can be great for the whole family. Save on your clothes, school supplies, groceries, and more.
The End Goal
In the end, all we want is to save money. Inflation has made it challenging to stay on budget without having to buy extra things for upcoming events such as the beginning of school.
Why not pay the lowest possible price to help keep your budget in check and ensure you get everything you need to set your children up for a successful and stylish new school year?
School shopping causes both positive and negative feelings for many families because school shopping can be exciting but also stressful because of the costs.
Inflation has made this even more stressful for many because their list was expensive before but now may seem unmanageable. Thankfully that does not have to be the case if you have a plan to get what you need at the lowest cost possible.
Utilizing these tips before you head to the store or sit down at your computer to shop will make this your most successful school shopping season because you will have everything you need and will not destroy your budget.
You’re not alone if you’re confused by real estate jargon. Technical terms like earnest money, option fee, down payment, escrow, and closing may feel intimidating to the first-time home buyer.
Learning these terms helps avoid misunderstandings during the home purchase agreement. What follows here is everything you need to know about earnest money and an earnest money deposit.
What is Earnest Money?
Earnest money is used while buying and selling a house. It is the sum of money the buyer deposits to get into a purchase agreement with the seller. It is also called a “good faith deposit.”
Home purchase starts with an offer, usually arranged through the buyer and seller’s real estate brokers. Once the seller is comfortable with the offer, the two parties go into a purchase contract. The buyer submits a sum of money – the earnest money – as part of the signing deposit. Amounts can vary, but they are typically around 1% to 2% of the total value of the property.
After the two parties enter the contract, the seller takes the property off the market for any new offer. House closing takes time through inspection, appraisal, and funding. Therefore, the earnest money is compensation for the risk if the deal falls through.
What Role Does Earnest Money Play?
Earnest money essentially works as an assurance to the seller for his consideration of the buyer’s offer. It demonstrates the buyer is serious about following through with the deal and shows they are a strong candidate for buying the home.
The earnest money is usually not mandatory, but it plays a vital role in the sellers’ market. It is due within three days after the effective date of the purchase agreement. If you are buying a home and have a real estate agent, they’ll guide you through the process and help deliver your check.
A third-party agent, either a title company or an escrow account, will hold the earnest money until closing. It ensures that the party entitled to the cash gets it quickly if and when the deal falls apart.
Is Earnest Money Required?
Technically, you can get into the purchase contract without issuing earnest money. Also, it is not a requirement to get into a purchase agreement to buy a house.
However, you’ll be in default if you don’t deposit the earnest money within the time frame specified in the contract. In such cases, the seller can terminate the agreement.
How Much Earnest Money Should You Put Down?
There is no set rule for the earnest money amount. The amount is highly negotiable, and often depends on whether it is a buyer’s market or a seller’s market at the time. Typically, it’s about 1% to 3% of the sale price.
It is in a seller’s best interest to sell their property as soon as possible and get money. As a buyer, the one way to show that the deal will not fall through due to funding issues is through the speedy delivery of earnest money. The amount also indicates if the potential buyer has liquid funds to make a purchase.
Does Earnest Money Go Towards Down Payment?
The earnest money goes to the down payment and closing cost when the deal goes through. The money stays at escrow or title company until the closing date. Therefore, you can assume it is part of the down payment.
Who Gets Earnest Money If the Deal Falls Through?
If the contract falls through, it is not always clear who will receive the earnest money. It depends on who caused the deal to falter. If the cash is released before closing, or if either side does not follow the contract, things can get tricky. That’s why a third party holds the money through that stage.
If the home appraisal comes back low, the financing agency or lender (banks or financial institutions) will only fund up to the appraised value (minus down payment). The seller will have to arrange for additional cash, or else they can’t close the house. In this case, the buyer is not at fault; therefore, the buyer claims the earnest money.
In another situation where the buyer backs out of the contract for no reason, they will be in default. The seller can terminate the agreement and receive the earnest money as liquidated damages. Similarly, the buyer gets the earnest money if the seller backs out of the deal.
Earnest money is refundable if the buyer follows the contract, and it is not their fault that the deal falls through. The agreement has many stages where the buyer gets their money back without disputing the contract.
Can Seller Refuse the Release of Earnest Money?
The seller can refuse to release the earnest money if there is a dispute on who is at fault for the deal’s fallout. Since a third party holds the money, buyers do not have access to it.
The title company will not release earnest money until the two parties come to a common conclusion in writing and terminate the contract.
How to Pay Earnest Money?
Earnest money can be paid via various channels, such as personal checks, bank checks, cashier’s checks, or wire transfers. Since a timely transfer is ideal, most people prefer to drop off the check or go for a wire transfer for speedy delivery.
If you can’t pay by check, a money order is acceptable.
Cash is not acceptable as payment for earnest money. Both parties want to have a paper trail to keep track of the earnest money payment. Lenders often verify that the amount is coming out of your bank account. The lender can disallow unverifiable deposits from being included in closing costs.
Credit cards are also not an acceptable payment method for earnest money. Earnest money and down payment can’t be borrowed funds because they are unsecured debt.
How to Write a Check for Earnest Money?
Writing a check for earnest money is no different than for any other purpose. However, there are a few things you’d want to keep in mind.
The check goes to the closing agent, which, in most cases, is a title company. Therefore, the title company’s name should be in the blank section for “Pay to the Order of _____ .” It is beneficial to add the description under the memo as “earnest money for [address of the property].”
The buyer will get an earnest money receipt after the title company receives the payment.
Earnest Money Deposit Vs. Down Payment
The earnest money acts more like a buyer’s commitment toward the home purchase, and the title company holds the fund. In contrast, a down payment is a set amount promised to the mortgage lender for securing the financing.
You don’t need to issue the down payment until the closing day. The earnest money must be given within the set date in the contract after it is signed and before closing.
Option Money Vs. Earnest Money
Although it’s not a legally binding requirement, the option fee is an amount the buyer pays to get an option period (mostly ten days) for the house inspection. He can walk out of the deal should the home inspection determine significant repairs or improvements required. The option amount is relatively small, ranging from $200 to $500. It is usually non-refundable but must be included in the contract if it goes towards the closing.
Unlike option money or fees, earnest money does not give you any time frame to walk out of the deal. Option money protects the buyer from getting too tied up in the homeownership decision process, while earnest money protects the seller if the buyer walks away simply because he changed his mind.
Earnest money is one of the essential aspects of the home purchase process. The money ties the buyer’s seriousness to the seller’s assurance. As a buyer, you can get an earnest money refund if issues are found during the inspection, low appraisal, or home financing. You can claim this money as a home seller if the buyer is at fault.
Do you ever feel stuck in a rut, working the same job every day for what seems like pennies?
You’re not alone.
Millions of people are struggling to make ends meet, but you don’t have to be one of them. Financial freedom is possible, but you’ll need to achieve it step by step.
The good news is that everyone can follow these steps. Although each person starts out at a different point, everyone can make progress toward becoming financially free.
With a little effort and discipline, you can create a brighter financial future for yourself and your loved ones. So what are you waiting for? Let’s get started.
Steps To Achieve Financial Freedom
What Is Financial Freedom?
Financial freedom means having control over your finances, so you do not have to worry about money anymore. As you are able to cover your monthly expenses, you’ll no longer stress over how to pay your bills or if you can afford to retire. It also means you have enough money saved to live comfortably without having to work.
Put another way, it’s the peace of mind that comes with knowing that you’re in control of your financial future and can do whatever you want with your money.
You might also hear financial freedom called financial independence or the FIRE (Financial Independence Retire Early) movement.
Now that you know what financial freedom means, here are the steps to getting there.
#1. Evaluate Your Goals
It’s essential to set goals. Do you want to be your own boss? Enjoy an early retirement?
Figuring out what you want for your financial situation will give you the focus and drive you need to reach financial freedom.
Everyone should manage their personal finance goals, not just aspiring millionaires. All the money you earn from striving toward financial freedom will one day go towards living a much more prosperous life.
So sit down and write down your goals. Then create a plan to reach them. Be sure to re-evaluate your goals every few years as plans and life can change.
#2. Track Your Spending
Consider your annual income, living expenses, and your current financial cushion in your emergency savings. Examine how much net money you can save and how many “want” purchases (as opposed to “need”) you make each month. Evaluate how much income you have that doesn’t go towards paying off debt and how much you spend across various categories.
To get further down the road to financial freedom, you must track your monthly earnings and expenditure. Do you spend frivolously? Are you building tangible wealth?
When you total up how much of your income you choose to spend and how much you save, the biggest surprise may be that you have much less money in savings than you realized.
Suppose you want to have enough money in your bank account to achieve financial freedom. In that case, you’ll need to keep tabs on how much of your money is going out the door monthly in monthly expenses.
#3. Make a Budget
A budget is a crucial tool that will help you achieve financial freedom in the long run. Many wealthy people have built sustainable, financially independent lives by putting away enough money each month into savings.
Building a budget isn’t complicated either. The hard part is finding the right budgeting method for you. You could use a zero-based budgeting system or the 50/30/20 rule depending on your goals, needs, and income.
There are multiple benefits to designing a budget that works right for you. Not only will you be smarter with your spending, you will also be able to dig yourself out of debt and save more money in the long run.
In your budget, you should set aside money each month for an emergency fund. Life throws us surprises sometimes. Being ready for them will help you stay steady in achieving financial freedom.
#4. Live Below Your Means
Living below your means can be challenging. But if you want financial freedom, evaluating your spending and cutting out unnecessary expenses is essential.
The main reason for this is lifestyle creep. As we earn more, we naturally spend more money. We also tend to ignore small price increases that, over time, have a significant impact on our finances.
According to Lori Bodenhamer, a financial advisor at AbundoWealth, “Being mindful of your spending helps bring awareness to your values and what matters to you most. But at the extreme, it’s possible to make saving money too much of a priority and lose sight of what makes a good life. The goal is to find that balance.”
Take the effort to review your spending and find areas where you can cut back and still enjoy living for today.
#5. Pay off Credit Card Debt
Debt is one of the biggest roadblocks to financial freedom. Believe it or not, becoming debt-free does not simply mean getting more money.
The “debt snowball method” is one popular method where you lay out all your cards and loans ranging from the smallest to the biggest debt.
Pay off the smallest debt first to build momentum so that you can put more money into the larger debts. Not only do you get the satisfaction of paying off a debt, but you also have more money to pay off your larger outstanding debts.
The “debt avalanche method” also effectively helps you to pay off debt. First, pay off your highest interest rate debts and work down the list to your lowest interest rate debts.
By applying more money to the debt with the highest interest, you can ensure that your money is paying off the debt, not the interest buildup on the debt.
Student loan debt typically has a low-interest rate. However, you should still ensure you meet at least the minimum monthly payment.
The road to financial freedom can be challenging, especially if you have tens of thousands of dollars in debt. However, paying off your credit cards and loans is crucial to reaching financial independence.
#6. Pay Yourself First
You’re probably familiar with the idea of paying yourself first, but to many people, it may seem counterintuitive. After all, why would you pay yourself when there are still outstanding bills to pay? Well, because it forces you to save money to protect you from unplanned expenses. Suppose you don’t put any money aside and your HVAC (heating, ventilation, and air conditioning) unit breaks. You are going into debt without any savings to purchase a new one.
Now suppose you put something aside from every paycheck. When a surprise bill comes up, you have the cash to pay for it and don’t go farther away from your goals.
Saving first also goes a long way towards building your nest egg so you can be financially free. It essentially guarantees that you always have money in savings for your future goals.
Finally, don’t get caught up on the amount you can save. The important thing is that you are making saving money a habit, according to Nick Covyeau, Certified Financial Planner and Founder of Swell Financial.
“Even if it’s just a little in the beginning, what’s happening when you make this shift, is all behavioral finance related. You’re conditioning yourself to begin saving and prioritizing your finances. It’s why 401k plans upon starting a new job enroll you automatically rather than having you choose to. If they left it up to you to enroll, most people would never get around to it. Then over time, you gradually give yourself a “raise” and pay yourself more.”
#7. Start Investing
Many people who achieve financial freedom start by building wealth through investing at a young age. There’s a lot of negativity directed toward the stock market, but there are many ways to build enough wealth to live a rich life when you retire.
Compound interest is the key to building wealth. Don’t stock pick. Set up an online account and put money into a balanced fund. Your money is likely to double over ten years.
It’s the accepted wisdom of those who’ve earned their wealth over the years. High yield bonds and index funds compounded over decades can help you build enough wealth to be financially free.
#8. Take Care of Your Assets
Your assets are critical to maintaining your wealth and preparing for your future. Your home, for example, should stay well maintained and in good condition. Not only will this save you loads of money in repairs and maintenance, but you’ll be able to build up your retirement savings and protect yourself from unexpected bills.
Your health is another often forgotten asset you should maintain. Poor diet and lifestyle choices can signal expensive medical bills years or even decades down the line. These are manageable habits you can start implementing today to live life to the fullest and save money in the long run.
Jay Rishel, CFP®️ of Overman Capital Management, puts it this way. “I highly encourage individuals seeking financial freedom to focus time and energy on improving their nutrition, exercise, sleep, and stress reduction activities. Healthcare is one of our most significant expenses in retirement, if not the most. A healthier lifestyle can lead to fewer healthcare costs in the future, and you’re also likely to feel mentally and physically better as you age.”
#9. Automate Your Savings
Automating your savings can help you fill significant gaps between how much you make and how much you spend. Put money in your savings account regularly, particularly your emergency fund, which you can use for sudden major expenses.
Ensure you’re utilizing matching contributions in your employer’s retirement plan to prepare for your future. If you struggle with overspending, setting up your emergency and retirement planning funds to come straight out of your paycheck is best.
That way, you’re not tempted to take out unnecessary spending. The amount you can and should put into your emergency fund varies. It’s essential to pay off your debts and monthly expenses. If you refer to your monthly spending chart, you’ll probably be able to find one area where you can cut back.
#10. Start a Side Hustle
Side gigs are a great way to supplement your income regardless of living paycheck to paycheck. If you enjoy social media, consider starting a blog, podcast, or YouTube channel.
You can deliver food, dog sit, rent home space, tutor online, or participate in various research studies. The resources available to you to make money are astounding. Moreover, you can access countless resources to help you find and keep a good side gig.
Most jobs have flexible hours, decent pay, and the possibility of turning your side gig into a full-time business. Why spend precious years working a 9-5 when you could potentially have a flexible, fully paid side hustle that turns into a larger income?
On its own, a side hustle can majorly impact your finances. If you are getting by financially, adding the income from a side hustle can help you eliminate debt more quickly or boost your savings.
And if you are struggling to get by, having a side income can be the difference between staying stuck in your current life and experiencing a better one.
#11. Calculate Your Net Worth
Knowing your net worth is an excellent measure of your progress during this long journey. As an added benefit, it is easy to calculate.
Total up the things you own, your assets, and subtract your liabilities, the money you owe others. The ending number is your net worth, and the higher it is, the better.
Calculate this number today, and then update it at least annually to make sure you are moving forward. However, a lousy year for the stock market can be misleading, making it appear like you aren’t making any progress.
But the reality is that you are making great strides. So be sure to keep this in mind the next time you calculate your net worth.
#12. Test Out Your Plan
Any plan can look great on paper. You only notice its flaws when you take action on that plan.
Give it a try. See if you can take a sabbatical from work. Doing this will help you to see if you enjoy not working. It may give you better insight into what you want to do.
Another benefit is that you will feel what it is like to have little to no income and how that impacts your spending. When you return to work, you can apply these lessons to your plan and make the necessary adjustments.
Financial freedom can feel so far away, especially if you’re bogged down with a lot of debt and don’t feel like you’re earning enough to be stable. However, financial freedom comes one step at a time.
Start evaluating your future life. Do you want to clear all of your debts? Build your own business? Retire comfortably? Whatever your goal, financial freedom is achievable with discipline and hard work.
Evaluate your spending, pay yourself first, and put away money each month into savings and your emergency fund.
Invest your money wisely, relying on the principle of compound interest to prepare for your future so that you can retire with enough money.
Take care of your assets and your health to save money on future bills and maintenance expenses, which can impair your journey to financial freedom.
Set up a side gig to help you cover regular expenses and potentially earn additional income for savings.
Lastly, test out your plan to make sure the life you envision is a life you will enjoy living.
Arrest Your Debt
Arrest Your Debt is a personal finance website with one main goal: to help you get out of debt and start building wealth!