Make Money Online and Have More Time for Work that Matters to You

The following is a guest post. Enjoy!

The notion of the 20th century career is getting left in the dust. It used to be that, in order to make money reliably and to retire well, you had to report into a workplace every single day, for most of the rest of your life. This is because the workplace was owned by someone with money, who created a product or service which was used by enough people that their payments were sufficient to make that individual or individuals very rich, with money left over to pay a stable of workers such as yourself.

But this put people in an awkward and increasingly dissatisfying position. Karl Marx, the great economic philosopher, described the inherent need for human beings to work, and to see the best aspects of themselves in the work they did. For instance, let’s say you were a carpenter who built tables. Your work would be most satisfactory, said Marx, if you built tables which were strong, reliable, sturdy, and attractive. These qualities were valuable to you, the producer, because they represented your own best qualities, aspects of yourself that you strove to exhibit at all times and in all places.

But the problem with capitalism, said Marx, is that it tends to push the worker away from his or her meaningful work. If you were a great table builder, as you would become if you were able to successfully put those great qualities into the tables you built, you would be likely to sell lots of tables. Suddenly you’d have a waiting list. You’d have to hire employees to keep up with demand, maybe even build a factory. Suddenly, you are spending more of your time working as an administrator, trying to streamline the production of your tables to maximize the output demanded of you by the market, and by your growing overhead costs and payroll. What happened to the satisfaction you used to receive from making a great table?

In the 20th century, this process went into overdrive. The innovators became the richest people on the planet, and their underlings, the hundreds of thousands of workers they employed, were no closer to doing hard work producing products which represented their values than the bosses were. Today, many workers don’t need to work for a centralized corporation in order to make satisfactory wages, freeing them to find ways of making meaningful products (whatever those are) of their own, a process no longer directly related to survival.

If you have broken out of the 20th century career mold, what you do with your spare time is up to you. But how you make your money, through methods available online, is open to discussion. Freelance writing and design and other work, selling stuff you make or already own, creating content which you can monetize through Youtube or other methods, the list could go on and on. If you learn methods employed by bloggers, internet creatives, and web investors, it’s likely that your income could be totally replaced, setting you free from a time-sucking 20th century career and opening you up to a new way of life in the 21st century.

Using Forex to Make Extra Money

The following is a guest post. Enjoy! 

The global forex market boasts over £2.64 trillion in average daily trading volume, making it the largest financial market in the world. Forex’s popularity entices traders of all levels, form complete rookies to seasoned traders, due to its ease of access and simple format. Its around-the-clock sessions, access to significant leverage and relatively low costs make it an interesting prospect, however it also means it’s very easy to lose money trading forex.

Forex is fast becoming a way for people to make a little extra cash on the side due to its ease of use and access. However, venturing into unknown territory and putting your money on the line is unlikely to end well, so we’ve put together the top 5 tips for any novice trader looking to get off on the right foot at the start of their forex journey.

1.Practice
The vast majority of trading platforms will come with a practice account, sometimes called a demo or simulation account. These type of accounts allow traders to place hypothetical trades without risking any real money. This will allow you to get to grips with the basic format of trading along with getting a feel for the software. Making silly mistakes when trading with real money can lead to potentially devastating financial implications so it’s of paramount importance that you do enough practice.
2. Research
Just because forex is easy to get to grips with doesn’t make it easy to master. Learning about the platform is crucial to success in the markets. While the majority of learning comes from experience, a trader should learn everything possible about the market along with the geopolitical and economic factors that drive currency values. It’s important that you have a basic knowledge allowing you to make decisions and adapt to changing market conditions whilst achieving the optimal end result.
3. Start Small
Once you’ve done your homework and spent some time with a practice account it’s time to put your money where your mouth is. No amount of practice will prepare you for the real thing so it’s vital to start small when jumping in at the deep end. It’s a completely different ball game once real money is at stake, simple decisions become much harder as risks have true consequences. By starting small, a trader can evaluate his or her performance and strategy before putting their whole account on the line.

4. Record Keeping
Maintaining a trading journal is a great way to learn, both from your losses and successes. Recording dates, profits, losses, your performance and emotions can be incredibly beneficial to becoming successful. Without a journal and good record keeping, traders are likely to continue making the similar mistakes, minimizing their chances of become profitable and successful traders.
5. Trade Like A Business
Treating your account as a business is a great way to remember that individual wins and losses don’t count for anything, it’s how you perform over time that is key. Traders should avoid becoming over thinking either wins orlosses, and treat each as just another day at the office. Like any business, trading incurs expenses, taxes, risk, losses and uncertainty, along with the fact that like a small business your account will take time to grow and mature. Planning, setting realistic goals, staying organized and learning from both successes and failures will help ensure a long, successful career as a forex trader.

Conclusion

Forex trading presents a great opportunity to generate a little extra income for anyone who does their homework and approaches it sensibly. When viewed as a business, forex trading can be profitable and rewarding. Staying focussed, organised and determined are all key to a successful career.

Five Ways to Warm Up Without Breaking the Bank

The following is a post by MPFJ staff writer, CJ, who blogs at thesingledollar.com about personal finance, budgeting, frugality, and debt repayment.

So, the weather outside is frightful! But since our electric heat is expensive, we’re trying to keep the house between 60 and 65, depending on what time of day it is. This is…chilly, at least if you’re me. If I had the money and didn’t care about the environment, I would totally keep the place at 72 all winter. What can I say: I’m old before my time. Besides the ol’ “put on another sweater” trick, here’s what I do about it:

1) I use a rubber hot water bottle.

I’ve had it for several years and it shows no signs of slowing down, cracking, etc. I fill it up with the hottest tap water we get and rest my feet on it under the covers. Delicious. In fact, I’m doing that right now as I write. It’s often still even warm when I wake up in the morning.

2) I get the oven going.

Typically, what I do is bake bread. Granted, this also uses electricity (for the oven), but at the end of the process, I’ve heated up the kitchen and I have fresh bread, so I think I come out ahead overall. As a bonus, I have to move around and knead dough and whatnot, and it gets the blood flowing and seems to warm me up a little! You could make a casserole or something else that requires long baking if you don’t want to do bread.
3) As long as we’re on a domestic track: try taking frequent breaks to clean as well as to cook.

Anything to get you up and moving around! Before you sit back down to work or watch TV or whatever, make a cup of hot tea and breathe the steam in.

4) We make sure to close vents in any room we won’t use for a while (like the office over the weekend) and to keep closet doors closed.

In November, we also did some basic weatherproofing — putting the storm windows down, most notably — but our primary effort here is to try to keep unused areas of the house from sucking up extra heat. That leaves more for the bedrooms and living room and kitchen!

5) OK, fine, I put on another sweater. Actually, a really really dorky fleece-lined hoodie. It’s pepto-bismol pink and I can’t wear it out of the house because it’s just embarrassing. However, there are certainly classier options available (try LL Bean, REI, Patagonia, or other outdoor-oriented retailers for gear like this).

How about you all? What’s your best tip for handling a cold house?

Share your experiences by commenting below! 

***Photo courtesy of https://upload.wikimedia.org/wikipedia/commons/9/9a/Modern_Masonry_Fireplace.jpeg

What Do Recent House Price Trends Mean for People Trying to Sell Their Home?

The following is a guest post. Enjoy! 

The housing market has been booming throughout 2015 and into 2016 that looks set to continue. House prices have steadily increased for the past ten years and as we start the New Year, there are no signs of the market slowing down. But, as someone looking to sell their home, what do these trends mean for you?

What are the recent trends?

The steady increase means that it’s more than likely that your home will increase in value throughout the coming year. A report published by the National Association of Estate Agents suggested that the increase is set to continue for at least another 10 years. Although, there is nothing set in stone to confirm this, if we look back at the property market over the past decade it looks pretty similar. With no huge economic changes on the horizon, low wage inflation and tighter lending restrictions, house prices soaring seems like it will be an accurate prediction. With such a huge demand for housing at the minute and so many young people desperate to get on the property ladder it is a good time to sell your home if you’re in a financial position to sell.

Why is this?

The increasing rise and rise of house prices is a result of the high demand for homes in the UK and lack of affordable housing. The government are trying to combat this by introducing higher taxes for buy to let landlords with the increase in stamp duty charges set to be introduced in 2016 and the help to buy ISAs for first time buyers.

So what does this mean for me?

As a homeowner looking to sell your house, it puts you in an enviable position. If you are wanting to move as soon as possible, it’s probably the best time to buy a new home as the new home you choose to buy will be at a lower price now than in say a few years. If you’re looking to upgrade and move to a bigger house now is definitely the time as larger houses will obviously become more expensive.

However, if you’re considering moving house but not desperate to move in the immediate future, it may well be worth hanging on for a few years to see if your home increases in value anymore. This is especially important if you’re planning on downsizing as you will probably make more of a profit on your home by waiting it out for a few years. If you have a property in a very desirable area such as London, holding on to your house for as long as possible is advised as it may double in value over the next ten years.

Therefore, it’s a good time to think about selling your home all round. Whether you’re in a position to hang on and see prices increase even further or need to sell up as soon as possible, making any move in a housing boom is definitely a safe option, you just might make a little more money by waiting a few extra years.

Starting A Side Income Stream: Selling On Amazon With FBA

This is a post by staff writer Jeff. Jeff blogs about finances and going green at http://sustainablelifeblog.com and has started a new project detailing his efforts to earn money online at onlinesideincome.com

There are plenty of ways to earn extra money and a lot of ways to do it solely online as well. You may need it for more security, perhaps work from home to watch your child(ren) or some other reason. The reality is that no matter your situation, a little more income every month never hurt.

If you spend your time reading online a lot, you may have heard about various ways of making money on Amazon. There’s the popular Pat Flynn interview with Jessica Larew, talking about how she buys things at clearance sales in department stores and places like CVX/Walgreens and resells them on Amazon for a profit.

There’s another way, sometimes called “white labeling”, which essentially involves creating your very own product, having it produced in China and then selling it on Amazon FBA (Fulfillment by Amazon). While this takes a lot more capital than the other method, you “own” the buy box (meaning you’re not competing on price with anyone because your item is original) and you can decide the margins of your product. This is very much a capital-intensive business, but as you can see from these few posts about Amazon FBA, the potential for returns are huge.

If you’re interested, here’s what you’ll need to do.

First, you’ll want to select a product. This is without a doubt the most important step. You need something that you can buy in China (look on alibaba.com for suppliers) and sell for 3-4x on Amazon.com. You’ll need to make sure your product idea is profitable, which you can do with one of 3 tools: Primeseller.com, Unicorn Smasher, or Jungle Scout. With these tools, you can filter out some lower priced product and find something that you can sell on Amazon.

Second, you’ll need to find a supplier on Alibaba. I was lucky and had a group to reach out to and got a recommendation from someone who has been manufacturing in China and selling online for almost 10 years, so I greatly trusted his recommendation, and it did not disappoint. The product was high quality and made with high-quality materials, and I was very lucky. This probably took a few weeks off of my total product to Amazon time because many need to try out 2-3 suppliers to find one they like.

Once you’ve found a supplier and a product, you need to go through and look at competing products and see what other people who own the product like or do not like about it. There are plenty of reviews online (and on Amazon.com) and there are great ideas in there. For instance, one of my competing products did not have the ability to do something that I (and many others) thought was a requirement, so I easily adapted the product and added that feature. This differentiated my product from the others in the category and allowed me to charge a higher price point.

What’s important here is finding the right product and making your product better than what’s already on the market. If you can nail those 2 things, you should be fine with your product.

If you’re looking for a few more resources on Amazon FBA, this 17 part series is very through and helped me quite a bit when I got started.

Readers – are you interested in Amazon FBA as a side income source? Or would you prefer something else?

Share your experiences by commenting below! 

***Photo courtesy of https://www.flickr.com/photos/emmajane/65585561/in/

How To Make the Most of Your Automated Trading Software

The following is a guest post. Enjoy! 

As recently as 2014, it was projected that the volume of daily forex trades would exceed $5.5 trillion across the globe, while this number has surely risen further in the two years since. This underlines the popular and lucrative nature of the marketplace, while doing little to highlight the challenges that it poses as a volatile entity. This statistic also fails to offer an insight into the increasingly automated nature of the market, where increasingly sophisticated and complex algorithms continue to drive trends and orders.

How to get the Most from your Automated Trading Software

Amid the rise of online brokers and virtual trading accounts, the emergence of automated software has gone relatively unnoticed. If you are looking to get to grips with such a system and optimize your performance as a trader, however, you may need to follow the following guidelines:

1. Trust your software

Automated trading is not for the faint-hearted, while there is no room for half-measures when placing your faith in a predetermined algorithm. It is therefore imperative that you select your software carefully and trust it entirely, as this will play to the strength of automated trading and its main benefits. One of its primary advantages is that it removes human emotion from your trading decisions, but you can only capitalize on this if you back the algorithm and make a commitment not to interfere with it.

2. Back test your Software Prior to use

If you are unfamiliar with back testing, this applies trading rules and laws to historical market data to determine the viability of a particular concept. This has huge merit with regards to automated trading, as it can be used to test each individual algorithm and the core premise of any given software design. So long as you apply absolute rules and establish realistic market settings, back testing allows you to debut your software in a simulated environment before you risk your hard-earned capital. With this in mind, you can carefully test and refine your automated strategy in a bid to optimize future profits.

3. Give your software time to achieve consistency

Even if your trust and back test your software, it is important to manage your short and long-term expectations before judging whether or not it has the potential to be successful. After all, no trading plan (whether manual or automated) can deliver returns 100% of the time, and as a trader you should instead prioritize steady and consistent gains that can be sustained over a period of time. So long as you invest conservatively initially and set limits with regards to how much you can lose, you must allow your automated software time to achieve consistent results that offer you a true insight into its performance.

Places to Earn A Little Extra Money in 2016

It’s hard to believe that we’re already almost finished with January 2016. Have you been able to lay out your financial resolutions and/or goals for the year?

Personally, I am a little bit behind on my financial planning and goal setting for the year, as my wife gave birth to our first child on January 7^th. However, I have put together a plan to contribute to our pre-tax accounts in order to lower our taxable income so that we’ll be in the 15% marginal tax bracket for 2016.

If you’re looking for some ideas on financial resolutions for 2016, a great place to start is to organize your finances to earn a little extra cash for a rainy day. To bring in the dollar bills in 2016, here are a few places/financial accounts available to help get you there:

1. Online Savings Accounts

You never know when a rainy day is going to hit, so setting aside money in a savings account is a great way to reserve your cash in case of an emergency. In my personal finances, an online savings account is one of the most important tools I use. I employ online savings accounts to park my emergency fund savings, as well as my savings for life values and dreams based financial planning.

2. Certificate of Deposits

Another place to earn a little extra money in 2016 (and beyond!) is with a CD, or certificate of deposit. Often, CDs have a few more restrictions/requirements than the online savings account discussed previously, such as a minimum opening balance and minimum investment term. However, if you have more flexibility in your finances, CDs can be a great way to earn slightly higher interest rates in a very secure manner.

3. Money Market Accounts

If you want to earn high yields but still have frequent access to your cash, then a money market account is for you.

4. Cash Back Credit Cards

Of the various types of rewards cards out on the market today, cash back rewards cards are my favorite. This is because I get cash back from my purchases, which of course, can be used in a variety of ways instead of being restricted to purchases from a single industry or vendor. When you are shopping around for a cash back card, it is good to have a minimum expectation for the cash back you receive. First, you should get a minimum of 1% cash back on ALL purchases, regardless of category. Second, in today’s competitive market, the card should have opportunities to earn a higher percent cash back either from a specific vendor or in rotating categories of purchases.

How about you all? What are your favorite ways to earn a little extra side money?

Share your experiences by commenting below!

Are Gold Backed Prepaid Cards the New Standard?

The following post is by Luis Aureliano. Enjoy! 

Gold has been held as a store of value from time immemorial. This is because when compared with money, gold is an item which does not get damaged and does not lose value in a precipitous manner. If you throw in $1m in cash into fire, it gets destroyed completely. If you push gold into fire, gold comes out unscathed. It may liquefy, but if thrown into a mould, it gets back into shape without being lost in any way.

This is why most governments keep gold reserves to back up the value of their currencies. It is also why in times of global market upheaval, we see a hefty demand for the metal commodity, which ends up pushing its price upwards. Over time, the price of gold has actually experienced a steady rise. From just under $300 an ounce about fourteen years ago, gold now sells for above $1,000 an ounce. But a comparison of the exchange rate between the US Dollar and the Euro fourteen years ago when the single currency replaced local currencies in the Eurozone, shows that the exchange rate between both currencies has not changed so much.

So it just makes logical sense to preserve at least a portion of your investments in gold. However, there is a new innovation in the prepaid card industry and that is the storage of money in prepaid cards in the form of gold units.

The Prepaid Card Innovation: Gold-backed Prepaid Cards

Perhaps one of the best prepaid card innovations in the world today is the development of a prepaid card which has the ability to be redeemed with physical gold bullion from your directly from your account and spend your funds in currency. Prepaid cards are by nature, not credit cards. You can only spend money on a prepaid card when there is money on it; you cannot spend money on a prepaid card with zero balance.

Benefits of a Gold Prepaid Card

Using a prepaid card directly linked with your vaulted gold savings comes with many benefits. Some of these are listed as follows:

1. The prepaid card enables users to preserve the value of their money. The users can have their savings in their gold bullion and redeem to the prepaid card to take profits from the rising price in the metal. The liquidity and transactional value from this is unprecedented.
2. Gold is a great way to save. Gold has gained more than 3,000% over the US Dollar since the era of fiat money was ushered in by Richard Nixon’s government in 1971. We’ve already pointed out that gold has multiplied in value where the EURUSD exchange rate has virtually gone back to its introductory rate in 2002.
3. For those who love to shop online or want to perform remittances (both services which may require currency conversions), the prepaid card works perfectly as it helps save on transfer fees.

How a Gold-Denominated Prepaid Card Works

You may be wondering how a prepaid card works. In a few sentences, this is explained below:

1. You will have to order a prepaid card from a company which provides a service where funds in a prepaid card are held against a gold standard. One of such services is the GoldMoney® Prepaid MasterCard®, offered by BitGold.
2. When you apply for the card and are approved, you can purchase gold units and add same to your account. You can check the balance of your gold on the website of your card provider. Whenever you want to use the card, you can sell your gold savings in exchange for cash on your cards.

The prepaid cards can be used in the same way as any other credit or debit card. The cards can be swiped at retail point-of-sale (POS) terminals, use for online purchases or used for cash withdrawals at a local ATM in your local currency. The funds are protected and preserved with real, vaulted gold, meaning that you will end up not paying any interest on purchases.

Conclusion

With the economic uncertainty in today’s world, it is imperative that we all start to live smart and get the best monetary deals that the world has to offer. One of such deals we will find useful in everyday life is the use of gold-denominated prepaid cards.

Steps to Take If Your Paycheck Is Late

The following is a post by MPFJ staff writer, CJ, who blogs at thesingledollar.com about personal finance, budgeting, frugality, and debt repayment.

We’ve all been there: it’s payday, we’ve got rent to pay and food to buy, and for one reason or another, the money’s not where it’s supposed to be: in our bank accounts! This is a really stressful situation, but it’s not as uncommon as it should be, so it’s good to have a plan in case it happens to you.

Protect Yourself First

If you don’t have your paycheck on time, the very first thing you need to do is make sure the situation won’t get worse. If you have enough money in savings, move that over to your checking account right away. But if you’re living paycheck to paycheck, you may have to take more drastic steps. For example, if you have an auto-draft set up on your bank account, you might need to cancel it. If you’ve already written a check, you might need to ask someone not to cash it yet, or you might need to ask your bank to stop the check (in other words, not cash it). Be careful with that last option, since there will probably be a fee — but it might be worth it to you to keep from going into overdraft. You’ll have to check your terms of service carefully to determine what to do. If you’ll have to be late on rent or some other vital bill, call up your landlord or service provider and explain the situation. Ask for a grace period so that you don’t have to pay a late fee.

Determine Why This Happened

There are many reasons your paycheck might be late. It could be because of a malfunction in an automated system; because of a bank holiday or something similar that prevents the check from clearing when you expect it to; or, more worryingly, it could be because your employer doesn’t have the money to hand. If it’s a mechanical or system error, it’s probably nothing to worry about for the future (unless it happens again!), but if your employer is short of cash, that is a major issue. Like these workers in Chicago who had frequent issues with late pay, you’ll have to use your judgment to determine how to respond.

Decide How to Respond

If your employer has been trustworthy in the past, you might be willing to let it slide. But you should let your manager know that it’s a big deal if you don’t get paid on time. Late paychecks may indicate that the company is in real trouble. If your paycheck is only a day or two late, this might not an issue, but in more extreme cases, employees have had to sue for breach of contract in order to receive back pay. Keep a careful eye on anyone who’s paid you late even once…and it can’t hurt to keep an eye out for another job.

We all hope that employee-employer relations are smooth and that, when we work as agreed, we’re paid as agreed. But since it’s not a perfect world, things don’t always go as planned. If a late paycheck is an occasional part of your financial landscape, you should be able to respond swiftly to keep the situation from getting out of control.

How about you all? Have you ever had to deal with the unfortunate situation of a late paycheck from your employer? If so, how did you deal with it while trying to maintain good ties with the employer?

Share your experiences by commenting below! 

***Photo courtesy of https://static.pexels.com/photos/3572/fashion-man-wristwatch-model.jpg

5 Myths About Renters Insurance

The following is a guest post. Enjoy!

They say that one way to predict the future is to invent it. And to invent a future where your property is safe includes buying yourself a renters insurance policy. Some people like to put this off, thinking they can settle the matter quickly if the need arises. But what happens when an accident or natural disaster strikes tomorrow? By then, it’ll be too late. Don’t let yourself reach that point. Set safety measures in place to protect yourself and your property in the future.

But maybe the problem goes deeper than procrastination? Maybe you’ve heard some things about renters insurance that are simply untrue. If that’s the case, you can start your search for renters insurance on the right foot by taking a look at these five common myths about renters insurance.

1. It costs an arm and a leg. This couldn’t be more false. While car insurance premiums can be awfully expensive, that’s not the case with renters insurance. According to US. News, you only need to set aside about $185 per year or just $20 per month for renters insurance, certainly nothing that’ll bleed your pockets dry.

If you’re afraid renters insurance will wreak havoc on your budget and drain your Happy Fund, no worries. With renters insurance, you’ll be able to spend so much less to secure your future peace of mind and security. Also, plenty of insurance carriers offer discounts with even lower premiums. If you already have an insurance policy, ask about bundling. You can also install safety measures for increased savings. Things like a deadbolt, fire alarm or a fire extinguisher will chip away at your premium cost.

2. It’s only great for stolen property. According to Lifehacker, a renter insurance policy often includes different types of coverage that you can choose from.
   1. Personal property coverage. Want coverage for everything you use daily—from your shoes and clothes, to your furniture and appliances. You can throw in any jewelry pieces or even that grand piano or cello you want insured. If you have items far more valuable though—a priceless painting for example—try looking for extended coverage.
   2. Liability coverage. Let’s say someone incurred an injury or suffered property damage because of an accident you or someone from your household caused. Maybe your waterbed sprung a leak and that seeped into the apartment below, causing damage to their couch and floorboards. Your renters insurance will cover their expenses.
   3. Medical expenses for others. Say you and a friend were trying to fix something inside your apartment—DIY style—and your combined handiness level wasn’t what you both pictured. One thing leads to another and your friend ends up with a deep cut that requires stitches. You’ll be glad you have renters insurance. This way, your friend can protection from medical fees no questions asked.
   4. Additional living expenses or loss of use. In case a natural disaster devastates your home and you need living expenses to help pull you through the next couple of days, then this coverage is the right one for you. So if you live in an area where you know you’ll have to evacuate your home once or twice a year, then being provided with living expenses ensures you get all the help you need. Also, don’t forget to find out how long the living expenses will last.

3. My landlord will give me coverage for my belongings. Unless this condition is specifically expressly in the contract—one you’ve verified with your landlord—then don’t assume you’ve got coverage for your property. It’s more likely that your landlord will only be responsible for any structural damage in the apartment. But coverage for any damage to your property won’t be part of the package.

4. It only covers my personal possessions. Not really. A lot of renters insurance policies offer coverage for the following: theft, fire and water damage, vandalism, smoke damage and lightning. So if you live in an area where vandalism or theft are rampant, then you’ll have to brace yourself for a quote that’s higher than the standard.

5. I don’t need insurance coverage because I don’t have that much stuff. Believe it or not, a lot of people think they don’t have enough things to justify the need for renters insurance. But try making a list of all the things you own alongside their market value and you’ll end up realizing that you have a lot more stuff and associated value than you thought.

Next time you hear someone spout off about the uselessness of renters insurance, you’ll have these myths to happily debunk.