Creative Ways to Earn More Money and Pay Off Debt

March 15th, 2017 | Author:

[I]f you already work a second job or have kids and no option to take on part-time work, you may wonder how you will ever be able to pay off debt and improve your credit rating. Fortunately, there are ways you can earn money even when you don’t have time to fit in another job.

1. Invest

It doesn’t take a lot of money to invest in stocks or bonds. You can start out small and increase as you earn money from your investments. This is not a get-rich-quick scheme and you won’t be debt-free overnight, but it is a solid way to add to your income over time. The key is to make sure you understand how investing works and know the markets or you hire a good broker to do the work for you.

2. Become a Landlord

This is another way to make money that takes time to see the results. However, you can earn a good second income if you already own an extra property or two from your parents or from buying a second home while trying to sell the first one.

You’ll need to learn the details about being a landlord where you live, and you’ll want to be careful about who you rent to. However, this is a viable way to make several hundred dollars each month of steady income without taking on another job.

3. Rent Out Your Own Space

Even if you don’t have an extra building to rent, you can rent out your own home. Rent a spare bedroom to a college student or allow travelers to stay there while they’re on vacation. You can even rent out a room as an office for people who don’t want to pay the prices of commercial spaces. Just make sure your city allows this before you start advertising. You can even rent out your garage as storage for someone who doesn’t have enough space.

All of these ideas are viable options to help you make more money and pay off bills. Just make sure you do your research and understand the pros and cons of each idea.

Newest Answers

Big Changes Coming to Credit Reports

August 18th, 2017 | Author:
h

[I]f you have a bad credit score, you may benefit from the changes coming to credit reports soon. If you’re one of the lucky ones, you’ll see your credit score improve. In fact, it is expected that up to seven percent of those who have credit histories could see a benefit. What Changes Most civil […]

Continue Reading »

Be Realistic When Budgeting to Get Out of Debt

August 17th, 2017 | Author:
h

[Y]ou’re deep in debt and you want to pay it off to improve your credit score and to make life simpler. You want to pay it off as quickly as possible, which means making some major changes in your finances and life. Many experts tell you to stop spending any more money than you have […]

Continue Reading »

3 Ways You Can Waste Your Money

August 11th, 2017 | Author:
h

[I]f you’re trying to become more financially stable and improve your credit rating, you must be careful with how you spend your money. While you don’t want to give up everything fun in life in order to be frugal, you also want to avoid wasting your money on unnecessary expenses. Here are three ways people […]

Continue Reading »

Starting Over from Bad Credit

August 9th, 2017 | Author:
h

[Y]ou hit rock bottom with your credit. All of your accounts went to collections and your car was repossessed. You don’t even want to check your credit score because you know it’s bad. While the situation might seem hopeless, you can turn it around. Once you’ve lost any credit worthiness, you are ready to work […]

Continue Reading »

How to Talk to a Boyfriend/Girlfriend about Their Credit Rating

August 7th, 2017 | Author:
h

[I]f you’ve been dating someone for a while, you may be getting serious. Before you start dreaming about the perfect wedding day or what life will be like with 2.5 kids and a dog, you need to know you’re on the same page about important issues. While many people think nothing of talking about how […]

Continue Reading »

3 Ways Credit Matters to Everyone

August 4th, 2017 | Author:
h

[Y]ou pay everything with cash. Your motto is “If I can’t pay cash, I can’t afford it.” That means no credit ever. You may assume that you don’t need to worry about your credit score if you don’t plan to use credit to buy anything. Unfortunately, credit isn’t just about loans and credit cards. A […]

Continue Reading »

3 Tips to Help Your Kids When They Have Summer Jobs

August 2nd, 2017 | Author:
h

[I]f your kids are old enough to take on a summer job, now is a golden opportunity to teach them about money and finances. If you start them out right, they will know how to handle money and financial responsibility for when they are earning a full-time income. Here are three tips to use this […]

Continue Reading »