Need Some Extra Money: 5 Ways to Help Ease the Stress of your Pocket Book

It seems that prices are always inching up, but income is not keeping pace with rising costs. This is bad news for a lot of people struggling to make ends meet. 

If only there were a road map to easing the financial burden placed on the average pocketbook these days. Fortunately, it is always possible for clever individuals to think up ways to generate extra cash. 

Here are five money generating ideas people can put into practice today to ease the stress on their pocketbook.

Be Extremely Cheap

It is often said that a penny saved is a penny earned. The best way to fill a pocketbook with more money is to curb spending habits everywhere possible. 

From buying generic products to keeping an airtight budget, it is possible to build more wealth by not wasting it in the first place with impulsive spending and lavish tastes. 

There is no shame in being frugal or thrifty especially if it helps you build your wealth and if you are successful in life.

Have a Yard Sale

Ask yourself how much stuff you actually have that you don’t use or need or want anymore. A closet or garage filled with items people never tend to use is a goldmine in the making. 

Simply go through the stored items, determine what they are worth, mark them with prices and plan how to let others know the yard sale is on. Whatever items you don’t sell in your yard sale you can either keep for right now or you can try and sell online. 

Craigslist is a great way to advertise a yard sale and turn your old items into cold hard cash. The last case scenario that you can do if your yard sale fails and you fail to make a sale online is taking that item to a pawn shop.

Freelance

While a day job may not be generating the income a person wants, many people turn to freelance work in their spare time to earn big. 

Whether it is cutting lawns around their neighborhood on the weekend or cleaning homes with a friend, freelance work can make it possible to pack away more cash for a rainy day. Now days there are various mobile apps that help people find freelance work across a broad range of industries.

Coin Collecting

Whether people realize it or not, there is big money to be made in coin collecting. Before a person begins sifting through pocket change or purchasing more exotic, numismatic coins, companies like Rocky Mountain Coin Inc. suggest becoming familiar with the Sheldon scale. 

This is the method used by professional coin collectors to determine the overall worth of their coins and ensuring they get paid full value for what their coins are worth.

Affiliate Marketing

Companies online are always looking to pay people a commission for marketing their products. 

Many of these affiliate programs pay out a substantial portion of the profits generated by their affiliate marketers. In most cases, online affiliate programs are both free and easy to join. Top marketers have even replaced their regular, low paying jobs with affiliate marketing opportunities that pay them much higher wages.

The methods by which a person can generate extra cash are nearly limitless. When it comes to making extra money, the sky truly is the limit. The key is to keep one's eyes open for the right opportunity that will work best for their particular situation. 

Remember, there is no law that says a person cannot employ multiple money making methods at the same time to generate numerous streams of income.

Financial Advantages You Have When You’re Older

There are many people who feel anxious about getting older, and have a certain sense of panic about leaving their younger years behind them. 

There are reasonable concerns about getting older. Your physicality won’t be what it once was, and nobody likes achy joints. However, for those of us who have a few more years on our belts, society sets aside a plethora of exclusive benefits that almost make it worth it to get old. 

Aside from the maturity that comes with being a person who has lived longer, communities often offer financial benefits that are designed to make life more comfortable for the elderly, and make it easier to enjoy retirement and traveling when we’re finally ready for our golden years. 

Here are some financial advantages that you have when you’re older...

Reverse mortgages

Today’s housing market is pretty messy. Since the housing bubble burst in the 2008 stock market crash, we have seen a slow recovery and a reluctance on the part of many lenders to give out home loans, or to allow people to get second mortgages. 

This means that many people are unable to access the capital that they are putting into their home by paying their mortgage, unless they are going to straight up sell it. However, there is a specific type of maneuver that is available to people who are over the age of 62. 

This financial action is called a reverse mortgage, which allows people to access the value that they already own in their home, but without having to pay it back as long as they are alive and living in the home. This is a great way to access a good amount of capital, quickly, without having to worry about getting buried by the payments of another mortgage. 

To find out more about this process, check out this helpful 2-part series here.

Senior discounts

The average American tends to spend quite a bit of money eating out, as it consumes more or as much of people’s food budget as grocery shopping, nowadays. 

The good news for elderly folks, however, is that many restaurants and places learned the valuable lesson of respecting their elders, and decidedly offer a discount for people who have been around for over 65 years. 

Although it may only save a few dollars, here and there, senior discounts can add up to quite a pretty penny if you are the person who eats out at restaurants rather frequently. 

These discounts don’t just work for restaurants, either, though, but also are offered at many different concert venues, movie theaters, and even museums (although what person who lived during the stone ages really wants to visit a museum).

Senior tax deductions

If you know how to be savvy with keeping track of your expenditures, any person can set themselves up with nice deductions when tax season rolls around. However, this is especially true for people who are over the age of 65. 

While the standard deduction more most younger taxpayers sits at $6,300, that same number is a whopping $7,850 for senior citizens. Married couples who are over the age of 65 also get some extra deductions during tax time, with each spouse offering an extra $1,250 towards their deductions, or a full $15,100 if they are both 65 or older. 

There are also added deductions for medical expenses for citizens who are over the age of 65, as they are often in need of more medical care as they get older.

Social Security

Contrary to what many younger people believe, Social Security is not merely a tax. Social Security is a mutual fund that people pay into throughout their lives so that they can benefit from the amount that they put into it when they are ready to retire. 

At the age of 62, citizens start to pay less on Social Security payments than they did before. After the age of 66, they begin to start getting the payout of what they put into the system on a monthly basis. 

This makes Social Security notably different from a welfare program, as it is a system that is paid into and then paid out. The amounts that you get later on in life are dependent on how much you paid in, and then your payouts are adjusted for inflation and a COLA (cost of living adjustment).

5 Things to Know Before Investing in a Small Business

With the economy steadily recovering after the great recession, small businesses are experiencing a renaissance. While that's great for innovation, it can also be difficult to weed out the good business opportunities from the bad ones. 

With that in mind, this guide is designed to help new investors figure out what the most important factors are in making a business decision. 

Is the Business Idea Sustainable?

With the app craze currently taking Silicon Valley by storm, it's easy to get caught up in trend markets. Unfortunately, trends disappear as quickly as they come, and it can be difficult for a business to establish itself in time to truly capitalize on them. 

If you're considering investing in such a market, it might be a good idea to look at comparable businesses and see how long it took for them to establish themselves. 

Research the Structure

It's no secret that small businesses can be a risky prospect for investors. The Small Business Administration estimates that roughly fifty percent of all new small businesses fail within their first year. 

While investing early can certainly be rewarding, it also pays to understand exactly how the business plans to turn a profit. Going back to the restaurant example, if you plan to invest in a friend or relative's restaurant idea, make sure you've taken the necessary legal steps to make any deal official. 

Social bonds may be strong, but a legally binding contract is even stronger. 

Returns

Assuming the business is successful, when will you see returns? Investors that have a specific amount of time in mind before they expect to be paid should consider investing via a loan instead. 

Know the Operating Costs

One of the most important factors to consider when investing in a business is how much money it costs to maintain on a daily basis. For small businesses that are just starting out, it's also important to consider how money is being spent to establish the brand. 

For example, if a restaurant is spending money on extravagant furniture and furnishings, instead of cutting costs through suppliers like Budget Restaurant Supply, this should be a red flag for investors. 

Exit Strategy

Even if the business is successful, it's not uncommon for investors to have to wait several years before they can start seeing a return on their investment. 

Not only should an investor have an official exit strategy laid out in their investment, they should also expect to not see any kind of reliable returns for at least five years. If that's too long, then it might be best to consider holding off on the investment.

While this is by no means an exhaustive list of everything an investor should consider, it should serve as an effective baseline from which to study additional details further. 

With these five tips, you should be familiar with some of the most common failures of novice investors, and be able to tell the difference between a good prospective startup and a bad one.

The Best Mother’s Day Freebies and Deals for 2016

Mothers Day is just a few days away. So as to celebrate mom restaurants are offering discounts and specials to show mom just how much she is loved.

We already know mom is the real deal on Mother’s Day (and every day). Restaurants and other venues do, too. And that’s why every year they fire up bargains for you to share with the moms in your life.

Here’s what we found so far. More freebies and deals will be announced as we edge closer to Mother’s Day, which is May 8 (yes, it is earlier than last year). As always, we caution to check with your restaurant of choice to make sure it is participating in the Mother’s Day deal this year. We’ll update this list as the week progresses.

Beef ‘O’ Brady’s, the nationwide chain of sports pubs, is offering moms a free Mother’s Day meal with the purchase of a meal of equal or greater value. Dine-in only.

Eat at a Bob Evans on Mother’s Day and moms will score a voucher for free coffee that’s good for up to four visits.

Chicken Salad Chick, the Alabama chain with 52 restaurants mostly in the South, launches Mother's Day weekend Friday with a free scoop of its signature Classic Carol chicken salad to all moms.

Fogo de Chao is offering moms who dine at one of its Brazilian steakhouses on Mother’s Day a dining card good for a complimentary lunch or dinner on her next visit.

Hurricane Grill & Wings is giving away free dessert to moms on Mother’s Day with the purchase of an entrée.

McCormick & Schmick’s restaurants are once again honoring moms with a free chocolate-covered strawberry with brunch on Mother’s Day.

Dine at Spaghetti Warehouse on Mother’s Day and mom will receive a free lasagna or spaghetti dish on her next visit.