Erie, PA · Member since 2018 · 413 posts · 348 votes
Thought it would be a cool idea to share how you earn or save extra money, no matter how large or small....to help make our pockets bigger. I think finances is an area one can always improve on....might as well learn from each other.
I called xm radio and got my bill reduced about 8 dollars a month.
Also started using chase credit card. 1.5% cash back and bonuses on purchases I already make, I'll have about an extra 700 a year.
What are some hacks or extra income streams you have, real estate or otherwise?
My goal is to save $60k /yr. Rather save 60 than make 90. The net is the same after taxes.
I focus on big stuff. Saved $47k buying the LLC vs the commercial building, self-close buys, sell my houses by owner, draft my own finance docs, do my own taxes, swap my own water heaters, etc.
Of course I brown bag my lunch, have OTA antenna tv only and borrow seasons of shows and movies from the library. Also get audio books there.
Bought my last sports car way below value with the commission savings of my FSBOs last year. Could drive it a couple years and sell for what I paid. Invested the difference in stocks at key support levels, now can buy something else. Multiply your $.
I buy stuff like counter and cabinet resurface kits & ceilings fans on clearance at 70-90% off, then do the project. Bought $20k worth of windows for $1500 at the dump. Never spent more than $9-$10 on a $40+ gallon of mistint paint. Will buy $170 5gal buckets for $35, then mix my own and have a house painted or save a trip to the store picking and matching. That kind of stuff, while I'm there anyway.
I won't drive across town to save $.03 on gas or cancel my newspaper or gym membership, but will save on the fatties. Good discussion!
I started using an online bank for a savings account last year, and they have steadily been raising the interest rate; its 1.5% now. I keep the money I will be spending that month in that account until I pay the bills. Its not much, but its nice to get a few bucks of interest every month rather than a few pennies if that.
In general though I have just been trying to bring lunch from home every day rather than buying it.
@Jim K. oh ok that's manageable. Sorry for the 21 questions, I just think this is one I can implement because Im always at HD. I just started reviewing my tools that I have bought, how in depth do you have to go on the reviews? Does it matter what you review( Price range, or type), can it be a $5 can of wood stain? Do all reviews have to be good or can they be honest opinions? Do you get points for answering questions about your product reviews?
So I work with a lot of engineers and executives, my work parking lot looks like a car show on a day to day basis. WIth the lifted trucks, Mercadez, and expensive sports cars. I'm proud to say I drive a 1994 Chevy Cavalier, with faded red paint. Not only does it save me in a monthly car payment but it also saves me in my gas, because of the fuel economy of the little Red Rocket! Anyone interested in this topic should read "Set for Life" by Scott Trench. He goes over so many ways not only to make more money but also ways to save money. This book has opened my eyes to the frugal lifestyle.
Just say smart, highly informed things. I really feel it was my review of a simple block plane and answering a question about a bathtub that led to the invitation. HD and its vendors have people who read these things.
So that answers some of your questions. I feel very popular products, regardless of the cost, probably make a bigger impact to the invitation than specialty items.
As long as "honest opinion" doesn't equal "ignorant slam," yeah, that's fine. I still remember one stupid review I did of popular six-inch fiberglass mesh. It's labeled alkaline resistance so I tried to use it to tape cement board corners in a shower stall. That did not work out well, and my review focused on how it falls apart . On the other hand, the stuff is fantastic for plaster repair, taping drywall screwed to lath to old plaster after you prefill with hot mud, then covering with taping compound. That's all I use it for now.
At the time, I knew nothing about nonwoven reinforcing fabric for paintable membranes like Custom's RedGard and Laticrete HydroBarrier. I wasn't waterproofing the board faces on any of my tile shower surrounds.
So as soon as I wrote that review, four or five people felt compelled to defend the product, insisting that it worked GREAT with RedGard, posting pics...but this is fiberglass mesh tape. It most certainly does NOT offer further waterproofing protecting when used with a paintable membrane.
I look back on that stuff and think to myself how often the blind lead the blind in home improvement.
The typical brown bag lunch, cut cable, 1 hair cut a month, I paid $1000 for my car and it works perfectly. I work 2 jobs so I'm usually working and rarely able to spend money frivolously. I do online surveys, and the coolest one is on average I FIND $100 in change on the ground per year! You'd be surprised at the amount of change people disregard. I don't care who is looking I'm picking it up bringing it home and putting it in my container lol
Anyone pay their mortgage with credit cards for points/cash back?
Generally speaking it'll be more expensive than the face value of your earnings. This is because it's going to cost you in one way or another to pay via credit card for mortages.
There are ways around it and if you mix in some bonsues tied to spend it can be worth it, but you really got to plan it out and can be hassle. You'd probably be better off prepaying things like insurance or other recurring expenses upfront and then do something with the money you already had set aside or extra money each month (so long as you pay off before intro)
I started mowing lawns & umpiring select baseball that led to my first house hack & more rentals. Today my fiancé cuts my hair, I drive an 11 year old car with 150,000 miles with great fuel economy, and do apps & surveys to make additional income. I’ve also sold on eBay/Amazon started a 2nd business mining crypto & use a lot of couPon’s. I would never pay for cable & eat out all the time & cook great but affordable meals at home & grill out. I would say 2 out of 15 times eating out is expensive because I consider $7 for chipotle expensive because my eating out app deals & coupons are that good. It also helps that I work from home right by a giant shopping center. My housing is low cost as I handle repairs, appointments & stocking supplies in exchange for a garage loft. I want to move to Tulsa once I’m married as I can buy 3 houses & have 2 rentals close by for the price of a starter house here in the booming (lots of traffic) & very expensive DFW northern suburbs. I really only live here because of having family here in the area & the no state income tax. Would rather have land & be around friends in Oklahoma or head to the great outdoors of Colorado!
I cut my own hair, drive a 2001 Truck with over 195k miles on it, do as many repairs/rehabs myself as possible. All change goes into a jug to save up over long haul. About once a month I empty the change in my cup holder into the jug.
Abel- it was a result of choosing between a $70k townhome that’s an hour away without traffic or living in same area as family & specifically building it into the home design.
I admire your no car approach in Dallas! My fiancé car got totaled yesterday & we are down to 1 car with her using mine for a few days.
As an alternative to no car or 1 car for couples you can look into auctions & cars with salvage titles & no frame damage & have no car payment & minimal ongoing costs compared to Uber & public transit.
@Matt Millard - the garage loft is interesting. How did you come across that?
Hey Abel, did you see Dallas is on the verge of passing an ADU ordinance that allows owner occupied folks to have an accessory unit/Grannie flat.
Seems like a potential huge opportunity for a way to get additional income by building/buying an additional rental unit out back. (or live in the back unit.)
My wife and I bought a duplex and rented out the other unit. We just bought a house for our daughter to rent to her friends while she is in college.
Its a small thing but we also have older paid for cars. My car doesn't have Bluetooth, so I carry around a Dewalt shop radio so I can listen to my "Bigger Pockets" podcasts.
@Matt Millard - the garage loft is interesting. How did you come across that?
Hey Abel, did you see Dallas is on the verge of passing an ADU ordinance that allows owner occupied folks to have an accessory unit/Grannie flat.
Seems like a potential huge opportunity for a way to get additional income by building/buying an additional rental unit out back. (or live in the back unit.)
You know, I was actually thinking about this last week because I was brainstorming ways to further cut living expenses while living downtown (e.g., rent an ADU until I find a solid house hack opportunity). Would love to see the ordinance pass, seems like a no brainer
I went to school to be an auto mechanic. I don't use my degree at work, but I now do all my neighbors and my own maintenance! This saves me $60ish an oil change on my own car and makes me a little on the side.
We also have stopped using K-cups for coffee. Instead we bought a reusable insert for our Keurig and started making Maxwell House by the cup. It's not great, but we barely taste our coffee in the morning anyway! Now, instead of getting starbucks for a treat, I'll by a $5 box of fancy k-cups and have a latte at home on the weekends. That box will last me 2 months.
It is great to see that hustle in you. Just remember that the bigger you go the more rewards there are and income streams.
Ditto on drive paid-for cars. Still driving the 1993 F150 we bought in 1993. 248K. no air conditioning (in Oklahoma). You do what you need to do to get it done.
You don't have a SAVING problem, you have an INCOME problem.
Adopt an abundance mentality, not a scarcity mentality.
There is an infinite amount of money on this planet...figure out a way to make more. More revenue will solve a majority of your problems.
Here's what I did.
-Sell all your stuff on eBay. It's amazing what you don't need. Live a less complicated life.
-Find a "side hustle" that requires little work...again eBay, Amazon FBA, flip stuff found on craigslist, offer up or letgo. Get that going. Learn what sells and how to get it in abundance for cheap. Profit. Expand. Make more money and save the excess. There are thousands of dollars of stuff in your area probably.
-Before I do anything with my properties, I ask myself " Will I make money from doing (insert activity)?" If I cannot make money, or it would not be worth my time doing said activity, I look to pay someone else less than what I believe my time is worth to focus on a money making activity. For example, mowing the lawn. I have subbed this activity out to a high school student for $20. It's a win win for each of us. He makes $20 for easy work and I feel good about helping someone out. In that time it takes for him to mow the lawn, clean up etc., I can easily find several items to flip from Offerup, Letgo etc on eBay. Thereby, paying for his labor and also having money left over to spend elsewhere.
Not earning more money, but a trick that I just heard that I loved was since I get paid every 2 weeks, there are two months that I get paid 3 times. Put that extra pay check directly into savings
I have a pretty unique job situation where I get reimbursed for work miles, and my housing is paid for. I’m in the process of paying off student loans, so that’s a factor, but even with that, I do a blend of the following:
• 70-10-10-10 rule = all my bills add up to no more than 70% of my income (it actually falls well short, so I put the difference towards student loan repayment). 10% goes into savings ,10% into my IRA (which I've redirected I to savings in order to finish my safety net goal and build up a down payment for RE). The final 10% is tithed or donated to a good cause.
• I discovered that moving from my college town to the tiny town i now work in for my career is saving me tons of money. I get paid weekly, so every week, no matter what, I put $20 cash in a coffee can. I know it’s not the best way to save, but it’s nice because if I wanna splurge a little bit I don’t have to use my emergency savings or my expendable income. It’s how I bought my new pup!
•on track with that last one, I opened a new savings and set up automatic transfers from my checking account. $5/day. Automatic, mindless. I don’t have to do anything
•I put my mileage check straight into savings
•I used to use the Acorns app. I never got great returns but I loved it for its Roundups perk. Basically, you connect your debit card and it rounds up the change from every purchase you make and automatically withdraws it and puts it into your acorns account. My new bank doesn’t support Acorns so I go in at the end of every month and do it manually. It’s time consuming but just one more savings aid.