Practical Money Skills

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Money Is_This_How_You_Make_It_

There are several methods to make extra money which you may not have tried yet. Most people have jobs and work for someone else, but there are many ways in which to be self-employed. It just depends on harnessing skills and knowledge you already have, and finding clients to pay you for them.

With their busy schedules, many families do not have time to make home-cooked meals. If you have cooking skills, advertise in your local paper that you will prepare food to order. If you are dealing with a family or a small party, you can handle the job yourself and won't need any helpers. And who knows, as your client base expands, you may want to hire an assistant and become a professional.

If you are retired professional, think about working part-time from home. For example, an accountant could do income tax, and an ex-office worker can type student essays.

If you can't find a full-time job and have typing and word processing skills, think about applying to office temp agencies. The work can be irregular, but it pays fairly well.

If you have specialized knowledge, such as a trade or profession, write an e-book with tips the public can use. For instance, an electrician can write down simple steps to installing a light fixture; a nurse can advise middle-aged baby boomers on how to care for elderly, debilitated parents. With a tight economy, many people are trying to save money by doing household repairs themselves. Step by step advice on dealing with common household emergencies or car problems is useful to many people. Medical advice is extremely valuable, and there are many online books being sold successfully to help patients deal with common medical problems such as diabetes and heart disease.

Also, if you have a college education, think about tutoring students. You don't need a teaching diploma to help a grade-school child who is having trouble reading; often the most important skill in this instance is patience. If you know how to play a musical instrument, give music lessons.

If you have a website or are considering starting one, place Google Adsense ads on it. It will pay for the maintenance of the website at the very least, and if you get enough traffic, it can provide an extra income stream. Consider becoming an affiliate for other companies featuring products and services related to what you are selling. For instance, a website featuring autoparts could do affiliate sales for car companies and tire suppliers. These items would enhance your own website by expanding the available product line without detracting from sales of your own product.

People with no knowledge skills can often make money through doing physically tough jobs that unathletic or elderly people can't do. Washing windows, cleaning rain gutters, moving, landscaping and housecleaning can pay up to thirty dollars per hour, and are really no more demanding than the jobs offered for minimum wage, such as flipping burgers or waiting on tables.

If you own your own home, consider renting out the basement to students or pensioners. These are usually quiet tenants who will respect your privacy, and provide a steady rental income of up to several hundred dollars a month, depending on the size of the accommodations you have available. If you live in the country or some scenic area, it may be possible to run a bed and breakfast, but being an innkeeper takes more time and effort than renting to long-term tenants.

Many communities have free local bulletins which charge only nominal fees for advertising. Public bulletin boards are often available at the local mall. Create many copies of an ad briefly describing the service you are offering and how much you charge, with tear-off tags at the bottom with your name and phone number. Post the ad all around your neighborhood and you are bound to get a few replies.

Mortgage loans Obtaining Mortgage Loans Depends on FICO scores

FICO Scores were developed by Fairlsaac Corporation. Fairlsaac is a leader in the credit-management arena. Their development has become an industry standard for determining an individual’s credit worthiness. The score is determined by payment history, credit history, which includes how many credit inquires have been made on you over a period of time, how much credit you have actually used and what kind of credit you are using.

The score grades your history. It provides a snapshot of how you make your payments. If you make your payments timely, you will have a low credit risk score. The FICO score shows on credit reports. If you score is lower than 500, you pay a premium to obtain a mortgage. If your score is above 700, you can obtain better interest rates.

Ways to increase your score are:

1. Pay your bills on time. Late payments reflect negatively on your score.

2. Pay your medical bills. If you account is turned over to a collection agency, this will have a negative impact on your score.

3. Pay your school loans. In addition to reflecting negatively on your score, the government will find you and force you to pay this obligation.

4. Since the number of inquires impacts your score, less is better. The assumption is that more inquires indicate you have been turned down for credit.

You can obtain your credit report yearly from each of the three major credit reporting agencies. Federal law makes this possible. The report will lay out your credit history for you to review. Correct all errors. When you find an error, notify the creditor and all three reporting agencies. The credit must send a letter for the mistake to be rectified. You need to stay on top of this process. Finding adverse credit issues when you actually need to obtain credit will hinder your ability to obtain financing.

Mortgage lenders look for at least three open credit accounts older than a year. Maintaining long term accounts will help you immensely. Pay your bills on time. Pay high credit card debt and pay off interest loans first. Don’t use your credit card to its limit.

You can seek a pre-qualified loan for a mortgage before you seek housing. This process is usually verbal and often free of charge. Once you have a pre-approved mortgage, you can complete and application easily. This is a legal loan agreement which should expedite the closing on your home. Of the two – pre-approval and pre-qualified, the best is pre-approved. This approval gives you an idea of your buying power and determines what you can actually afford.

Your Real Estate agent can guide you in the right direction to start your process of applying for loans.