Tag: Financial Education

Debt Sucks: Here’s How To Pay Off Thousands In Debt

August 23, 2022 / Frank Nez

Whether you’re in debt with credit cards, student loans, car notes, or house loans, we all have some form of debt.

The thought of paying off your debt might seem stressful at first but imagine what a debt free life could mean for you.

Debt keeps us from saving money, investing it, and reaching financial freedom.

So, what’s the best method to eliminate debt?

The Snowball Effect

There are a few proven methods to paying off debt. We favor the snowball effect method due to its quick momentum and effective results.

This is how it works

You start by paying down your smallest accounts first while making minimum payments on the rest of them.

The approach is to eliminate your smallest debt aggressively. Once you’ve paid off your smallest account, rollover that payment onto your next account.

By the time you’re paying off your third account, the amount equivalent to your monthly payments from the first two will have a drastic effect moving forward on your outstanding balances.

Avoid This Mistake To Stay Debt Free

Avoid Income Creep to stay debt free — Don’t spend more as you earn more

In order for the snowball effect to build momentum, you must be consistent and not divert from rolling over once your first debt has been eliminated.

Most people will fill in the space with something else once they’ve paid off their car or credit cards for example.

This spending habit pulls you back to a never-ending cycle.

Remember, once you’re debt free all that disposable income is yours to enjoy. Save it, grow it by investing, and enjoy it!

Don’t let income creep lifestyle keep you from reaching your financial goals.

This is how people making six figures a year can be in financial ruin just as much as anyone making five figures.

Read: How To Set Financial Goals: 10 Simple Steps!

Generate More Income To Tackle Debt

Everyone has very different financial situations or worlds.

Create a world where you’re earning a little bit more than what you were in order to apply this additional income towards your debt.

Check out “These Are The Best Side Hustles For Millennials in 2020” to read about the best side hustles that can earn you additional income this year to make it happen.

Continuously work towards earning more income to pay off your debt more aggressively.

The sooner you payoff one debt, the sooner you can move on to the next while eliminating accruing interest.

Create A Budget

Use a loan calculator for your student loans to understand and save better on bigger payments, as well as finding areas you can budget for, such as junk food, streaming services, and other non-essentials.

You’d be surprised at how much you can save a week by meal prepping instead of eating out daily.

Write down your expenses and see where you can cut back. This strategy will help you not only develop a winner habit but play an important role in your journey to a debt free life.

Mint is a great app that breaks down your expenses and allows you to have an overview on all your account balances.

It Takes Discipline

The fact that you’re here shows your willingness to make this incredible change in your life.

Financial freedom is an amazing experience we all deserve a chance to.

Realistically, only by taking the necessary actions to see our goals through will we truly reach a debt free life.

It’s time to live in the moment and focus on the things that truly matter to us the most.

Be consistent, stay on top of your goal, you have the power to do this.

Read: 10 Successful Ways To Save Money During A Recession

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How To Make Money Online: Top 13 LEGIT Ways

April 27, 2022 / Curating Team

Making money online has become more and more popular in recent years. And it’s no wonder why!

With the technological advances we’ve seen in recent years, it’s now easier than ever to make money online.

There are various ways you can make money online, and in this article, you will explore the top 13 LEGIT ways to do so.

Let’s begin!

1. Start a Blog

If you’re passionate about a specific topic, starting a blog may be an excellent way to make money online.

You can monetize your blog through advertising, affiliate marketing, or selling digital or physical products.

To be successful, you’ll need to invest time and effort into growing your audience and creating high-quality content.

2. Become an Online Tutor

If you’re looking for a way to make money online, one option you may want to consider is becoming an online tutor.

There are many platforms like Upwork or Guru, where you can offer tutoring services, and many of them are very flexible in terms of scheduling.

If you have expertise in a particular subject area, you can use your skills to help others learn more about the topic and earn money at the same time.

3. Become a Virtual Assistant

Virtual assistants are in high demand, as businesses of all sizes seek efficient remote workers to help with big and small tasks.

Virtual assistants typically handle various administrative tasks, including managing calendars, responding to emails, scheduling appointments, and providing general customer service.

If you have strong administrative and organizational skills, becoming a virtual assistant is an excellent way to make money online.

4. Take Online Surveys

Making money online is not as difficult as you may think. There are many legitimate ways to make money online, and taking online surveys is one of them.

Many companies need your opinion on their products and services, and they are willing to pay you for it.

To make money with online surveys, you will need to find reputable survey companies like Survey Junkie and sign up with them.

Once you are a member of a survey company, you will take surveys and get paid for your opinions!

5. Become a Freelance Writer

One of the best ways to make money online is to become a freelance writer.

Many websites and online magazine publishers are always looking for new and high-quality content.

If you have a knack for writing, becoming a freelance writer can be a great way to earn a steady income while working from home.

6. Sell Handmade Crafts Online

Are you a creative person who loves making things with your hands? If so, selling handmade crafts online could be a great way to make extra money!

There are many different types of crafts that you can sell online, such as jewelry, paintings, knitted items, woodwork, and more.

And the best part is that there are many different platforms you can use to sell your crafts, such as Etsy, eBay, or Amazon.

If you’re looking for a legit way to make money online through art, be sure to check out Gelato’s printing services and start selling your creations today.

7. Start a YouTube Channel

Starting a YouTube channel could be a great way to make money online if you’re creative and have something to share with the world.

You can earn revenue from advertisements, sponsorships, product placement, and selling merchandise and courses.

To get started, create high-quality videos that are entertaining and informative, and focus on topics people are searching for.

8. Become a Data Entry Worker

Data entry is one of the most straightforward options to make money online.

Data entry involves entering information into digital formats, and there is a growing demand for this type of work as more and more businesses move their operations online.

If you have basic computer skills and are comfortable using Microsoft Office or other basic office software, you can start working from home as a data entry worker.

9. Sell Unnecessary Items on eBay

If you have items lying around the house that you no longer need, you can consider selling them on eBay and earn money.

eBay is one of the most popular online marketplaces, and many people make a full-time living by selling products on the site.

To get started, create an account and list your items for sale. Be sure to include clear photos and descriptions, so buyers know what they’re getting.

10. Provide Customer Service

When it comes to making money online, providing customer service is one of the most popular and legitimate ways to do so.

Many companies are always in need of customer service representatives to handle customer inquiries and complaints via phone, email, or live chat.

If you have excellent customer service skills, then this may be the right online money-making opportunity for you.

Many businesses and individuals need help managing their social media accounts.

If you have experience in this area and are familiar with popular social media platforms like Facebook, Twitter, and Instagram, then this could be a great online money-making opportunity for you.

12. Become a Translator

If you know one and more languages fluently, you can consider becoming a translator.

There is a growing demand for translators as more and more businesses expand their reach to global audiences.

This can be a perfect way to get started in the translation industry, build up your portfolio while working from home and generate extra income.

To excel in the competitive field of translation, it’s crucial to gain Spanish proficiency through high-quality online courses that cater specifically to your learning needs.

13. Become a Transcriber

Transcribing is one of the easiest and most popular ways to make money online.

A transcriber’s job is to listen to audio files and convert them into written text.

If you have good listening skills and are comfortable using a computer, you can start working as a transcriber from home.

Bring in a Steady Stream of Income!

So, there you have it, 13 legit ways to make money online in 2022.

While some of these methods require a bit more work than others, all of them can help you generate an income if done correctly.

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Read: How to Start a Blog Step-By-Step for Beginners

Millennials & Financial Education | Invest in Your Future!

June 15, 2021 / Frank Nez

Millennials and financial education - Invest in your future - franknez.com

Financial education or financial literacy, is the education and understanding of multiple financial areas and topics related to managing personal finances, money, and investments.

So why are millennials so quick to avoid the topic of financial education, and why is it essential we empower ourselves with this knowledge no one is teaching us today?

Welcome to Franknez.com – the blog where you can digest content on personal finance, side hustle ideas, entrepreneurship, and trending investing topics.

Lets get started!

The Discipline of Saving Money

Why save now when you can save later! I’ll do it when I make more money. Let me take care of Christmas first. The list goes on when it comes to reasons as to why we cannot save money.

The discipline of saving money at an early age in life will become the most rewarding thing you can give yourself in a time much different from where you are today. So why is it so difficult to save money? I mean we’re able to purchase the latest gadgets, splurge on streaming services, and constantly eat out after all.

Financial literacy teaches us that money is nothing more but a mere tool that opens possibilities and allows us to walk through life without the financial stress most of us can’t seem to stay clear of. I grew restless of living paycheck to paycheck. It was annoying, tiring, and overall an unnecessary stress that needed to be eliminated in order for me to focus on the things that truly mattered the most.

All it took was a shift in mindset and educating myself financially. And of course, the discipline to save money.

We tend to give the dollar a little too much value; we keep it close. One thing we must learn to do is to let go of the money, but not in the manner of spending it. It must be pooled into an account where you will consistently be depositing in order to ensure you begin building a safety net.

This will be useful in case of a sudden emergency (which will occur at some point), a shift in job/career, or for a large purchase such as property.

Investing Is Easier Than You Think

Investing - financial freedom — Learn the power of compound interest

A simple way to invest your hard earned money is by allowing your earnings to start working for you. Investing does not necessarily mean you have to invest in the stock market or real estate. One of the most simple ways to start your very first investment is by opening a high yielding savings account or money market account.

If you have a savings account it’s very likely your current bank is paying you 0.01% in interest a year. That’s a penny a year! They’re already investing your money so why not move your earnings to a high yielding savings account.

These bank accounts can pay up to 2.05% in interest per year. The amazing thing about these accounts is that the longer you continue to save, the more compound interest starts to reward you.

Compound interest is when interest is earned on the initial deposit, every deposit made, and on top of the interest already earned! Guys, I don’t think I’m the only one that wishes they’d known this sooner.

Rates will fluctuate from time to time but it beats leaving your money sitting in an account only to collect dust.

Read: Earn passive income with these 5 guaranteed strategies

The Path to Financial Freedom

Now that you’re consistently saving money, budgeting, and have made your very first investment, you’ve taken the initial steps towards reaching financial freedom.

Financial freedom requires self discipline, and a true desire for a financial stress-free life. By financially educating ourselves, we are able to navigate through our lives with one less thing to worry about so we can pursue and focus on the things we most value.

Take control of your life, teach this to everyone you want to see win, lets secure an amazing future, and be known as a financially educated generation.

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How To Stay Afloat During A Recession

April 1, 2020 / Frank Nez

We are super excited to share these amazing tips to keep you grounded during hard times. Kudos to you for looking out for yourself. Here’s how to stay afloat during a recession.

Don’t forget to subscribe to our newsletter!

Budget

Coupon
Cut unnecessary expenses such as subscriptions and streaming services (e.g. Disney Plus, Netflix, Hulu, etc.)
Avoid eating out – includes takeout

Use coupons to your advantage for discounts on your groceries and other necessary household items. By momentarily cutting off subscriptions and streaming services, you give yourself more breathing room. Avoid eating out as it tends to cost more money than cooking at home. Some restaurants or delivery services might offer free delivery at the moment but they are in the same situation during a recession. Take care of yourself first.

Build Your Emergency Fund

build your emergency to stay afloat during a recession

Put money in a high-yielding savings or money market account to earn you interest.
Stack some of your earnings in a personal savings account as liquid money.

By putting money into a high-yielding savings or money market account, your money gets to work for you. Compound interest will begin to accumulate and earn you money every month whether or not you keep depositing earnings. Tip: The more you deposit, the more your return is.

It is important that you keep stacking your money for your necessities. Move money into your personal savings account to keep as liquid money, or money you can pull out within a matter of seconds in case of an emergency. It usually takes 3 business days for earnings to come in from a money market account so it would be wise to keep some cash at hand in a personal savings account.

Live Below Your Means

Hold off on any moving plans, stay put
Avoid liabilities such as a new car / new home
Rethink your current standard of living

If you were planning on upgrading your standard of living this year you might want to hold off on those plans. Stay put, chances are your rent or mortgage is currently lower than where you want to go.

Avoid liabilities altogether. This means the new vehicle, the new home, the new tuition, etc. It is important to stay out of debt during a recession. Liabilities require you to take money out of your pocket and prohibit you from saving and investing it.

Rethink your current standard of living. If you’re able to momentarily downsize then you’re in a great situation, do it to reduce your costs on rent and utilities. Another great tip is to work together with people you trust and split the cost of rent in order to live adequately to cut back expenses and continue to save money.

Use Gift Cards During A Recession

Gift cards are an amazing way to treat yourself for free. Most people tend to use gift cards when the economy is booming and everything is great. If you’re like us, you probably have a few saved. Perhaps you just never got around to using them or have a little sense of self control most don’t.

Gift cards are great during a recession because it allows you to make a purchase without taking money out from your wallet. You’ll never get to appreciate them the same again.

Recycle / Cash In Change

recycle to stay afloat during a recession

Recycling is a great way to keep you afloat during a recession. You’re essentially getting cash back on all your recyclables. Plus, it’s great for our environment; let’s not forget that. Although recycling money may not be a lot, it is certainly a good way to earn $10-$20 every month.

Cashing in loose change is also a great way of gathering money that’s been collecting dust. If you’ve already been filling up the piggy bank now is a great time cash it in.

Work Temp For An Essential Company

Essential companies seem to be the only places hiring during our current coronavirus pandemic situation. Although we are currently facing this issue, it is unlikely we will be coming across this challenge for every recession.

Take precautions, but see what is hiring and how it may convenience you. Go where the money is and keep stacking your money.

Develop An Extra Source Of Income

Developing an extra source of income is one of the best ways to keep you afloat during a recession. There are many ways people are earning money online by working from home. Find your side hustle! Read: “Ways You Can Earn Money During The Coronavirus Lockdown” to see how you can begin making money on the side and from home.

An extra source of income will help pay for your necessities or allow you to put extra cash away into your money market account or personal savings account.

Millennial’s can also earn money by:

Delivering food
Providing ride-sharing services
Opening an eCommerce store
Writing as a freelancer using Fiverr
Tutoring online

We composed more ways on the excerpt below with more details to help you on your journey to earning extra cash!

Read: 7 Easy Ways Millennials Can Start Earning More Money

Sell / Pawn Unused Items

Sell items that you don’t use anymore to keep you afloat during a recession. This strategy is a quick way to put cash in your pocket.

Consider selling (old, extra, or unused):

MP3s / iPods
Cellphones / Smartphones
Blu-ray, DVDs, Headphones, Televisions
Gaming consoles / Games / Movies
Books / Board Games / Magazines

You can sell on Facebook market, eBay, Amazon, Craigslist, etc.

Rethink Transportation

It would be wise to make transportation arrangements in order to cut back on fuel expenses and avoid unforeseen car repairs. If you work locally perhaps it would be best to bike to work. Maybe your work is a few blocks away, walking is another alternative. If your work is cities away carpool with someone one week and alternate driving.

Use A 0% APR Credit Card

We don’t usually condone the use of a credit card but there are times where they become handy, especially when used responsibly. We suggest using a credit card with 0% interest in the event that there are no savings in your account. The 0% APR will help you pay off the credit card without any additional interest per the providers agreement. Do your research to see which cards fit your needs during a recession.

Here are other benefits to using a 0% APR credit card:

Payoff other credit card debt
Apply payments to principle on loans eliminating accruing interest
Most 0% APR credit cards have terms up to a year

Qualifying for one of these bad boys requires you to have great credit score so make sure you keep track of yours.

Read: Best Ways To Use A Credit Card Responsibly

Withdraw From Your 401K

This strategy is last on our list as it is only suggested as a last resort. The government has currently signed off a stimulus package that allows you to withdraw from your 401k without any fees. Although this is only temporary, it is certainly an option in order to keep you afloat during a recession. We recommend keeping a portion of these earnings in a money market account to earn you interest while it’s out of your 401k.

Also Read: How To Better Prepare Yourself For The Next Recession