back_in_the_1980s@hotmail
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How to Find Extra Income |
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I live in an area with a high cost of living. Although I earn a six-figure salary, no one will hire my wife.
It is true that we own two houses, other than the apartment that we live in. And, we rent out those houses to tenants. But, we still owe mortgages on those two houses. So, we don't render much of a profit, from this "business venture".
There is not much of anything that we can cut back on.
As I said, we live in an area with a high cost of living. Moving is easier said than done.
Does anyone have any ideas, on how I can find additional income?
Thanks!
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Sun May 29, 2016 11:08 pm |
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payment proof
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Joined: 16 Jan 2011
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A lot of people freelance online to make extra money. You may want to look at sites like Upwork. Free make money sites are another good way to earn as well. I've been doing that for a long time myself.
See Proof. You can make free money online.
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Mon May 30, 2016 4:44 am |
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back_in_the_1980s@hotmail
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Location: West Coast |
Online Sites |
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Are these sites legit?
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Mon May 30, 2016 4:55 pm |
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oldguy
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quote: There is not much of anything that we can cut back on.
Does anyone have any ideas, on how I can find additional income?
What problem are you solving (why do you need more income?)
Often, people have a problem with properly directing the income that they now have. And moving to a LC area may not be a good solution, your 6-figure IT job is probably location-sensitive.
Here's an example of managing - if a person directs $5000/yr into an investment it grows to million in 30 yrs. But if your tried to 'save up' a million in 30 yrs it would cost you $34,000/yr. Big difference. The first one be accomplished by most wage earners - and the second one is way out of reach for most wage earners.
We're retired now - but for a 40-yr period we owned 4 houses. I continually refinanced the rental houses, removed our equity, and invested it. So most of the profit was from unrealized appreciation, not from taxable rental income. (You realize those profits when you eventually sell the houses).
My point? Managing your current income stream is far more important to you than earning a small amount of added taxable income at min wage evening jobs.
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Mon May 30, 2016 5:12 pm |
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back_in_the_1980s@hotmail
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Thanks, oldguy!
How do you remove equity? What are some good investments?
Forgive my ignorance.
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Mon May 30, 2016 6:14 pm |
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oldguy
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quote: How do you remove equity? What are some good investments?
When one of the houses gets quite a bit of equity, I refinanced it for a bigger loan.
Eg, if a house with a $75k loan appreciated to $150k, I would refinance the $75k mortgage and get a $120k mortgage. The refi fees might be around $5k and the extra $45,000 would come to me as cash - a good way to raise tax-free cash.
And I invested the $45k in the SP500 Index Fund (mine is with Vanguard but there are many others). That Index has a longterm average return of 11%/yr. At 11%/yr, $45k = $1,1040,000 in 30y.
My 4th rental (owned for 35y) was on its 4th mortgage when I sold it last year. And those 4 cash-outs are still invested & growing in our SP500 Fund). Did that with all 4 houses, but that's the only one that I did 4 times.
http://politicalcalculations.blogspot.com/2006/12/sp-500-at-your-fingertips.html#.V0zA1L6yDSZ
The most recent 30-yr average (ending in April) was 9.91%/yr. Check a few 30-yr-blocks, they are run from about 9%/yr to 13%/yr.
Are your houses in a neighborhood that's appreciating steadily?
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Mon May 30, 2016 10:49 pm |
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back_in_the_1980s@hotmail
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Yes, they're good neighborhoods.
Thanks, for being so helpful!
John
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Tue May 31, 2016 1:25 pm |
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earnonlinerupee
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Search online and you will find many.
I also write about after researching, so ifyou need to know you can read at
http://www.earnonlinerupee.com/best-ways-to-earn-money-online/
Or just message me, I will try to help you..
cheers.
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Fri Aug 05, 2016 9:55 pm |
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Garrybear
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Location: Bangladesh |
Hello guys!
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Thank you!
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Wed Oct 12, 2016 11:44 am |
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Hello20
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Today money is everywhere. You have to find way that fit you and youir purpose the most. For online method, many people find some job like writing article online make quick income. Other find selling products and youtubing and blogging make income in longer term.
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Fri Oct 21, 2016 6:02 am |
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siegeedora
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tell your wife to check upwork.com, there are a lot of freelance jobs there and the pay is okay too.
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Thu Nov 03, 2016 9:37 am |
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Sarataylor1
Contributing Member
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Location: San Framcisco |
Make Money Online Free |
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There are many websites for freelancers to make money online free at home without investing a dime.
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Thu Oct 19, 2017 9:45 am |
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aaron1990
First Time Poster
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Joined: 22 Nov 2017
Location: Denmark |
A lot of people freelance online to make extra money. You may want to look at sites like Upwork. Free make money sites are another good way to earn as well. I've been doing that for a long time myself.
BattlegroundsArmory.com
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Wed Nov 22, 2017 9:10 pm |
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