Evan Vitale

Extra Income Opportunities

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By Evan Vitale

You’ve cut your budget; you’re watching your spending and you’re working a full-time job yet still it would be nice to have a little bit of extra money each month.

True, you could seek out a part-time job and work evenings and weekend, but there may be some obstacles that prevent taking on another job (i.e., child care; night classes, etc.). So, what could you “juggle” in order to create some extra income?

Simple. Start a small, at-home business. Here are some ideas that might help generate the creative juices:

  • Start selling on eBay, Etsy or other online selling platforms. You probably have some things around the house that you could clean up; take photographs and list for sale. Start researching eBay to get an idea of what people are buying. You’ll be surprised.
  • If you have children, perhaps you can offer some evening and weekend child care services to other family members and friends. Try not to get carried away so that it creates a problem for neighbors (and for yourself).
  • If you can sew, check with a local dry cleaner and offer them your hemming and repair services.
  • If you can write, there are many writing and editing opportunities with online services such as guru.com.
  • Be sure to check out Fiverr.com for ideas. Here, you will find some quick-paying gigs – but there’s a catch: all initial projects are completed for only $5.

This is just a start! Think about your time and your skills and what additional income you would like to earn with a few evening and weekend hours. The possibilities here are endless and you’ll still be able to be at home!

 

Evan Vitale – Rent or Buy? (Part I)

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By Evan Vitale

This is the first in a two-part series on renting or buying your own home.

Buying and owning your own house has been the “American Dream” slogan for many generations. However, there are many disadvantages and advantages of owning your own home vs. renting a home, condo or apartment.

It all depends on your current and future financial situation, so let’s first take a look at the advantages and disadvantages of renting your own home.

Advantages of Renting

  • One of the biggest advantages to renting is lower upfront costs. Instead of a hefty down payment on a home (inspections, closing costs, etc.), renters may only have to pay a security deposit or perhaps the first and last month’s rent. If you are renting at an apartment complex, you might be able to find a renter’s special where the security deposit waived or the first month is free if you sign a long-term lease.
  • If your job or career changes, it’s much easier to pull up stakes and move if you are a renter as compared to being a homeowner.
  • If you have poor credit, renting gives you the opportunity to rebuild and improve your credit score, which makes it easier when it comes to purchasing a home at a later time.
  • By renting, you have extremely low maintenance costs as furnace repairs; a leaky roof and plumbing problems are taken care of by the landlord (check your lease for details).

Disadvantages of Renting

  • It may not be a huge deal to some, but renters usually aren’t allowed to paint walls or make any major changes to the house or unit without prior consent.
  • You must follow the rules in the lease and you must also make sure you can get along with your landlord. Just as the landlord can check your references, you should also consider checking the landlord’s references as well. A tenant-landlord relationship is a two-way street.
  • After the initial term of the lease (usually 12 months), the landlord could opt to increase your rent for the next term. Be prepared for any rent increases. Can you afford an increase or do you have to move again?
  • Your monthly rent is an expense, so you don’t build any equity in your property. When you own a house, part of your payment goes into building equity (value) that you can borrow against some day.

In our next blog, we’ll take a look at the advantages and disadvantages of buying your own house.