1. Sell your old stuff in Facebook Marketplace. Facebook’s Marketplace is much like Craig’s List. Listing items are free, so you don’t lose money in commissions like you do on eBay. What makes Facebook’s Marketplace really cool is that others can see in your profile what you’re selling. So, you get free advertising for your product as well.
2. Buy stuff on Facebook Marketplace. If you want to save money, buying used is the way to go. In the Marketplace you can find cars, TVs, furniture, ect. You can potentially save hundreds of dollars doing your shopping in Facebook’s Marketplace. 3
3. Find a Roommate on Faceboook’s Marketplace. In addition to selling stuff in the Marketplace, you can post roommate wanted bulletins. One of the best ways to save money on rent and utilities is to split them with one or more people. You can decide whether your post shows to the entire Facebook network or just your local network. Your posting in Marketplace will be seen in your profile, so all your friends will see you’re looking for a roommate. So, instead of ending up with a mystery roommate, you have a good chance of finding someone you know.
4. Get a job in Facebook’s Marketplace. Your next job could come from Facebook! Companies and individuals can post “help wanted ads” in Facebook’s Marketplace. You can also post a “job wanted” posting. I’ve posted one for blog consulting, no one has yet to take me on it, but we’ll see what happens.
5. Install the Ether application. Ether is a really cool Facebook application that allows you to make money while giving advice to people over the phone. If you’re an expert at Spanish or some other school subject, you can charge people for your tutoring services. You set the rates and Ether provides a number that individuals can call. The call will then be forwarded to your personal telephone number.
6. Install YouCam, Chatterbox, or the Walkietalkie application. These applications allow voice over protocall on Facebook. Instead of wasting valuable cell phone minutes talking to your friends, do it for free with one of these applications.
Install the Lending Club application. Lending Club is a peer to peer lending service like Prosper.
7. You lend money to others and they pay you back with interest. If used correctly, Lending Club can be a great investment tool.
8. Install the Books application. The Books application lists the book you’ve been reading in your profile. You can connect with your friends who are also using the Books applications to trade books with each other. You’ll save money by not buying new.
9. Promote your blog on Facebook. If you have a blog that you monetize, use Facebook as another tool to increase traffic. Add a feed from your blog to your Notes section so others can see what you’re writing. If they like what they read, they’ll come to your blog. You can also create a Facebook group dedicated to your blog to help promote it. Get all your friends to join it and all your friends’ friends to join it. Pretty soon you’ll have a group from which you can get more readers from.
10. Save money on photos. My favorite feature on Facebook is the ability to share photos with your friends. Instead of printing off expensive rolls of film, just upload your pics from the latest get together on Facebook. If you find a picture you’d like to print, you can order one directly from Facebook at a pretty reasonable price.
Sunday, June 1, 2008
Wednesday, May 28, 2008
Managing Debt - Do You Have Too Much Debt?
Most people have some kind of debt. It might be in the form of a mortgage, an auto loan, a student loan, or even a credit card balance. Having debt isn’t a bad thing as long as you are taking steps to pay it off. It’s having too much debt that can cause an unhealthy financial life. Taking the time to determine whether or not you have too much debt can provide confirmation that you are doing things right or the realization that some financial changes are needed.
Do You Have Too Much Debt
One of the best ways to calculate your debt load is by figuring out your debt-to-income ratio This is the amount of debt you have relative to your income. You can calculate your debt-to-income ratio including good and bad debt, or you can leave out good debt. If you want to gauge your debt overload, it’s typically better to calculate the ratio considering only bad debt. On the other hand, if you want a total picture of your debt, include both good and bad debt.
Calculating Debt Overload
For starters, let’s say you want to gauge your debt overload (bad debt only). Simply add up the amount you spend each month on bad debt and divide it by your total monthly income. Multiply that number by 100 to come up with a percentage. The result is your debt-to-income ratio. For example, let’s assume you make $3,000 a month. Let’s also assume you spend $300 on credit card payments and $450 on an auto loan. Your ratio calculation would be $750 / $3,000 = 0.25. Multiply that by 100 for a debt-income-ratio of 25%. In this example, you spend a quarter of your income on bad debt. When it comes to debt, whether good or bad, the lower the debt you have, the better. A bad debt ratio beyond 10% is too high and often is a sign that you are overloaded with debt. In this scenario, you would have too much bad debt.
Understanding Your Total Debt
There will be times when you want to evaluate your total debt picture, including both good debt and bad debt. The calculation is the same as in the previous example; the only difference is that you include all your debt rather than just bad debt. To calculate your total debt-to-income ratio, add up your total monthly debt expenses. This includes payments for credit cards, student loans, mortgage or rent, child support or alimony, and other loans or credit cards. Next total your monthly income, including take-home pay, alimony or child support, bonuses, or dividends. Divide your total debt payments by your total income (don’t forget to multiply by 100) for your debt-to-income ratio. Your total debt-to-income ratio, considering both good and bad debt, is best at 36% or lower. A ratio lower than 30% is excellent, while a ratio over 40% is a red flag for a potential financial disaster.
Do You Have Too Much Debt
One of the best ways to calculate your debt load is by figuring out your debt-to-income ratio This is the amount of debt you have relative to your income. You can calculate your debt-to-income ratio including good and bad debt, or you can leave out good debt. If you want to gauge your debt overload, it’s typically better to calculate the ratio considering only bad debt. On the other hand, if you want a total picture of your debt, include both good and bad debt.
Calculating Debt Overload
For starters, let’s say you want to gauge your debt overload (bad debt only). Simply add up the amount you spend each month on bad debt and divide it by your total monthly income. Multiply that number by 100 to come up with a percentage. The result is your debt-to-income ratio. For example, let’s assume you make $3,000 a month. Let’s also assume you spend $300 on credit card payments and $450 on an auto loan. Your ratio calculation would be $750 / $3,000 = 0.25. Multiply that by 100 for a debt-income-ratio of 25%. In this example, you spend a quarter of your income on bad debt. When it comes to debt, whether good or bad, the lower the debt you have, the better. A bad debt ratio beyond 10% is too high and often is a sign that you are overloaded with debt. In this scenario, you would have too much bad debt.
Understanding Your Total Debt
There will be times when you want to evaluate your total debt picture, including both good debt and bad debt. The calculation is the same as in the previous example; the only difference is that you include all your debt rather than just bad debt. To calculate your total debt-to-income ratio, add up your total monthly debt expenses. This includes payments for credit cards, student loans, mortgage or rent, child support or alimony, and other loans or credit cards. Next total your monthly income, including take-home pay, alimony or child support, bonuses, or dividends. Divide your total debt payments by your total income (don’t forget to multiply by 100) for your debt-to-income ratio. Your total debt-to-income ratio, considering both good and bad debt, is best at 36% or lower. A ratio lower than 30% is excellent, while a ratio over 40% is a red flag for a potential financial disaster.
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