Money Management

Electronics recycling is a win-win solution for the planet and your personal finances. See how to make money with electronics recycling and trading in devices. [[{“value”:”

Your old smartphone is bad for the planet. Not to pin all the blame on you; everyone who uses electronic devices like phones, tablets, laptops and gaming consoles is contributing to the trend known as electronic waste.

People love getting the latest and greatest devices; they love switching to a new phone every two years. But all of this planned obsolescence has a price: When electronic waste (e-waste) isn’t properly handled and recycled, it can release toxic substances into the environment. It’s also incredibly wasteful to just throw away old phones or other devices that can be reused or sold or harvested for valuable parts and metals inside.

Let’s look at a few big trends in electronics recycling, what you can do to help — and how “going green” to protect the environment can put some extra “green” (dollars) in your bank account.

1. Electronic waste is piling up fast

According to data cited by the World Economic Forum, 5.4 billion people worldwide have mobile phone subscriptions. If every one of those billions of people upgraded to the newest version of their phone every two years…well, you do the math! It would be a mess. And that’s kind of what’s happening: electronic waste is piling up faster than it can be recycled.

E-waste is the fastest-growing type of waste on Earth, according to Waste Management World, which cited statistics showing that the amount of electronic waste grew by 60% between 2010 and 2019. As of 2019, only about 17% of that e-waste was being correctly managed and recycled. When e-waste doesn’t get recycled in countries like the U.S., it all too often gets dumped on lower-income countries where the environmental impacts hit poor people the hardest.

All of us as consumers and as citizens have a responsibility to recycle our old electronics. It’s the right thing to do for the planet and for human health and safety. And there might even be some money in it for you.

2. Electronics recycling can make money

Electronics recycling might not sound glamorous, but it’s becoming a big business. Recent data published by ResearchandMarkets.com found that the global market for electronics recycling is expected to reach $110.6 billion by 2030, with a compound annual growth rate (CAGR) of 13.6% from 2022-2030.

Old phones, tablets, and laptops aren’t just “junk.” They can often be refurbished, reused, resold, or recycled. Many electronic devices contain valuable materials like gold, platinum, and rare earth metals. If companies can get better at separating the high-value stuff from the low-value plastic parts, electronics recycling could become a highly profitable win-win for businesses and the environment.

You don’t need to be part of a huge corporation to get in on the electronics recycling “gold rush.” Some people have turned electronics recycling into a side hustle. If you have a good eye for details and enjoy tinkering with electronics and taking stuff apart, you might be able to make money by dismantling old computers. Figure out which computer parts or components are in demand online, and then sell the valuable electronic parts for scrap on eBay or other online marketplaces.

3. Companies give you money for electronics recycling

Are you ready to upgrade your phone? Are you tired of using your beat-up old tablet or sluggish old laptop? Whatever you do, don’t throw away your electronic devices, and don’t assume that you have to wait for a special collection day or take them to a faraway waste management site. You can often get money for recycling your old electronics!

Many big companies like Apple, Amazon, Verizon, Samsung, and T-Mobile will give you store credit for trading in your old phone, tablet, or other devices. Retailers like Best Buy, Target, and Walmart will give you store gift cards if you bring in your old electronics for recycling. And electronics recycling buyback companies like Sellcell will give you cash for your old phones, tablets, gaming consoles, and other devices.

The exact amount of value that you can get for recycling electronics depends on the device’s age, condition, and other factors. But you might be surprised at how valuable your old electronics really are. And even if your device is too broken to have a dollar value, many companies will still accept it for safe, eco-friendly recycling.

Bottom line

Electronic waste is piling up fast, but this problem also has a potentially lucrative solution. People need to get into the habit of trading in or recycling their old electronics — there’s money behind those cracked screens! And in this case, doing the right thing for your personal finances is also right for the environment and for people in lower-income parts of the world. Smartphones and other electronic devices have made everyday life more connected, convenient, and efficient. Bringing that same spirit of efficiency to electronics recycling can help us all “go green” — and get money.

Where to invest $1,000 right now

When our analyst team has a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has nearly tripled the market.*

They just revealed what they believe are the 10 best stocks for investors to buy right now…

See the 10 stocks

*Stock Advisor returns as of February 20, 2024

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.Citigroup is an advertising partner of The Ascent, a Motley Fool company. John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. The Motley Fool has positions in and recommends Amazon, Apple, Best Buy, Target, and Walmart. The Motley Fool has a disclosure policy.

“}]] Read More 

Sometimes, having a high net worth doesn’t translate into having spendable cash. Read on to learn more. [[{“value”:”

Some people are more in tune with their personal finances than others are. And so if you have no idea what your net worth entails, you’re probably not alone.

Your net worth is the difference between your financial assets and your debts. As a very basic example, if you have a balance of $10,000 in your savings account but owe $4,000 on your credit cards, your net worth is $6,000.

As of 2022, the average American had a net worth of $1,063,700, according to data from the Federal Reserve. And while that might seem like an almost unbelievable number, remember that when we talk about averages, sometimes, a small percentage of very wealthy households can drive a number upward.

For context, median net worth among Americans as of 2022 was $192,900. This tells us that the $1,063,700 figure is not representative of the typical American.

I happen to have a friend who recently calculated his net worth at roughly $1 million. He isn’t rich, though. Quite the contrary — he actually largely lives paycheck to paycheck, and there’s a reason for that.

Net worth is not always indicative of spendable cash

My friend lives in an area where home values have soared. He purchased his home for about $300,000 almost 15 years ago, and his home is now worth around $1.2 million. Because he’s been paying his mortgage for many years, he has around $1 million of equity in his home. And because he doesn’t have debts other than his mortgage, he’s left with a net worth of about $1 million.

However, my friend’s net worth is tied directly to his home and only his home. He has a negligible amount of retirement savings and pretty much no money in a regular savings account.

Because of this, he mostly lives paycheck to paycheck. If he were to encounter an unplanned expense, he’d probably have to borrow against his home equity to cover the cost. So all told, while his net worth is high on paper, he’s not in a great financial situation.

Focus more on your day-to-day finances

It’s not a bad thing to aim to grow your net worth over time. But an even more important thing to do is make sure you’re in a position to cover your monthly expenses and you have an emergency fund for those times when unplanned bills pop up.

Furthermore, it’s a good idea to arrange your expenses so that they’re not eating up your entire paycheck month after month. If you’re a lower earner, this may not be possible, but try your best. And if you’re a moderate earner, some lifestyle changes might make it so you aren’t living paycheck to paycheck.

For example, you may be able to get a roommate to reduce what you’re spending on rent. Or you may be able to carpool to work with colleagues to reduce your commuting costs.

On my friend’s end, his paycheck-to-paycheck lifestyle isn’t the result of overspending so much as unfortunate circumstances — namely, a divorce that drained his savings. He’s not a particularly high earner, so all told, he’s not in the best financial spot. And while he could sell his home and downsize, he feels stuck where he is while his kids are still in school.

Lately, he’s been picking up side jobs to boost his income, and he’s starting to build his cash reserves back up. But all told, it just goes to show that a high net worth doesn’t automatically mean you’re set financially. So rather than fixate on your own net worth, first make it a priority to build emergency savings and set yourself up with expenses that don’t drain your entire paycheck.

Where to invest $1,000 right now

When our analyst team has a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has nearly tripled the market.*

They just revealed what they believe are the 10 best stocks for investors to buy right now…

See the 10 stocks

*Stock Advisor returns as of February 20, 2024

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

“}]] Read More 

Shopping when you’re stressed could lead to a mountain of debt. Read on for ways to avoid that fate. [[{“value”:”

Life has a way of getting stressful. Whether it’s deadlines at work, family conflicts, or financial issues, some people have a tendency to actively carry stress around more so than others. And if you fall into that category, you may be in the habit of shopping to relieve stress.

Retail therapy has long been a coping mechanism for consumers, so if it’s a practice you tend to engage in, you’re surely in good company. But stress shopping could also impact your personal finances in a negative way. So if you have a habit of stress shopping, here’s how to break it.

1. Find a hobby or activity that’s conducive to relieving stress

If you tend to shop as a means of stress relief, it’s important to try to replace retail therapy with an activity that won’t cost nearly as much. Maybe there’s a nearby yoga class you could join that costs little (or maybe there’s an online one that’s free). Or maybe you could take up walking, knitting, or another activity that you find relaxing.

It’s okay to spend some money to alleviate stress. But racking up hundreds of dollars a week on a credit card is not a good idea. So if you’ve been going that route, give yourself a stress relief budget and find activities that fall into it.

2. Talk out your stress rather than spend your way through it

Talking to someone about the issues you’re facing might not only be a more cost-effective way to deal with your stress, but also, a more generally effective solution. That someone could be a trusted friend, a relative, or even a mental health professional.

In fact, it could pay to reach out to your health insurance company and see what mental health benefits your plan offers. You may find that you’re able to see a professional at a fairly low cost.

3. Think about the added stress your shopping might cause

Buying a new shirt one day or a new piece of jewelry another day might make your week less stressful in some regards. But one thing you may want to do is remind yourself that if you continue along that path, you risk ending up with a heaping pile of credit card debt and an empty savings account. And that massive hit to your finances might cause you more stress on a whole than the stress you’re experiencing at present that’s driving you to shop.

As of late 2023, Americans held a total of $995 billion in credit card debt, according to TransUnion. But carrying a credit card balance can be very stressful in its own right. It’s an extra payment you have to make every month, and the longer you carry that debt, the more it costs you. Keep telling yourself that the next time you’re tempted to alleviate stress in the form of buying a new handbag or gadget.

If you’re in the habit of stress shopping, rest assured that it’s not just you. But that also doesn’t make it a good means of coping with stress. Not only might it wreck your finances, but it might also lead to a situation where you’re not getting to the root of the issues causing you that stress. So rather than continue to turn to retail therapy when life gets stressful, try to find a more efficient way to cope.

Where to invest $1,000 right now

When our analyst team has a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has nearly tripled the market.*

They just revealed what they believe are the 10 best stocks for investors to buy right now…

See the 10 stocks

*Stock Advisor returns as of February 20, 2024

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

“}]] Read More