Money Management

You should absolutely be concerned about financial scams. Learn how to freeze your credit, as well as a few other ways to keep your money and identity safe. [[{“value”:”

Does the thought of someone getting access to your financial data and running amok with it give you nightmares? While I’d generally advise against panicking in all situations, it’s certainly wise to be concerned about someone getting access to your bank account, credit card information, or Social Security number.

Signing up for a credit-monitoring service is a great way to mitigate your risk, but you might want to take it a step further and freeze your credit. Here’s why, as well as how it works and a few other tips to keep your money safe.

Money losses due to fraud are up

While the rise of technology has made managing our finances easier, it isn’t just honest law-abiding citizens who have access to that technology. Fraudsters and scammers are also using it to steal your identity and your money. According to the Federal Trade Commission, consumers lost $8.8 billion to fraud in 2022, and this was a jump of 30% from 2021.

If you want to keep your money and identity safe, freezing your credit is a good step to take. When you do this, you’re basically locking down your credit reports so lenders can’t run a hard credit check on you to approve or deny new credit applications. So even if someone gets access to your Social Security number and attempts to open a new credit card or take out a loan in your name, they will not be able to. When you want to apply for new credit, you’ll need to contact the credit bureaus again to unfreeze your credit.

How do you freeze your credit?

It’s easy to freeze your credit, and it’s free — you just need a little time and the necessary information to contact each of the three consumer credit bureaus. Here’s how to do it:

Experian: Create an Experian account online or call 888-397-3742.Equifax: Create a myEquifax account online or call 888-298-0045.TransUnion: Fill out a form through the TransUnion Service Center on its website or call 888-909-8872.

It’s fastest and easiest to freeze and unfreeze your credit by phone or online, but you can also do it by mail — you’ll need to provide documents that prove your identity and it’ll take a lot longer than calling or doing it online, so I recommend going that route.

Other ways to keep your finances safe

While freezing your credit is a good idea, you also have other options to keep your money and identity out of the hands of criminals. Consider these:

Check your accounts regularly: At minimum, it’s a good idea to review your bank and credit card accounts weekly. Doing so lets you check for suspicious charges (and report them ASAP), as well as avoid overdrafting your checking account and spending more on your credit cards than you can pay off before interest accrues.Keep financial information private: Don’t give out your account information and Social Security number (and don’t carry your Social Security card in your wallet, either). If you’re expecting a new credit or debit card, keep an eye on your mailbox so you can snag it when it arrives — before someone steals it out of your box.Don’t click links: Before you click, think first. Would your bank send you a weird text message full of misspellings and bad grammar, exhorting you to click a mystery link to provide your account information? Probably not. If you suspect a problem with one of your accounts, go to that company’s website on your own and see what’s up.

The prospect of thieves and scammers getting your financial information is a scary one indeed. Freezing your credit can prevent new accounts from being opened in your name, and if you don’t mind unfreezing it before you apply to borrow money yourself, it’s a smart move to make in 2024.

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Sam’s Club has great deals all year long. Check out what’s hot this winter. [[{“value”:”

A Sam’s Club membership makes the most financial sense when you maximize it all year long. Here are a few wintertime deals you’ll find at Sam’s Club right now.

1. Winter tires

Winter tires outperform most all-season and all-terrain tires for snow and ice, making them safer for folks driving through months of winter weather. They can definitely be worth the investment — but an investment it is.

The Sam’s Club tire centers offer competitive prices on winter tires, and you can get an extra $100 off when you buy a full set (through July). The best deal comes from paying a bit more to have them installed, however. For $20 a tire, you’ll get a host of perks such as lifetime balance and rotation, road hazard protection, and free flat repairs. Sam Club even throws in access to roadside assistance.

Pro tip: If you’re going to plonk down the big bucks for a set of new tires, consider opening a new rewards card first. A good welcome bonus could net you $200 with a single large purchase.

2. Winter wear

Winter weather wear can be expensive, especially if you’re buying specialty clothing like ski pants. But Sam’s Club offers very affordable ski pants for men and women, currently on sale for just $19.98.

While these probably aren’t the thing to buy if you’re an avid skier and hit the slopes every weekend, reviewers say they’re decent quality (especially for the price). They’d be a good pick if you want to try snowsports for the first time. It might also be a good pick for something you can throw on while shoveling the driveway.

Sam’s Club also has a very reasonably priced array of winter jackets — none of those $200-and-up price tags. It’s not off-brands, either; options include several popular names like Columbia, Marmot, and Eddie Bauer.

3. Space heaters

I love space heaters for keeping my energy bills down. Instead of heating the whole house, we can tuck these efficient little heaters into bedrooms and offices to keep things cozy.

Sam’s Club has a variety of types and sizes, from ceramic tower heaters perfect for bedrooms, to propane-powered outdoor heaters that make your porch more family-friendly during the winter.

Prices are comparable to other retailers, if not better, especially the models currently on sale. (And you get Sam’s Club’s awesome return policy should any of your heaters kick the bucket over the summer.)

4. Hot drinks

Sure, we all love our legal addictive stimulants any time of year. But there’s something about that first cuppa on a cold day that really sets the mood.

Member’s Mark coffees are very well-rated, averaging about 4.7 out of 5 stars from thousands of reviewers. It’s also very well priced, with single-serve pods ranging from $0.28 to $0.31 per pod, and bags of ground coffee just $0.32 to $0.44 per ounce.

You can also find other toasty beverages for a good price. If the family loves Swiss Miss hot chocolate, for instance, you can buy it in bulk for much less than the grocery store. And while I can’t recommend Sam’s Club for tea snobs — it’s not the place to get quality loose-leaf — you can get great prices on bulk bags of Bigelow green.

5. Soup (premade or DIY)

You can get great deals on multi-can packs of a number of popular canned soups, from classic Campbell’s to Panera to PhoLicious. Or give Sam’s Club’s own brand a try: Several varieties of Member’s Mark premade soup are on sale through the end of January for $1 off.

If you prefer to make your own soup, Sam’s Club can be a fantastic place to pick up your ingredients. Normally, I’d say stay away from buying wholesale club produce; unless you have a very big family, it’s almost impossible to go through bulk produce before it spoils.

Soup is the exception. You can pack a ton of veggies into a good soup, make it by the cauldron, then freeze it for easy, delicious dinners all winter long.

Don’t forget Scan & Go!

A lot of Sam’s Club perks can save you money. (Heck, a Sam’s Club Mastercard can pay for your membership in rewards alone.) But my all-time favorite Sam’s Club perk doesn’t save me a dime. Instead, it saves me something more valuable than money: time.

That’s right, I’m talking about Scan & Go, perhaps the single greatest use of a mobile store app I have yet seen. This feature lets you scan items as you shop, right in the Sam’s Club app. Then, when you’re ready to check out, you can pay and get your receipt in the app. No need to even look at a checkout line.

Shaving that five or 10 minutes off the end of my Sam’s Club trip — when I’m already tired of battling other shoppers and their giant carts — makes the entire trip better. It’s the perfect way to improve any Sam’s Club experience. (Plus, it gives me valuable time to chuck a few snowballs at the neighborhood kids when I get home!)

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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.Brittney Myers has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Mastercard. The Motley Fool recommends the following options: long January 2025 $370 calls on Mastercard and short January 2025 $380 calls on Mastercard. The Motley Fool has a disclosure policy.

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Want to make more money or start a business in 2024? We found profitable side gigs that pay $20 per hour, $50 per hour, and more! [[{“value”:”

Want to make extra money in 2024? It might be time to start your own small business by doing some “side hustle” gigs. Sometimes moonlighting with work-from-home gigs can be the best way to boost your income. You might be surprised at how much money you can make during your nights and weekends — while having fun and learning new skills!

Let’s look at a few of the most profitable gigs that you could use to build a small business in 2024.

1. Independent business consulting or freelance work

If you have knowledge work skills, you could start your own small business as an independent professional “gig worker.” Some independent professional gigs include: software developer, graphic designer, freelance writer, IT consultant, project manager, or business coach.

Freelancers and independent professionals can earn great money. According to the 2023 State of Independence in America Report from MBO Partners, as of 2023, there were 4.6 million American independent workers who were earning $100,000 or more per year.

How much you can earn with this gig: There’s no specific minimum (or maximum) wage for being an independent professional or freelancer. You can make as much money as your skills and your clients allow. But if you consider that the top independent earners make over $100,000 per year, that averages out to a billable hourly rate of $50 to $100 per hour.

2. Professional home organizer

Lots of people have too much stuff and struggle to get rid of it. They need help from a professional home organizer. Do you love to declutter? Can you sit with other people and help them sort through their homes, make decisions, and get clarity on what stuff to keep?

If so, starting a side gig as a professional home organizer could be a great small business idea for you. And it’s a cheap business to start — you don’t have to buy equipment or rent an office. You can start by helping friends declutter their house for free (or for a cheap hourly rate). Share before and after photos on social media (with your client’s permission) to show your decluttering superpowers!

How much you can earn with this gig: According to salary data from Angi, professional home organizers earn $55 to $100 per hour. You might need to charge less if you’re just getting started, depending on where you live.

3. Seasonal yard work and snow removal

Your neighbors might need extra help with leaf-raking, snow removal, and lawn mowing services. If you like to work outdoors, aren’t afraid of cold weather, and have a trustworthy snowblower or other lawn care equipment, you could make good money by helping shovel, rake, and mow.

According to survey data from Bob Vila, the average homeowner pays $30 to $50 for snow removal services. Lawn care might have more year-round opportunities. A survey from Angi found that the average homeowner pays $49 to $205 for lawn mowing service.

How much you can earn with this gig: Let’s assume that the average low-end snow removal or lawn mowing job takes about one hour to complete. That means you could earn $30 to $49 per hour.

4. Work-from-home side hustles

If you want to make extra money while working from home, there are a variety of side gigs that let you work part time or with flexible hours. A recent FlexJobs survey found that nearly 33% of employed professionals have at least one side job or side hustle, and 11% have more than one.

Here are a few of the best-paying side jobs that you could get on FlexJobs (average hourly pay is based on Payscale data and will vary by location):

Curriculum writer ($33 per hour)Executive assistant ($29 per hour)Social media manager ($26 per hour)Graphic designer ($24 per hour)Search engine evaluator ($24 per hour)Online English as a Second Language (ESL) teacher ($23 per hour)Health coach ($21 per hour)Medical coder ($20 per hour)

How much you can earn with this gig: The work from home side jobs listed above pay an average of $20 to $33 per hour.

5. Rideshare driving and food delivery

If you own a reliable car and you have good car insurance, getting a side gig as a rideshare driver could be a flexible, easy way to earn extra money. Rideshare apps like Uber and Lyft make it easy to turn your car into a temporary taxi. Food and grocery delivery apps like DoorDash and Instacart let you earn money from a few extra trips to your local restaurants and grocery stores.

How much money you can make with these other gig economy apps depends on local demand where you live. And you’ll have to cover a few expenses, like gas, depreciation on your vehicle, and rideshare car insurance. But these apps can be a flexible way to turn your free time into extra money in your bank account.

How much you can earn with this gig: According to survey data from ZipRecruiter, the average Uber driver earns about $19 per hour. Instacart and other food delivery apps are likely in the same range — data from The Rideshare Guy found that Instacart pays about $15 to $22 per hour. You can make more per hour if you’re highly efficient and earn bigger tips.

Bottom line

Whether you want to drive people to the airport, run errands for a few hours a week, or start a small business, there are lots of opportunities to get profitable gigs in 2024. Turning your free time into extra income can be incredibly empowering, and can improve your personal finances in many ways.

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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 positions in and recommends Uber Technologies. The Motley Fool has a disclosure policy.

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Investing $1,000 a month for 20 years could turn into a six-figure nest egg. But just how much money could you actually end up with? Find out. [[{“value”:”

Investing money in a brokerage account is a smart financial move, but many people don’t realize just how powerful investing is as a wealth-building tool. In fact, buying assets that provide you with reasonable returns is one of the keys to achieving financial independence for the vast majority of people.

To understand just why and how investing can be helpful, let’s take a look at what happens if you invest $1,000 a month for a period of 20 years.

Here’s what a $1,000 monthly investment could do for you

Investing $1,000 a month for two decades is undoubtedly going to help your money to grow, but the specific amount you’ll end up with varies depending on the returns you earn.

For many people, it’s reasonable to expect a 10% average annual return. That’s what the S&P 500 (a financial index of around 500 of the largest U.S. companies) has consistently produced over time, so if you don’t know how to pick stocks and don’t want to try to figure it out, you can just put your money in a fund that mirrors its performance.

If you earn this 10% average annual return over a full two decades while putting in $1,000 per month during that entire time, you could end up with a nest egg of $687,306.72.

Now, you may be thinking that $1,000 a month for 20 years is a lot of money — and you’re right. But it’s nowhere near $687,306.72. In fact, the actual value of your contributions alone would be $240,000, so you could end up with about $447,307 more than the amount you put in.

The returns you earn, and compound growth, account for all that extra money. When you invest, you ideally earn a profit on that investment in most years. The gains you make can be reinvested.

So, for example, if you invested $1,200 the first year and made a $120 profit, you’d have $1,320 invested the next year. So you’d now be earning returns on $1,320 instead of $1,200. The returns you get keep growing your balance, so next year you ideally earn even more.

How to find $1,000 a month to invest

Investing $1,000 a month may seem like a big task, as it’s a total of $12,000 per year. But the average full-time worker earned $59,540 in the last quarter of 2022. So, investing $12,000 a year would mean putting away about 20% of your annual income if you earn around the average salary.

That’s a lot of money, but it’s not impossible — especially if you keep your fixed expenses low. You also have to remember that you can get tax breaks for your savings and your employer might match the contributions you are making. So you don’t necessarily have to invest that entire $1,000 a month all by yourself.

Say your employer offers a 401(k) and matches 50% of your contributions to it, up to 6% of your salary. You could earn an annual employer match of $3,572.40 if you earn the average annual salary, assuming you contributed at least that much to your 401(k). So, you would personally only have to contribute $8,427.60 per year to end up with $12,000 in your retirement account.

Now, let’s assume you’re in the 22% tax bracket, which is where you’d be as a single tax filer with the average income. If you invest $8,427.60 a year, you’d save $1,854.07 on your taxes. So your contributions would already decrease your actual take-home income by $6,573.53. That’s about 11% of your annual income which should be very doable. The table below shows what this would look like.

As you can see, if you invest only a little more than 10% of your income, you can be on track to a nest egg of well over half-a-million dollars. So, get started today. Sign up for your company’s 401(k) if you have access to one, and ask your employer to make automatic contributions for you from your paycheck. If you don’t have a 401(k), arrange to have money taken out of your checking account each month and sent to an IRA. You’ll have to contribute a little more without the employer match, but if you can even get close to a $12,000 annual contribution, you should be well on your way to a secure future.

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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.Christy Bieber has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

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