5 Ways to Make and Save Money Online

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Equal housing lender not licensed in Alaska, Hawaii, Georgia, Massachusetts, North Dakota, South Dakota and Utah. Today's version moneywise live as they looking for a way to make some extra bucks.

Or maybe you just like to hang onto a few more of your hard-earned dollars. Either way, the digital age is providing new ways to improve your cash flow. If you have an Internet connection and a computer or smart phone you can make save online sometimes with little effort on your part financial planner and teacher Rob West tells you how today know we are accorded to please hold your calls until next time we have some great questions already lined up.

I'm Steve Moore cashing in online is next. Rob, we've covered a number of ways listeners can use their digital devices these days to improve their bottom line. But you have more today that we haven't talked about before, or maybe just mention briefly so where do we begins. Well Steve, let's start with thinking about apps that already exist and require no startup effort or time on your part that we talked about ridesharing apps like Uber and lift before but there are many others. One of them is called post mates and to make money with it. All you need is a smart phone and a car just like with Huber and left. But instead of driving people around you, do their grocery shopping and delivered to their homes, what your set up and approved those made send you a free delivery bag and prepaid card to get started. You just have to be at least 18 years of age and have a properly insured vehicle opposed mate says its careers can make up to $25 an hour, including tips which they get to keep but one reviewer said it's more like $20 an hour for an experienced courier outpost mates isn't available everywhere yet so you have to check if your area is covered. Thanks for the offer to get me a gallon of milk and a little red okay well that's great for people who love grocery shopping. What's next well number two is something called trim and this is a money-saving app that can allow you to keep hundreds of dollars a year with almost no effort on your part. Good well trim looks at your monthly spending for places where you might be overspending like unusually high bills or digital subscriptions, you forgot about it gives you a list of targets and you can choose the ones you want to cancel. You'd probably want to use it several times a year. Great for folks who sign up for free trials and don't realize that they're being charged for things after 30 days or so and that's something I think maybe have done once or twice myself know what you have for us with our number three is called inbox dollars and it's a way to earn money just by surfing the web you use their search engine instead of Google or some other and the app monitors your search habits and provides data to companies trying to better understand consumers doesn't pay much reviewer's report making less than $0.50 an hour but then again you're only searching online like you normally would. So it doesn't require any extra effort to not listen, don't take this personally, Rob. But all that I've been reading.

I'm starting to feel a little antsy about privacy issues. Yeah well that's always a concern with any of these apps.

The legitimate companies aren't supposed to sell or share your personal information like email addresses with third parties, but make sure you opt out of receiving emails and other notifications whenever you sign up for an okay good idea what's next. Number four is the Nielsen app we know them for tracking TV ratings, but there are also big into Internet usage research, Nielsen pays $50 a year just for keeping their app on your browsing device, and this is a good one. If you are concerned about privacy. You see the app collect statistics on your Internet usage anonymously so the data is never linked to you and as an incentive to sign up. Nielsen offers various other rewards including a $10,000 prize okay because yeah I'm looking at this I'm thinking $50 a year that's like less than a dollar a week. Still, it does at upright time for one more. Yes number five is an app called user testing.

Most of us have gone to some company's website and found it less than helpful. Maybe it has problems with navigation or they've buried information that should be readily accessible. Now you can get paid for grumbling websites. When you sign up to be a website tester you get to offer your opinions about website design, quality, ease-of-use, user testing collect that data for company so they can improve their sites and increase sales. The company says you can make $10 for every 20 minute test. You complete so those are five ways Steve you can make or save money online. Most of them without leaving the house, but I think we should add one other disclaimer and that is we haven't tried them ourselves.

But we have checked online reviews to make sure there were legitimate outfits. The main complaint we see is that they don't pay a lot of money buyer beware to some ideas for you today. Think about and listen everywhere will be right back.

This is you may have noticed that Steve Moore retired last week and then reappear this week. Well, that's because we're giving you one week of encore presentations to enjoy.

Join us next week for the all new moneywise live with that new car smell. So let's go to Alabama and say hi to Carol and what you question today. Carol and my granddaughter and I'm hearing Nighthawk rate now called my mortgage any current mortgage which is at 4.5. Not that we think that it would contact dollars and not take money that that why should I call yeah I appreciate the background that's helpful.

Give me a rundown of the numbers. If you don't mind. What is your home worth you think roughly well now doubt he hundred and 13 okay great and how much do you owe on this mortgage out okay very good and how long ago did you take out the mortgage okay. Was it a 30 year mortgage at the time. Okay. Alright. And how does it fit into your budget currently is. It is placing a burden on you financially. Are you able to make all of your covered all of your obligations pretty easily. Okay, very good and you said you have about 10,000 in emergency savings right now. I pray very good. So this mortgage is good to be with us for a while, clearly, and I think the most important thing to consider is that we don't want to extend the terms of your new mortgage either want to go with a 20 year or 25 year I'd prefer you go with a 20 year mortgage. The only thing there would just be make sure that the payment even though the rate is going to be lower and that'll help. We want to make sure that the payment doesn't jump up on you, such that it creates a challenge for you if it was too high. We use 25% of your take-home pay.

As a rule of thumb, but if it gets too high and it creates some challenges for you to cover all of your obligations and have some margin left over that would be a concern to me but I just don't want to extend the term as to the expenses you should be looking at 1 to 2%. So on $89,000 loan for 5000 Dollars Is Is Way out of line. You should be looking at the 1 to 2000 and you what you could do would be to roll that into the new mortgage so I realize you'd be increasing the balance by the amount of the closing costs for this refinance but the reduction in the interest rate if you save at least a point and if I heard you that it's at 4 1/2% and with a new 20 year mortgage. You should be able to get that down to maybe 2 1/2 maybe 2.6. He will take almost 2 points off that interest rate which will really help. And so even if your role in this couple thousand dollars in expenses for songs you plan to stay in the home you should save a lot of money over the life of this loan, so I'd probably go to bank rate.com to look at other lender options and see if you can find somebody who could come in at between one and 2% as long as you plan to stay in the home and you can save the appointment half maybe even two points. I think it would make sense for you to proceed to some extent around. I am absolutely as long as you still have three months expenses left and you got some margin on your budget a little bit left over at the end of the month.

I would be fine with that and if you have questions on that. Don't hesitate to reach back out to us what you explore this further.

Carol we wish you the best with that.

You sound like a super person, a single grandma raising your granddaughter. I'm sure that can't be easy, but will pray that God really a direction you and provide you with grace and wisdom as you go forward. Thanks so much we appreciate your call you listening to moneywise live with Rob West.

Let's go to Charlotte in Oaklawn, Illinois, and how are you today my mom and IRA coming all will not and I'm trying to figure out how I can buy right now get free giving almost 30% to the church so I didn't know what dollar did go well for continued I have come, and I yes and how much do you need to be able to pull off of the 200,000 Charlotte to make your your budget work each month while at 70 sure I make it there like 27 put that art something like that down yet that's exactly right. Yeah.

Very good look couple of things there number one Charlotte congratulations for ordering your finances in such a way that you're in this position where you don't need the money. Your debt-free your living modestly, you have the income to cover it. That's great. You are going to have to start taking that the required minimum distribution at 72 and so you do want to invest this money to make it grow so you could cover that. That would could be additional money to give away and we'll talk about that in a moment, but I think really the key here is hiring an investment professional. This is harder money.

It's a lot of money in the best way to forward to be managed is within a properly diversified stock and bond portfolio.

Probably a small allocation to stocks maybe 30%, which is going to be the growth component and then 70%, probably roughly in fixed income bonds and other types of fixed income that will generate a very stable return and the combination of the two will allow this to grow it probably three or 4% a year which would be more than your pulling out for your required minimum distribution and you know you'll never have to tap the principal so I would go to our website and moneywise live.org click find a C KA and interview a couple of the C KA certify kingdom advisors there in Illinois and pick the one that's the best fit. Who can then manage these funds for you and with your input oversight.

The last lots of questions that get to know you and what God's doing in your life and what the needs are for the money and you'll develop a plan and then Bill picked the investments for you and you know that way that the money will be deployed properly and biblically according to biblical principles, so I think that's key. The other thing you want to ask that person about a something called a qualified charitable distribution because you can give away to charity directly from your IRA the required minimum distribution and the benefit of that Charlotte is you never recognize it as income.

Therefore it's not taxable.

So the ministry gets the full amount of the required minimum distribution. You satisfy your RMD required minimum distribution for the year and you never have to pay a tax bill so everybody wins. And it's called a qualified charitable distribution and that certify kingdom advisor can help you set that up if you wanted to you could use that to offset money. You were already giving, which means you hold onto it or you could just do additional giving altogether. That would be up to you. Does that make sense to qualified charitable distribution and it's the means by which you give your RMD away without ever being taxable to you as income satisfies the IRS's annual firemen and it goes right to the charity they get the full amount. Nobody pays in tax rate Charlotte thank you very much we appreciate the call today with that were going to pause back to another edition of moneywise live.

Please keep in mind that today's program is free recorded though we've lined up some calls in advance so sit back and enjoy the rest of our broadcast today and the calls that we have coming up. I think you probably hear something interesting and bubbly. Something that you can apply to your own life as well. He's Rob last time Steve Moore let's go back to our lines.

How about Florida Rob Fanny what's on your mind. Hi will now it Steve, but I'm in a hand you off hello family how can I help you think Michael and I will be targeted faithful titers and $20,000 in our checking account right now and we think that we haven't been touching because we want to purchase a mobile home 72,000 73,000 and a year from now we want to know how we could put that money in the savings to happen to grow was going to be putting $300 a month in air to increase it and by that time. By this time next year where we should have 43,600 okay. All right.

Very good. Well, you know, I think the opportunity you have your Fanny is to put this into a high-yield savings account. Unfortunately they're not paying a whole lot interest right now about the best you can find is .6%, which is yelp. 6/10 of 1% that you and I get up any fees, maintenance fees or anything like that and that's still no a decent amount of money on 40,000 over the next year, you get $240 and every little bit counts right, but the key for you as it relates to saving for the future when you have a very specific short-term goal in mind and I would certainly put one year in the short term goal category is it's about the return of your money, not the return on your money. Meaning you want to protect this harder money that you're saving for. Don't want to take any risk you want to earn a little bit interest but you don't have to want to have to be concerned that when you need the money you've invested in something that has lost value and therefore you have to sell it, take a loss and you know now it's even harder to make this purchase. So I would look at perhaps Ally Bank or Marcus so Ally Bank is Ally ALLY.com Marcus is Marcus.com, which is the retail operation of Goldman Sachs and out with either of those. You can get just about the very best savings interest rate you can find in as rates move up and they will sometime over the next year will move up these rates will move up to and wasn't too long ago that these rates were at 1 1/2 to percent there not now because interest rates are so low, but will be back there. The key though is the money will be protected with FDIC insurance and you learn a little bit interest in you will pay any fees or expenses this at some like what you're looking for Fanny and I could take it out when I wanted to 40,000 out when next year, and to put it towards the mobile home exactly this is 75. We don't want anything like you say will be going to. Well, that's right, but the other thing here is you're not buying a CD where the money is locked up so you have access to this money in any point in any day. This is a savings account completely liquid even though you're earning a little bit interest in the way it's gonna work as if you're comfortable you're doing business online.

This is an online bank. It's going to get linked to your checking account electronically and then whenever you need the money. You go on their website or if you use a smart phone, you can open the app and just transfer the money and 2 to 3 days later it will be sitting in your checking account whenever you want it, but in the meantime you learn a little bit interest on Fanny. Do you envision in any way that you would need this money for at least a year now.

I would she be better off putting it in the CD. In that case just want know just because the rates are not any better for a one-year CD.

In fact, in some cases there little bit lower and it would prevent him from getting the higher rates as interest rates move up over the next year.

Good point. That's why he's in charge Fanny God bless you.

Thanks for your call today. We appreciate Naples Florida Claudette. But how can we help you write a yes man going to hit about my almost $500.

In August 1980 in a guaranteed fine give me and I need to keep it barefoot plan beer and could amount to speak to. I'm getting something… I'm ready to hire I see Claudette is is there a financial advisor who is recommending you buy an annuity is that what's going on advisor network giving still go over all our retirement information. Okay and are you still with you still a federal employee at this point.

Yes okay and yeah so there's not really any reason that you need to move this money out. You've got plenty of options inside the TSP without you having to buy an annuity of any kind, and so I think the key is to really look at what those investment options are that are going to be the best fit for you. Give the there's all kinds of risk levels depending on whether you're in the stock funds like to see you and I have or some of the lifecycle funds where it's geared toward your retirement date. So if you're gonna retire in 20 years you could look at the 2045 lifecycle fund which will automatically get more and more conservative as you head toward retirement so there's not a need for an annuity right and this is moneywise more retired and Rob West vacation. So this week it's encore presentation moneywise live list begin by going just outside of Chicago and Deborah have a question for Rob. So much for taking my call had been paying rent although she's marking care due to the moratorium to other tenant are paying rent, which mean I still have 100 or the property that only about 60 Kristin of the income felt drained. The property account.

My personal saving my credit card debt had allowed you have about $20,000, only earning about one my question is with you and by withdrawing that made the track. About 20% for tactic pay off my credit card. That which would reduce my monthly DL by now to $25-$200 a month. In addition, I building on the market because I didn't want to lose it felt appropriate payout would be able to replenish what I don't have any idea when that they'll what would you, I'm so sorry to hear about the situation. Deborah I know this is a real challenge. When you say you could reduce your expenses by about 250. What is it that you would need to do to make that happen. Credit card debt. With that, I think that $20,000 from that annuity that only earning about 120% pay that protected that would leave me and asked to pay off my credit card which credit card for the building that I've been using for this yelling and my own personal pain.

Note that I won't have an emergency, fine, I won't have that money left over really be fond of the gelding and I can't predict when what happened in even without the $250 a month that you would no longer be responsible for the credit card debt gone, what would your shortfall be every month. I looked down had quite a bit of a shortfall.

I don't know exactly but probably maybe three to $400 DL short every month. Well actually probably be about little more than that because I was able to pull from different account now what else account drain really probably going to be more like seven or $800 short. Yeah yeah okay so that what I was to go back on the credit cards that point right. Have you talked to an eviction lawyer just about what your options are. From that standpoint. I have had much because it makes a lot of pretty mighty right now it clear cut and they were in the past of a really only give you immediate reaction and even without reaction, wishing that technically can see have to clean air have to be danger in the building and I don't think they were the ancient prophet takes a while.

Well yes well it does the current moratoriums even nationally. I believe run out at the end of March so obviously it's a last resort and you want to go through the typical process.

First, where you're putting them on notice and you're doing that in writing and you're charging a late fee and you're documenting every step of the way and then after that at some point you know you would file for eviction. Just be based on the fact that you have the ability if you wanted to to be able to maintain this property, or to lose the property you know if if this continues on much longer mean, I think pulling out of the annuity is much as I don't like that is probably the only option right now just to buy you a little bit of time and I think I would move quickly because you got equity into selling this property.

Taking the proceeds shoring up your financial foundation and got a moving on, but I realize that can take some time.

So I think we need to come to take both approaches, we probably need to go and take the pressure off with the credit cards and then move quickly to list the property to try to sell the real estate and then at the same time start moving down this road of eviction.

Just be ghetto for nonpayment and make sure that you documented every step of the way so I become a working all three of these at the same time just asking the Lord to for breakthrough. You may be something changes in their life and they are you willing to jump in and and start to resume payments or something like that.

But at the very least in a good real estate market. Hopefully you'd be able to sell this property sooner rather than later so I'm sorry to hear about the challenges you've had, but I think your thinking through it correctly and I would move all three of these fronts. Deborah, thank you very much and Rob. Obviously we all feel sympathy for tenants who due to the covert situation can't afford to pay the rent, but one also has to feel sorry for landlords who were struggling to pay their bills as well, and many are two sides to that coin.

Unfortunately there that's exactly right. Okay let's continue on out to Indiana and Katrina a what your situation all in this matter. I wanted sure all the on every area you can't get wondering.

There child, everything is okay here. I get what make sure well most motor miners won't have the credit report at all, or credit score established, but those that do can check their credit just like an adult. So essentially you'd go to her he would annual credit report.com enter in the information to try to identify whether a file already exists. So I think that's the key. If you're just trying to understand what's there if anything in his name. He would go through the same channels that everybody else does.

I wouldn't be surprised if there isn't a credit file on him at this point, but that would be the process you would want to go through to check and that would cover all three bureaus at the same time again that website annual credit report.com Katrina.

We wish you the best with that.

Thank you very much and Rob have four children.

Do any of them, to your knowledge of the credit report established the I don't know. I've never never looked. I don't think so. I don't know why they would we just this year opened money. Debit accounts go sensitive checking account for each of the two older boys 16 and 14 but this is their first counter foray into the financial world with anything in their own name of Rob West. We wishing well this is my lifeline moneywise and were certainly glad that you are this is a calling program wouldn't be much of a call-in program there now. Today's broadcast is recorded, so please don't try to call right now, but earlier we set up some calls in advance of let's continue.

I let's go back to our phones Irma and Laura, we are coming in your direction, so don't go anywhere. But first, Lawrence, Indiana and Paula. What's on your point. I am nearing retirement. About 18 months from now and I work with FHA care. They offer 35 years. I know monthly pension. However, while not want to take my life or do you. I want to take out 30,000 about a month for the rest of my life or to invest on my own and leaning a little bit more toward clicking then my lifestyle and that other factor account way: now wait at your back. Okay you broke up there right at the end and see said to be the six-month provision you're talking about your lungs telling that there went down the next month waiting monthly option first 30 day that point, you're eligible to yes yes very good okay well you know this is obviously a choice that you need to give a lot of careful consideration and prayer to and it really comes down to your life expectancy which you the real question we can ask. There is just based on her health and longevity in the family things like that that would be one consideration and then your retirement income does this monthly check. In fact, cover what you would need to cover your lifestyle moving forward in essential expenses, and if so having that piece of mind moving forward would be something that a lot of people like to have access to. So you're not ultimately responsible for making sure that this last throughout the rest of your life you would know that at least that portion is covered now. The lump sum benefit. There is gives you more control over your money obviously allowing you the flexibility of spending in or investing and how you see fit as long as you can in fact make it last the rest of your life.

You have access to the principal. In the event that you needed access to a larger sum of money.

Maybe a major medical event you needed some long-term care for a period of time something like that. So I think those are really the considerations you need to look at, but assuming you have your you expect longevity and information health standpoint and Paula you really see this is something that would really help. You have some confidence that you would be able to fund your lifestyle for throughout the rest of your life and whatever the Lord has for you moving forward then you know that can be quite attractive. The only other consideration. There is no if a pension administrator were to go bankrupt, which is obviously ill for most companies, very low risk that something you often would think about, but it's a possibility of the pension payments could stop although there is pension benefit guarantee company insurance that would cover most situation so that would be the only other consideration. But given that give me your thoughts on which way you're leaning in and whether you have any questions on what I shared. Well I'm glad you find out about the long-term care and income situation. It would cover about 5% of your social security and then I have ever not quite $400,000 sure though all along that me and planning sound financial half an hour so you say you're leaning toward taking the monthly payout of the pension yeah yeah you know that's again comes down to those considerations and sounds like you have thought through this one thing that might be helpful because this is a pretty significant decision is for you to take out some time and visit with the financial planning professional who could really take a look at both of these options take a look at what the.

The lump sum payout would be. And what a reasonable expectation would be in terms of the income that you could generate from that without touching the principal which from a wealth transfer standpoint would give you something to pass on to your heirs. If that's appropriate versus taking this monthly pension that obviously would not pass on beyond your life and just consider really the imputed kind of the interest rate there that you would have to achieve to accomplish the same thing although you have to consider the fact that you are assuming that risk and if you're investing in the market to do that, then you have to be comfortable with assuming the risk that comes with that. So I think at the end of the day. It sounds like you're leaning toward the monthly payout if it does, the things you're looking for and gives you that added peace of mind. That's real and that's something that needs to be factored in here beyond just the numbers of it but I'd probably take some time to visit with somebody who can really help you run these calculations and look at both of these decisions in light of your overall financial plan more than we would be able to do just here quickly on the radio today so if you want to move in that direction. I'd recommend you go to our website moneywise live.org you can't find the CK a certified kingdom advisor there in Indiana and just spend a couple of hours with somebody who can really help you look at this from both perspectives. This will also be an advisor who shares your values so they can factor in that as well. Paul I pray God will give you wisdom and direction as you seek him in this regard.

Thank you very much for calling in today. I let's quickly moved to Grand Rapids and Irma. We know you been holding Irish and you want to get rid of some credit cards or maybe I will write okay I'm tired four years all I work on the title V program. I have my credit card that I will keep one and you made it to, but I don't want my credit for. But here's something about you a lot like that and I do have a product that I can pay off probably not.

I don't know what I should do, how I should go about sure Irma, are you carrying a beyond this one that you pay off next month do you carry any other balances you pay them off in full.

One credit card balance under $20 okay very good so the biggest issue that happens when you close a card that will affect you negatively is; credit utilization which is basically means when you reduce the available credit, which is what can happen when you close the accounts because that money is no longer available to you that if you're carrying a balance. The balance you're carrying is a higher percentage of the total credit you have access to, and if he gets above 30%. That really could impact you negatively. That's not going to be a factor here because you're not caring about, so if you take three of them off the table. You're not any higher percentage because you have no balances of the other issue is just the longevity of the couch that you have. The average length of the accounts, but most of the credit scoring models now.

I still factor in the age of the history of the account even though the account is closed. So what I would do is just close to every six months so I probably close to now and then wait six months and do the third one.

Other than that I wouldn't have any concern over your credit if you saw minor drop in your credit score. It would bounce back within a couple of months. Irma we wish you the best. Thanks very much Laura, we know you been holding were almost out of time.

Give it to us quickly. If you can, well working on paying off your mortgage and would like to do that within the next 10 years before we retire. We have enough surplus that we could make considerable monthly payment and I don't know whether it's to our advantage to just keep putting that money back and then pay it in a couple times a year, likely have been or if it's better for us to set an extra amount each month and just make that payment intelligent part of the mortgage and yeah Laura love this idea as long as you have your emergency fund in place you're on track with your other savings goals.

I think starting to really focus on reducing that mortgage is a great idea. If you have the money to do it you build it in your plan. There's no reason to wait, you have no benefit of sending a larger amount twice a year versus sending as much as you can with your regularly scheduled payment because as soon as you pay toward principal as long as they're applying it that way and you want to check with your mortgage servicer to make sure you send it in such a way that they're applying it immediately. But as long as they are. That's money that you're not paying interest on for the life of the loan and the quicker you reduce that principle, the quicker you reducing the overall amount of interest that you're paying. So I would go ahead and send it monthly and I would just make sure you contact your servicer to find out how they want you to do it so it can be applied to the principal of the mortgage. Yes Rob but over the years. How many people have we spoken to who regretted paying off the mortgage early on account of 00 and that's the correct answer.

And with that, we're pretty much at a time. Thanks Rob, thanks so much again for being with us today. Hope you found something helpful and useful, and so pleased was a big favor and tell a friend with you each day. At this time Monday through Friday with moneywise live our phone number is 800-525-7000. Our website is moneywise live.org, you'll find lots of great free resources there. And of course moneywise live is a partnership between radio and moneywise media. My thanks to our technical crew and staff. Jim, Judy, Amy and Courtney and again I thank you for being there tomorrow for moneywise live