Podcast Summary
Monetizing existing resources with Airbnb: Earn income by sharing resources on Airbnb, avoid overspending online, and make informed investment decisions for a stable financial future
Monetizing what you already have can be an effective and easy side hustle, such as becoming an Airbnb host. Many popular side hustles require significant startup costs, but hosting allows you to make use of your existing resources. For instance, the podcast host shared his personal experience of writing in remote cabins, but feeling uneasy about leaving his house empty. Airbnb provided him with a solution to earn income while his house was vacant. Another relatable situation discussed was the temptation to overspend on desirable items online, only to find affordable payment plans that make the purchase seem more feasible. However, it's important to remember that not all financial decisions require immediate gratification and long-term planning is crucial. In the realm of investments, the recent events surrounding GameStop serve as a reminder that the stock market can be unpredictable and volatile, emphasizing the importance of understanding the risks involved. Ultimately, being mindful of your finances and making informed decisions can lead to a more stable financial future.
Buy now, pay later services: A last resort for necessary purchases: These services can be useful in emergencies but come with hidden fees for vendors and risks for consumers. Use them responsibly and only for necessary purchases.
Buy now, pay later services, such as Afterpay, Klarna, and Affirm, are essentially loans that come with soft credit checks and no interest upfront, but they come with hidden fees for the vendors. These services can be useful in extreme emergencies, but they should be avoided if possible due to the risks involved. The good news is that most of these companies are legitimate and only do a soft credit check before approving a loan. A soft credit check does not affect your credit score, and making regular payments on time can help build credit. However, these services should be considered a last resort and used sparingly, as they can lead to financial difficulties if not managed carefully. The bad news is that these companies make their money by charging vendors between 4-9% of the purchase price of the item. This is significantly more than what credit card companies charge, and it can add up quickly for vendors, potentially leading to higher prices for consumers. It's important to remember that buy now, pay later services are not a free pass to buy things you can't afford. They come with risks and fees, and they should be used responsibly. If you're considering using one of these services, make sure you understand the terms and conditions, and only use it for necessary purchases that you can afford to pay off in the long run.
Buy now, pay later programs don't boost credit scores: These plans don't report on-time payments to credit bureaus, leaving responsible use without credit benefits, and they have fewer legal obligations to borrowers.
Buy now, pay later programs, while popular and beneficial for driving sales on e-commerce platforms, do not provide the same credit benefits as traditional loans or credit cards. Until recently, these companies did not report on-time payments to credit bureaus, meaning that responsible use of these plans did not positively impact credit scores. Additionally, buy now, pay later companies have fewer legal obligations to their borrowers compared to traditional lenders. If something goes wrong, such as a vendor disappearing or a product not being delivered, the buyer is left without recourse. Despite their perceived ease and lack of interest, these plans can lead to financial trouble if not used responsibly. It's essential to be aware of the potential risks before using buy now, pay later programs.
Beware of hidden debt with buy now pay later plans: Buy now pay later plans can lead to unexpected debt due to inflexible payment options and potential late fees or collections. Consider layaway programs as a more flexible and potentially less risky alternative.
Buy now pay later plans, which can seem like a budget-friendly alternative to traditional credit, can easily lead to unexpected debt accumulation. With seemingly low prices adding up over time and inflexible payment options, many consumers end up missing payments and facing consequences like late fees or collections. These plans are particularly popular among those with subprime credit, and while they may not initially impact credit scores, defaulting can result in losing the item and any fees paid. Instead, consider using layaway programs as an alternative when facing financial constraints. These programs allow consumers to pay off items over time without accruing interest or penalty fees, providing a more flexible and potentially less risky option for managing purchases.
Invest in Yourself for Self-Improvement: Join the OG Money Rehab team to invest in yourself and unlock the tools and resources needed for successful self-improvement.
Self-improvement is a journey that requires investment in oneself. Our hosts, Nicole Lappin, Morgan Lavoie, and Mike Coscarelli, along with the dedicated team behind the scenes, including Michelle Lance, Katherine Law, Brandon Dicker, and executive producers Nikki Itor and Will Pearson, remind us that this investment is worth it. Penny and Mimsy, our mascots, serve as a reminder that everyone can get it together and get it all. We are grateful for your decision to join us on this journey. The OG Money Rehab team is committed to providing you with the tools and resources you need to succeed. So, invest in yourself and watch as the magic unfolds.
