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الخميس، 31 ديسمبر 2015

Keep Your New Year’s Resolution This Year: How to Achieve 7 Common Goals

Happy New Year! Are you making a New Year’s resolution? If you’re like 45% of Americans, you’ll set one or more goals to achieve this year.

Sadly, a third of us let our resolutions fall by the wayside before the end of January, according to Details magazine.

To help you stick to your goals this year, here’s a list of common resolutions, as well as advice to help you reach them. It may not be easy, but checking these lofty goals off your list will feel oh-so-good.

What’s your 2016 New Year’s resolution?

1. I Will Finally Get Out of Debt

Becoming debt free is a common resolution, but it’s also one of the most commonly forgotten, according to Time magazine.

If getting out of debt is your priority in 2016, you’ll want to focus on spending less, earning more and putting as much money as possible toward your debt.

Look at your spending habits, outline your financial priorities and build a budget focused on eliminating your debt.

You might have already cut extravagant or unnecessary spending from your budget, like ordering takeout every other night or weekly trips to the mall, but there’s a lot more you can do to minimize your spending.

Make the most of apps and tools that help you save money while shopping, and only buy what you need. Slash your cell phone bill by trying a low-cost carrier, and use cash-back websites like Ebates to earn money back on your purchases.

If you can, plant a garden this spring to help save money on grocery bills this summer — here are some of the most cost-effective veggies to grow.

If you own your house, save on utility bills by getting an energy audit of your house and making these home improvement fixes to conserve heat, water and electricity. If you rent, offer to help your landlord in exchange for a lower monthly payment.

Don’t cut everything fun and enjoyable though — you may not be able to stick to a budget that eliminates all your favorite things, so make sure to keep a couple of treats. For example, don’t cut out all coffee. Instead, use these Starbucks hacks to make your Saturday morning latte less pricy.

Ready to earn extra cash to put toward paying off debt? Check out our posts on earning more money, or read on for ideas for side businesses. And when you do pay off that final bill, remember to celebrate!

2. I Will Pay Off My Student Loans

Student loans are a bit different from other debt, but they can feel just as stifling. If it feels like it’s taking forever to pay off your education, try some of these strategies to pay down your student loans faster.

Advice about spending less and directing more money toward your debt still applies, but as a college student or recent grad, you have a few other options, too.

If you can, live at home or with multiple roommates to save on housing costs, and use the money you save to make extra payments on your loan’s principal. This could save you thousands of dollars in interest over the life of your loan.

Earn extra cash to put toward your loans through side hustles like tutoring students, selling plasma, working as a standardized patient or reselling used textbooks.

3. I Will Start a Side Business

Whether you’re ready to start freelancing with location-independent skills like graphic design or writing, or you want to start a business in your community, we’ve got tons of great side business ideas for you.

Are you a great writer? Try your hand at freelance blogging or writing letters to senators.

If you’re crafty, turn your favorite hobby into a business. Make jewelry, walking sticks, monster masks, holiday decorations or anything else you’d like to create. Sell your crafts online, at conventions or in local shops.

Good with tools or a paintbrush? Try painting houses, murals or curb numbers, or even building catios (outdoor cat cages — yes, they’re a thing).

Love being outside? Rake leaves, shovel snow, help people with their gardens, or run fitness boot camps, depending on the season. Or start a pooper-scooper business at any time of year!

If you’re a good teacher, try a tutoring business. You can work with local students or even teach through online teaching platforms.

Handy with a camera? Take family portraits (not only during the holidays) or sell stock photos.

Don’t have any startup cash to invest? That’s OK. These four business ideas require nothing but your time.

4. I Will Get a Raise or Find a New Job

If you’re keen to earn more money this year, your job is a great place to start. Is your work worth more than you’re getting paid?

Do your research to see what similar jobs pay. Check The Bureau of Labor Statistics database, PayScale, Glassdoor and other salary aggregators.

However, looking for salary ranges on job postings and asking your colleagues or peers at similar companies may be even more helpful, suggests Molly Triffin on LearnVest.

Time your request carefully — right after you’ve completed a project or had a big win is a great opportunity — and get ready to negotiate. To boost your chances of hearing a “yes,” use these tricks when you ask for a raise.

If you’re turned down, or you’re ready to look for a new job, you have an even better opportunity to earn more money.

“The largest salary increases typically come when an individual moves on to a new company,” says career coach Robin Ryan.

You could also use a higher offer from a new company to convince your current employer to give you a raise, explains personal finance and behavior expert Ramit Sethi.

5. I Will Volunteer More Often

Ready to get your hands dirty or share your expertise this year? Volunteering is a great opportunity to give back to your community and support causes that are important to you.

Choose an organization whose goal or mission resonates with you, and consider what you’ll learn from your experience.

If you eventually want to become a teacher, coaching a youth sports team or helping a Scout troop could help you build experience. Want to get into grant writing? Talk to local nonprofit organizations about ways to get involved; you may not be writing right off the bat, but you’ll make connections.

Volunteering is a fantastic way to develop new skills, and it could even help you earn more money.

If you want to enjoy perks in addition to the warm and fuzzy feelings, try one of these great volunteer gigs. You could even volunteer at a craft beer festival and get free beer!

6. I Will Plan and Save for a Dream Vacation

Hawaii, Disney World, New Zealand… which destination sounds most appealing? Yes, it is possible to enjoy these trips on a budget.

First, figure out where you’d like to go and create a basic trip budget. Factor in flights, accommodation, admission costs, food and other expenses. Figure out how much money you’ll need for the trip, and start a vacation savings account to help you keep that money separate from other savings.

That total trip cost might be frighteningly high, so look at ways to lower it. Can you save money by skipping hotels in favor of cheaper accommodation?

Could you book cheap or free flights using points from a rewards credit card — or even earn points without a credit card?

What about making part of your trip a work exchange to save on room and board, or building a longer trip around a seasonal job?

7. I Will Eat Healthier, Work Out More and Lose Weight

Buying healthy food on a budget can be a challenge. So many coupons seem to focus on less-than-nutritious options like soda and chips!

For inspiration to create affordable, healthy meals, check out Leanne Brown’s Good and Cheap cookbook, which is full of recipes you can replicate on $4 a day.

To earn money back on your healthy grocery purchases, try using an app like Ibotta, which offers rebates on staples like milk, bread and eggs.

Another option? Cut down your grocery bill by growing veggies in your garden or raising rabbits in your backyard.

Need a little inspiration to work out? The promise of extra cash in your pocket might help you stick to your plan to go to the gym or head out for a walk.

Tracking your workouts with a Fitbit or an app like RunKeeper lets you earn points for hitting your goals, and keeping your commitment to activity can help you make money through apps like Pact.

If your goal is to work off holiday weight gain, consider setting a formal challenge through a diet betting website, either with other site users or in-real-life friends.

The Bottom Line

Sticking to your new year’s resolution isn’t always easy — if it was, more than 8% of people would achieve theirs.

Make 2016 the year you keep your resolution by choosing a meaningful, tangible goal, making it specific, and sharing it with others who can help keep you accountable.

Your Turn: What’s your New Year’s resolution?

This post originally appeared last year, but we brought it back to help you keep your 2016 resolution.

Disclosure: We have a serious Taco Bell addiction around here. The affiliate links in this post help us order off the dollar menu. Thanks for your support!

Heather van der Hoop (@Heathervdh) is senior editor at The Penny Hoarder. When she’s not reading or writing, you can usually find her playing along with Jeopardy! or climbing rocks, mountains or trees.

The post Keep Your New Year’s Resolution This Year: How to Achieve 7 Common Goals appeared first on The Penny Hoarder.



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An Experienced Frugal Parent’s Guide to Child Care

Child care. It’s one of the biggest expenses out there for most new parents. Like it or not, it’s something you’re going to have to face if both parents are planning on returning to the workplace after the birth of a child, and for parents with a frugal streak, that’s an expensive proposition.

Sarah and I have felt the full force of the cost of child care. At one point in 2011, we had three children in full time child care. The bill for that added up to almost as much as Sarah’s take home salary at that time. In fact, it was that child care cost that caused 2011 to be our worst year financially of the past decade.

Still, if we hadn’t been diligent in figuring out ways to spend less money on the tremendous expense of child care over the years, our net worth would be tens of thousands of dollars lower.

Here’s our guide to saving money on child care costs for frugal parents, straight from two rather frugal parents who had three children go through the preschool years of child care in the last decade.

A Few Key Principles

A few things need to be stated very clearly before we dig into this topic.

First of all, Sarah and I did not consider any child care situation where we were uncomfortable at all with the safety and care of our children. When we were evaluating child care options, we visited a number of places and some of them were immediately discarded because they set off red flags in our head. This included some of the child care options that had the lowest prices among the ones we looked at. Our children’s safety and health was the highest priority.

We also tapped our social network for recommendations, particularly negative recommendations. We asked our friends which child care options they chose and what they liked or disliked about those options. The goal was not to narrow things quickly down to a few choices, but to eliminate some of the really bad choices.

We also used our state’s child care provider rating system, a system that many other states emulate. This wasn’t a be-all-end-all thing, but when we learned about the system, we decided that a minimal rating (at the time, two stars; today, we’d probably want a minimum of three and ideally four as the rating system as matured) was fairly important to us.

The truth is that most child care options are perfectly fine and there isn’t a whole lot of difference between a good child care option and a great one in the same class. What you’re really looking to eliminate from your decision are the ones that have serious issues.

The Stay-at-Home Parent Option

The first option that should be discussed when it comes to child care is the stay-at-home parent option. Does either parent have an inclination to want to stay at home with the child for the first years of their life, putting their career on pause to take on primary child care responsibilities?

The reality of this choice is that you’re essentially “paying” for child care by sacrificing a salary for a few years. Of course, with that one parent at home, you open up the door to some frugal options that might not necessarily have been on the table before, as the stay-at-home parent can take on some home economizing tasks that will significantly trim expenses. For example, it becomes much easier to eat at home if one parent is there and can handle some of the meal prep during nap times, for instance, which cuts down on food costs.

Be sure to consider savings when thinking about the stay-at-home parenting option. This can make stay at home parenting a much more frugal option than you might immediately think, especially if one parent earns a much lower salary than the other and is willing to take on that kind of career switch.

Sarah and I both declined this option, but it was an option we discussed thoroughly and with seriousness because it was an option we both had an interest in. Our salaries were pretty equivalent at the time, so it wasn’t obvious which one of us should take on the stay-at-home option. In the end, we decided against it for a number of reasons, but there was a long list of pros and cons.

Look at Career/Work Flexibility

Another thing to consider is whether or not either of your jobs offer enough flexibility that you would only need part time child care. There are several options worth considering here.

First, could either of you work from home? The possibility of telecommuting at least part of the time enables you to keep the child at home with you instead of paying for a care provider.

Second, could either one of you shift your work schedule dramatically? Perhaps one of you could go on an evening or night shift so that he or she could be at home during the day with the child. I know one family where one parent works from 5:30 AM to 2 PM and gets home at about 2:30 PM to relieve the other parent who goes on to work an evening shift (roughly 4 to midnight). This allows them to completely avoid child care costs. Another couple I know has both parents working three twelve hour shifts per week with no overlap.

Finally, does your job offer any special discounts or other benefits related to child care? Some jobs offer child care services on site, while others have arrangements with local child care centers to offer discounted rates to employees. Ask your human resources officer whether any such benefits exist that would apply to your situation.

Check the Social Network

The first thing you may want to consider is a family option. Is there a grandparent or other close relative available that could provide steady child care?

There are some big advantages and big disadvantages with tapping friends and family for child care. The obvious advantage is that you know the person well and have a good idea of what kind of care that person would provide. Your expense will also be pretty agreeable (although it likely won’t be tax deductible).

The disadvantage is that it can put a strain on your relationship with that person if the child care doesn’t work out for some reason. You may end up feeling uncomfortable with the care provided, but removing your child causes social problems that you may not want to deal with.

This wasn’t an option for us as we didn’t have any suitable family members or close friends that would be able to do this within a reasonable radius. However, this was a strategy that my brother and sister-in-law were able to take advantage of and it saved them quite a lot of money over the years.

Make a Big List of Possible Options

If you’ve decided against stay-at-home parenting and there aren’t any realistic social options available to you, assemble a big list of possible commercial options. Don’t worry yet about prices – just look at everything that you would reasonably consider using if price weren’t a consideration at all.

My biggest piece of advice is to avoid the mindset of desiring the “perfect” child care option. In some areas, there are some child care centers and preschools that are very well marketed and many people buy into the idea that if you don’t get into one of those well-marketed “premium” child care options, you’re practically abusing your child. It’s just marketing nonsense, so don’t pay any attention to it. Instead, focus on eliminating just the bad ones from the big list instead of quickly narrowing down to a few really good ones that you must get your child into.

We started assembling our list by looking at all options that were within five miles of our respective commutes or within five miles of reasonable alternative commutes. This covered most of the ground between Ames and Des Moines and a fair amount of the suburban areas around Des Moines as well. In other words, we had a pretty big list.

I would suggest that as your first filter for what goes onto the list. Consider only options that are reasonably convenient for your current daily routine or convenient with a slight alteration to your routine.

The most effective tool for doing this is to simply use Google Maps and search for “child care near me.” While this isn’t a perfect list, it will often include a lot of options, many of which aren’t on your radar yet. You may also want to search for “child care near ” followed by the address of your workplace or addresses that are directly along your commute.

Winnow That List Down with Sensible Restrictions

You can pretty quickly start knocking out large portions of that list of providers with just a few sensible restrictions.

For example, you may decide to only consider child care options within two miles of your commute. That will likely eliminate a lot of options right there if you shrink the radius from five miles to two miles.

Depending on how your state rates child care providers, you may want to restrict your list of options to ones that have a minimum rating. Don’t make it too high – I’ve found that in Iowa at least many good child care options don’t earn the maximum rating due to quirks in the ratings system, but any decent place that’s been open for a few years should be able to earn at least a three star rating.

You’ll also want to eliminate any child care options that have a strong “avoid!” message coming to you from people in your social network.

I put almost no value into online reviews of child care providers. Many of them are written by shills, either employees or close friends of the provider that give overly glowing “reviews” or by employees or close friends of competitors that give overly negative “reviews.” The only reviews I truly trust for things like this are ones from people I know and trust in my personal social network.

You do not want to cut down too much at this point or else you’ll find yourself in a position where the only two options left are extremely expensive and have limited space.

As we did this, we found ourselves with a list of about twenty child care providers, and that’s when the real work began.

Fill in Some Basic Facts

Hopefully, at this point, you have a list of twenty or thirty providers that might work. You’ve been a bit restrictive, but not overly so, and that leaves you with a healthy list of options. Now, start comparing those options.

Go through each potential candidate and find out a few key pieces of information about each one. What would the weekly cost be to take your child there with the frequency that you expect? Are there openings available at that location? (Obviously, a “no” answer makes it easy to wipe that option off the list.) Do their hours work with your schedule? There are also a couple of good red flag questions to ask when doing this, such as whether or not they have an open visitation schedule with parents (meaning parents can drop in at any time to see and pick up their kids) and how they are accredited (you’ll probably find a few very common accreditations and you should hear at least one or two, but don’t put a huge premium on a center that can reel off a whole bunch).

For this part, you mostly just want a dollar amount and some yes/no/simple answer questions because you’ll want to do this part by email or over the phone. We found that keeping a spreadsheet of information worked really well for us during this process.

As you go through these questions, you’ll often end up eliminating some options just because they don’t meet your basic needs. That’s fine, and that’s part of the reason it’s a good idea to start with a relatively big pool of options.

It takes some time, but it’s well worth it. You’ll often end up with very promising candidates that are quite inexpensive that simply weren’t on your radar before, and that’s exactly what you want.

When we went through this process, we wound up with about ten candidates, only a few of which we had even heard of before via our social network. That was a good thing.

Visit by Price

At this point, it can be tempting to visit all of the options, but that’s actually a bad idea. The reason is that expensive centers can often afford to put up very showy but unnecessary things that are really attractive to new parents but really have very little to do with the care of the child.

Basically, we found that when we had whittled our list down to ten candidates using the above process, all of the remaining options were pretty good but some of them were definitely more expensive. What we found is that the more expensive ones that managed to make it through our guidelines didn’t really offer anything that really raised the quality of the child care, but it certainly looked good at a glance.

I’ll give you an example that I remember really clearly. We visited two different child care centers on the same day. One of them charged about 40% more than the other one. The more expensive one had a brand new set of play equipment that they were eager to show off that looked shiny and new. The other one had almost the exact same play equipment, but theirs had been installed and played on for a few years so it looked a bit older. At first glance, the shiny and new one looked way better and that was our initial takeaway, but the more we thought about it, the more we realized that there was barely any difference between the two. In fact, the somewhat worn play set was indicative that children had played on it many times and had loved it. After all, shouldn’t a child care center use the same philosophy we use at home – use it until there’s actually a real problem with it, repair it if you can, and replace it if you must? That’s the philosophy I would want my child care center to have.

So, what I actually found to be a great strategy is to visit the child care options that qualified by their price, starting with the least expensive option. I would visit at least a few options just to see how they differ, but as soon as you find one that meets your needs, there’s really no purpose in continuing to visit all of them, especially when you’d just be looking at expensive centers that have a lot of unnecessary flash.

What to Do When Visiting a Child Care Option

Here are the key things to look for when visiting a child care option. (A note: it’s a good idea to show up semi-unexpectedly if you’ve planned a tour. Get there a little early if you can, and also ask if you can stop in at a later time to spot check things.)

First, what is the entrance security like? There are a lot of different methods for entrance security, but you want to be sure that people can’t just walk in and have immediate access to kids without some restriction. At the center we ended up using, you had to go through two different doors, walk by two different reception desks, and also walk by the cafeteria area to get to any of the classrooms, which was more than adequate. There were always at least two or three sets of eyes on you before you could even reach a child and unless you were a known parent you were immediately sent back to the first reception desk. Other care providers have different setups, but whatever the setup, you want to make sure that people can’t just walk in and go straight to your child.

Second, is there someone at the center that is trained in pediatric first aid? Inevitably, things are going to happen. Children will choke or a child will fall and hurt themselves. Your child is going to come home on occasion with a bruise or scrape or two – that’s life, and it’s something that would happen if they were at home with you and doing much of anything at all. The question you need to ask is whether there is someone on staff that can handle moderate injuries immediately if they do occur.

Third, what is their curriculum like? The purpose here isn’t to deeply evaluate the curriculum, but to at least see that they have a clear plan for what ideas they’re introducing to the children. Different people are trained in different ways and have different ideas about early childhood education. The key thing to know is whether or not they have ideas and standards. If they stand there and look dumbfounded at your question, that’s a bad sign.

Fourth, do the peers of your children look safe and well cared for during your tour? For instance, are babies placed on their backs to sleep? Is the floor soft or hard? Do they have a good policy for keeping track of the children when they transition from place to place (how do they do head counts)? What is their transportation like if they ever leave the premises?

Fifth, are the food options decent? Remember, your child won’t necessarily receive the same exact food there as at home no matter what center you look at. What you’re looking for is something approximating balanced food options. Are balanced meals and snacks served?

Finally, what is the care provider to child ratio for the various ages at this center? You can estimate it on your own by looking around the room, but asking the person giving the tour is a good idea. For babies, you should be looking for one care provider at work for every four children. I do not see significant advantage for having a much lower ratio than that, but I would be worried about a much higher ratio.

Here’s the thing: most child care options should breeze through these things. If the option you’re looking at struggles with any of these things, don’t hesitate to move on. You have more options.

If an option looks great, do a random spot check if they allow you to do so (they should). Just stop in at a random time and ask to look around and see whether the things you saw on the tour match up with the spot check. If they do, then you’re in good hands.

If an option passes the spot check, I’d encourage you to stop your search right there and sign up. Ideally, it will be one of the large handful of options that passed your initial screening, but on the low end of the cost spectrum of those options.

Final Thoughts

This is almost the exact procedure Sarah and I followed when choosing child care for our children. The biggest mistake we made was visiting some very high-end child care centers, which dazzled us with a lot of seemingly amazing features that were actually pretty nice, but were also largely unnecessary for the care and nurturing of our children. After a lot of deliberation, we ended up taking our children to what I would describe as a mid-level center in terms of cost and features and it was a great decision. They cared for our children wonderfully.

The key is to know what features are actually important – things like safety, security, and a genuine interest in the well-being of children – and which things are not, like having everything be brand new. I would far rather have a child care provider focus on the important things and not worry so much about the other things while providing a great price point for the families that they serve.

Good luck!

The post An Experienced Frugal Parent’s Guide to Child Care appeared first on The Simple Dollar.



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Is Getting Fit Your New Year’s Resolution? 10 Ways to Get Paid for Losing Weight

So many of us resolve — and then break our resolutions — to lose weight every New Year’s, it has become a cultural joke.

But what if you could make money for shedding those unwanted pounds? Would having a dollar amount attached to your weight loss efforts incentivize you to stick with it?

Get Paid to Lose Weight in 2016

With a multitude of paid diet plans like Weight Watchers, and the exorbitant prices attached to premier gym memberships, boutique fitness studios and fancy workout clothes, losing weight might be more readily correlated with spending money than making it.

But you don’t have to spend a ton of money to incorporate fitness into your life. You can get your fitness gear on the cheap at vendors like Target and Old Navy, and opening the front door to head out for a run is always free.

Even better? We found a surprising number of ways to get paid while getting fit. Here are 10 worth trying.

Bet on Yourself

Ready to put your money where your mouth is?

No, I’m not suggesting a dollar bill diet. These apps and programs facilitate taking a small monetary risk to help you stick to your weight loss goals — and engage your competitive spirit.

Then, get rewarded at the end of your journey. It pays to achieve, in more ways than one!

1. HealthyWage

Do you have a specific number of pounds you want to lose — and the confidence that you can get the scale to match? Check out HealthyWage, where you can make a (healthy) wager on your ability to stick to your plan.

Here’s how it works: you come up with a goal weight and a time frame to achieve it, and then you lay down some money that says the scale will correspond with your plans. If you achieve your goals, you’ll have two things to celebrate: your svelte new self, and a hefty prize check cut by HealthyWage.

We don’t typically tell you about betting opportunities, but this made the cut since you’re betting on yourself. Prize amounts depend on how much you have to lose, how quickly you want to do it, and, of course, how much you bet.

Playing with their betting interface on my own, I learned I could make up to $529.41 for losing 15 pounds! That’s about $35 a pound, and about a cent per calorie cut.

Want to combine monetary incentive with the power of teamwork? HealthyWage offers team challenges, too — either with your officemates or a group set up by the site if your company’s not on board.

By the way, the earning potential for the team challenges is pretty serious: you pay $25 per month, for three months, to participate, and you could win up to $10,000.

2. DietBet

Another great option for making weight-loss wagers is DietBet, which pools participants into teams based on their goals.

Choose from the Kickstarter plan (lose 4% of your body weight in 28 days), the Transformer plan (lose 10% of your body weight in 6 months), or become a Maintainer (keep your already-shed weight off for 12 full months).

Make a bet, and either pay monthly or all up front. Then, the winners split the pot — and achieve the fitness goals of their dreams!

The best part about DietBet is it helps you get involved in a community of people with similar goals, which provides both challenge and support. And since you can keep enrolling in different plans as you progress, you stand to earn a decent chunk of change as you get stronger, healthier and happier.

3. Pact

Want to bet on your habits rather than the number on the scale?

Even the health nuts among us have off days where they need a little more motivation. Why not make a little bit of extra cash while you’re at it?

I’ve been using Pact for quite a while, and earn at least $50 per year just keeping up with the healthy habits I’d (hopefully) maintain anyway.

To participate, simply download the app and link your Paypal account. You’ll make a pact with yourself to hit the gym and track your food consumption a certain number of days per week, and if you don’t follow through, you’ll pay — as little as $5 or as much as $50 per incident.

But if you keep up with your healthy promises, you’ll earn a little bit each week — a few cents or a couple of bucks, depending on how many activities you track and how many Pacters didn’t keep up that week. (That’s where that $5-$50 wager goes!)

You can even make a Pact to eat a certain number of fruits and vegetables each week. Snap a quick photo of your salad or apple and receive rewards if the community agrees it should count! That’s right, your veggies have to be verified by outside parties, so you can’t get away with trying to claim that pizza’s a vegetable.

Worried because you’re active, but don’t have a gym membership? Don’t fret: Pact syncs with apps like RunKeeper so your motion matters, no matter how you get moving.

Keep Track — and Rack Up the Cash

Counting calories and tracking steps helps you hold yourself accountable for your choices — and makes it easy to see which of your habits need improvement.

If you’re planning to track your fitness through digital apps, lots of programs will help you earn a little extra money! Here are a few.

4. FitStudio

If you asked Santa for a FitBit this Christmas, you could be in the money!

FitStudio is an app that syncs up with your FitBit — and other fitness apps like MyFitnessPal — to earn you points for staying active. By the way? Those points translate to cash savings at vendors like Sears and Kmart.

Check out our full scoop on how to use FitStudio, and get syncing up to save! If you go this route, don’t procrastinate; your points can expire in as little as seven days.

5. Higi

The last time I was at Publix to pick up a prescription, I settled in to wait the half hour it apparently takes to put 10 pills into a small orange bottle… and noticed a blood pressure kiosk set up conveniently in the waiting area.

Curious, and with time to spare, I sat down and strapped in. 116/76 — and it told me my pulse, weight and BMI, too! I was asked to create a username so I could track my results over time, and thus, I became a user (and fan) of Higi.

What I didn’t know was that I could earn rewards just for keeping track of my vitals and maintaining healthy habits. Some of these are really generous — $35 toward HelloFresh! Yes, please.

6. Walgreens

If you shop at Walgreens regularly, you know their Balance Rewards points can go a long way for saving money on essentials. What if you could earn even more Balance Rewards points, just by tracking the healthy habits you’re keeping up with this year?

If you track your caloric intake with MyFitnessPal, your jogs with RunKeeper, or your steps with your FitBit, you can! Check out all their Balance Rewards healthy choices offers. They also reward other popular resolutions, like quitting smoking.

7. AchieveMint

This one’s so appealing, there’s a waitlist, but go ahead and get on it now so you can start earning soon.

Sync up the fitness tracking apps you’re already using to earn real rewards like Visa gift cards. Heck, you’ll probably learn about a few new tracking apps since AchieveMint supports over 40 of them!

Cash In on the Fitness You’ve Already Earned

Even if you’re already living a healthy lifestyle, you might be missing out on steep discounts — and even earnings! Here’s how maximize the payoff on your hard-won fitness.

8. Teach Your Healthy Ways

Take advantage of the January increase in ambition, and teach a hopeful newbie the skills that won you that rockin’ bod. Bonus: if working out is your job, it’ll be easy to keep the pounds off!

You could lead a boot camp, or sink some time and money into becoming a certified personal trainer or yoga instructor.

9. Get a Sweaty Side Gig

Don’t have the teacher gene? Not to worry! There are still sweaty jobs out there for you.

Postmates hires bike contractors to deliver goods to customers on the fly, and you get to set your own hours, kind of like a workout version of Uber.

Like to get outside? If a thirst for adventure is close to your heart, you could become a river rafting guide or trail builder (and you’ll earn a nice wage, too!).

10. Check With Your Health Insurance

When you’re at your healthiest, your insurance company has to pay for your care less often. So it’s in their best interests to keep you fit!

Lots of different insurance companies offer fitness incentives, from gym membership reimbursements to waivers for commercial diet plans.

For example, BlueCross and BlueShield offers exclusive health-related deals to its members through Blue365, so you can save money on the goods and services that keep you healthy and active. Humana’s Vitality program rewards your smart choices with 10% savings off healthy products at Walmart.

Whoever your insurer is, give them a ring and see what they can offer you for living a healthy lifestyle.

Get Motivated and Make it Work!

The key to achieving any goal is to create new behaviors — and sustain them. You’ve heard it before, but it’s true: Weight loss requires a lifestyle change, not just a quick-fix diet.

By tying money to your new healthy habits, you’re more likely to keep them up. Fitness is a great reward in and of itself, but extra earnings are definitely a good reason to stay on the wagon!

Your Turn: Will you use any of these ideas to make money while you lose weight in 2016? Are there any ways to make money while getting fit that we missed?

Disclosure: This post includes affiliate links. We’re letting you know because it’s what Honest Abe would do. After all, he is on our favorite coin.

Jamie Cattanach is a junior writer at The Penny Hoarder and a native Floridian. She’s passionate about learning, literature, chocolate and finding ways to live the good life as cost-effectively as possible. You can wave hi to @jamiecattanach on Twitter.

The post Is Getting Fit Your New Year’s Resolution? 10 Ways to Get Paid for Losing Weight appeared first on The Penny Hoarder.



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What You Need to Know About Starting a Virtual Assistant Business

By Kimi Clark Are you looking for way to work from home, but you’re not exactly sure where to start? Maybe you’ve thought about blogging, writing, or even selling a product you love. And while those are great options, they sometimes it can take awhile to build your blog, secure writing clients, and build your […]

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الأربعاء، 30 ديسمبر 2015

Think You Have a Lot of Credit Cards? You Won’t Believe How Many This Guy Has…

I don’t like having a full wallet.

Once I start carrying around more than one credit card, I get stressed. The pressure to shop until I drop is just too great.

So, I regularly clean out my wallet and use the same credit card over and over, for most of my purchases.

Turns out, I’m not much different from Walter Cavanaugh.

Except I have a handful of credit cards to my name… and Cavanaugh has 1,497.

He has so many credit cards, he’s been dubbed Mr. Plastic Fantastic by the Guinness Book of World Records since 1971, according to a profile by ABC News.

How Many Credit Cards are Too Many?

Cavanaugh started collecting credit cards in a bet with a friend in the 1960s, ABC News reports.

Cavanaugh quickly left his buddy in the dust, and eventually found himself with $1.7 million available in credit. He’s got cards from everything from airlines to gas stations to independent shops.

But he’s not flipping through his wallet every time he wants to make a purchase. It’s probably a good thing — he also holds the record for world’s longest wallet.

Most of his 1,497 cards are stored in safe deposit boxes. He relies on one card to get him through his day-to-day purchases.

“I have a nearly perfect credit score,” Cavanaugh told ABC News. “I only use one card and I pay it off at the end of the month. But you should see the length of my credit report — wow!”

What to Do With Nearly 1,500 Credit Cards

Cavanaugh’s in an ideal debt situation — he doesn’t have much debt, if any.

But if he wasn’t so frugal, it’s easy to imagine the ways he could put his thousand-plus credit cards to use.

He could use balance transfer offers to keep bouncing debt from card to card, eventually paying off charges without hefty interest fees.

He could also rake up major points on his miles credit cards and travel around the world.

But maybe it’s best that Cavanaugh lives a quiet life with just one collection to keep him busy. Credit cards take up way less space than a collection of Precious Moments dolls or project cars.

But can you imagine the amount of mail — both monthly statements and credit card offers — he must get each day?

Oh, the burden of holding a world record.

To learn more about Walter Cavanaugh’s credit card collection, visit ABC News.

Lisa Rowan is a writer, editor, and podcaster living in Washington, D.C. She gets miles on the only credit card she uses regularly and earns about four free flights each year.

The post Think You Have a Lot of Credit Cards? You Won’t Believe How Many This Guy Has… appeared first on The Penny Hoarder.



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Americans Optimistic about Economy as 2016 Rolls In

Americans are more optimistic about the economy and the future as 2015 comes to an end. A stronger job market has helped lift consumer confidence.



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7 Psychological Principles to Get More Engagement on Social Media

Just about every great marketer I’ve met had at least a bit of interest in psychology.

It’s important to be curious about the ways people think because that’s the only way you can make whatever you’re marketing to someone desirable.

You can apply lessons from psychology to every part of your marketing work.

But we can’t look at it all at once.

Instead, I’d like to focus on how understanding psychological principles of human behavior can benefit you in one area: social media marketing.

In this post, I’m going to teach you 7 different psychological principles and then show you how you can use them in your social media marketing.

However, since social media and content marketing are so intertwined, aspects of some of these principles will spill over to platforms other than social media too.

That being said, let’s start with the first principle. 

1. Children always ask this one question, but adults think it too…

If a kid asks a question, they’re almost never satisfied with a shallow answer.

Consequently, the most asked question by the vast majority of children is:

“Why?”

Why do things work the way they do?

People are naturally dissatisfied with answers if they don’t understand them.

Think of the last time you watched a political debate. How frustrating is it when most candidates don’t give a straight answer to a question?

After they dance around yet another answer, all you want to do is scream at the screen “WHY?”

Eventually, though, most people realize that there are some questions that you just won’t get a satisfying answer to. This is the point where adults give up on asking “why?” even if it leaves them a bit frustrated.

But all is not lost!

That’s because you can provide answers…at least when it comes to your audience on social media.

Answering questions your readers have in full clear detail is one of the best ways to get loyal followers on social media.

Here’s an example:

image07

Stone Temple Consulting knows that many members of their audience wonder why SEO has to be so complex (it certainly seems that way to beginners).

So, they used that opportunity to explain why, using the question as the headline for the social media post.

Imagine it from one of their followers’ point of view.

  • They had a question about why something (SEO) is the way it is
  • They clicked the social media post to find the answer
  • They found a good answer and felt satisfied

That last part is really important because it reinforces the behavior. Over time, they learn that good things happen when they interact with posts from this particular company.

And there’s no reason why it can’t be your business instead.

All it takes is two simple steps, and I’ll show you how to do them.

Step #1 – Find questions your readers want answers to: Remember that your goal is to answer questions that most of your followers have. That’s how you get them to take action (like click through to your website) and give them a good experience.

There are many places where you can find these questions: on social media, forums, groups, etc.

But I strongly recommend starting with question and answer sites because they are obviously filled with questions. You don’t need to waste time filtering out other content.

The big question and answer sites are Yahoo Answers and Quora.

Personally, I’m a bigger fan of Quora, and I even post answers there myself. I think the quality of the site is much higher than that of Yahoo Answers’.

The simplest way to find a long list of questions you can answer is to just type in your niche in the search bar.

What you’re looking for is some sort of “Topic: (your niche),” which is basically a category that collects all questions related to your niche.

As you can see below, it should come up as one of the main search suggestions in most cases:

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Click the topic, and Quora will load a feed for you, which will have thousands of questions in it (for most topics). Just keep scrolling when you reach the bottom, and it will load more.

These questions are not organized by date, but rather by relevance and interest.

You can see the number of “upvotes” on each question, which is a good measure of the number of people in the community who are interested in the answer.

image09

You literally have hundreds of great questions at your fingertips. You could answer one a day if you wanted to.

Step #2 – Find the best way to answer them: Now that you have the questions, it’s time to provide answers.

But remember, you’re providing your own answers on social media (or your website), not on Quora.

Your audience on social media is completely separate from the Quora audience, which means that most of your audience still needs an answer to these questions.

This also means that you can read through the answers on Quora if you need help or guidance to answer the question. However, you should, of course, answer the question in your own words and share your own experiences when possible.

image17

After you have an answer, there are 3 things you need to decide on.

First, how long does the answer need to be? If it’s really short, you might be able to answer it all in your social media post (depending on the platform).

If it’s on the long side, a blog post is going to be a better choice, and you can just link to the full answer in your social media post.

Second, you need to decide what format is best for the answer.

Some questions are best answered as regular blog posts, while others are better answered as infographics or videos.

My general rule is that if your audience needs to see the answer in action (like how to assemble a shelf), videos are the best.

If they need to see many parts of the answer at the same time (like the steps to baking a cake), an infographic is the best.

image08

Often, there might be more than one type of content that makes sense. Feel free to make more than one to give your audience more choice.

Finally, the third thing you need to decide is how you will actually present the question and answer on social media.

I suggest keeping this as simple as possible.

Copy the question just as you found it on Quora in the words that your audience used.

image01

Then, if you have the space, provide a little teaser that describes your answer and adds a bit of curiosity.

2. Use the endowment effect to get raving fans

Would you trade your current car for one that’s worth a few thousand more?

Even though that’s a great trade from a financial point of view, most people wouldn’t.

And it’s because of the endowment effect. We get attached to the things we own and subsequently put more value on them.

There’s a great study that clarifies this effect. Here’s what the researchers did:

They gave some study participants a mug. Then, they asked those subjects if they would be willing to trade their original item for an equally valued pen or sell it to one of the other participants.

And the results were fascinating.

If the endowment effect didn’t exist, the people who were originally given the mug would have said that they would sell it for roughly the same amount that people were willing to pay for it.

However, none of the subjects given a mug traded it for the pen even though it was worth the same amount.

In addition, when they named the price that they’d be willing to sell it for, it was twice as high as what the other subjects were willing to pay for it.

In practical terms, the subjects of the experiment got attached to the mug once they owned it.

And you can use the endowment effect in many areas of your business, including social media.

Applying the endowment effect to your business: The most obvious place to use the endowment effect in your business is to give your customers a sample before asking them to buy. You see this all the time in stores.

For example, Buffer has a full 30-day free trial, and not even a credit card is required:

image12

As those new signups become invested in the platform, they’ll put a high value on having their own account.

When the 30 days are up, most of them will value the account high enough that the $10, or whatever Buffer is asking for, will seem minuscule.

However, if they were asked for the money upfront, most people would hesitate when considering the cost.

This is probably the hardest principle to apply directly to social media.

The best way to implement it, from what I’ve seen, is to link to content, but not the full version of it.

For example, Bryan Dean posted a link to his skyscraper technique case study on Facebook:

image06

The post contains a ton of value, and readers get attached to having the technique in their arsenal.

However, even after reading the case study, some readers could use a bit more help, like a checklist of the steps. Bryan offers this as a content upgrade:

image14

Readers need to give their email addresses in order to get access to the checklist.

Since they already know that the first part of the content was great, they’ll want the last part as well and will be more than happy to put in their email addresses.

3. A simple principle behind most engagement: reciprocity

Society only functions because we all adhere to some basic rules.

One of these rules, or “norms,” is the rule of reciprocity.

This was one of the 6 factors of influence that Cialdini found in his decades of research.

I can say with certainty that you’ve been enacting this norm many times in your life. It is seen in all cultures, regardless of the language, location, religion, etc.

Here is what the norm entails:

When someone is given something by someone else, they will try to return the favor.

Typically, the favor will be about the same size as the initial gift. If you lend someone money for ice cream, they will be inclined to lend you money for something like a drink later on.

Conversely, if you fly across the country to help someone in a time of crisis, they will basically do anything for you if you ask them.

This principle has been studied many times and proven to be true.

Back in 2002, researchers studied whether waiters could make more money through tips if they took advantage of this principle.

So, the waiters in one experimental group were told to give their diners an after-dinner mint. Tips went up 3%.

Not bad.

Then, another group was told to pause before giving them the mints, look at the customer, and tell them the mint was specifically for them. Tips went up 20%.

Woah. What just happened?

There are a few things to note. First, you don’t have to ask for a favor in return. The diners, in all cases, tipped extra without being asked.

The second thing is that it was important to make sure that the diners knew that the waiter was doing something nice for them. If they thought after-dinner mints were standard and expected, there isn’t much for them to have to give back for.

So, when you do something nice for someone, make sure they know that you put some thought and effort into it.

Think of your blog posts. You put tons of effort into them just to give them away, and then people spend 10 seconds skimming through one and moving on to the next one. I spend 5-10 hours on each post, and I still get people complaining about the content I’m giving away.

It’s nuts! Of course, only some readers don’t understand the effort that goes into creating content, but that’s why it’s important to try to make them aware of it.

Once they are aware of it, the reciprocity principle kicks into effect, and they return the favor by giving you more of their attention.

How to put the reciprocity principle to good use: Like most of these principles, you can use reciprocity in many areas of your business.

The main way you can use this principle on social media is to help you connect with influencers. You can share their posts on social media and also let them know that you’ve mentioned them in one of your own posts:

image05

When you feature someone in a post, you do them a favor.

Following the reciprocity principle, this means they are more likely to do something for you in return.

The important thing to keep in mind is that a share or a mention is worth different amounts to different people.

If someone mentions me in an article they wrote, it’s nice (and flattering), but it’s unlikely to have any significant impact on my business.

For the medium sized blogger who gets fewer than 50 shares on all their posts, it’s a much bigger deal.

What this means for you is that you’ll need to share several posts by a popular influencer to build up any significant good will. Then, they will likely repay that by either sharing something you created or taking the time to open and read an email you send them.

Of course, you also need to create your own great content, or there’s no way they can return the favor.

4. Ask for a favor to capitalize on the Ben Franklin effect

What if I gave you some money?

Then, what if I asked you to give it back?

It’s normal to assume that you’d be pretty neutral about me and the whole thing. But in fact, that’s not true.

To study this effect, researchers Jim Jecker and David Landy split subjects into three different groups. They gave everyone some money upfront. But then they asked the people in each group different things:

  1. In the first group, they asked the subjects if they’d give the money back to the scientist who initially gave it to them
  2. In the second group, they asked the subjects if they’d give it back (not to the scientist in particular)
  3. In the third group, they didn’t ask for it back.

Then, the researchers gave participants a quick questionnaire to fill out. The most important part of this questionnaire was the part where they were asked to score how much they liked the scientist (who gave them the money).

Surprisingly, the group who got to keep the money gave the scientist the lowest likability score. The guy gives them free money, and they still don’t like him!

Conversely, the group that was asked to give the money back to the scientist (most of them did), gave the scientist the highest likability score.

Introducing the Ben Franklin effect.

The Ben Franklin effect explains how people justify their actions.

In the case of this experiment, the people who simply received the money rationalized that they deserved it.

The group that actually gave the money back to the scientist did a favor for him. They rationalized this by thinking that the only way they’d do this is if they liked him.

In short: Doing a favor for someone else will make you like them more. You feel that you must like them if you did something for them and got nothing in return.

Whom should you ask for favors? You can certainly ask other influencers to share your posts and content. If they do it out of kindness (or because your post is amazing), they’ll instantly like you more. This can lead to a mutually beneficial relationship where you both share each other’s content.

But the more interesting application to me is to ask your followers for favors.

Don’t be afraid to ask readers to help you by contributing stories, commenting, or sharing your content.

No, not all of them will, but the ones who do will think of you more favorably each time they do it. You will see that readers who were hesitant to do you a small favor at first are willing to do huge favors for you after a while.

Here’s an example of Marie Forleo asking her followers to contribute silly stories for a piece of content she was working on.

image03

She does things from time to time, and her followers love to help out (notice the 150 likes). There were several comments on this post with stories that she could use.

One final note: Remember the reciprocity rule. If your follower does you a favor, that’s great. However, you probably want to give them something back. Most commonly, just a public thank you or a mention in a post is a great gesture.

The key is not to offer the reward in the first place. If you do, your readers will rationalize that they only helped you out to get it, not because they like you. Keep the reward as a surprise for after.

5. Reposting content lends well to the “mere exposure theory”

The more you are exposed to something, the more you like it.

At least that’s what the mere exposure theory describes.

We don’t fully understand why or how it works, but studies have shown that this is true in most cases.

For example, in his study, Robert Zajonc showed Chinese characters to subjects who could not read or speak Chinese.

The fun part is that he showed some characters more than others, anywhere from one time to 25 times.

The results were clear: the more someone was exposed to a certain character, the more of a positive meaning they gave it.

This is probably partially why most people like themselves so much. After all, you’re stuck with yourself 24 hours a day.

The mere exposure theory and social media: There are two ways in which you can apply this theory to your marketing on social media to make it more effective.

Most importantly, post on a regular basis. I post at least once a day on almost all of my social media accounts:

image13

Post as often as you can without being annoying to your followers. The more you can expose your brand and content to a follower, the better.

The second way you can use this theory is to share things multiple times.

This calendar by Buffer shows that they share a single post several times after they publish it.

image15

This will expose your followers to your content more often, adding to the effect.

Have you ever felt unsure whether you liked a movie after watching it for the first time? And after watching it again you absolutely loved it?

It happens all the time.

And not just with movies but with content as well.

Sometimes, a reader doesn’t love your content for a variety of reasons at first, but as they come back to it over time, they like it more and more.

6. Social proof and social networking should go hand in hand

Social proof has been proven to improve conversion rates in a wide variety of situations.

We’re typically talking about sales when it comes to social proof, but it can apply to social media marketing as well.

There are many types of social proof, but we’re interested in one in particular—user social proof:

User social proof consists of approval/positivity from current users of something.

On e-commerce sites such as Amazon, this means reviews and ratings. On other sites, this might mean case studies.

image16

The effect is as expected.

The more positive social proof a product has, the better it looks to potential customers.

We relate to other users and expect to have a similar experience with the product or service we are considering that they had.

How social proof affects your social media marketing: Social proof is the sole reason why pages buy fake followers. They know that if real users see that they have thousands of followers, they will be more likely to follow them as well.

I don’t recommend doing that for a number of reasons.

However, it illustrates that social media users look at what other users are doing.

If tons of people like or share a post, they are much more likely to do it themselves. You can see this all the time in action when a post is trending (“going viral”).

The practical takeaway is that when you publish a post on social media, do whatever you can to get those first few “likes” or shares.

image11

It may take messaging some friends or emailing your biggest fans or your peers. But get that initial traction as soon as possible, and the rest of your followers will be more likely to engage with your posts.

If you have employees, ask them to engage with every post as it’s published, at least until you build a larger following.

7. Long term engagement can be secured using the “propinquity effect”

The final principle explains how people become friends.

As you might have guessed, propinquity is related to “proximity.”

And what the effect states is that the closer you are to someone, the more likely you are to like them. For example, tenants who live on the same floor will typically have closer friendships with each other than with the tenants who live on a different floor.

You might have also noticed that the propinquity effect is related to the mere exposure effect, which we looked at earlier. The more you see someone, the more likely you are to feel positively about them.

However, there’s one other factor to the propinquity effect: similarity.

The more similarities you share and the closer you are, the faster and more you will like someone.

Propinquity and social media explained: To continue with the experiment, you want to live as close to your followers as possible. This extends past social media to all other channels of communication with your audience.

Ideally, send them emails on a regular basis. On Quick Sprout alone, I send 3 emails a week to subscribers. If readers want more and also subscribe to the NeilPatel.com blog, they get another 3-4.

image02

It allows me to be in their lives on a regular basis.

But the same applies to social media as well. I post multiple times a day on Twitter and usually Facebook too.

Example post 1:

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Example post 2:

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The idea is that the more readers see me, the more they will like me.

Did you notice that I left out one detail? If so, that’s a very good catch.

For the propinquity effect to be as effective as possible, those posts and emails also need to be about something that we have in common.

But this is pretty simple for businesses. As long as you are talking about content, events, or products in your niche that your audience likes, you immediately have that required level of relevance.

Then, you just need the frequency to take effect, and you’ll be set.

Conclusion

Psychology and marketing go hand in hand. If you can understand how your target audience thinks, you can figure out the best ways to engage them and the best ways to present your content and products.

I think it’s important to understand how psychology affects every aspect of your marketing, and that’s why I focused on one—social media—in this post.

I’ve shown you seven psychological principles that you can use to improve your marketing in general. However, I’ve also shown you specific ways in which you can apply them to your social media marketing for instant improvement.

Ideally, spend 20-30 minutes going through each principle and thinking about how it applies to your specific business, audience, and marketing plan.

If you have any questions while you do this (I expect you will), I’ll be glad to help. Just leave me a comment below with your questions or comments.



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This Guy Made $1,000 a Day to Test Websites… While Drunk. Here’s Why It Worked

This story just goes to show that sometimes, those crazy ideas you have aren’t so crazy after all. In fact, they might end up being super-profitable.

Richard Littauer, a developer and user experience consultant, came home one night after having some drinks out on the town. He opened his computer to discover a friend asking for professional feedback on a website he was building. Although he was a little buzzed, Littauer played along.

I started talking to him on Google Hangouts,” Littauer wrote in an email. “I realized my feedback was pretty interesting and useful because I didn’t have my guard up and could say exactly what I felt about something.

“Half hiccuping, I said, ‘I should ask people to pay me to do this.’ The rest all came together after that.”

When Littauer fleshed out his joke by building a website, The User is Drunk, offering his drunken UX consultation services, he was shocked to discover he’d gone viral after just an hour.

He reached almost 100k pageviews — and made $1,000 — the very first day.

The User is Drunk — But Why?

Doing anything while drunk might sound irresponsible, but in this case, it was at least partly clever. Littauer’s service was a play on an idea coined by digital expert and educator Will Dayble. Namely, that a well-built website must be “so simple, a drunk person could use it.”

Littauer had fully expected the site to “be a joke” to share amongst friends. He only set up the website because he needed a project for his first week at Hacker Paradise.

But, it turned out to be a valuable service; drunken site testing by a fully fledged tech professional is a pretty unique offer.

Plus, it was fun: Littauer even let clients choose his beer for extra money.

Site builders quickly began to purchase the boozy reviews, regardless of the price increases.

“I raised my price for reviews from $50 to $500 very quickly,” Littauer told me, “hoping that people would stop buying so that I didn’t have to be drunk permanently.”

They didn’t.

With enough demand to keep him going strong, Littauer amassed a small fortune off his UX review service in just six months. Although he declined to share exactly how much his drunken earnings totalled up to, it wasn’t small change.

“It meant I could take a few months off between jobs and not worry about it,” Littauer said. It also paid for his three-month trip to Southeast Asia, paid off his credit cards and allowed him to build up some savings for the first time in his life.

The User Has Sobered Up

As it turns out, being paid to drink isn’t all it’s cracked up to be. After six months of beer and Benjamins, Littauer decided to close his digital doors.

“I hadn’t thought the idea would go viral, at all,” Littauer reflects in his explanatory blog post on Medium. “I did it as a joke. Now, all of the sudden, I was contractually obliged to drink. And I was known for it.”

Aside from not wanting to perpetuate his growing reputation as an alcoholic, Littauer realized that drinking all the time…isn’t actually much fun after a while, especially when your living depends on it.

“If drinking is your job, you swiftly realize how miserable drinking is,” Littauer writes.

He was losing his ability to concentrate on other projects, and felt the risk of a decline in his health and safety.

So, having earned enough cash to get solidly on his financial feet, Littauer turned toward other earning avenues — an effort made easier by the new low-level fame and clout the project had afforded him.

A Surprisingly Profitable Side Gig

What does all this mean for resourceful Penny Hoarders?

Well, first of all, don’t be afraid to follow up with that crazy idea you had to start a business. You never know where it might end up — or how many dollars it might put in your pocket!

Secondly, play to your skills. Littauer’s service, though whimsical, filled a hole in the market the industry hadn’t even known was there. Plus, it helped him continue to work on projects he really cares about.

“I don’t have any more plans for any drunk work,” Littauer told me, “but as far as unique side gigs – those are my bread and butter right now.”

The User is Drunk, while an unsustainable (but lucrative!) experiment for Littauer, gave him the branding and recognition he needed to pursue what he’s most interested in.

So, get experimenting!

Your Turn: Has a harebrained idea of yours ever turned into a profitable side gig? Tell us about it in the comments!

Jamie Cattanach is a junior writer at The Penny Hoarder. She also writes other stuff, like wine reviews and poems — you can read along at http://ift.tt/1RiB7sH.

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