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Andrew Lokenauth

Finance Executive

Andrew Lokenauth is a Finance Executive who has over 15 years of experience working on Wall St. and in Tech & Start-ups. Andrew helps management teams translate their financials into actionable business decisions. He has held positions at Goldman Sachs, Citi, and JPMorgan Asset Management. He is the founder of Fluent in Finance, a firm that provides resources to help others learn to build wealth, understand the importance of investing, create a healthy budget, strategize debt pay-off, develop a retirement roadmap, and create a personalized investing plan. His insights have been quoted in Forbes, TIME, Business Insider, Nasdaq, Yahoo Finance, BankRate, and U.S. News. Andrew has a Bachelor of Business Administration Degree (BBA), Accounting and Finance from Pace University.

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Forum Comments (3)

How do I even start saving for a house
When it comes to saving for a house, the most important thing is to figure out your monthly cost of housing. You don't want to overspend because if you overspend, you risk falling behind on payments and having the bank foreclose on your property. So, you want to work backwards. So, you start with how much you'll be able to afford every month. And then once you get that number, then you can figure out how much you have for a down payment. An old school rule of thumb is 20% down. I think that if you're a first-time home owner, you should put 3.5% down only because the time that it takes to save 20%, you might miss out on appreciation in your property. For example, if the property is $100,000, 3.5% is $3,500 whereas 20% down is $20,000. And that time it takes you to make an extra $17,000, which the average salary of an average American is $50,000, you might miss out on appreciation of the property. So, it depends on your situation. The most important thing in that scenario is to figure out how much you can afford to pay per month.
What are some fast ways to make easy money?
There are just a bunch of different side hustles out there, but teaching or tutoring English to foreign students is one of the best side gigs I could recommend. A lot of countries, like China and India, spend a lot of money to learn English. The requirements are pretty low for tutors and teachers. You have to be fluent in English and you need a computer, but beyond that there aren’t any super strict requirements and the pay is generally very good. Plus, you can do it from home!
Best way to make some extra money?
One strategy for making extra money is money flipping. A form of money flipping that has become popular is reselling items on Amazon or eBay. A quick trick to do this is there are a lot of apps that if you scan a barcode, it will tell you how much these items are selling online. So, if you happen to be in a store like Costco or Walmart and you see something like sales, you can quickly look up to see what Amazon and eBay are selling these things. A lot of times, Amazon and eBay will mark things up because of the convenience that they offer with two-day shipping. So, a quick way to make money is to look for items that are undervalued in brick-and-mortar stores but are marked up on online retailers or things on sale and then you just buy them out and you flip them online. That's called online flipping. A lot of people do it.

Another way that people flip money fast is through day trading. Day trading, like anything, you have to be very good at it. So, if you choose to day trade, invest in education, and learn how to read technical indicators or technical analysis. A lot of days traders lose money. So, if you go this route, be sure to educate yourself on it just you would with anything else in life.

Another way to flip money quickly is through real estate. Wholesaling real estate is a quick way. Basically, with wholesaling real estate, you're flipping real estate contracts. An example would be you convince Person A to sell you their house. You get that under contract for a price, let's say, $100. And then now you sell that contract to someone else for a higher price than $100. For example, Person B, you sell it to them for $120. So, now you make $20. Another way is you could just buy a distressed property, you can fix it off and then you flip it and you make money because you put the time and effort into remodeling it. Someone who doesn't want to put the time and effort in remodeling it, they will buy it from you. You make money that way.

A third way to make money, which is very illegal but you should watch out for it so it doesn't happen to you, is Ponzi schemes. Ponzi schemes or pyramid schemes are when people make ridiculous promises, they take money from you and then they give it to somebody else. So basically, you borrow from Peter to pay Paul. A lot of people do that, such as Bernie Madoff who has gone to jail. Most recently, Sam Bankman-Fried from FTX had done it with crypto and he's being tried in jail. So, Ponzi schemes or pyramid schemes are a quick way to flip money but watch out so it does not happen to you.

Co-authored Articles (49)

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Read a Candlestick Chart

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Calculate Interest

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Make Lots of Money in Online Stock Trading

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Spend Money Wisely

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Calculate Beta

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Make Money (for Kids)

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Get Rich Quick

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