Andrew Lokenauth
Finance Executive
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Forum Comments (3)
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.
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 (72)
How to
Check if a 100 Dollar Bill Is Real
Considering there's an estimated $70—$200 ''million'' in counterfeit bills circulating in the U.S., learning how to spot a fake 100 dollar bill is a great idea. Fortunately, it's easy to tell if a 100 dollar bill is re...
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Betting on sports games is a hobby for many, and most people just consider it to be a fun and friendly past time. But there are ways to consistently make money on sports betting, and the tricks are understanding betting ...
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Finding your bank account and routing numbers is easy to do, even if you don't have access to a check. There are several ways you can locate the numbers, including online, and we'll walk you through each one step by step...
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Tips to help you send money anonymously both online and offline There are plenty of reasons you might want to keep your personal details on the down low when you send money. Maybe you want to surprise someone but don’t...
How to
Detect Counterfeit US Money
If you have a bill in your possession and are unsure of its authenticity, follow these steps to certify the real value of your money. It is illegal to possess, produce, or use counterfeit money; if a prosecutor can prove...
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Create a Budget
Keep track of your spending and saving with our helpful guideCreating a budget can help you organize expenses, manage your income, and keep your finances in check. Start by writing down your monthly income and expenses s...
Will I Become a Millionaire Quiz
Are you destined for a life of private planes and fancy champagne? Do you have what it takes to land in the 1%? Are you gonna be a millionaire someday? Or even a billionaire? Answer these quick questions about your deep...
How to Submit Damaged Money for Reimbursement
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How to Tell if a $5 Bill is Real or Counterfeit
Learn how to spot fake cash (and what to about it)Think you found a counterfeit bill? The best way to spot a fake $5 bill is to examine its security features, like the watermark or security thread. The designs and securi...
How to
Calculate Exchange Rate
If you're planning to go abroad and exchange your money for another currency, it's a good idea to figure out how much cash you'll have after the exchange. Also, knowing exactly how much your money is worth can prevent yo...
How to Earn Money Online Fast: 10 Things You Can Do Right Now
Learn how to make money online, offline, and at your homeIf you need some extra cash or you’d like some pocket change, the internet is a great place to turn to. While making money online probably won’t make you rich,...
How to
Read a Candlestick Chart
A candlestick chart is a type of financial chart that shows the price action for an investment market like a currency or a security. The chart consists of individual “candlesticks” that show the opening, closing, hig...
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Decide Whether to Go Out or Stay In
Deciding if you want to go out can be stressful. It can sometimes be hard to tell if you could use alone time or if socializing will help you get out of your shell. To decide, you can use practical considerations. Think ...
A Guide to Counting Cash Quickly: Sorting, Organizing & More
An easy tutorial for quickly counting dollar bills and coins by hand Recently filled up your piggy bank or money jar and trying to see exactly how much cash you have? You’ve come to the right place! In this article, we...
How to Dispose of a Credit Card
Never worry about someone stealing sensitive information from your old credit cards againIf your bank or credit card account expires, you’ll be asked to dispose of your old card safely and securely. But how do you do t...
4 Reasons Why Venmo Declines Your Prepaid Card + Workarounds
Learn why your prepaid card isn't working with Venmo If you've tried to use a prepaid card on Venmo, you may have run into an error that says your card is declined. This is certainly a frustrating error to encounter, es...
How to
Detect Fake Euros
The Euro is the national currency for some 340 million people in nineteen European countries, and there are roughly thirteen billion paper notes in circulation. It should be no surprise, then, that counterfeiting is an o...
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Calculate Interest
Interest is the value that we add to a loan or a deposit to pay for the benefit of using someone else’s money over time. Interest can be calculated in three basic ways. Simple interest is the easiest calculation, gener...
The Best Ways to Make Extra Cash Fast (Easy Side Hustles)
Earn extra spending money quickly with these tips and tricksSo, you want to make some quick cash. We get it! Sometimes, you need a little spending money but don’t want to work an extra shift or do any hard labor. Thank...
What Is a Strawman Account and Can You Access It?
All you need to know about not getting scammed out of your money The strawman account refers to a supposedly well-funded bank account in your name. According to some legal enthusiasts, there are a few tricks you can use ...
