QuickCents @ Money Smart Life

We took a co-worker of mine out for a farewell drink yesterday since he’s leaving the company for another opportunity. We pulled it out of him that he’s switching jobs since the new one pays better. They have a new baby and his wife wants to stay at home so he’s looking for any extra money he can find.

In addition to getting a new job, he’s been making some extra money at Survey Scout filling out surveys, trying new products, and participating in focus groups. Basically they pay you for your opinion. He doesn’t always take part in every offer they have but he recommended it as a good way to make some extra money.

Ben :: Oct.30.2007 :: Free Money, Make Money :: 2 Comments »

The US government is working on legislation that will cap the annual interest rate for payday loans to military members and their families at 36%. Wow, 36% still sounds pretty high to me! If those soldiers would just get onto Prosper.com, they could likely borrow for considerably less than that. There is already a lending group named ActiveDuty on Prosper created to help people in the Army, Marines, Navy, Coast Guard, Air Force, and ROTC borrow money.

According to a 2004 report by the Center for Responsible Lending, “one fourth of military households (26%) have been caught up in payday lending” so there is definitely a need for alternative lending in the military community. Why not help fill that need by lending on Prosper? You can check out historical group rates, active loan stats, and the group rating history to gauge your comfort with lending to members of the group.

Of course, you definitely want to look at the credit grade and debt to income ratio of potential borrowers before committing to lending any money but if you find the right candidate it’s a win/win. You can earn more on your money with Prosper than you would with a money market or CD and help them avoid the high payday loan interest rates.

Ben :: Oct.01.2007 :: Make Money, Win/Win :: No Comments »

Are you kidding me? Guys selling Avon? Not really my thing but when I read that Bobby McKinney made $800,000 in sales last year along with his wife it made me think.

In an effort to broaden its customer base, Avon is starting to create products for men. They just put out their first men’s catalog, which features a PROExtreme skin care line, boxer shorts, and power tools.

According to the article this a market with some growth potential:

“U.S. sales of men’s skincare products totaled $68.9 million in 2006, up from $45.8 million in 2000…… Industry experts say the men’s market is ripe, though still in it’s early stages.”

I don’t know a thing about skincare products but it sounds like there is some potential there for guys that know a thing or two about it.

Ben :: Sep.26.2007 :: Entrepreneur, Make Money :: No Comments »