financial wellness
Americans are Turning to Side Hustles to Combat Inflation
As inflation rises, many Americans are turning to side hustles, like the Spark Driver platform, for extra income and flexibility in their schedules.
(Family Features) As inflation increases, many Americans are looking for ways to make some extra cash to reach financial goals faster, save for a big purchase or simply make ends meet. In fact, 41% of Americans need additional income from sources like side hustles, according to a Bankrate survey, up from 31% in 2019.
The rise of the gig economy and a variety of side hustle options may be a solution for some. One option, the Spark Driver platform, powers delivery services for Walmart, Sam’s Club and other retailers, allowing drivers to deliver everything from groceries and cleaning supplies to tools and home decor. Available in more than 600 cities and all 50 states, the platform allows independent contractors to earn money by delivering or shopping and delivering orders in flexible, convenient time windows of their choosing.
What do the me by Side Hustles?
Different from full-time or part-time employment, a side hustle is a flexible way to provide services while being your own boss. You control which opportunities you want to take and can independently supplement your primary income or bridge the gap between jobs. Side hustles can even provide opportunities for people who can’t work traditional jobs. In fact, 93% of Americans have a side hustle, according to research from insuranks.com, and 44% of survey respondents said they’re doing it to make ends meet. Gig opportunities, like shopping orders and delivering goods using your personal vehicle, are increasingly popular as side hustles.
Benefits of Side Hustles
While most people turn to side hustles because of the potential for additional earnings, other benefits can make them a fit for you and your situation, such as:
- Flexibility and Convenience: Available almost anywhere at times that work for your schedule, side hustles allow you to be your own boss and earn extra cash when you want. Be sure to pick one that fits your schedule and can be done at any time. Many offer different windows of time to complete the service and let you choose where you’re willing to travel to, which makes it easy to plan around other obligations.
- Earning Potential: Many people turn to side hustles as a supplement to full-time positions with specific, money-oriented goals in mind. For example, most drivers on the Spark Driver platform drive as a secondary source of income. In order to reach a desired goal, it’s important to know how much you can expect to earn. When receiving an offer, the platform will show the minimum amount you earn for completing the delivery, so drivers know their earnings before accepting offers. Most deliveries also allow for tips, and incentives and referrals create additional opportunities for increasing earnings.
“The Spark Driver platform has made a huge difference in my life,” driver Christina Hinssen said. “It gives me the flexibility to make deliveries when I want and I can spend more time with my daughter. It has given me extra cash to pay off my car and make extra house payments to get my house paid down.”
- Simplicity: The ideal side hustle is one that can be done without heavy investment or training. Many gig opportunities offer quick sign-up processes through easy-to-use apps and only require a background check, smartphone, valid driver’s license and operational vehicle.
Fighting Inflation…
Learn more about how to make extra cash through gig opportunities by visiting drive4spark.com or downloading the app.
Photos courtesy of Getty Images
Americans are Turning to Side Hustles to Combat Inflation
SOURCE:
Spark Driver
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financial wellness
Informal safety nets help many Americans with expenses – people at all income levels benefit from this ‘financial interdependence’
Many Americans engage in informal financial support networks, reflecting cultural traditions and economic needs, which are becoming increasingly vital amid rising living costs and economic pressures.
Jeffrey Anvari-Clark, University of North Dakota
About 1 in 5 American adults regularly provide unpaid care or financial assistance to their adult relatives or friends. And about 1 in 7 young adults between the ages of 25 and 34 live with their parents.
But the true extent of support among Americans is deeper and broader.
From parents covering the cost of unexpected car repairs to colleagues raising funds for their co-workers’ medical expenses, Americans help each other in countless ways.
As a social work scholar who researches these patterns of what I call “financial interdependence,” I often observe transactions that challenge a common American narrative that most people in this country are handling their expenses on their own.
A long-standing tradition
The practice of sharing money with your friends and loved ones has deep roots in American society. Many Native American communities have traditions of sharing food and other resources with one another.
In the 19th century, mutual aid societies formed everywhere from Philadelphia to Florida. Many of them helped free Black people weather economic hardships. These organizations provided everything from unemployment assistance to burial expenses.
Today’s informal support networks echo these historical patterns.
In particular, many immigrant communities maintain traditional practices of collectively saving and lending money. Mexican American families often participate in “tandas,” which pool their savings to achieve financial goals or meet urgent needs. Similarly, West African and Caribbean communities in the U.S. organize “susu” groups, while many Chinese American communities form “hui” associations.
Local “hometown associations” additionally often offer both financial and social support to their members – aiding immigrant communities in the U.S. and people back in their homelands.
Everyone does it
These mutual support arrangements are very widespread and operate across all income levels, though they take different forms. They can be secular or religious. The true extent of this kind of activity is generally unknown.
Lower-income families often engage in frequent, smaller exchanges. They might share grocery costs, for example, or relatives may help one another out with the payment of large, unexpected bills.
Wealthier Americans tend to give larger amounts of money to extended family members, but less often. These might include a parent’s help with a down payment on a young adult’s first house or paying a portion of the cost of a grandchild’s college education.
Some families establish formal structures such as financial trusts or 529 educational savings accounts to make these transfers easier to complete and track. The number of people using 529 accounts has been increasing steadily, as states offer matching funds and tax incentives.
The nature of this financial support often reflects economic needs and cultural values. In many East Asian American communities, for example, adult children routinely provide financial support to their parents – as a cultural expectation.
Regardless of the community involved, technology has transformed how people share money with their friends and family.
Mobile payment platforms make it easier to split costs and send quick assistance. Money-transfer apps have normalized small-scale financial sharing among friends and family.
Online and social media platforms are used to gather resources for medical expenses, funerals or emergency needs. These tools extend traditional support networks beyond geographic boundaries.
Other kinds of support
Financial assistance can extend far beyond direct monetary help.
Families and communities might purchase bulk grocery items together to save money, or live together to manage rising housing costs. Some parents create informal child care cooperatives, while others coordinate care responsibilities for aging relatives with their extended families.
Financial education often emphasizes individual savings and budgeting. Yet, many Americans practice financial interdependence by managing their finances and making decisions in collaboration with others.
Addressing challenges
To meet today’s economic challenges, Americans are finding creative solutions through shared resources.
Young adults increasingly need more help to become homeowners than what they can get from a bank. The median home price has far outpaced wage growth, making family assistance crucial for many first-time buyers.
College costs have stabilized, albeit at high levels, leading more families to pool resources for educational support. This often creates long-term financial obligations across generations.
Medical expenses remain a leading cause of financial strain, pushing families to rely on each other to pay for health-related costs.
These support systems work at many levels, including family, community, the workplace and in government.
Some employers now offer emergency loan programs and matching funds for employee hardship. Some businesses create formal peer support systems for employees facing financial challenges.
A few states are also supporting family caregivers by providing tax credits to reimburse their out-of-pocket expenses.
Recognizing the financial burden of caregiving, Michigan Gov. Gretchen Whitmer has proposed a tax credit to support dependent respite services, nursing and transportation.
Some complications
While financial interdependence provides crucial assistance, it can also create challenges.
Financial responsibilities can strain family and friendship bonds. The provision of too much financial help can create or reinforce power imbalances within relationships. Some communities may not have enough money to be able to equally and effectively assist all members.
Clear communication and healthy boundaries can help manage these tensions.
As economic pressures mount for many American families, these informal financial support networks are growing more vital. Studies show that rising costs make financial stability increasingly difficult to achieve on your own.
Jeffrey Anvari-Clark, Assistant Professor of Social Work, University of North Dakota
This article is republished from The Conversation under a Creative Commons license. Read the original article.
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Consumer Corner
What are halal mortgages?
Shariq Siddiqui, Indiana University
The growth of “halal mortgages” over the past 20 years has expanded financial access to homeownership for many Muslims. Halal mortgages provide interest-free loans in keeping with Islamic beliefs.
These mortgages are available in over 80 countries that have a significant Muslim population, such as Saudi Arabia, Iran, Malaysia, United Arab Emirates, Kuwait, Qatar, Turkey, Bahrain, Indonesia and Pakistan, where they account for the vast majority of the global US$3.9 trillion Islamic finance economy.
Access to halal mortgages has been growing in the United States. Until 1997, no financial institution was willing to offer halal mortgages, but in 2024, over 25 banks had made them available.
The Conversation asked Shariq Siddiqui, assistant professor and director of the Muslim Philanthropy Initiative at Indiana University, to explain halal mortgages.
What are halal mortgages?
Halal mortgages are a tool of Islamic finance and offer an equitable way to gain homeownership. They emphasize risk-sharing and mutual cooperation with the aim of checking unfair exploitation and wealth accumulation in the hands of a few. In such a system, money is a means of exchange rather than a commodity that generates profit.
What are the religious roots of Islamic finance?
The Muslim holy book, the Quran, and the sayings of the Prophet Muhammad, the Sunnah, prohibit riba, (interest), maisir (speculation) and gharar (uncertainty or uneven risk).
For example, the Quran says, “O you who believe, do not eat up the amounts acquired through ribā (interest), doubled and multiplied. Fear Allah, so that you may be successful.”
Over time, Muslims have sought to develop systems that adhere to these rules. These include bonds that do not receive interest but are based on profit-sharing; socially responsible mutual funds that comply with ethical rules; and insurance that provide protection through a communal fund.
Since World War II, however, monetary policies in the global financial market are largely based upon interest.
How does Islamic financing work in modern context?
In the modern context, Muslims use contract law for economic activity and offer home mortgages without interest. For example, as an attorney, I would develop mortgage contracts that would allow buyers and sellers to transact without interest. This “mortgage” contract would be recorded with the county.
Traditionally, there are three kinds of halal mortgages. In the first, known as ijara, the bank purchases the property and leases it to the homeowner; the homeowner pays rent, principal payments and bank charges; the buyer’s share in the home remains the same until the entire loan is paid off.
Diminishing musharaka is another type of joint ownership plan between the bank and the buyer. The buyer makes principal monthly payments and pays bank charges rather than interest. With each principal payment, the ownership of the buyer increases and the bank’s ownership decreases.
In the third type, murabaha, the bank purchases the home and resells it immediately to the buyer at a higher price – termed as profit. The buyer typically pays a 20% down payment. Thereafter, the buyer makes fixed interest-free payments until the loan is paid off.
What is the availability of halal mortgages in the US?
In 2001 and 2003, respectively, Freddie Mac and Fannie Mae started buying Islamic mortgage products to provide extra liquidity in the U.S. Islamic finance market. These government-backed housing giants work under the conservatorship of the Federal Housing Finance Agency and are one of the principal means of bolstering homeownership in the United States.
These mortgage buyers have grown to become the main investors in Islamic mortgages. For example, Freddie Mac has invested in Guidance Residential, one of the largest halal mortgage companies in the U.S.
What are the advantages?
These systems ensure that there is mutual risk-taking between the bank and the homebuyer. For example, should the homebuyer be unable to keep up payments, their prior principal payments are protected and not consumed by the interest. Furthermore, if the home loses value, both homebuyer and bank proportionally lose out on the principal value of the home.
They require greater transparency on costs, fees and responsibilities; both parties are required to work together and fulfill their obligations.
This reduces the risk of failures like the subprime lending crisis, when banks overvalued homes and financed mortgages that buyers could not afford, leading to a global recession in 2008.
What are the downsides?
Halal mortgages are more expensive and more difficult to enter into, as they require a down payment of at least 20%. Furthermore, they are not available in every state in the United States.
Additionally, many Muslims are unwilling to deposit their money in banks, if those banks are required to pay interest or earn part of their revenue based upon interest.
Shariq Siddiqui, Assistant Professor & Director of the Muslim Philanthropy Initiative, Indiana University
This article is republished from The Conversation under a Creative Commons license. Read the original article.
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Business and Finance
6 Ways to Turn Everyday Items into Extra Cash
Selling everyday items online provides an easy way to earn extra cash while supporting sustainability, with companies simplifying resale processes and ensuring better returns.
(Family Features) Making money from everyday items in your home may be easier than you think. With a growing number of companies simplifying the process, turning unused items into cash has never been simpler.
Making Cash
These companies are part of the circular economy, where you get to make money from your items and feel good about it at the same time. By reselling items you don’t use, you can give these items a second home or repurpose them into something that has practical applications.
For example, unused gold and precious metal jewelry can be given a second home to or repurposed for vital technology sectors like health care. This reduces the need for environmentally taxing mining operations and gives these valuable resources a second purpose.
Whether it’s clothing, jewelry or tech, consider these simple ways to make extra cash by selling items online.
Sell Used Clothing
Some newer platforms offer a less hands-on approach to selling used clothing online. Unlike popular online platforms that require you to take pictures or create listings for your items, look for outlets that allow you to simply package your items and send them out with an insured label. This makes selling clothing online a breeze and reduces the potential headaches of dealing with buyers directly and managing listings.
Sell Unworn Jewelry
For precious metals like gold jewelry or silver jewelry, selling directly to a trusted buyer can provide a fast, secure way to unlock their value. Consider TheAlloyMarket.com, a company featured in trusted outlets like Forbes, NBC and US News & World Report that offers a streamlined process with free, insured shipping and no hidden fees or commissions. Unlike platforms that require complex listings or charge extra fees, you keep 100% of the quoted price. On average, customers earn $1,700 or more for gold jewelry and other precious metal items, offering a straightforward, easy and rewarding way to sell unused valuables.
Sell Designer Bags
If you have any designer bags at home, look for platforms that let you sell handbags directly to them and provide upfront estimates before you ship your items. Some platforms provide free insured shipping and marketplaces where you can buy designer handbags at discounted prices.
Sell Books You’ve Already Read
While this likely won’t make you a fortune, selling used books is a simple way to make some extra cash and help preserve the environment. College students in particular can benefit from upfront estimates and free shipping or the ability to trade in used books for ones they’ll need next semester. Plus, some platforms also offer books for purchase at heavily discounted prices.
Sell Tech After Upgrading
If you upgraded phones recently or have a used phone just collecting dust, get an upfront estimate for your phone from a trusted site. Some buyers provide free shipping and, with upfront estimates, you know exactly what you will get for your used phone before sending it in.
Sell Old Furniture
Turn your unused furniture into cash by listing items like sofas, tables or chairs on local marketplaces or apps. Clear photos and detailed descriptions can help attract buyers nearby, saving you the hassle of shipping. Selling old furniture not only earns extra money but also helps reduce waste by giving items a second life.
To learn more about how you can get a free, no-obligation estimate for gold jewelry or other precious metal items, visit TheAlloyMarket.com.
SOURCE:
Alloy Market
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