How do can i make my small income BIG?

Question

I am a single mom with lupus living on $1300 dollar a month SSI disability payments .I am not looking to get rich or wealthy just live comfortable enough to provide for my son and myself without having to skimp on certain life enjoyments movies ,eating out etc......I've been considering putting my money onto a CD or buying some stock .problem is i don't know anything about the two!. Can someone please explain to me the benefits from the two and offer up alittle advice on which direction i should take toward to rid myself of financial stress.

Answer 1

both of those ideas are not that great....and please dont listen to these people about a home business, they are all scams....my mom is on disability making only 900 a month....she makes anywhere from any extra 1000-3000 a month on ebay.....if you have a garage or an extra room in your house this is what you can do....my mom looks in the paper for auctions at storage units...she usally buys one for 100 bucks...you have to have a truck or know someone also who can bring it to ur home...my mom goes through the things...find out whats worth anything cleans it up and puts in on ebay...you would be suprised...she told a ripped coca cola poster for 100 bucks.....anyone she sales some stuff, keep some stuff she may want and saves the furniture and stuff that she cant sell on ebay for a yardsale....she usually makes 500-100 per unit bought and usually buys one unit a week and also makes 800 a month on a yard sale....also she looks online for stores or whatever going out of business...for instance she bought 500 purses for 1 dollar a piece....of course thats a 500 dollar investment but you know you can sell brand new purses fairly cute too for more than 1 dollar...2 dollars you made 100 percent profit...i hope i helped some but bascially your going to have to take a chance on anything...so if you can save a little money maybe 200 bucks and do something like i said good luck....im just about in the same situation except make a little more but also live in va beach which is verrrry expensive

Answer 2

You need to be real careful.

SSI is considered by the United States government the lowest possible wage. I too receive SSI, and every state has close to the same laws. I noticed many people making suggestions like purchasing property, starting a business, etc.

If you make any money over your SSI, you take the chance on not only losing your monthly check, but you could also lose your healthcare coverage. So a few extra bucks could end up costing you in the long run.

Think of it this way. In order to pay for your healthcare, plus your monthly check of 1300, you would have to make around 30,000 a year. That is just to break even in your current situation. You would have to make a heck of a lot more money to even think of the smallest investment.

My suggestion is go to school. Because you are on SSI, you are eligible for free tuition, books, housing, food, and transportation to and from a university. That means for the next four years you would be forwarded your SSI check with no expenses. As a student you have so many benefits. Establishing a line of credit is a snap as a student. Trying to get a hundred dollar signature loan on SSI is almost impossible. Let alone a credit card.

Since you have the time, and you are on the check, broaden your mind! No matter your age, college is for everyone. You need to contact Vocational Rehabilitation. They are the agency that will provide you grants for business, as well as pay for your school 100%. They do all sorts of things for disabled people as well as veterens. No money would come from your pocket.

Get this.... The student loans do not count against your income. Nor does any jobs on campus. You can take that money and put a down payment on a house. Then make the payments with your check. You could even rent it out to make the payment while you are living on campus. Over four years, you would be eligible for around 30 grand that you would only have to pay back after you graduate. You would owe nothing until you walked across the stage. Taking the loan is optional of course. But, I am just explaining how attending college on SSI opens doors you can't imagine. As a single disabled mother, you are eligible for scholarships that again, would not go against your income, and you would never have to pay back. If you decided to buy a car, you could if you wished.

PLEASE READ!!!! If you purchase property or have more than double your monthly income in a bank account. You run a serious risk of losing not one, but ALL of your benefits. These folks on here have great ideas, but they are not on SSI either. If you and I work, we run a huge risk. Unless your investment can make double what you already make, and pay for your healthcare, it is NOT worth it.


G-o -2- S- C- H-O-O-L

Answer 3

Firstly, I congratulate you on trying to find something extra to make your life comfortable, I know when you have Lupus things can get difficult at times, but your determination to make a better life for your son is commendable :-)

My husband has SLE and was diagnosed two years ago. With two small boys at home, and a sick husband, I wanted to contribute to the household, and also needed an outlet for myself.

So I turned a craft into a web based business. I work only the hours that I am able to, and this means that my family always comes first.

My site is:
www.masquerademayhem.com.au

Maybe you have a craft, or a background that might be able to be turned into a home based, Internet business? It might just be enough to subsidize your SSI disability payment. Being from Oz, I am not 100% sure how it all works.

Furthermore we just went live with a Lupus website. This is non-profit, but available to give support to those in need.

www.lupusaustralia.org

I hope this info might help.

Answer 4

I am no pro but I believe if you put your money in Cd's you will only GAIN with an interest rate and a mature date.
With stocks if you don't know anything about them you may have to hire a broker which will cost you and you can loose money. Yet it has the potential to earn big $. I think the more $ you put in the better, as well as what you put it in. I wouldnt know where to start without a broker.

I personally think if you have a lot of money you should get a stock broker to help you, if you don't have that much a CD or Bonds would be good.

The BEST thing to put your money into would be property, such as a duplex or an apt. complex and keep it up.

Answer 5

Read the book Your Money or Your Life written by Joe Dominguez and Vicki Robin. It is written in a simple language and it applies to normal people. You can borrow the book at a local library.

Track and record every penny spent. Reassess your spending and review where you can cut. It takes time and practice to be really good at living under your means. It is worth it.

I been working at my financial plan for a good 5 years. I have a big binders with dividers and this is where I record everything. I first started by researching every personal finance web sites that I could find. I have modified my spending plan many times before finding the right one.

A word of caution, personal finance web sites always try to sell you something. I copied their ideas by making my own homemade version of what they had to offer that was helpful. So far, I am meeting my spending and saving goals.

Mind you, I am always trying to improve and do better. At times, it's easier then other to follow the spending plan. I think it's normal. Good luck!

Answer 6

i wouldn't recommend buying some stocks unless you have like $10,000 to invest or it wouldn't be worth your time. A CD is a good idea you can go to your local banking institution to get more information. Also you can start your own home-based business and earn a few dollars working part-time...I know of a great home-base business opportunity if you are interested...I have been involved for 2 years grant it I'm not rich but I get to stay home with my girlfriend and son. My email is [e-mail]...I hope this helps

Answer 7

There is a website that you can use for lots of Free information and ideas.
Please click on my screen name (Money) then click on my 360 profile page and look near the top of the page. Make sure you go to the "Money Saving Ideas" "Cutting Expenses" "Additional Income" and "Investments" pages of that Website. (Posting a direct link in an answer is against the rules).
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Answer 8

hey go online(as you have internet access)& read up on anything that will start you off and move you in the direction you want to go. First up you need to put a proposal in writing (goasl.aims etc) then tick each one off as its done. Not only wil this benefit you long term in picking up other skills but youre confidence will grow as well. So kick start yourself now and the cost to you is nil, work smarter not harder.

Answer 9

Read this... its very easy to do a fatal mistake with your money. this site will help you research eveything from buying a house to credit cards and investments. To make money, save money and get money the key is research!

Answer 10

Please take a look at my profile. I am a mother of 5, and found the perfect solution!