Real Answers for Life’s Money Challenges

I am a 37-year-old mail carrier and make $45,000 a year.

With overtime, I hit around $50,000.

I live in Massachusetts which is incredibly expensive and not livable on my salary.

A father hugs his teen daughter outside of their home.

I have a daughter and have been promising her a house for a few years now.

Id like to buy one before shes 15, or at least before 16.

At the moment, its not possible.

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I know that get rich quick schemes dont work.

But there has to be something!

Ill be honest: Im not exactly talented or skilled at anything.

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I am a former personal trainer, but that path isnt lucrative unless youre training sport teams.

Plus, its a very tricky venture.

Ive tried to learn how to make apps, but Im technology-illiterate.

Ive invested a few hundred in crypto and stock, but those arent exactly quick ways to build income.

Also, I should mention that I have about $30,000 saved up in the bank.

Its supposed to be for a house.

But now I know I could use that somehow to invest in making more money.

Im scared to lose the money, and I have zero idea of what to invest it in.

With that said, what can I do to drastically increase my income within a six-month period?

You constantly see everyone saying, Start your own business or Start an online business.

OK, but what!?

Everyone makes it sound like the easiest thing in the world.

I dont have products to sell.

Or at the very least, Id already be a homeowner.

I think you better be honest with your daughter.

Tell her that home prices and living costs are rising way faster than your salary.

That means youll have to save longer to reach your goal.

You also may need to readjust your expectations for what your dream home may look like.

It really doesnt take talent or skill to be asuccessful investor.

What it takes is patience.

Over long periods of time, the S&P 500 has always delivered positive returns.

Any opportunity that allows you to amass a fast fortune is highly risky at best.

Instead of trying to drastically increase your income over a six-month period, aim for a more realistic goal.

How about if you start with the goal of earning an extra $100 a week?

Is Your Paycheck Not Going As Far As It Used To?

We get it.Everythingis more expensive than it used to be, but your paycheck hasnt kept up.

When money is tight,these resourceswill help nearly everyone.

Once youre consistently earning $100 a week, then aim a bit higher.

Put the extra cash you earn somewhere safe, like asavings accountor CD.

Meanwhile, check with a local lender about whether you qualify for down payment assistance.

Your daughter may be disappointed that you cant buy a home as quickly as shed like.

But youd be hard-pressed to find any teenager who isnt disappointed with their parents sometimes.

Use this as an opportunity to teach your daughter a lesson in patience and persistence.

Even if shes not happy that you cant buy a house right away, be the adult.

Robin Hartill is a certified financial planner and a senior writer at The Penny Hoarder.

Send your tricky money questions to[email protected]or chat with her inThe Penny Hoarder Community.