Marc Linsky
Marc Linsky

Marc Linsky Discusses the Biggest Savings Mistakes to Avoid Before Retirement

Marc Linsky sits down to talk about some of the biggest savings mistakes to avoid before retirement.

For nearly 30 years, Marc Linsky has been assisting families and individuals with their financial planning needs. When people first come to Marc for help, they often have a general idea of what they want to do, but they don’t always know the best way to achieve their goals. This is especially true when it comes to saving for retirement.

According to Marc, setting up a workable savings plan early on is one of the most important steps when planning for retirement. Though he talks about specific retirement plans with his clients every day, he thinks it’s important for everyone to avoid savings pitfalls and enjoy a worry-free retirement.

So, what mistakes does Marc Linsky think you should avoid when saving for retirement? Let’s find out:

5 Mistakes Marc Linsky Wants People to Avoid When Saving for Retirement

For those who are curious about Marc Linsky’s thoughts on retirement savings, here are a few of the most important missteps to avoid:

1) “You should never put all of your eggs in one basket. You may have a savings account with a stellar APY, but that doesn’t mean you should just dump all of your available funds in there. You want to build a diversified portfolio that includes standard savings, investments, and passive income streams.” – Marc Linsky

2) “Never assume that the amount you saved in one calendar year will translate to the next year, especially if you have a diversified retirement portfolio. Markets fluctuate, interest rates change, and you should always be prepared for the worst-case-scenario.” – Marc Linsky

3) “Don’t give in to short-term temptations. There may be a stock that you think is going to blow up, but what if it doesn’t? Putting a small amount of your retirement funds into higher-risk investments is fine, but you should put the vast majority into low-risk savings accounts and long-term investments (like real estate, CDs, and mutual funds).” – Marc Linsky

4) “Don’t agonize over your savings every single day. It will only cause you to make too many changes to your savings plan. I don’t advocate for the “set it and forget it” strategy, but I also don’t believe in tinkering with your savings all the time. Instead, set a day to check in on your savings and investments once per quarter to see if you need to make any adjustments.” – Marc Linsky

5) “You should always remember that retirement savings don’t have to be a one-person journey. Most people don’t like talking about their finances, but getting a second (or even third) opinion can help you gain new insight into your financial plan. Consider talking to a Certified Financial Planner about how to best save for retirement.” – Marc Linsky

Marc Linsky

Financial Advisor Marc Linsky Discusses the Importance of Paying Off Your Credit Card Debt in 2020

Accredited financial advisor Marc Linsky recently discussed the importance of paying off your credit card debt before the end of 2020.

Paying off credit card debt is an essential step to getting your finances in order. Financial advisors like Marc Linsky of West Palm Beach insist that credit card debt is one of the biggest financial burdens Americans deal with on a daily basis.

“Credit card debt weighs on the shoulders of so many Americans,” Marc Linsky says. “It causes stress, holds them back from making other important purchases and often creates more and more debt.”

Marc Linsky explains that those who are paying less than the balance on their credit card bills are spending large amounts solely on interest in the long run. He states that interest can account for thousands of dollars of spending in a single year.

Financial experts like Marc Linsky also explain that paying off credit card debt improves your overall credit score and can eventually lead to financial security. Money that was once being thrown away on interest can be stored away for emergencies, saved for a special outing, or even put in a retirement fund.

“Financial security undoubtedly reduces stress,” Marc Linsky says. “Knowing that you can survive for months if you lose your job or that you have enough money for retirement can put your mind at ease. Stress management is an essential part of overall happiness.”

Marc Linsky and other financial advisors encourage their clients to pay off credit card debts this year, so they can start 2021 completely debt-free. They explain that once you pay off your credit card debt, you can work toward paying off other debts, like car loans or mortgages.

“The goal is to eventually become completely debt-free and owning all of your assets,” Marc Linsky says. “As financial advisors, we want you to be in control of your money, not the credit card company.”

Experts like Marc Linsky also explain that eliminating credit card debt can increase future earnings. Spending $1,000 now on a credit card means it’ll come out of your income later when the bill comes. Spending nothing on your credit card now means you’ll have that extra $1,000 from your paycheck this month.

“Many people think the things they’re buying with credit cards are improving their standards of living,” Marc Linsky says. “But it’s actually the opposite. These people ultimately have less money to live on when bills are paid at the end of the month.”

Financial advisors encourage their clients to forego any unnecessary purchases until credit card debts are completely paid. The result is starting 2021 with zero credit card debt, less stress, and greater financial security for the future.

Marc Linsky

Marc Linsky Suggests the Most Effective Ways to Save for your Child’s College

Marc Linsky can help you make the best decision for how to save for your child’s higher education.

Most parents have a nagging idea in the back of their minds that they should be saving for their kid’s college, but getting started can be daunting. An experienced financial planner like Marc Linsky can shed light on this important topic and help you make the best decision for your family.

Marc LinskyThe best option for you depends on factors like total income level, debt and other responsibilities, the state you live in, your financial risk tolerance, and other personal attributes. To get the full picture it’s a good idea to sit down with a certified financial planner to discuss your personal goals and plans. Every situation is different and the experience and education of a good financial planner like Marc Linsky is key to making the best decision for you and your family.

The most common option when it comes to saving for your child’s education is a 529 plan. When enrolled in a 529 plan you can make tax-free contributions often right out of your paycheck. Marc Linsky has seen that the best college savings plan is the one that you’ll use and continue contributing to, so automatic deductions are a great option. With a 529 plan you can choose your investment strategy and contribution limits are high, so you can save as much as you’re able. Marc Linsky recommends saving as much as fits your budget early in your child’s life to give the money time to grow. But even a small amount is better than nothing.

Education Savings Account | Marc Linsky

Another common option that Marc Linsky will explain is an Education Savings Account or ESA. With this plan, you can contribute up to $2,000 per child per year. Contributions are tax-free and you’ll typically earn at a higher interest rate than traditional savings accounts. However, you can only participate if you fall into a certain income bracket and the money must be used before the beneficiary reaches the age of 30. Those restrictions may not be appealing to some parents but will be just fine for others. It just depends on you and your situation, and Marc Linsky can help you work through it.

Marc Linsky always recommends checking with your employer to see if they offer any child education benefits. Some employers offer contributions to a 529 or other education savings fund, either on an ongoing basis or as a one-time benefit when a child is born. Every little bit helps, especially when that money will earn interest over the course of your kid’s childhood.

When it comes to saving for your child’s education, the most important thing to do is to get started. The second most important thing is to work with a certified financial planner like Marc Linsky to sort through the options and choose the best one for your family.

Marc Linsky

Marc Linsky Talks About Two Types of Trusts

Two types of trusts, as explained by Marc Linsky CFP of Estreet Financial.

When most people think of setting up a trust, they probably envision a pile of complicated forms and expensive lawyers’ visits. For decades now, trust funds have been synonymous with wealthy estate management and preserving millions of dollars for the rich and famous. For this reason, trusts may possibly be one of the most misunderstood financial tools. Here, Marc Linsky talks about the two main types of trusts and what each is used for.

Marc LinskyA trust is part of a well-defined estate plan, Marc begins. It’s a crucial tool for managing your estate both before and after your death. A trust fund, therefore, refers to the account itself, which holds various types of assets, such as stocks, bonds, or real estate. But does everyone need a trust? Marc Linsky says to answer this question, we need to look at the purpose behind a trust and the structure of the trust.

First, Marc says, there are two primary types of trusts, he says. They both are similar, but they are used for different purposes. The first one is revocable and is called a “living trust.” It is used primarily for asset protection, Marc Linsky says. The owner is responsible for the tax payments and the reporting of the activities of the trust. There is some protection against attachment of assets in the case of garnishments or a court order against the owner, but not as much protection as an irrevocable trust, he adds. It also allows for distribution of the assets upon the death of the owner. Also, if the trust is set up properly, it can bypass probate and remain confidential upon the owner’s death.

Irrevocable Trust | Marc Linsky

An irrevocable trust, on the other hand, is one that is set up once and cannot be revoked, modified, or amended, Marc Linsky says. The trustee is responsible for tax payments and reporting on the trust activities. This type of trust would offer even greater protection against the owner’s creditors if the trust was created before any claims against the owner or the estate were made. Marc says since the trust is its own separate entity, the contents of the trust don’t go through probate, thus ensuring privacy for the owner.

There are some alternates to trusts, Marc Linsky adds. For example, a will is not as complex and doesn’t require the annual reporting and expense that a trust does. “If you’re just interested in passing assets to your heirs and don’t have a large estate, you can do this easily with a will,” he says. You won’t even have estate taxes since current tax credits mean only the very large estates have to pay estate taxes now.

These are obviously just the basics, Marc says, and there’s a lot more that goes into estate planning. If you decide to use a trust, be sure you use a qualified lawyer. “I’m also happy to help with additional estate planning,” he says.

Marc Linsky

Marc Linsky Discusses the Importance of a Good Credit Score in Retirement

Here Marc Linksy talks about planning for retirement, and the importance of a good credit score.

Your golden years should be one of peace and financial reward for all your years of hard labor and smart financial planning. It’s a time to sit back and reflect on life and enjoy yourself. However, Marc Linsky says it’s not the time to start slacking off on making smart decisions regarding your credit score. Continuing to maintain a good credit score is imperative, even in your retirement age, Marc says. Many people think that they somehow don’t need credit anymore, but he says that way of thinking can get you in trouble. Here, Marc Linsky talks about the importance of a good credit score and what it means to you in your retirement years.

Marc Linsky Estreet Financial

A credit score is one of many different types of financial scores credit bureaus and other places keep on their clients. It’s an indication of how likely someone is to pay back their credit obligations, Marc Linsky says.

Today, there are hundreds of different credit scores that could have your information in it. However, there is only one to be concerned with, Marc says. This is your FICO (Fair Isaac and Company) score, which is the one the credit bureaus use. “There are actually different variations of the FICO score,” he says. “It depends on what they’re being used for,” he adds. “There is a different scoring system for credit cards, auto lenders, credit cards, and mortgages.”

Marc Linsky says the three credit bureaus are ExperianEquifax, and Transunion, and each uses a slightly different FICO scoring method. He says there no need to try to figure out the algorithms of how scoring methods are created since those scoring criteria are confidential. “However,” he says, “we do know there are five major considerations that go into making your credit score.”

Five Considerations Concerning Your Credit Score | Marc Linsky

  • Your payment history accounts for about 35% of your credit score. Paying your bills on time is the best thing you can do for your credit score, Marc says.
  • The amounts you owe make up about 30% of your score. Marc Linsky adds. He recommends not to owe more than 30% against your open credit. The less you owe, the better,
  • The length of time you’ve had your accounts open counts for about 15% of your score. Creditors want to see you’ve had credit for a long time, so don’t close any of your paid off accounts.
  • The number of new inquiries you’ve had in the past 2 years is important. Marc Linsky says less is better, so don’t apply for any credit you don’t really need.
  • The mix of the different types of credit you have. Lenders like to see a history of a good mix of credit, he says, like credit cards, bank loans, and auto loans.

What is a good range? Scores range from 300-850 with the average score being around 700 according to Experian, Marc Linsky says. Fact is, if you’re the type that has maintained a good score for many years, you’ve probably already developed the habits needed to continue that good score. Just know good credit will still be as relevant in your retirement years as it was in your working years.

For instance, an insurance company probably pulls a credit report before offering you rates on your insurance. Auto purchases or new bank loans are a couple of other instances where the best interest rates are dependent on good scores. Marc Linsky says if your income drops during retirement (as is normal) there’s a possibility of not being able to meet your monthly obligations. With proper financial planning, this doesn’t have to happen.

Continued | Marc Linsky

“The way to get and maintain a good score is to continue to make your payments on time, don’t apply for unnecessary credit, don’t close out your accounts once they’re paid, and make sure you have a good mix of the types of credit accounts. “Also, be sure you have paid down or paid off your balances each month, he adds.

Marc Linsky says for these reasons, it’s important to continue to monitor your credit scores even throughout retirement. You can get a free report each year by requesting it at the credit bureaus. “Remember,” he says, “there’s no such thing as too good of a score.”

Marc Linksy

Marc Linsky CFP Talks About Financial Planning with Social Security

Certified financial planner, Marc Linsky of Estreet Financial, discusses financial planning with social security.

As a long-time certified financial planner, Marc Linsky has seen his share of retirement plans. He has worked with thousands of clients over the years to help with financial planning and long-term goals. Here, Marc Linsky talks about some of the things most people don’t know about drawing social security benefits.

Marc LinskyKnowing when to start drawing your social security benefits is a critical decision that can affect the rest of your life, he says. The longer you wait to take your benefits – up to age 70 – the larger your monthly benefit will be. However, if you defer your payments until later, you might not get as many monthly checks as someone who draws early. On the other hand, Marc Linsky says, if you withdraw too early, you might lose out on monthly income that you could have been getting since your benefit will be reduced.

Then there’s the in-between, Marc Linsky says, which means choosing a time anywhere between filing early and age 70. Keep in mind what might be the perfect age for one person to begin drawing benefits is going to be different than someone else, he adds. Some things that might affect when you file for benefits include whether you are still working a job, your health and the number of years you think you might live, and if you currently have other investment income put aside for retirement.

Marc Linsky CFP Continues

One example, Marc Linksy provides, is if you’re in poor health and don’t think you’ll live to an old age, that’s a good reason for taking your benefits early. Even though your benefits will be reduced for filing prior to your full retirement age, you’ll end up with more money than if you waited. He says something else to consider is if you’re in great shape and think you’ll live to a ripe old age, you might consider waiting past your full retirement age.

Marc Linsky says the rules are quite complex. For example, if you haven’t contributed much to social security, you may be entitled to benefits under your spouse’s record. This applies even if you are now divorced but were married at least 10 years, he adds, with a few other stipulations.

All is not lost if you find that you have made a big mistake by filing for your benefits before full retirement age. If you start taking Social Security at age 62 and realize you’ve made a big mistake, you’re not entirely out of luck. Marc Linsky says many people don’t know you can change your mind if you want to. “There are certain rules that apply,” he adds, “and timing is critical since you only have one year, but it’s not impossible to remedy.” For situations like this, Marc recommends the services of a trusted professional that will look at your entire retirement plan and advise you on the best course of action. “Even the Social Security Administration makes mistakes,” he says, so make sure you have the correct advice for your situation by working with a certified financial planner.”

About Marc Linsky CFP

Marc Linsky CFP is a certified financial planner and the President of Estreet Financial, a financial investment firm specializing in retirement and financial planning with particular focus on those in the medical professions. He holds the CFP certification, which is recognized as the standard of excellence for the financial planning profession and has been helping people with their financial, retirement, and estate planning since 1986. Marc holds a bachelor’s degree in Marketing and Economics from Penn State University. He has been married 33 years to his wife, Molly, and has 3 grown children and 2 grandchildren. Estreet Financial has offices in New Jersey, Florida, and New York.

Marc Linsky

Marc Linsky Talks About Why He Will Never Again Buy a New Car

Marc Linsky CFP discusses why he will not buy a brand new car again.

A brand-new shiny car is something many of us dream about or may have even purchased.  The smell of a new car’s leather interior is something that gets people excited. However, Marc Linsky says he will never again buy a new car. “I love the smell of a new car interior as much as anyone else,” Marc says.  “But it’s not something I’m willing to pay thousands of dollars for.”  Here, he talks about why he made this decision and what led to it.

Marc LinskyThe reason is simple, he says.  As soon as you drive off the lot, you’ve lost money.  It’s probably one of the worst financial decisions you could ever make, he says. With the average car in America depreciating between 20% and 30% the year alone, it just doesn’t make sense to do this, Marc says.  Besides, most cars lose value in the range of 18% a year after the first year.  “Of course, it depends on the car,” he adds, “since some cars hold their value better than others.”

You won’t see the effects of it until you sell it later, Marc explains.  He says if you were to buy a new car for $30,000, for example, you could expect it to depreciate about 50% by the end of the third year.  “You’d be buying a $30,000 car, and if you sold it at the end of the third year for $15,000, that means it just cost you $15,000 in depreciation,” he adds.

Marc Linsky of Estreet Financial Continues


On the other hand, if you buy that same $30,000 car but wait until it’s three years old, it’s only going to cost around $15,000.  When you sell it after using it for three years, you’ll probably get around $10,000 for it.  That’s means you’ve only lost about $5,000, Marc says.

This shows the smarter solution is to buy a car that’s one to three years old, Marc Linsky says.  If you must have that new car smell, even a few months old is better than a new car, he adds.  “Let someone else lose that depreciation that occurs during the first six months,” Marc says, “then you can come in and get a practically brand-new car for thousands less.”  Marc recommends using calculators like Kelley Blue Book’s five year cost to own or Edmunds’s true cost to own to find how much specific models usually depreciate.  Nowadays, you can get a car that’s one year old that looks brand new, he adds.

“Bottom line,” Marc says, “is I recommend buying nothing newer than one to three years old.  You’ll be able to get the car for about half of the new price.” The average person buys 13 cars over his lifetime, according to the National Automobile Dealers Association, Marc Linsky says, with each costing approximately $30,000.  This means if you buy all your cars at 3 years old, you’ll be literally saving thousands of dollars over your lifetime – thousands that could potentially go into creating your ideal nest egg for retirement. 

About Marc Linksy CFP

Marc Linsky CFP is a certified financial planner and the President of Estreet Financial, a financial investment firm specializing in retirement and financial planning with particular focus on those in the medical professions. He holds the CFP certification, which is recognized as the standard of excellence for the financial planning profession and has been helping people with their financial, retirement, and estate planning since 1986.  Marc holds a bachelor’s degree in Marketing and Economics from Penn State University.   He has been married 33 years to his wife, Molly, and has 3 grown children and 2 grandchildren. Estreet Financial has offices in New Jersey, Florida, and New York.

Marc Linsky

Marc Linsky Discusses Ways to Generate Extra Income During Your Retirement Years – Part 3 of 3

In this final part of this 3-part article series, Marc Linsky, CFP at Estreet Financial, explores ways to create extra income during your retirement years.

 

As most retirees are on a fixed income, continuing from part 2, Marc Linsky discusses home-based businesses for extra income during your retirement years. 

Affiliate Marketing:  Affiliate marketing is a method of promoting someone else’s business for a share of the proceeds.  “You’d need your own website and a great company or product to promote,” Marc Linsky says, “but some companies will provide this for you.”  Some sites to look for products to sell are Clickbank, JVZoo, Warrior +Plus.  You can make up to 40% or 50% commissions depending on the products, Marc adds.  Just watch out for scams and junk products and stay with the reputable ones for best results, he adds.  


Craft Business:  Many retirees have a hobby they love doing and they’re good at, Marc Linksy says.  Sometimes you can make extra money by selling your crafts online. “I’ve seen people who make jewelry, painting, woodworking, and so much more, he says.  A good place to start, Marc says, is a site like Etsy where you can join thousands of other crafters who are doing the same thing.  


Transcription:   Many companies need their audio files transcribed, Marc Linsky explains.  This includes businesses of all types, like marketing companies, as well as academic transcription for professors and students.  Other uses for transcriptionists are churches for sermons, radio stations. There are a number of general transcription companies online like Rev that hire large numbers of transcribers to work from home transcribing audio for their clients.  For more specialized transcription, you might consider getting additional training so you can do legal transcription or medical transcription, but general transcription is easy to get started without any extra training.

Photography Studio:  If you don’t want to simply sell your stock photos you have photography skills, you might consider setting up space in your home for a studio.  With some additional training, you could become a wedding photographer or do senior portraits, Marc Linsky adds.


Side Ventures That May Require Extra Training

Blogging:  This is a great hobby that can help you earn extra income, especially if you include Google AdSense ads, Marc Linsky says.  AdSense ads are ads that are sprinkled throughout an article by Google.  When someone clicks on an ad, the ad income is split between you and Google.  The extra training comes in since you’d need to learn how to create a website for your blog, although you can always hire that out, he adds. 

Fiverr:  Fiverr is a great site where people all around the world advertise their creative abilities, Marc says.  Here, you’ll find everything from graphic design to article writing or programming. If you have any special skills that can be done online, he adds, Fiverr is a great way to get some extra income.  Another site similar to Fiverr is Upwork, he says, although Upwork seems to be more for professional talent.

Online Course Creation:  If you have a special skill or creative ability that someone would be interested in learning, you might consider creating an online course for it.  Some places that can help you create an online course and host your files online are sites like Teachable, Kajabi, and Thinkific. Online courses have the ability to create a lot of income over a long period of time, Marc Linsky says.  “I like it because it’s something that you create just once,” he says, yet you can make money on it for years.” 

Consulting/Coaching:  Another method of making money online is consulting and coaching, Marc Linsky says, although you’d need a skill somebody would want to pay for.  An alternative to this is Life Coaching, Marc adds, where you help people with their personal, career, or organizational goals. You need certification, he says, at one of the accredited organizations online.  Many of these places also provide help with setting up your coaching or consulting business, he adds. 

Virtual Assisting:  If you know skills that might be needed by other online companies, you might consider becoming a virtual assistant.  Virtual assistants work from home and do a wide variety of projects for companies, like data entry, website creation, email management, appointment setting, and more. 

Ecommerce:  With more people than ever online and more sales being made online every year, an ecommerce business through Shopify can make good money if you know what you’re doing.  With drop shipping you don’t have to buy the products ahead of time, Marc Linsky says.  Because the competition is fierce, Marc Linsky recommends some training before you choose this route.  A good ecommerce training program will help you get set up with products and a website. Some will even provide a marketplace for you to advertise from.  


“This list is just a starting point,” Marc Linsky says.  “Hopefully it will give you some ideas that will work for you and your family.” 

Marc Linsky CFP is a certified financial planner and the President of Estreet Financial, a financial investment firm specializing in retirement and financial planning with particular focus on those in the medical professions. He holds the CFP certification, which is recognized as the standard of excellence for the financial planning profession and has been helping people with their financial, retirement, and estate planning since 1986.  Marc Linsky holds a bachelor’s degree in Marketing and Economics from Penn State University.   He has been married 33 years to his wife, Molly, and has 3 grown children and 2 grandchildren. Estreet Financial has offices in New Jersey, Florida, and New York.

Marc Linsky

Marc Linsky Discusses Ways to Generate Extra Income During Your Retirement Years – Part 1 of 3

In the 1st part of this 3-part article series, Marc Linsky, CFP at Estreet Financial, explores ways to create extra income during your retirement years.

 

Making the most of your retirement years should be an enjoyable venture, Marc Linsky says. However, since most retired people are on a fixed income, there may be times more income may be needed.

“There are several ways to go about creating extra income for your retirement years,” Marc Linsky begins. The first method is to increase your income. The second way is by decreasing your expenses, which gives you more money to work with. The third is by a combination of both which is what most people end up doing. “You should plan on needing about 80% of your pre-retirement income,” he adds. If your expenses are any higher than this, you may need to supplement your income from time to time. In this 3-part series, Marc Linsky talks about some of the things he’s recommended to his clients about creating extra income after retirement.Marc Linsky

There are so many options, Marc Linsky begins. One of the first things I tell my clients is to look at what they need. It’s important to figure out if you want a second career or just a temporary part-time job or something in between, he adds. Do you need extra income on a permanent basis or is this a temporary need? “In addition, some of the opportunities I’ve found will bring you income fast while others will take time to build up,” he says. It’s important before you begin to look at what your goals are and what you’re needing to accomplish when you want to generate extra income.

The list I’ve put together, Marc Linsky says, is a list of ideas that almost anyone can do from home. I’m not talking about generating investment income, he adds. Rather, this is a list of active steps someone can take to make a side income. “There are quite a few options,” he explains, “and this list isn’t all-inclusive. But if you want to work from home in your retirement to make some extra money, it will help you get started with finding something you really enjoy doing.”

Note the items on this list are in order of difficulty or skill needed. The first part starts with easy activities that nearly anyone can do. The second part talks about different home-based businesses that people are doing, and the third part includes side jobs that either require a specialized education or training before you could do them as a side venture.

With either one, he says, be sure to watch out for scams. You should never have to pay a company first in order to work for them. When in doubt, Marc Linsky says, go online and do some research. Check reviews and even the Better Business Bureau if you must and don’t necessarily believe everything you read. This is a good time to use due diligence, he adds.

Easy Ways to Make Extra Income from Home – No Experience Needed

Babysitting: This involves taking care of children, either in your home or at someone else’s home. No extra skills are required except a love of kids, but it helps to know CPR and first aid. You can register online with Care and get connected with families that need childcare in your area, Marc Linsky says.

Dog Sitting or Dog Walking: This is self-explanatory, Marc Linsky says, and a good option if you enjoy dogs. A reputable site that connects dog sitters with dog owners is Rover. It’s great if you live in a big city where the service is needed, but it’s probably not going to work for you if you live in the country, he adds.

Driving: As long as you have a valid driver’s license and a decent vehicle and can pass a background check, you can make money driving for companies like Lyft or Uber, Marc Linsky says. Some drivers report earning as much as $25 or more an hour, but this depends on the area in which you live and the vehicle you drive, he adds.

If you’re not too keen on driving other people around, you might consider delivery driving where you’d pick up orders and deliver to homes. Doordash is one option that hires people to deliver ready-made food from restaurants near you to people who don’t want to leave their homes.

Airbnb Host: “I added this option here,” Marc Linsky says, “because many people have an extra room in their home. If you have a finished basement or a finished space over your garage with a separate entrance that’s even better,” he adds. Airbnb can give you some good income if you set up your space properly.

Customer Service Rep: Many companies with an online presence are hiring customer service reps to work from home. Marc Linsky says these workers do things ranging from answering phones to helping with customer service calls. LiveOps is a reputable company where you can work as an independent contractor.

“Working Solutions is another company I’ve heard of but don’t have experience with, so do your due diligence,” Marc Linksy adds.

Freelance Writing: Freelancer is a great place to start out for this side job. Another legitimate site is WriterAccess. Many companies have blogs nowadays, Marc Linsky says. This means a demand for more writers to contribute articles. Usually, there’s no extra training involved, Marc Linksy adds. You need the ability to write well and know proper English punctuation and grammar. In addition to blog articles, you can write technical descriptions for eCommerce stores, write copy for advertising websites, or even specialize in About Me pages for large corporations. Writing online for income can pay well as it’s usually based on the type of project and the number of words needed. For some of the large companies that hire writers, you’re rated on your ability to write which contributes to your overall pay per piece, he adds.

Don’t miss out on the rest of these ideas to generate extra income from home. See Part 2 for more ideas and recommendations.

Marc Linsky CFP is a certified financial planner and the President of Estreet Financial, a financial investment firm specializing in retirement and financial planning with particular focus on those in the medical professions. He holds the CFP certification, which is recognized as the standard of excellence for the financial planning profession and has been helping people with their financial, retirement, and estate planning since 1986. Marc Linsky holds a bachelor’s degree in Marketing and Economics from Penn State University. He has been married 33 years to his wife, Molly, and has 3 grown children and 2 grandchildren. Estreet Financial has offices in New Jersey, Florida, and New York.

Marc Linsky

Marc Linsky CFP Talks About Why Your Financial Planner Should Be Certified

Marc Linsky’s idea of financial planning is the process of creating the right plan for you and your family’s future. Proper financial planning helps with short- and long-term goals and helps with decisions to make the most of a family’s financial resources. A financial planner can help clients with all types of financial planning, such as taxes, insurance, and estate and retirement planning.

Marc Linsky Headshot

So why should your financial planner be certified? Marc Linsky says in today’s fast online world, anybody can call themselves a financial planner. In the past, Marc has seen many so-called financial planners come and go. “Some of these people will push certain investments onto their clients and not tell the client that they earn a commission from selling them,” Marc Linsky says. Others may not have just the right experience to properly advise you on the right type of planning for your situation. “And others still,” he adds, “don’t have the ethics needed.” For this reason, without credentials, it’s hard for the average person to know who to trust for their financial future.

That’s where the Certified Financial Planner (CFP) designation comes in. Marc Linsky says in today’s world, it’s just too risky to take a chance on someone you don’t know, and it’s time-consuming to research someone’s history and perform a detailed background check to find the right person to advise you. “It’s so much smarter to look for the credentials of the CFP designation,” Marc Linsky says.

CFP professionals have been through specialized education, rigorous testing, and real-world experience and work for their clients’ best interests. “This is something not all financial planners have or do,” Marc says. It’s so critical to the industry now, Marc Linsky adds, that even lawyers and accountants are getting this designation. It’s no longer “good enough” to be an average estate lawyer or an accountant. Marc Linsky says to find the right person to provide the very best advice for your specific situation, look for the CFP initials behind his or her name.

The Certified Financial Planner (CFP) designation is awarded to distinguished professionals by the Certified Financial Planner Board of Standards, Inc. (CFP Board). This professional certification is a formal recognition of expertise and high professional standards within the financial planning industry. It is recognized as the standard of excellence for competent and ethical personal financial planning.

When you understand what they go through to earn that certification, it’s no secret why the CFP designation is so coveted. Marc Linsky says to get this designation, members must go through four strict requirements first. “For the exam part,” Marc Linsky continued, “we have to undergo some pretty intense training.” This education is in addition to the four- or six-year degree we have previously earned, Marc Linsky adds. The experience requirement ensures that the professional has enough previous financial planning experience, and the ethics requirement ensures CFPs must abide by the CFP Board’s strict code of ethics. “Then, for the education part, we need to complete at least 30 hours of continuing education each year to stay current,” Marc Linsky says. “Overall, it’s a pretty rigorous certification, but it’s to ensure the safety and well-being of the public, and I’m passionate about getting the word out since it’s such a big part of my life.