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SMALL BUSINESS
Top Ways to
Make Money in 2008
Previous-
The 22 Best Moves
What are the best ways to keep safe, spend smart and make your money grow in 2008? Money Magazine shares what to expect and what to do in the coming year.
Click through our gallery as we highlight the 22 moves you'll want to make this year, when it comes to your home, your job, your spending and more.
· Money's Full Special Report
Next: 'Your Home' MovesMake Money in 2008:
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Your Home: Sellers ...
Make your home a bargain. Use the going price of houses that have recently sold -- then price your home even lower so it looks like a great deal.
Pay a little to look good. The quickest, most effective way to increase curb appeal: Apply a fresh coat of paint.
Offer the right incentive. Cover closing costs, HOA dues or provide a home warranty.
· More on These Moves
Next: For Home BuyersMake Money in 2008:
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Your Home: Buyers ...
Lowball your offer. If ever there was a time to drive a hard bargain, this is it.
Look like a good risk. Put down at least 10% to 15% of the purchase price.
Don't jump at a jumbo. To avoid paying the extra interest, try to come up with a big enough down payment to bring your mortgage below $417K. Or buy a less expensive house.
· More on These Moves
Next: For Home OwnersMake Money in 2008:
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Your Home: Owners ...
Put down your ARM. If you have an adjustable-rate mortgage that's due to reset next year, consider refinancing into a fixed-rate mortgage now to avoid future payment shock.
· More on This Move
Next: Stay in the GameMake Money in 2008:
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Your Investments:
Keep on keeping on. The best strategy in a rocky market is to stay in the game. As long as you're investing over a long enough period for the market to recover from a severe drop -- about seven to 10 years -- you will almost always be better off staying invested and continuing to pick up additional shares on market dips.
· More on This Move
Next: Think BigMake Money in 2008:
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Justin Sullivan, Getty Images
Your Investments:
Think big.
A slowing U.S. economy and the weaker dollar weigh heavily in favor of large-cap growth stocks like Cisco that can rely on their foreign operations to prop up their earnings when the U.S. slows down.
And unlike smaller companies, which have had strong price gains, large companies still look inexpensive heading into next year.
· More on This Move
Next: Go for High QualityMake Money in 2008:
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Your Investments:
In fixed income,
go for high quality.
Compared with stocks, bonds may not look like an overly appealing investment for 2008. Given the general concerns about credit quality, favor highly rated bonds. Sticking with shorter maturities also makes sense. The weakening dollar could fuel inflation, which would seriously erode the returns on longer-term bonds.
· More on This Move
Next: Raise Your ProfileMake Money in 2008:
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Your Job:
Raise your profile.
High-performing workers will snag raises of 5.7% or higher in 2008 vs. 3.8% for the average employee. How do you make sure you're one of those getting top dollar? You not only need to do your job very well, you have to make sure your boss knows it. Talk with or e-mail your manager regularly with updates and status reports on important projects.
· More on This Move
Next: Get SocialMake Money in 2008:
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Your Job:
Join a social network.
Haven't joined Facebook yet? Even if you're not actively job hunting, networking is essential to staying up to date with what's going on in your industry. But don't do more harm than good. If you're using Facebook as a professional networking tool, don't display anything on your profile that you wouldn't want your boss or a client to know about you.
· More on This Move
Next: Cross-TrainMake Money in 2008:
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Your Job:
Cross-train.
If you're in an industry that's vulnerable to cutbacks, don't wait for a pink slip to find you. Look for opportunities to increase your marketability by enhancing your skills and experience. Take advantage of training opportunities at work and keep up with the latest developments in your area of expertise.
· More on This Move
Next: Vacation CloserMake Money in 2008:
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Your Spending:
Vacation closer to home.
The dollar is expected to remain a wimp against the euro, pound and Canadian loonie. But if you have your heart set on an overseas vacation in 2008, there are still plenty of destinations where the dollar is a good value. Latin America in general is inexpensive because many local currencies are tied to the U.S. dollar formally and informally.
· More on This Move
Next: Go GreenMake Money in 2008:
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Your Spending:
Cut those energy bills.
Install a programmable thermostat, use a fan in conjunction with your AC and seal major air leaks around doors and windows.
Buy a tax-friendly hybrid.
To offset the cost of buying a hybrid vehicle, take advantage of tax credits of up to $3,000 offered on some vehicles.
· More on These Moves
Next: Get That Flat-ScreenMake Money in 2008:
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Your Spending:
Get that flat-screen.
Prices continue to tumble on virtually anything electronic. You'll see the biggest drops -- more than 30% -- in the price of flat-screen TVs. A 42-inch flat-screen TV that cost $1,478 in 2007 will drop to $978 in 2008.
· More on This Move
Next: Shore up Your ScoreMake Money in 2008:
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Your Savings:
Shore up your score.
To get the lowest rates on loans, you'll need a higher credit score next year. Put it this way: 750 is the new 720. The quickest way to boost your score? Pay down the balances on your credit cards and home-equity line of credit.
· More on This Move
Next: Negotiate, MateMake Money in 2008:
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Your Savings:
Make your own deal.
Next year, 0% introductory-rate offers and low-interest balance transfers are likely to get scarcer. Lock them in while you can. But many issuers are willing to negotiate a lower fee (or eliminate it altogether) if you have a large balance to transfer and a credit score above 720 or so. You'll have to call and ask.
· More on This Move
Next: Try VarietyMake Money in 2008:
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Your Savings:
Try a little variety.
Economists expect savings rates a year from now to be about the same as they are today -- or maybe a little lower ... or higher. What's the best way to deal with the confusion? Divide your savings among cash accounts and CDs of varying maturities.
· More on This Move
Next: Manage AMT RiskMake Money in 2008:
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Cassandra Shie, AOL
Your Taxes:
Manage your AMT risk. You're likely to have to pay AMT if you were subject to it last year or if you make more than $100K, pay high state and local income and property taxes, and have significant write-offs for personal exemptions.
To avoid being snagged or to reduce your liability, take full advantage of "above the line" deductions -- the main ones available to AMT payers.
· More on This Move
Next: Watch the PollsMake Money in 2008:
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Your Taxes:
Watch the polls.
As the 2008 presidential race unfolds, the candidates' positions on Iraq, health care and other pressing issues are, rightly, more likely to guide your vote than what they say about the capital-gains tax. Still, it's good to know.
· More on This Move
Next: More Great FeaturesMake Money in 2008:
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