Sep 24, 2020
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Five Ways To Make Money Off Your Homeland

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© Bernhard Weber/IstockPhoto Your roots are important. Better yet they just might fatten your wallet. There are plenty of customers seeking a little culture in their lives–or just a taste of a home they left behind. Here are five ideas to get you started. © IstockPhoto Bring It In Peddling exotic products from your native country can fill your coffers

 

To get started as an importer you need a customs broker to navigate the transaction process–and the barrage of fees. A common breakdown for U. S. importers courtesy of James Redman-Gress a customs broker from Charleston S. C. : Customs fees can run up to 30% of the cost of the merchandise while customs bond fees collected by the broker maybe $3 for each $1000 worth of goods

 

If you import frequently you can pay a one-time annual fee of perhaps $400. Then are the shipping fees: A common 40-foot ocean container from Egypt to South Carolina runs in the community of $4 000. Any imported food products should be registered with the Food and Drug Administration and all garments should bear a Registered Identification Number issued (for free) by the Federal Trade Commission

 

© Bernhard Weber/IstockPhoto Ship It Out Exporting may require a license–it depends on what you re shipping and where it s going. U. S. exporters should get an Export Control Classification Number from the Department of Commerce s International Trade Administration. You’ll also want a 10-digit Schedule B code to spot the product (for this look at the Schedule B search engine at www

 

census. gov). Like importers you’ll pay a flurry of fees to get your products to customers. For a host of exporting resources organized by industry and location visit Export. gov part of the International Trade Administration. © Peter Finnie/IstockPhoto Say What? Translating written text or spoken word while preserving the right tone and nuance is a valuable skill

 

From 2004 to 2014 employment for translators and interpreters in the U. S. is projected to extend 18% to 26% compared to a 10% increase in the overall workforce estimates the U. S. Department of Labor. One way into this business (though not required) for U. S. residents: Pass a three-hour open-book exam given by the American Translators Association

 

Per a 2006 survey by the ATA the reported gross income for full-time translators and interpreters ranged from $50 000 to $60 000. © Cristina Ciochina/IstockPhoto Show Them Around Town Your knowledge of local culture can provide an edge in the travel sector. But don t just book the trips–guide them. And find a niche: The more specific and scintillating the experience the more you can charge for your services

 

Travel entrepreneurs that offer unique tourist experiences can rake in 20% to 30% net margins. © Paul Cowan/IstockPhoto Roll The Dice If you can t make hay on your homeland s products try playing its currency. If you live in France and think the U. S. dollar is due for a comeback against the euro you can exchange euros for dollars and look ahead to the greenback to recover

 

Professional traders use currency futures contracts to put down a fragment of the initial investment thus juicing returns when things go right–but generating huge losses when they go wrong. Note: Currency trading–while potentially lucrative–is just for people with steel stomachs and capital to lose. A safer bet is a currency Exchange-Traded Fund an investment vehicle that rises and falls in keeping with the underlying value of alternative currencies

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