The Shame of Debt

Money doesn’t make you happy. That’s how the saying goes, and you can’t deny that there’s some truth to it. However, while having lots of money won’t make you happy, having very little is more likely to make you stressed and depressed. 

The less you have, the more likely you are to stress over the smallest of things, and if debt is forcing that poverty on you, hanging a dark cloud of uncertainty over your head, that stress and that depression will increase.

Psychological Cost of Debt

Debt has a massive psychological cost and a lot of that boils down to shame. Debt stress and debt shame are more common than ever in the United States, as debtors seek to hide their troubles from their families and loved ones. There is an unmistakable link between debt and an increased suicide risk.

A student conducted several years ago looked at the finances of people who had committed suicide and found they were significantly more likely to have massive debts (student loan debt, credit card debt). Similar studies have been conducted on mental health, noting that people are more likely to suffer from debilitating depression, stress, and anxiety when they have problems with debt.

And it’s easy to see why. Not only do many debtors choose to keep their problems to themselves, feeling an immense shame that stops them from telling even their closest friends and family, but debt can also lead to anxieties about debt collectors, foreclosures, repossessions, bankruptcy, and more. 

How to Overcome the Shame of Debt

To improve your mental health, you need to fight debt stress and shame. That’s easier said than done, but there are a few things that you can do:

Understand Where the Shame Comes From

The first step is to understand why you feel the way that you feel. This might not fix your debt shame, but it will help you to understand it more.

There is no single, overriding cause of debt shame. Some debtors feel shame because they see themselves as the breadwinner, the provider, and if they have debt it means they have failed. Others feel shame because they come from frugal backgrounds and have been wasteful or because their debt is the result of a drug, alcohol or gambling problem.

Whatever the reason, you need to find it, address it, and fix it. Get help for that gambling or drug addiction, get advice from that frugal family.

Admit Your Fault

Debt doesn’t mean that you’re a bad or useless person. It doesn’t mean that you don’t care about your family. It’s not a character flaw tied to your personality, it’s a behavioral issue tied to impulsivity and even mental health issues. It’s still your fault, but it’s easily fixed and doesn’t make you a bad person.

Understanding this can help you to get rid of that shame and deal with your stress and mental health issues.

Improve Your Financial Knowledge

Researchers have found a direct correlation between debt and financial knowledge; the more you have of the former, the less likely you are to be competent in the latter.

Fortunately, it has never been easier to educate yourself. Take a look at the many guides here on Pocket your Dollars, spanning everything from pay off strategies for credit card debt to money-making ideas, recommendations for loans and credit cards, and more.

Get Credit Counseling

Credit counseling exists for a reason and can help you in your time of need. They’re not mental health counselors, they can’t prescribe you medication and they can’t help with your insomnia and anxiety. However, they have worked with countless debtors, many of which have anxiety and depression, and they understand what it’s like to be in your shoes.

They can help you to assess and manage your debts before advising on the right course of action. A financial therapist can also provide assistance with any relationship issues, counseling you on who you should tell, how you should tell them, and what sort of reaction to expect.

The problem that many debtors have is that they think they know everything. They won’t speak to a counsellor because they’re convinced they know what the counsellor will say. But let’s be honest, if you’re struggling with debt, there’s a good chance you’re not a financial wizard and even if you are, it always helps to speak with an expert, voicing your concerns out loud and bouncing some ideas around.

Stop Spending

We spend when we’re depressed, get depressed because we’re in debt and are in debt because we spend too much. It’s a cycle that’s keeping your favorite retailer in profit and doing untold damage to your finances. To get out of debt, you need to accept that this cycle exists and that the only way to escape is to stop that spending immediately.

Anything that isn’t an absolute necessity can be left for another day, preferably one when you actually have money to spend. Limit your spending to clothes, food, rent, utility bills, medical bills, and everything else that allows you to continue living comfortably from day to day, but give the alcohol, cigarettes, vacations, and other luxuries a miss.

How to Take Control of Your Debt

The best way to avoid the shame and stress of debt is to get rid of it. Studies on debtors have found that at least 9 out of 10 believe they will be much happier if they didn’t have debt. These beliefs have been confirmed by individuals who successfully pay off debt, claiming = they are much happier than they ever were.

There are many ways you can pay off debt and we’ll look at a few of these options below, but generally speaking, you need to:

  • Assess your financial situation
  • Check your credit report and credit score
  • Get help from a credit counselor or financial therapist
  • If your debt-to-income ratio is low, budget better and pay off more with a debt payoff strategy
  • If your debt-to-income ratio is high, try debt relief
  • Create an emergency fund to prevent future issues

Best Ways to Get out of Debt

There is no debt shame if there is no debt. As discussed above, debt is not something you should be ashamed of, but it’s also not something you should cling onto. It can cause you a great deal of stress, placing strain on your relationships and generally making life very difficult for you.

So, while it’s important to face the truth of the situation and dispel those feelings of shame, it’s just as important to fight your debt and get your head above water. Here are a few debt relief options and debt payoff strategies that can help. For more information, including expensive guides and recommendations on each of these options, take a look at the relevant sections on Pocket Your Dollars.

Snowball and Avalanche Methods

The debt snowball and debt avalanche methods are two of the most popular debt payoff strategies, and ones that we have discussed at great length before (see debt snowball vs debt avalanche). They can make the process more systematic, which, in turn, may provide you with the support and the structure you need to get your debts in order. 

In both cases, you need to make a list of all your debts, covering things such as Balance, Monthly Payment, and Interest Rate. For debt snowball, sort the list by balance and go from the smallest to the largest. For debt avalanche, focus on the debts that have the highest interest rate and get those out of the way first. With both methods, you need to keep meeting your monthly payment obligations, before putting any extra money you have towards your chosen debt.

Debt avalanche provides the most practical benefits as it clears the problematic debts first, thus reducing the total interest. Debt snowball provides more of a psychological boost, giving you motivation as you steadily clear your debts.

Major Sacrifices

The biggest issue with any debt payoff strategy is that it isn’t easy to get the extra money you need to make those additional payments and clear your debts early. However, many debtors are trapped in a cycle of debt not because they can’t scrape the cents together no matter how hard they try, but because they struggle to budget properly and make the necessary sacrifices.

The average American debtor spends thousands of dollars every year on uneaten groceries, lottery tickets, and media subscriptions. They drop hundreds of dollars on luxuries they don’t really need and spend over $3,500 a year eating out. If debt is dragging you down then it’s imperative that you clear it, which means making some sacrifices and getting your priorities in check.

If you genuinely can’t spare a dime and don’t waste money on unnecessary expenses, then look into some of the options below.

Debt Settlement

Debt settlement is tailor-made for unsecured debt and works especially well for clearing credit card debt, as well as private students. Debt settlement companies often request that you stop meeting your monthly payment obligations, which puts the accounts into doubt and means your creditors are more likely to accept a settlement.

This settlement will clear the entirety of the debt for a fraction of the price, often around 50%. This means that a credit card debt of $10,000 would be cleared for $5,000, providing you with some big savings even after the settlement fees have been taken into account.

Debt Consolidation

A consolidation loan is a large loan that pays off all of your debt at a reduced interest rate and for a reduced monthly payment. The loan is often extended by several years, which means you pay more in the long-term, but the reduced monthly payments alleviate some of the burden and make the debt more manageable.

Debt Management

Debt management provides debtors with a debt repayment strategy, with all funds funneled through the debt management plan and then distributed to creditors. This service is often provided by credit counseling agencies and credit unions, who begin the process by negotiating with creditors and then assuming control of all debts.

These companies often ask that the debtors cancel all but one credit card, which can reduce the debtor’s credit score by impacting their credit utilization ratio.

Balance Transfer

A balance transfer credit card lets you move all your credit card balances onto a single card, one that offers a 0% APR for the first 6, 12 or 18 months, allowing you to pay down debt without interest, thus reducing compounded interest and clearing the debt quickly.

This method works with all credit card debt and you can typically move between 1 and 5 balances onto a new credit card, providing that card isn’t offered by the same company.

The Shame of Debt is a post from Pocket Your Dollars.

Source: pocketyourdollars.com

3 Ways to Beat Debt Burnout

3 Ways to Beat Debt Burnout

Paying off debt with “gazelle intensity” is a great way to get rid of debt quickly. Cutting your budget to a nearly bare-bones level and working hard to increase your income, speed up debt payments and save up for retirement will help you make great progress on your financial goals, but most people can only live on a strict budget for so long before they begin experiencing debt burnout.

Find out now: How much do you need to save for retirement?

What is Debt Burnout?

Burnout is feeling exhausted with your day-to-day routine or the lack of flexibility in your budget. Some people get tired of not having extra money in their food budget to go out to eat occasionally or buy a wider variety of foods at the grocery store. Others grow tired of having little to no budget for entertainment and fun. Burnout leaves you feeling fatigued, frustrated and ready to give up on your debt-free dreams.

Beating Debt Burnout

After you’ve diagnosed yourself with debt burnout, it’s important to take immediate steps to correct it so you don’t end up un-doing all the progress you’ve made toward paying off your debt. The steps to beating burnout don’t have to be drastic. It’s possible to do it by making a few simple adjustments.

1. Reassess Your Budget

After you’ve paid down some of your debt, it’s common to start feeling some burnout from the lack of flexibility in your budget. This may be a good time to reassess your budget and perhaps give yourself a little more money for things you enjoy, like increasing how much you spend on entertainment or giving yourself a little more money for going out to eat with friends and family. This may decrease the amount of money going to debt payments, but that’s better than getting burnt out and going on a crazy credit card shopping spree down the road.

2. Plan a Fun Trip or Event

While your family is paying off debt, it’s common to give up all vacations, trips and fun events. But when you start experiencing debt burnout, planning for one of these events is a great way to stay motivated and give your family something to look forward to. The trip or event doesn’t have to be a huge and expensive ordeal. Even a short day or weekend trip is something to look forward to when you are living on such a tight budget. Try planning for when you hit a milestone – paying off half of your debt or even for when the whole thing is paid off.

3. Find Some Support

When you start to feel burnt out and unmotivated to continue your debt payoff journey, seeking out an accountability partner is a great way to help you stay on track. Single people can especially benefit from having someone to confide in and bounce ideas off of. But even couples and families can use the outside perspective of an accountability partner to help them keep focused on their financial goals and beat debt burnout.

Debt burnout is a real thing that many people struggle with as they work their way out of debt. The more debt you have to begin with and the longer the time frame for paying it off, the more likely it is that you’ll face burnout at some point.

Find out now: Should I get a fixed or adjustable rate mortgage? 

What other ways can you think of to help beat debt burnout?

Photo credit: flickr

The post 3 Ways to Beat Debt Burnout appeared first on SmartAsset Blog.

Source: smartasset.com

How to Make a Side Income Running a Vending Machine Business

As we continue to make our way through COVID-19, many people are still looking for ways to get items they need without physical contact with another person.

Vending machines serve that purpose — and make money for the machine’s owner.

Owning and operating vending machines is big business, providing passive income without any specialized skills. It’s also called automatic merchandising.

Basically, all you need to get started is some startup money to buy a machine, a good location and the right products.

The Vending Machine Business During COVID-19

Revenue for the vending machine industry was $24.2 billion in 2019, up 3% from the year before.

That data came from the Automatic Merchandiser’s Annual State of the Industry Survey — before the full impact of COVID-19 hit.

There were 2,175,756 vending machines in service in 2019 in a variety of locations including:

  • Manufacturing areas
  • Offices
  • Retail spaces
  • Hotels/motels
  • Schools
  • Hospitals and nursing homes
  • Universities/colleges
  • Correctional facilities
  • Military bases
  • Restaurants, bars and clubs

Cold beverages were the top-selling product category. A majority of vending machines involve food and beverage products including sodas, coffee, snacks and candy.

There are also machines for bulk vending like gumballs, stickers, toys, novelties and more. During COVID-19, machines popped up selling masks and hand sanitizer.

At places like airports, vending machines often sell tech accessories and travel essentials like neck pillows, blankets and eye masks. Laundry rooms in residential buildings often have machines with detergent and fabric softener.

With many offices, businesses and other public spaces closed or restricted due to the coronavirus pandemic, the vending industry is certainly taking a hit.

“We’re in a tough, tough industry right now with COVID-19. A lot of stores don’t want the machines there, they don’t want the kids congregating, they don’t want people touching them,” said Scott Ausmus, director of manufacturing for National Entertainment Network, Inc. and president of the National Bulk Vendors Association.

He grew up in the vending business. The machines he sells and operates are the novelty kind, offering things like stuffed animals, toys and gumballs. Many are in restaurants and entertainment venues like bowling centers.

Many factors make owning a vending machine an attractive business venture.

The startup costs are relatively low, sometimes around $2,000. The work is flexible and often doesn’t require much day-to-day involvement. The risk is comparatively low and there is growth potential.

“There’s a higher profit in the gumball then there is anything else,” Ausmus said. “The cost of goods is low on the gumballs and everybody likes gum, so everybody still purchases a gumball and so that is a winner for a lot of people.”

Starting a Vending Machine Business

While the startup costs are low and the income is often passive, owning vending machines is not without risk. You must be able to understand your own financial situation and how much you can afford to invest.

There is the cost of the machine, the cost of inventory, personnel to keep it stocked, maintenance and more.

The more perishable the product and the busier the area, the more of your time the machine will take.

“If (your machine location has) a big break room and a lot of employees, you would have to be there once a day to fill your machines up because that’s how busy they are,” Ausmus said. Other machines like toys and candy don’t require as much restocking.

One of the first steps in starting a vending machine business is finding your niche and deciding what to sell. That takes a bit of research and knowing who your customer is.

“You gotta buy the right product. If you buy the wrong product, it won’t move and you won’t make any money and you certainly don’t want to throw [product] away,” Ausmus said. “You’ve got to have the variety for people and find out which ones they want and that’s what you restock with, what sells.”

Vending machine businesses are scalable, meaning it’s possible to start small and expand. You don’t have to wait for payments because customers pay when they purchase an item.

Location, Location, Location

To put yourself in the best position to be profitable means finding the right location.

Places with lots of foot traffic are good. Before COVID-19, that meant schools and universities, malls, office parks, etc.

Think about where people need to wait. While waiting, they may get hungry or thirsty. Ausmus’ novelty machines need kids around.

“One of the hardest things to do is to locate a location,” he said.

Location can be about trial and error.

“It’s really not a bad risk to put it in a location and find out that it’s not making enough money. … You can remove it and move it to the next one until you find that right location,” Ausmus said.

When looking for locations, be prepared to approach the owner or landlord with a business plan for the machine.

Also be prepared to:

  • Pay a percentage of sales or other fee for having your machine in their location.
  • Pay for the electricity the machine uses.
  • Ensure the security of the machine. There is money inside a machine as well as inventory. Theft and vandalism are always possible.
  • Research state and local laws and regulations.
  • Pay sales tax on the revenue the machine generates.

Key Purchase: Your Vending Machine

Then you will need an actual vending machine. There are several types, and prices vary depending on what is in the machine, whether it needs refrigeration or heating, and the interactivity.

Buying directly from a manufacturer or supplier is one option, as is purchasing on a secondary market. Some companies also rent machines. Ausmus cautioned to make sure there are spare parts and support available for what you buy.

Machines range from about $1,500 for a used or refurbished machine to several thousands for a new, high-end machine with many technical features.

Some machines have:

  • Remote monitoring software: This helps keep track of how the machine is working and notifies the operator if something is wrong.
  • Low stock alerts: Notify the operator when items needs replacing.
  • Vending management systems (VMS): Tracks sales and other data to help owners make better business decisions.
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Running a Vending Machine Business

While owning vending machines does not require any special skills, it is a business.

You will need inventory and someone to keep the machine stocked and maintained. This may require a van or truck.

Perishables need to be stocked more often than other items. Learning some basic maintenance skills could keep you from having to hire someone if there is a problem with the machine.

Different types of machines have different capabilities. Some take only cash while others will process credit or debit cards. Some models have touch screens or voice capabilities.

“Make sure that you have your phone number on the machine, and that the store location knows your phone number,” said Ausmus. “If somebody didn’t get what they wanted, make sure the store can give them a refund and you pay the refund back to that store. Then get out there as soon as you can to fix the machine so that you can continue to make money.”

Automatic merchandising isn’t for everyone, but owning and operating a vending machine can be a good business. Being able to retrieve the money you make and restock your machines easily is the key.

“Then you only work probably three days a month, basically on the whole gig,” said Ausmus. “Three four days a month can make somebody a good little extra income.”

Tiffani Sherman is a Florida-based freelance reporter with more than 25 years of experience writing about finance, health, travel and other topics.

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.

Source: thepennyhoarder.com

6 Cheap Super Bowl Snacks to Serve With the Big Game

Everyone knows that Super Bowl time is snack time.

But this year, given the ongoing coronavirus pandemic, you may be staying home to watch the game rather than heading to a big bash or going to a bar or restaurant and plunking down big bucks.

However you decide to watch the game, you can still enjoy some classic Super Bowl snacks.

6 Cheap Super Bowl Snacks to Enjoy With the Big Game

1. Chex Party Mix

Everyone loves this crunchy, salty snack. While there are thousands of different ways to make it, this time-tested recipe from The Spruce Eats is super easy and will appeal to the garlic lovers in your crowd.

Prep time: 15 minutes

Cook time: 60 minutes

You’ll need:

  • ½ cup butter
  • 2 tablespoons Worcestershire sauce
  • 1 teaspoon seasoned salt
  • 1 teaspoon garlic salt
  • ½ teaspoon onion powder
  • 3 cups corn Chex cereal
  • 2 cups wheat Chex cereal
  • 1 ½ cups mixed nuts
  • 1 cup small pretzels
  • 1 cup garlic-flavored bagel chips
  • 1 cup mini pretzel rods

Preheat the oven to 250 degrees. Melt the butter in a large pan and stir in Worcestershire sauce, seasoned salt, garlic salt and onion powder. Add everything else and toss thoroughly until well-coated. Bake for one hour, stirring the batch every 15 minutes. Let cool and store in an airtight container.

2. Honey Garlic Crockpot Meatballs

For a hearty main course, this incredibly easy meatball recipe from Family Fresh Meals will keep your crew happy. Serve them over noodles or rice for a main dish, or just let people enjoy them as an appetizer.

Prep time: 5 minutes

Cook time: 4 hours

You’ll need:

  • ¼ cup brown sugar
  • 1/3 cup honey
  • ½ cup ketchup
  • 2 tablespoons soy sauce
  • 3 minced garlic cloves
  • 1 (28 oz) bag fully cooked, frozen meatballs

Mix together the brown sugar, honey, ketchup, soy sauce and garlic. Next, place the meatballs in a three- or four-quart crockpot and cover in sauce, tossing to coat. Turn the crockpot on low for four hours and stir occasionally.

3. Baked Mozzarella Sticks

Enjoy the diner classic at home with The Spruce Eats recipe for baked mozzarella sticks.

Prep time: 15 minutes

Cook time: 5 minutes

You’ll need:

  • ½ cup brown rice flour
  • ¼ cup tapioca flour
  • 1/4 cup parmesan cheese, finely grated
  • 1/2 teaspoon garlic powder
  • 1/2 teaspoon salt
  • Freshly ground black pepper to taste
  • 2 large eggs
  • 6 sticks of low-moisture, part skim milk mozzarella string cheese (cut in half crosswise and frozen for 3-4 hours)
  • Grapeseed oil for frying
  • Marinara or other sauce for dipping

Add grapeseed oil to a skillet, and then mix the flours, parmesan, garlic powder, salt and black pepper in a shallow dish. Beat the eggs and add them to a separate dish. Coat the cheese, alternating between the dry mixture and the egg. Make sure to cover the entirety of the cheese pieces, including the ends.

Next, heat the oil in the pan to 360 degrees and then drop the frozen cheese into it. Turn them every 20 to 30 seconds until they are a golden brown color. Place the cheese on paper towels to absorb the excess oil, and then transfer them to a platter for serving.

4. Pigs in a Blanket

Prep time: 15 minutes

Cook time: 15 minutes

Go with the classic childhood favorite: buttery dough enveloping tasty mini-sausages. Pillsbury has a great recipe for pigs in a blanket. 

You’ll need:

  • 2 cans (8 ounces each) refrigerated crescent dinner rolls
  • 48 cocktail-sized smoked linked sausages

Preheat the oven to 375 degrees. Unroll all the dough and pull into 16 triangles. Cut each triangle into three narrow triangles. Roll a sausage link up in each triangle of dough. Place them on unlined baking sheets. Bake for 12 to 15 minutes until golden brown, rotating halfway through. Serve warm.

5. Crockpot Beer Cheese Dip

Prep time: 10 minutes

Cook time: 40 minutes

This snack from The Spruce Eats just may be the most indulgent one on this list. Have it with pretzels or tortilla chips — or even try something fancier like apples and vegetables.

  • 1/2 cup beer
  • 1/4 teaspoon Tabasco sauce
  • 1 pound processed cheese spread loaf, cut into 1-inch cubes
  • You’ll also need food to dip into it; The Spruce Eats suggests not only tortilla chips and hard and soft pretzels but also apples, crackers, bread cubes and assorted vegetables.

Combine the beer, Tabasco sauce and processed cheese spread in a slow cooker. Add more Tabasco sauce if you prefer a spicier treat. Cover and cook on high for 40 minutes. Once the cheese has melted, stir it to make it smooth. Keep it in the slow cooker on low and serve with the dippers.

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6. Restaurant-Style Buffalo Chicken Wings

It really is possible to enjoy restaurant-style buffalo chicken wings at home. This recipe from AllRecipes takes more time than others on the list, but that’s only because you need to chill the chicken before cooking it.

Prep time: 60-90 minutes (includes time to chill ingredients before cooking)

Cook time: 15 minutes

  • ½ cup all-purpose flour
  • ¼ teaspoon paprika
  • ¼ teaspoon cayenne pepper
  • ¼ teaspoon salt
  • 10 chicken wings
  • oil for deep frying
  • ¼ cup butter
  • ¼ cup hot sauce
  • 1 dash ground black pepper
  • 1 dash garlic powder

Mix flour, paprika, cayenne pepper and salt in a small bowl. Put the chicken wings in a nonporous glass dish or bowl and then sprinkle the flour mixture on top, evenly coating the wings. Cover the dish and refrigerate it for 60-90 minutes.

Heat the oil in a deep fryer to 375 degrees. Mix butter, hot sauce, pepper and garlic butter in a small saucepan and then put it over low heat. Stir until the butter melts and blend the mixture thoroughly. Then remove it from the heat.

Remove the wings from the refrigerator and fry them in the hot oil for 10 to 15 minutes. Remove them from the heat, put them in a serving bowl, add the hot sauce mixture and stir before serving.

Kristen Pope is a contributor to The Penny Hoarder. Editor Sushil Cheema contributed to this post.

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.

Source: thepennyhoarder.com

Bank of America Launches New Spirit ‘Free Spirit’ Credit Card, 40,000 Points

Bank of America has launched a new spirit credit card called ‘Free Spirit‘, seems to be in line with the new Spirit airlines loyalty program with the same name. Let’s take a look at the new card:

  • 40,000 points after $1,000 in spend within the first 90 days and $100 companion flight voucher
  • Annual fee of $79, waived first year
  • Card earns at the following rates:
    • 3 points per $1 spent on eligible Spirit purchases
    • 2 points per $1 spent on eligible dining and grocery store purchases
    • 1 point per $1 spent on all other purchases
  • Anniversary bonus of $100 companion flight voucher if you spend at least $5,000 in purchases the prior year
  • Zone 2 shortcut boarding on all flights
  • 25% rebate on all inflight food and beverage purchases when you pay with your card

The best offer on the old card was 30,000 points + $100. The Spirit program has been improved recently so might be more interesting than it was before. As always  read these things everybody should know about Bank of America cards before applying. We will add this to our list of the best credit card bonuses.

Hat tip to reader Help Me Build Credit

Source: doctorofcredit.com

10 Things to Know About Working in New York

10 Things to Know About Working in New York
Thinking about working in New York? There are some features of work life in the Big Apple that set it apart from the work culture in other cities. Is it true that if you can make it there you can make it anywhere? We’re not making any promises, but we can give you some tips about what working in New York is really like. 

Check out our 401(k) calculator. 

1. Salaries are high – but so is the cost of living.

For many fields, particularly those that require highly skilled workers, salaries in New York are higher than those in other cities. But before you get too excited about the fact that salaries in New York tend to be higher, keep in mind that the cost of living in New York is higher, too.

Luckily, there are plenty of financial experts around to help you figure out how to keep your finances in check. These are the top 10 New York financial advisor firms.

2. New Yorkers put in long hours.

New Yorkers tend to work longer hours than folks in other cities. In part, that’s because the workday itself is longer, but it’s also because New Yorkers tend to have long commutes. If you want to have plenty of free time to pursue side hustles or hobbies, working in New York might not be the best fit for you.

3. Commuting by public transit is the norm.

According to recent Census Bureau figures, 55.6% of New Yorkers take public transportation to work, 0.8% bike to work, 10.3% walk and 3.9% work at home. Hate crowds? Commuting by public transit could take some getting used to.

4. Office happy hour options are plentiful.

Working in New York means having a multitude of options for weekday lunches and office happy hours at your fingertips. Socializing with your coworkers after the end of a workday is easy with so many places to go and easy public transportation options to take you home at the end of the evening.

5. Being a working parent is expensive in New York.

10 Things to Know About Working in New York

New York has some of the highest childcare costs of any city in the nation. Being a working parent in New York is expensive – and it’s not easy, given the long hours New Yorkers put in. New York has a lower rate of working mothers than many other major U.S. cities, in part because the high price of childcare makes it hard for many New Yorkers to earn more than they would have to pay for childcare.

6. New York work culture takes some of its cues from Silicon Valley.

Some New York workplaces are taking their cues from the start-ups of Silicon Valley, implementing casual attire, flexible workdays and other features. In an effort to compete with companies in other cities, some New York companies are expanding the perks they offer their workers, so if you’re lucky enough to get a job in one of those companies, you’ll find that working in New York has its compensations.

7. Lots of New Yorkers have more than one job.

Whether they’re care workers who work double shifts or actors who tend bar on the side, many New Yorkers have more than one job. For some, having a second (or third) job is a matter of necessity, while for others it’s a way of advancing their career or expressing their artistic side. Plus, getting a second job (or a roommate) makes it easier to live the New York dream without going into debt.

8. There are professional support opportunities here.

Because it’s a huge, densely populated city, New York has professional support opportunities for those up and down the career ladder. You can get help finding a job or finishing your GED. You can also attend high-powered networking events and conferences. The important thing is to know what resources are out there and how to take advantage of them.

9. You can outsource a lot of tasks – if you have the money.

If it’s in your budget, you can outsource a lot of tasks that you don’t want to have to tackle during your non-working hours. That includes mailing packages, getting food, dropping off dry cleaning, completing home repairs and more. Of course, these services aren’t within reach of all New Yorkers, and many people like to do these basic “life admin” tasks themselves. But if you’re planning on diving into the workaholic lifestyle in New York and you think you’ll have some money to spare, there are lots of companies looking to make outsourcing chores easier for you.

10. It helps to know someone.

It helps to know someone when you’re looking for work in New York, if only to stand out from the pile of applications that so many New York jobs attract. That’s why it’s a good idea to build and maintain your network and put it to work for you when you’re looking for a new (or just better) job.

Bottom Line

10 Things to Know About Working in New York

Working in New York isn’t for everyone, but many find it to be an exciting challenge unlike what they would face elsewhere. For others, working in New York is more of a means to an end – living in New York. Wherever you stand, working in New York is made easier when you have a strong network and plenty of determination.

Tips for Maximizing Your Money

  • Come up with a budget – and stick to it. Instead of spending $5 a day on a latte, put that money in one of the best savings accounts where you can earn interest.
  • Work with a financial advisor. In addition to helping you craft a financial plan and identify your financial goals, a financial advisor can help you determine the right investments for your financial situation, time horizon and level of risk tolerance. A matching tool like SmartAsset’s SmartAdvisor can help you find a person to work with to meet your needs. First you’ll answer a series of questions about your situation and goals. Then the program will narrow down your options from thousands of advisors to three fiduciaries who suit your needs. You can then read their profiles to learn more about them, interview them on the phone or in person and choose who to work with in the future. This allows you to find a good fit while the program does much of the hard work for you.

Photo credit: Â©iStock.com/Tempura, ©iStock.com/NYCstocker, ©iStock.com/Pavlina2510  

The post 10 Things to Know About Working in New York appeared first on SmartAsset Blog.

Source: smartasset.com

6 Signs Your Personal Finance Software Makes Life Easier

6 Signs Your personal finance software makes life easier

6 Signs Your Personal Finance Software Makes Life Easier

Finding personal finance software is easy, because there are countless choices in mobile apps, online programs, and finance software you can run on your home computer. But they’re certainly not equal. Personal finance software should make your life simpler, not more complicated, and it should be customizable for your particular life, goals, and needs. You know you’ve found great software when your financial life becomes easier over time. Here are 6 signs your personal finance software makes life easier.

1. You Haven’t Paid a Late Fee in Months

Does your personal finance software let you know in advance of when bills are due? It should be easy to set up automated alerts that tell you a few days before monthly, quarterly, or yearly bills are due, so you can take care of them and avoid annoying and guilt-inducing late fees. Ideally your software should notify you by text, so you’ll be sure and get the message whatever you’re doing and wherever you are.

2. Spending Categories Correspond to Your Actual Life

When personal finance software requires you to shoehorn your actual spending patterns into pre-set spending categories, the result can be confusion and frustration. Look for software that lets you create an unlimited number of spending categories you can customize. Do you buy your employees breakfast once a month? You can make a spending category for it. Are you a coffee or microbrew aficionado? You can make a spending category for it. Your budget should conform to your life, not the other way around.

3. You See How Trimming Budget Fat Affects Financial Goals

Sometimes it just doesn’t feel worth it to hold back at the grocery store after a long day or when buying Christmas presents. But when your personal finance software shows you exactly how disciplined spending helps you achieve your financial goals, like a vacation or paying off a loan, it’s easy to avoid giving in to those little temptations you face every day. When you can see how your discipline pays off, you’re more likely to stick with your good habits.

Start now: Get budgeting software from Mint to help manage your finances and make everyday life simpler by clicking here.

4. You May Have Faced One or Two Painful Truths

Powerful personal finance software can tell you things like how much you spent on fast food last week, or how much you’ve paid in non-network ATM fees this month. Sometimes, getting control of your personal finances means facing some harsh truths, like how much those little extras add up to. Your software should also be able to tell you how much more quickly you can reach financial goals if you cut a certain dollar amount from various spending categories. It’s a great way to stay on track to your goals.

Meeting finance goals with personal finance software5. You Know Exactly How Close You Are to Meeting Financial Goals

Maybe you want to save for retirement, or build up a down payment on a home. Your personal finance software should show you exactly how close you are to your goal at any time. You should also be able to receive monthly emails that track your progress and see how your everyday spending decisions affect how much you’ll have left over at the end of the month. Don’t settle for software that doesn’t let you track your progress easily.

6. Your Personal Finance Software Goes With You Everywhere

Personal finance software that links your computer and your mobile devices empowers you to make smart spending choices anytime, anywhere. Thinking about buying an item you unexpectedly find on sale? You can check your account balances right on your phone and know instantly if you can afford it. You can also set up convenient alerts that can tell you right away such things as whether you’re approaching your credit limits on your credit cards.

Personal finance software has come a long way since the days you had to manually enter checkbook balances and draft amounts. Today’s software offers an astonishing array of features that not only help you achieve financial goals, but actually make your everyday life easier. And when it links your accounts to your computer and your mobile devices, like Mint does, you have all the budget tools you need, wherever you go.

Start now: Get budgeting software from Mint to help manage your finances and make everyday life simpler by clicking here.

The post 6 Signs Your Personal Finance Software Makes Life Easier appeared first on MintLife Blog.

Source: mint.intuit.com

10 Things to Know About Living in Minneapolis

Some people often don’t realize that while they’re called the Twin Cities, Minneapolis and St. Paul are actually two separate cities. Between the two of them, the Cities, as they’re often called, have a population of more than 733,000 people. Surrounded by dozens of suburbs, the Twin Cities’ metropolitan population runs about 3.28 million.

However, as Minnesota’s largest city with more than 425,000 people, Minneapolis is the hotbed for entertainment, sports and much more.

From the Vikings to the birth of the Jucy Lucy, Minneapolis offers residents a lot to do year-round. Here are 10 things you need to know about living in Minneapolis.

1. Cost of living is a little higher than average, but rent is more affordable

Living in Minneapolis costs a little more than in other cities, with a cost of living about 6 percent higher than the national average. While housing is higher than other cities its size, rent for a one-bedroom apartment — $1,621 nationally — is actually cheaper, averaging $1,473 a month.

  • The Uptown neighborhood offers locals excellent public transportation, great dining options and outstanding outdoor activities. Rent for a one-bedroom apartment averages about $1,900 a month.
  • Urban living enthusiasts love calling the Downtown West neighborhood home. With views of the city’s skyscrapers, access to some of the city’s best restaurants and an easy walk to entertainment venues, the area defines living in Minneapolis. Rent for a one-bedroom apartment averages $1,583 per month.
  • Nicknamed a “hipster’s neighborhood,” North Loop is considered one of the fastest-growing areas of Minneapolis. The former warehouse district is home to impressive restaurants, retail outlets and Target Field, home of the Minnesota Twins. North Loop, a safe walking neighborhood, offers great views with one-bedroom apartments averaging $1,875 a month.

Minnesota’s unique sales tax exempts several items, including clothing, prescription drugs and most food items. Food items considered taxable are ones that are prepared by a person or include eating utensils. The sales tax rate in Minneapolis is 8.025 percent, including state taxes.

minneapolis public transportation

2. Public transportation is a great alternative to driving

Getting around town is as easy as hopping on a bus or grabbing the light transit. If you live or work downtown and need to go a few blocks, hop on a bus for only 50 cents in the Downtown Zone. If you’re near Nicollet Mall, look for the “No Fare” buses for a free ride.

The light transit will get you nearly anywhere you want to go for a small fee. The Blue line takes you to stops en route to the Mall of America in Bloomington, while the Green line includes stops along University Avenue and St. Paul.

If you want to leave your car at home, Uber is another great service in the area. It’s fairly inexpensive to order a ride around Minneapolis.

However, if you decide to drive, traffic can easily become congested. The Twin Cities have an excellent interstate system, but it’s challenged by the thousands of vehicles making their way into the downtown area from the suburbs on both sides of the state line, as Wisconsin cities help make up the 16-county metro area.

Drivers spend an average of 56 hours a year in traffic delays, up from 12 hours nearly 40 years ago, according to a report by Minnesota Compass.

3. Minneapolis is home to a unique culinary scene

Living in Minneapolis means you don’t need to head to New York or L.A. for fancy food or coffee. You’ll find some of the nation’s best restaurants in Minneapolis. From Linden Hills’ Martina featuring a Brazilian menu to Asian at Peninsula Malaysian Cuisine, Minneapolis is a hotbed for international dining.

But, if you covet a steak or other traditional American fare, Manny’s Steakhouse needs to be on your must-dine list. Manny’s serves its own beef, as its USDA-verified Angus Beef comes from cattle sired by its own bull from Manny’s own cattle operation.

As a new Minnesotan, you’ll need to visit Matt’s Bar, home to the nation’s original Jucy Lucy. The burger, with oozy cheese cooked inside, is a Minneapolis staple. Matt’s invented the double burger with cheese in the middle shortly after opening in 1954. While some other places claim they created the delicious burger, locals know Matt’s is the place to enjoy it. Be careful when ordering a Jucy Lucy, as you’ll want to give it a few minutes to cool, so you don’t burn your mouth with your first bite as the hot cheese squirts out.

Since you’re in the Land of 10,000 Lakes (more like 12,000), you’ll want to sample the freshwater fish, such as walleye, northern pike and largemouth bass. Open since 1990, Tavern on Grand offers an outstanding menu featuring walleye, including an appetizer sampler, as well as a taco, sandwich and entrée.

With 18 restaurants featuring outstanding food, Midtown Global Market offers an international line-up, from Asian and African to Mexican and Italian. But, one restaurant that stands out is the Indigenous Food Lab, which features Native American food based on natural items dating back to pre-colonial days. Founded by Oglala Lakota (Sioux) chef Seam Sherman, creator of the Sioux Chef food truck, the kitchen is focused on producing natural, healthy food for the community.

4. There’s plenty to do outdoors…

Mention living in Minneapolis to most people, and they’ll ask if it’s home to the Mall of America (it isn’t). But, it is home to unique and historical places, such as the Mill City Museum, site of a grain mill and a major explosion that left remnants of the mill, the museum’s key attraction.

The city’s 170 public parks offer more than 6,500 acres of green space for hiking, walking, playgrounds, picnicking, fishing, swimming, golfing and more. With 15 of the city’s 20 miles of groomed trails, Wirth Park is the largest of the cross country skiing parks in Minneapolis.

The Stone Arch Bridge over the Mississippi River is another nice pedestrian/jogging/bicycling area. It also makes for the perfect spot to watch the city’s annual Independence Day fireworks show. The Minneapolis City Hall offers impressive artwork, as well as history. The Walker Art Center features outstanding paintings and other works, but its outdoor sculpture garden may be the best part of a visit there. You may recognize the cherry and spoon sculpture from TV or movies.

minneapolis snow

5. But it can get really cold

Minnesota winters are notoriously long and cold. The average high temperatures in the winter barely get out of the 20s, and lows below zero are not unusual. And that’s without the wind chill. The city also gets about 55 inches of snow each year, and it’s not uncommon to see flakes as early as October or as late as May.

Fortunately, the city is well equipped to handle the chilly temperatures. The Minneapolis Skyway System connects buildings across 80 city blocks and 9.5 miles of downtown, so you never have to go outside. These enclosed pedestrian footbridges are the longest such continuous system in the world.

6. Skol Vikings. And Timberwolves. And Twins. And…

With the Twin Cities home to five professional sports teams, including Major League Soccer’s Minnesota United and the Minnesota Wild of the National Hockey League in St. Paul, downtown Minneapolis hosts the NBA’s Timberwolves and WNBA Lynx at Target Center and Major League Baseball’s Twins at Target Field.

While those four teams have their fans and allegiances, Minneapolis, and the state of Minnesota, is Vikings territory. No matter how the other teams do, every sports fan focuses on the ups-and-downs of the Minnesota Vikings.

Born in 1960, the team has been to four Super Bowls (unfortunately, winless), and has turned out some of the greatest players in National Football League history, including Fran Tarkenton, Mick Tingelhoff and the Purple People Eaters — Carl Eller, Alan Page, Jim Marshall and Gary Larsen. The defensive line foursome accounts for 19 Pro Bowl appearances and two Hall of Fame inductions. Nothing beats attending a sold-out game at U.S. Bank Stadium, led by fans’ Skol chant right before kickoff.

Fans also enjoy tours of their favorite stadiums, and Target Field is among the best in professional baseball. Open since 2010, you’d swear it’s a brand-new ballpark, because of the way it’s cared for. You’ll tour key player areas, a miniature museum and team Hall of Fame, as well as visit the Twins’ dugout and stand near the field. The Twins have won two World Series championships, in 1987 and ’91 (plus a third, in 1924 as the Washington Senators). The Twins have made the playoffs three times since moving to Target Field.

Learn about the Vikings’ history during a tour of US Bank Stadium. Catch the mural of Minneapolis native Prince — the pop star was a Vikings fan — created in purple and gold (team colors) lyrics from his songs. You’ll also see a mural of former Coach Bud Grant, with quotes, won-loss records and other football-related words. Looking up at the seats from field level sends a chill down any Vikings’ fan’s spine.

7. Minneapolis schools face challenges

As with most public school districts in large cities, the Minneapolis Public Schools district faces several challenges in providing a good education for its 36,000 students (pre-kindergarten to 12th grade). With a 70 percent graduation rate for the 2019-20 academic year, the district enjoyed its best graduation rate in 10 years, continuing annual improvements. With an international enrollment, MPS provides documents in English, Spanish, Hmong and Somali to meet its goals.

Minneapolis is also home to more than 100 private schools, ranging from elementary to more than 30 high schools. Private schools have enrollments from a few hundred to more than 1,300 students.

minneapolis skyscrapers

8. The job market is booming

With an unemployment rate of about 3.1 percent before the COVID-19 pandemic hit the United States, Minneapolis was in a good situation. As the economy bounces back and the unemployment rate decreases, jobs and careers will improve.

Minneapolis is home to six Fortune 500 companies, including US Bancorp, Excel Energy, Ameriprise Financial, Thrivent Financial, General Mills and Target. Other major companies with headquarters in the Twin Cities are Pearson’s Candy Company, Dairy Queen, Best Buy and Cargill.

9. Minneapolis has a real music scene

Prince may be the most famous musician to hail from Minneapolis. The Grammy-award winning singer was proud of his hometown, and could often be seen hanging out at downtown’s First Avenue, home to great live music and parties. A visit to First Avenue is a life-changing experience, as you realize you’re at the same place where Prince performed and hung out. You can visit his home and studio, Paisley Park, in suburban Chanhassen.

With two concert venues, First Avenue features the 1,500-person Mainroom and 7th Street Entry, which hosts up to 250 people. Famous musicians whose performances helped lead to stardom after playing here include Joe Cocker, the Ramones, Depeche Mode and Lucinda Williams.

Living in Minneapolis introduces you to other outstanding live-music venues, including the Dakota Jazz Club, Varsity Theater, El Nuevo Rodeo and Fine Line (now owned by First Avenue).

10. The crime rate is higher than the national average

Crime is up in Minneapolis this year compared to recent years. Several crimes are ones of opportunity, such as people stalking others late at night and targeting who they think may be easy prey. Minneapolis residents have a 1-in-123 chance of becoming a victim of a crime, compared with 1-in-454 across Minnesota.

Living in Minneapolis

Minneapolis offers the best of urban living. From outstanding restaurants and live music to pro sports and a great outdoor sports scene, finding the right neighborhood to call home may be your biggest challenge when moving to Minneapolis.

The post 10 Things to Know About Living in Minneapolis appeared first on Apartment Living Tips – Apartment Tips from ApartmentGuide.com.

Source: apartmentguide.com

2020 Destroyed Your Personal Cash Flow. Here’s How to Rescue It

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If you’re like most of us, 2020 did a number on your cash flow.

What is cash flow, you ask? We’re so glad you asked! Cash flow refers to the money that’s constantly moving into and out of your bank account.

Your paychecks (assuming you have work) flow in, and your payments (for food, housing and everything else) flow out.

For many of us, the COVID-19 pandemic has torn a hole in our finances, mucking everything up. Whatever has your cash flow bottled up, we’ve got six suggestions for improving it, one step at a time.

1. Stop Paying Your Credit Card Company

Credit card debt will destroy your cash flow. And the truth is, your credit card company doesn’t really care. It’s just getting rich by ripping you off with high interest rates. But a website called AmOne wants to help.

If you owe your credit card companies $50,000 or less, AmOne will match you with a low-interest loan you can use to pay off every single one of your balances.

The benefit? You’ll be left with one bill to pay each month. And because personal loans have lower interest rates (AmOne rates start at 3.49% APR), you’ll get out of debt that much faster. Plus: No credit card payment this month.

AmOne keeps your information confidential and secure, which is probably why after 20 years in business, it still has an A+ rating with the Better Business Bureau.

It takes two minutes to see if you qualify for up to $50,000 online. You do need to give AmOne a real phone number in order to qualify, but don’t worry — they won’t spam you with phone calls.

2. Get Paid Every Time You Buy Groceries

Grocery shopping was never exactly pleasant. But these days, it’s a downright struggle — wondering about your personal safety, maintaining six feet of distance from other customers, etc. Shouldn’t you have something to show for it?

A free app called Fetch Rewards will reward you with gift cards just for buying toilet paper and more than 250 other items at the grocery store.

Here’s how it works: After you’ve downloaded the app, just take a picture of your receipt showing you purchased an item from one of the brands listed in Fetch. For your efforts, you’ll earn gift cards to places like Amazon or Walmart.

You can download the free Fetch Rewards app here to start getting free gift cards. Over a million people already have, so they must be onto something…

3. Make Sure You’re Not Overpaying

Here’s another way to improve your cash flow: Stop overpaying for things.

Wouldn’t it be nice if you got an alert when you’re shopping online at Target and are about to overpay? That’s what this free service does.

Just add it to your browser for free, and before you check out, it’ll check other websites, including Walmart, eBay and others to see if your item is available for cheaper. Plus, you can get coupon codes, set up price-drop alerts and even see the item’s price history.

Let’s say you’re shopping for a new TV, and you assume you’ve found the best price. Here’s when you’ll get a pop up letting you know if that exact TV is available elsewhere for cheaper. If there are any available coupon codes, they’ll also automatically be applied to your order.

In the last year, this has saved people $160 million.

You can get started in just a few clicks to see if you’re overpaying online.

In this illustration, a car drives on a road that's between mountains and water.

4. Knock $540/Year From Your Car Insurance in Minutes

Speaking of overpaying for things, when’s the last time you checked car insurance prices?

You should shop your options every six months or so — it could save you some serious money. Let’s be real, though. It’s probably not the first thing you think about when you wake up. But it doesn’t have to be.

A website called Insure makes it super easy to compare car insurance prices. All you have to do is enter your ZIP code and your age, and it’ll show you your options — and even discounts in your area.

Using Insure, people have saved an average of $540 a year.

Yup. That could be $500 back in your pocket just for taking a few minutes to look at your options.

5. Add $225 to Your Wallet Just for Watching the News

This is a historic time for news, and we’re all constantly refreshing for the latest news updates. You probably know more than one news-junkie who fancies themselves an expert in respiratory illness or a political mastermind.

Research companies want to pay you to keep watching. You could add up to $225 a month to your pocket by signing up for a free account with InboxDollars. They’ll present you with short news clips to choose from every day, then ask you a few questions about them.

You just have to answer honestly, and InboxDollars will continue to pay you every month. This might sound too good to be true, but it’s already paid its users more than $56 million.

It takes about one minute to sign up, and start getting paid to watch the news.

6. See if You Can Get More Money From This Company

Here’s the deal: If you’re not using Aspiration’s debit card, you’re missing out on extra cash. And who doesn’t want extra cash right now?

Yep. A debit card called Aspiration gives you up to a 5% back every time you swipe.

Need to buy groceries? Extra cash.

Need to fill up the tank? Bam. Even more extra cash.

You were going to buy these things anyway — why not get this extra money in the process?

Enter your email address here, and link your bank account to see how much extra cash you can get with your free Aspiration account. And don’t worry. Your money is FDIC insured and under a military-grade encryption. That’s nerd talk for “this is totally safe.”

In summary: Take these six steps and watch your cash flow improve.

Mike Brassfield (mike@thepennyhoarder.com) is a senior writer at The Penny Hoarder.

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.

Source: thepennyhoarder.com