FAA investigating Allegiant Air emergency landing

The Federal Aviation Administration is investigating why an Allegiant Air flight from Las Vegas made an emergency landing in North Dakota last week because it was short on fuel.

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Don’t Fall Victim to Financial Complacency

“Whatever you do, don’t become complacent to your surroundings.”

That was a warning that we all received prior to being deployed to Iraq in 2005.

We heard it from our pre-deployment trainers. We heard it from our higher ranking officers. We even heard it from our family.

Don’t become complacent to your surroundings.

The second part of that warning that often went unspoken – but was clearly understood – was “because if you do, that’s when the enemy will get you.”

Becoming complacent is sometimes too easy. You get comfortable. You get into a routine. You think that it can never happen to you.

When you reach that state, that’s when you’re the most vulnerable. I’ve been a financial planner for over 10 years and I see this in people’s financial lives.

They become completely financially complacent jeopardizing any hope of having financial stability and achieving success.

The good news is that often times there are little things that can be done to get them fixed.

Here are the five most common financially complacent things I see people do and how to fix them.

1. Neglecting to check one’s credit report.

Your credit report is important. Should you have to borrow in the future, your credit report affects your credit score which will affect your ability to borrow.

But your credit score doesn’t just affect your ability to borrow. Sometimes, it can affect things such as your ability to get a cellphone contract or to get low prices on your car insurance.

Here’s the thing. If you don’t check your credit report on a regular basis, you may not spot an error that results in a low credit score. Errors do happen, and it’s your responsibility to find and fix them.

I once had a writer for Men’s Fitness interviewing me about credit and I asked him if he had ever checked his credit report (and if he knew what his credit score was). He hadn’t checked it but we talked later and he found out that his score was in the low 600s because he had little credit history.

Same thing happened with an intern of mine. He was oblivious to what his credit score was, and when I had him find out, he was unpleasantly surprised. However, he was able to raise his credit score over 110 points in less than five months!

2. Neglecting to study and choose one’s 401(k) investments.

I was once helping a single mother of two children with her finances and her 401(k) came up in conversation. I asked how she had chosen her investments. She said, “I let my employer choose them for me.”

Sigh.

I responded, “Do you think your employer is concerned whether you retire successfully or not?”

Sadly, this happens all the time when people don’t invest any time choosing their 401(k) options or think through how it factors into the rest of their investments.

I see too many 401(k) portfolios that contain lousy investments. Many times, they have some lousy high-fee target date fund that just isn’t right for the investor (learn why I hate target date funds and you should too).

Pay attention to your 401(k) and your investment options. It can be easy to forget about your 401(k) if you have your contributions automatically deducted from your paycheck, so make sure to review your options every year or so (sometimes new investment opportunities become available).

3. Neglecting to review insurance options.

The good news about the insurance industry is that there is a lot of competition. That lowers prices. But if you haven’t checked out your insurance options in a few years, how are you going to know about a killer deal just waiting to be purchased?

There are four insurance policies in particular that I recommend you should review on a regular basis.

First, auto insurance. Call your auto insurance company from time to time to review your particular policy. Because car values typically fall with time, you might calculate your need for, say, collision insurance a little differently than you did 10 years ago.

Also, it never hurts to get another auto insurance quote or two. See what some online companies can offer. Because they have lower overhead, many times you can save a bundle simply because they aren’t paying for brick and mortar locations.

Second, health insurance. The nature of how health insurance works in America is rapidly changing due to the Affordable Care Act. It’s a good idea to regularly review your health insurance options and see if there are subsidized state or federal plans you can use.

Third, life insurance. When our third son arrived, I decided to take a look at our life insurance and found out that we could save over $400 every year – and that’s after purchasing more life insurance! There are some great deals out there. Just make sure you look for them!

Fourth, home insurance. My wife is amazing at handling all our insurance stuff, and a few years ago she got us some great deals on insurance.

Her favorite tips? Look for multiple policy discounts, research the company as well as rates, compare coverage between insurance companies, and consider the accessibility of your insurance agent.

Following all these tips can lead to better coverage, better service, and better rates.

4. Neglecting to consolidate and eliminate debt.

How much are you paying in interest on debt? If you have debt, you probably don’t even want to know.

Could you consolidate to a new credit card or consolidate with Lending Club? Look for lower interest rates and make it easy to pay through consolidation.

But don’t stop there. Make an effort to eliminate debt as quickly as possible. Don’t just make minimum payments. Get an extra job, sell stuff, and do what it takes to pay off debt as soon as possible so you can start putting that money into wealth-building activities like investing or starting a business.

Don’t be in debt denial. I remember a couple who said they don’t have “that much” debt. They figured their house was paid off and they didn’t have that many consumer loans.

I told them to go home and make a list of all their debts. The total? About $50,000! Don’t let your story be like theirs.

5. Neglecting to drive used, paid-for vehicles.

Car payments can suck the financial life out of you. Seriously.

Listen, if you need transportation, that doesn’t mean you should go out and buy a new car with credit. Instead, buy a used, paid-for vehicle. Let me explain why.

Let’s say that instead of buying a new car and making a $400 car payment you decide to keep your used car and invest what you would have paid in car payments.

Using a monthly compound interest calculator, you’ll find that by investing that car payment over 41 years at an annual interest rate of 8% you’ll have made $1,527,399.10. Not too shabby!

You can drive a used car. I sure did!

That’s right, I drove my grandmother’s 1998 Chevy Lumina – nicknamed, “The Lu.” I could sold the car and used the money as a down payment toward my dream car. But instead, I drove that car throughout my 20s and I haven’t regretted it yet.

So, next time you think that you’re only paying interest on a car payment (which is a lot anyway), remember that you’re also losing out on an opportunity to invest the money. When you calculate payments that way, they add up to much more lost value than you should be willing to stomach.

How to Break Complacency

Your brain was never designed to remember everything. Don’t try it!

Instead, when you think of something you have to do in the future, write it down. You can use a calendar for date-specific events like remembering to review your insurance options or to check your credit report.

For one-time or seldom tasks, like selling your new car and using the money toward a used car, put those tasks on a to-do list.

Create a system that works for you. With the plethora of task management apps available nowadays, there’s no reason to forget anything.

Remember, though, that just because you have a plan for reaching certain financial goals, that doesn’t mean you won’t procrastinate.

How do I motivate myself? Routine. My routine I like to call the High Five™.

I pick the five most important tasks for my day and focus the majority of my energy on those.

Try it! Throw in a financial goal every day and watch your financial situation sour to greater heights!

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Top Vegas sports bettor, family to pay $4.2M forfeiture

Leading Las Vegas sports bettor Glen Cobb was sentenced to one year of probation Tuesday for his role in what federal prosecutors alleged was a multimillion-dollar illegal gambling operation.

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Chuck II's are going fast

The classic Converse sneaker known for its old school charm now has a new modern look.

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Myer to cut permanent staff

NO ONE likes bumbling around a large department store trying to find a sales assistant. And Myer knows it. But is cutting staff the right move?

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One-time Resorts World Las Vegas top exec now managing Calif. Indian casino

Christian Goode traded away the prospects of pandas on the Strip to oversee the reopening of a central California Indian casino that was shut down last fall by federal agents.

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Revenue rises at Global Cash Access

Global Cash Access, which provides financial transaction equipment to the casino industry, grew revenue 42 percent in the second quarter to $206.4 million, thanks to its purchase of slot machine maker Multimedia Games at the end of last year.

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Yelp Earnings: 51 Percent Revenue Growth But Outlook Disappoints

Yelp announced Q2 2015 earnings this afternoon. The company had quarterly revenues of $133.9 million, which represented 51 percent year over year growth and handily beat analyst expectations. However earnings-per-share were below expectations and guidance was lowered, causing the stock to fall in...

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Marketing Day: Google+ Changes, Instagram Ad Revenue & AdSense EU Cookies

Here’s our recap of what happened in online marketing today, as reported on Marketing Land and other places across the web.

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Twitter Soundly Beats Expectations With $502 Million In Q2 Revenue

Company reports 304 million in monthly active users, 316 million including users who sign in only via SMS.

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June tourism records fall despite convention dropoff

The Las Vegas Convention and Visitors Authority on Tuesday reported a record June for visitation, despite convention attendance being off by 16.6 percent.

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20 Reasons Why You Need an Emergency Fund

The dreaded ‘check engine’ light is one reason you need an emergency fund. Photo: Jim Larrison

If you don’t think you need an emergency fund, think again. No matter how financially prepared you are, life has a way of throwing curve balls that you never expect. Those “unexpected expenses” are the reason many financial professionals suggest keeping three to six months of expenses tucked away in a savings account or investment that is fairly easy to access.

Even if you can’t imagine a scenario where you would need rescuing, remember: anything can happen. Here, for example, are 20 situations where you might need an emergency fund. There may even be moments where several of these happen to you at once.

1. You lose your job and can’t quickly find another one at the same level of pay. With three to six months of living expenses tucked away, you could live off of your savings while you searched for the perfect position. Without an emergency fund, on the other hand, you could be forced to take the first job that comes along – whether you want to or not.

2. The property tax bill you forgot about is due. You should never mess with the tax man. With an adequate emergency fund, however, you could go ahead and pay it and vow to plan better next time.

3. You (or your partner) unexpectedly get pregnant. Hey, it happens. But with an emergency fund, you’ll be in a much better position to prepare for your new baby and any lean financial times ahead if, for example, your job doesn’t offer paid parental leave.

4. You find yourself with a debilitating illness. If you’re too sick to work, you could lose your job. And even if you qualify for short-term disability, you could wind up living on less than your full salary. An emergency fund could help you make it through.

5. You try to start your car in the morning, but nothing happens. Nothing is worse than a “surprise” car repair bill. But with an adequate emergency fund, you wouldn’t have to sweat it, and you could even afford a temporary rental car.

6. Your hours are cut at work, leaving you in a position where you can’t quite get another part-time job. Since fewer hours equal less pay, you might be short on funds for a while. Without a savings buffer to fall back on, you could be left in a bind.

7. Your child needs an urgent medical treatment. Even if you have health insurance, you may need to foot the bill for out-of-pocket costs until you reach your deductible.

8. You get hit by a car and are bedridden for several months. Over the years, car wrecks have been the source of many people’s financial woes. And since no one ever plans for them, they can leave you and your finances in a world of hurt.

9. A friend or relative in crisis moves in with you for a while. Even when you’ve been spared your own crisis, you may be called upon to help a family member or friend through theirs. Having an emergency fund can help you stay afloat while helping someone you care about.

10. You or your spouse slips into depression or another difficult mental state. Clinical depression is real, and being depressed is not conducive to living a productive lifestyle at all. If you or your spouse is battling depression, it might be difficult to earn an income for the time being.

11. Your identity is stolen, locking you out of your credit cards and/or bank account for a while until the issue gets straightened out. If your identity is stolen, it might take a while to sort it all out. In the meantime, you may not have access to your credit cards or debit card. In some cases, you might even need to put your primary checking account on hold. In this case, having a separate emergency fund could be a lifesaver.

12. You’re evicted from your apartment because of some unexpected issue. Moving is always expensive, but it can be a true budget-buster when you don’t have time to plan. Even worse, you’ll have to come up with the funds to put down on a new place right away as well. And unfortunately there are any number of reasons you could be forced to pack up on short notice, whether your landlord sells the building or bed bugs move in next door.

13. You discover your partner is cheating on you, and you feel uncomfortable living at home. If you find yourself living in an unsafe or uncomfortable environment, moving is probably your best option. Unfortunately, without the proper funds, you could wind up with no place to go.

14. Your dream job comes along, but it requires a steep drop in pay. Having money in the bank gives you options, and that includes the option to earn less if you need to. With an adequate emergency fund, you could go ahead and take your dream job and work on rebuilding your income over time.

15. You’re driving along when suddenly plumes of smoke appear from under your hood and every light on your dashboard flashes on. When you’re living paycheck to paycheck, this is one of the worst things that can happen. Not only will you have to pay for a tow truck, but you’ll be faced with a hefty repair bill as well.

16. You or your spouse has a drug, alcohol, or gambling problem that begins to spin out of control. Hidden addictions to drugs, alcohol, and gambling can take a staggering toll on your finances. If you have an emergency fund, you’ll be in a better position to face the problem head-on.

17. A relative or friend of yours passes away suddenly in another part of the country (or the world). Making a cross-country or international journey to a friend’s funeral can be extremely costly. Not only will you have to pay for airfare or train tickets, but you may have to rent a hotel room for a few days as well.

18. You find an amazing bargain on something you’ve looked for all of your life, but it’s still costly. If a once-in-a-lifetime purchase pops up and you don’t have the funds to buy it, you’ll be out of luck.

19. You start needing a medication that’s not covered by your health insurance. Having health insurance can help you avoid huge medical bills, but that doesn’t mean your plan covers every medication under the sun. Instead of suffering through it or spiraling deeper into debt for your health’s sake, having an emergency fund can help you afford the medication you need to get better.

20. An unexpected professional change forces you to relocate quickly. What happens if you get offered an amazing promotion across the country, or your company decides to shut down its local offices? You have to move – that’s what. Unfortunately, without a savings buffer, you could be stuck where you are.

All of these things – and many more – can cause an otherwise stable financial situation to quickly collapse into chaos, forcing you to tap your credit (hard). If you’re lucky, your emergency doesn’t also coincide with a moment where you have an identity theft issue or credit problems that prevent you from using those kinds of resources.

It’s stressful. It’s damaging to your finances. It leaves you feeling like you’re juggling chainsaws.

Much of this can be minimized by simply maintaining a cash emergency fund. Just open up a savings account and make a commitment to put some money in there each week. Better yet, ask your bank to do it automatically for you. Then forget about that account… until you face an emergency. That’s when your emergency fund will be there for you.

If you have an emergency fund, you just tap that cash to solve whatever problem is being thrown at you. Rather than being a crisis, it all just melts away in the face of your advanced planning.

If you don’t have an emergency fund, start one. You’ll be glad you did.

The post 20 Reasons Why You Need an Emergency Fund appeared first on The Simple Dollar.

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Clean Power Plan praised for potential to create jobs, cut utility bills

Clean-energy advocates said Tuesday that a new EPA-mandated Clean Power Plan for Nevada to reduce its carbon emissions through 2030 is an opportunity to generate jobs and lower utility bills for consumers.

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Old Navy’s Back-To-School Campaign Shows What It Means To Be #Unlimited

The clothing company asked kids at Boys & Girls Clubs across North America what it means to be "unlimited," then turned their responses into a musical back-to-school video to help support their charity fundraising effort.

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Officials to announce NFR deal extended through 2024

Las Vegas Events, the promoter of the National Finals Rodeo every December in Las Vegas, has extended its deal with Thomas & Mack Center to hold the popular rodeo event at the arena through 2024.

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LVCVA votes to demolish Riviera

A Las Vegas Convention and Visitors Authority subcommittee is recommending the Riviera be torn down sooner rather than later.

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Spend Now to Save Later: These Household Tools Pay for Themselves Within a Year

A lot of us try to save money when we go to the grocery store, grabbing the cheapest paper towels or batteries we can find — or waiting for coupons before buying name brands. But what if our household frugality was actually costing us money?

Mary Hunt’s Everyday Cheapskate shows us how spending a little more money now can help us save hundreds of dollars in the long run. Whether you’re buying rechargeable batteries or investing in a well-reviewed coffeemaker, buying high-quality goods now can save you a surprising amount of money over the course of a year.

Invest in Everyday Tools

How often do you buy your coffee at a cafe because “it’s better than what you can make at home?” Well, what if you could make coffee that good at home?

Everyday Cheapskate suggests that if you invest in a high-quality coffee maker — say, one that costs $150 — you’ll save hundreds of dollars every year on expensive cafe coffees. Yes, you can buy a coffeemaker that makes lattes and cappuccinos, too!

If you use a household tool regularly, investing in a high-quality version can often save you money over time. Everyday Cheapskate notes that even something as simple as a tire gauge can save you money on car maintenance costs.

Avoid Disposable Products

When you buy disposable, you throw away a lot of your money. Sure, those paper towels may cost less than a dollar a roll, but how many rolls do you go through every week? That’s money you’re throwing straight into the trash along with your wiped-up spills.

Everyday Cheapskate recommends investing in bar mops instead, the durable, lightweight kitchen wipe cloths that can handle everything from drying dishes to wiping up spaghetti sauce. If you buy six dozen bar mops — enough so that you never feel like they’re all in the wash — you’ll pay about $66. Use two rolls of paper towels a week instead? A year’s worth might cost you $104.

Everyday Cheapskate also suggests investing in high-quality rechargeable batteries and a battery charger, to save you around $70 in battery costs over a year.

Take a look around your home and figure out which household tools you use regularly — as well as which household products you regularly throw away! Then, invest in better household gear, from bar mops to batteries, to keep your home running smoothly and save hundreds of dollars over time.

Want to learn more? Read the full story at Everyday Cheapskate.

Your Turn: Which household products do you use every day? Have you invested in high-quality versions, and are you saving money because of this investment?

Nicole Dieker is a freelance writer focusing on personal finance and personal stories. Her work has appeared in The Billfold, The Toast, Yearbook Office, The Write Life and Boing Boing.

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Health district says Cowabunga Bay can open

Cowabunga Bay water park in Henderson is open for business Tuesday, despite public health officials' concerns over lifeguard certification.

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A Republican Highway Bill Fiasco

Later this week the Highway Trust Fund officially runs out of money unless Congress authorizes more funding for roads and bridges. But the bill could infuriate conservative voters and even wind up costing the GOP the 2016 election.

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Why Google Sent You That Message About Blocking JavaScript & CSS

Google sent mass notifications to publishers about blocked CSS and JavaScript files. Here is what you should do about it, if you got one.

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How to Negotiate Salary

You’ve got a job offer: That’s great, but now what?

According to conventional wisdom, salary negotiations should be numero uno on your agenda. You weren’t going to automatically accept the first figure they offered, were you?

Unfortunately, that’s exactly what happens much of the time. According to a survey of 2,000 professionals conducted by Salary.com, 18% – or nearly one-fifth – of respondents never negotiated their salary when taking a new position. Meanwhile, another 44% stated that they negotiated for better pay or perks sometimes, but not all the time.

With so much money on the table, what’s stopping people from negotiating a better deal?

Why Many Workers Shy Away From Salary Negotiations

According to Jen Hubley Luckwaldt of Payscale.com’s Career News blog, too many people think of what they need to earn, and not necessarily what they deserve to earn. And for better or for worse, those two figures aren’t always the same thing.

“It’s tempting to calculate up your expenses and then name a figure that covers them,” says Luckwaldt.

Unfortunately, that strategy often leaves workers negotiating from a position of need, not from strength — the exact opposite of what you should aim for, she says. And if you negotiate from the perspective of someone who has done their research, you’ll be in a better position to not only ask for what you want, but to get it as well.

That matters not just for this job, but for your next one as well.

“Salaries are often determined based on what you were making previously, so if you negotiated your way up on your first salary, then that leads to more money over the long term,” explains money mindset coach Amanda Abella. And those extra dollars you earn every year could lead to tens of thousands – or even hundreds of thousands – of dollars in extra compensation over the course of your career as one job leads to another.

How to Research Salaries In Your Area

First things first: To get paid what you’re worth, you have to know what you’re worth. And thanks to the Internet, that part of your job is now easier than ever.

To get an idea of the general salary range you should shoot for, start by taking the Payscale Salary Survey. This tool allows you to compare salary figures and other benefits for your position based on your geographic area, skill set, and experience.

“Let data be your guide,” says Luckwaldt. “The goal is to figure out what the market will bear for your skills, experience, education, and so on, and then figure out a salary target.”

Other sites that allow you to research salaries in your area include Glassdoor.com and Salary.com. Although all career sites like these offer similar data, you can leverage the information you find on all three to reach a figure – or a salary range – you feel comfortable with. When you enter your interview, or prepare to accept a job, the more information you have at your disposal, the better.

Government sites like the Bureau of Labor Statistics also offer fairly up-to-date information on salaries for hundreds of jobs in your area, although factors like years of experience and work ethic aren’t always reflected in these numbers.

Salary Negotiation Dos and Don’ts

Once you’ve reviewed comparable salaries in your area, you should have a dollar figure in mind. During the salary negotiation itself, strive to remain professional at all times. Speak clearly and confidently, knowing that you have done your research ahead of time. These salary negotiation dos and don’ts can also help guide you through the process:

Dos and Don’ts of Negotiating Salary

Do know your worth. As Payscale’s Luckwaldt notes, it’s important to show up with an idea in mind of what you want to be paid. A range is okay too, says Luckwaldt, as long as the figure on the low side is something you’d be comfortable taking.

Do know the data. If you want to make a case for the highest level of compensation possible, it’s important to know the research backwards and forward. “Keep emotion out of it,” says Luckwaldt, “and rely on data.”

Do let your employer make the first move. “Don’t name a number unless you absolutely have to,” says Luckwaldt. “If at all possible, you want the hiring manager to quote a figure first.” You don’t want to make an offer that is lower than your employer is willing to pay off the bat. “The first person who blinks often loses.”

Do get your offer in writing. Once you’ve stated your case and negotiated a salary and benefits package you feel comfortable with, get it in writing. According to Luckwaldt, this is mostly for protection since your offer might go through several departments before it hits HR. When you have your offer in writing, there is less of a chance that something will get lost in translation. “It’s better for everyone if you get everything in writing, before you accept,” she says.

Don’t fail to conduct research ahead of time. Since the best way to secure a high salary is to arm yourself with information, the worst thing you can do is fail to prepare. Never walk into a job interview without doing the legwork first.

Don’t accept a figure you aren’t comfortable with out of fear. And don’t apologize for the figure you came up with either, says Luckwaldt. “Do your research ahead of time, and base your quote on what others in your field are getting for similar job duties and job titles.”

Don’t forget to negotiate all terms, not just your salary. “If the hiring manager won’t budge, see if the company can offer more vacation time, a flexible schedule, or other perks,” says Luckwaldt. “You can also ask if they’ll do your review at the six-month mark, instead of a year, to move up the schedule for potential raises.”

Don’t forget to consider the career in its full context. As Abella notes, there is more to a job than its salary and perks; you have to make sure the entire package is a good fit. “Maybe you were offered a job that pays $10,000 more but it requires long hours that cut into your time with your family, in which case you may not be okay with that. Or, maybe health insurance is the most important factor because you have a medical issue and make your decision based on that,” says Abella. “People need to get very clear on what they want, and then make decisions based on that.”

Don’t accept an offer on the spot unless it’s exactly what you want. Unless you’re getting top dollar for your dream job, it never hurts to take a few days to mull things over. This is especially true if you’re considering positions with more than one employer. Instead of screaming “yes” at an okay offer, take a few days to decide if it’s what you really want.

What Should You Do if You Have More Than One Offer?

Let’s face it – it happens sometimes. When you’re searching for a new position, it’s common to send your resume to a handful of recruiters and firms. If you’re in a high-demand field, you shouldn’t be surprised if you hear back from more than one employer.

Although your first inclination might be to hide the fact that you’ve got more than one offer on the table, sharing the news might actually work in your favor, says Luckwaldt. When an employer knows they are competing for you as an employee, they may even decide to up your pay in order to seal the deal. Of course, this only works when you do it the right way – politely – while also taking special care to not make each employer feel as if you’re pitting them against each other.

“Above all, be gracious,” says Luckwaldt. “Thank them, and reaffirm your interest, and get back to them when you say you will, no matter what your answer.”

But, what if you can’t decide?

If you’re truly having trouble choosing between two solid job offers, a good old-fashioned list-down of each job and its benefits usually helps, says Luckwaldt. “List the pros and cons of each job, both today, and in the long run in terms of your larger career goals. Then, pick the one that serves your needs the best.”

What Factors Should I Consider Beyond Compensation?

As if negotiating salary wasn’t difficult enough, another layer of data should be included in your decision to accept an offer – or walk. Beyond salary and compensation, it’s important to consider your general career goals. Luckwaldt suggests asking yourself the following questions:

• Will this job get you to where you want to be next year, in five years, in 10 years?
• Do the company’s goals resonate with you?
• How important to you is a sense of mission, and will you have that at your new job?
• Does the office environment fit with your personality and way of working?
• Did the people you met during the interview process seem like your kind of people?

In addition, you need to think long and hard about the company’s corporate culture, or at least what you know of it so far. Do you like the way the employees interact with their superiors and one another? Did you enjoy being physically present in their building and office environment? And most importantly, do you truly believe this company is a good fit for your skill set and personality?

“You’re going to be spending a lot of time at work, after all,” says Luckwaldt. “Ideally, you want to be happy there.”

How to Decline a Job Offer Gracefully

Whether you’ve got competing offers or you just don’t like what’s available, there will be a time when you need to walk away. And if you’ve invested a lot of time and energy into a position already, severing ties can be difficult, if not painful. But still, you know what you have to do.

First of all, don’t guilt yourself. “You’re probably not the first person to turn down a job offer and you certainly won’t be the last,” says Abella.

As with any other situation in the professional world, you should do your best to conduct yourself in a professional and courteous manner. Abella and other career specialists suggest sending a professional email or calling in to let them know that you won’t be taking the offer.

But try to frame your decision in a positive manner, says Abella. For example, instead of telling an employer they weren’t paying you enough to make it worth it, let them know you had another offer.

And no matter what, be polite! According to Luckwaldt, being polite should be a given in all professional situations — and that’s true whether others really deserve it or not.

“Even if you’re turning down the job because every staff member struck you as deeply weird and the salary looked like an intern’s stipend instead of a reasonable salary, there’s no reason to burn bridges,” says Luckwaldt. “Most industries are actually very small worlds, and people have long memories.”

The Bottom Line: Stay Positive

And that’s probably the best lesson for anyone in the business world to learn. Be polite, courteous, and professional at all times – especially when you’re negotiating a salary and benefits package that you may have to live with for years to come. And no matter what, stay positive. No salary – or career – will ever be perfect, but with the right strategy, you can rest assured that you orchestrated the best salary and benefits package possible.

The post How to Negotiate Salary appeared first on The Simple Dollar.

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How to Pick the Best Credit Cards for Travel and Use Your Points Wisely

My wife and I spent the first night of our recent road trip at a Courtyard hotel in Athens, Georgia. We walked downtown to eat Indian food and had drinks on the roof of the Georgia Theatre. Our room was clean, the pool area was nice and the hotel had a bar. Our cost: $0.

After a couple days exploring Greenville, South Carolina and waterfalls in North Carolina, we arrived in Savannah, Georgia for our last night. We had a suite at the Andaz downtown, across the street from the waterfront. We were handed free glasses of wine at check-in, and the room was stocked with free snacks, juice and soda.

From our balcony we watched kids playing in the fountains in the plaza below, as horse taxis passed in the street. The living room had a huge television and the bedroom a smaller one. The bathroom had a deep tub, separate shower and two sinks. Robes and slippers were provided, and there was an outdoor pool on the second floor. Our cost: $0.

Want to get deals like these? Then it’s time to learn how to find the best travel credit cards and how to get the most from them.

Look for Free Hotel Nights

My new Marriott Rewards Visa came with a free night at one of a dozen hotel brands owned by Marriot — up to category four. That’s what I used for the Courtyard by Marriott in Athens.

The promotion also offers 50,000 bonus points if you spend $1,000 on the card within three months. I paid our home insurance and a few bills to meet that requirement. We can get up to seven more free nights with our points, but we’ll get about three nights at category three hotels — the level we typically choose (15,000 points each).

In total, we’ll get four free nights at hotels that normally cost more than $100 per night, just for paying some bills with a credit card — that’s not bad. The Marriott Rewards card is one of the best hotel cards. The fee is $85 per year, but there is no fee the first year, which brings us to the question…

Should You Pay an Annual Fee?

To avoid the fee for the Marriott Rewards card, I might just use up the points and cancel the card. However, you do get an “Anniversary Free Night” every year when you pay the fee. Since we normally stay in hotels that cost around $85 per night even when we pay, it might make sense to keep the card.

Consider the Hyatt Credit Card, which is what we used for our stay at the Andaz in Savannah (a brand owned by Hyatt). Spend $1,000 on the card within three months and you get two free nights at any Hyatt in any category, anywhere in the world. That’s a great start, but you’ll have a $75 annual fee after the first year.

Pay the fee.

Every year, you get a free night at a category one to four hotel. We used a free anniversary night to stay at the Hyatt Regency in Lake Tahoe, and it was one of the nicest places we’ve ever stayed (sadly upgraded to a category five now). At the time, the best price online was $239 per night, so the $75 annual fee on the card was worth paying. And we got the second night with our points.

More Great Travel Credit Cards

Some of the best travel credit cards have no annual fee and offer 1.5 points per dollar spent — the equivalent of 1.5 cents in the form of travel credits. Spend $10,000 annually on a card like that, and you’ll save about $150 (in rebates toward your balance).

But there are hefty bonuses too. For example, with the Barclaycard Arrival Plus card, if you make $3,000 in purchases in the first 90 days, you can get a $400 statement credit.

Of course, it can be difficult to put $3,000 on a card in three months, so I prefer lower spending requirements. I recently finished putting $1,000 on my VentureOne Rewards Card, which got me a $200 credit toward flights, hotels, or other travel expenses.

What About Your Credit Score?

What happens to your credit score when you open and close credit card accounts to get travel bonuses? BankRate says it’s never hurt by having too much credit. But canceling cards can hurt your rating a little, especially when you close old accounts.

On the other hand, my score went up when I started opening and closing accounts regularly. I believe it’s because all the new credit lines I’ve opened lowered my credit utilization ratio, which overcame any effect of closing accounts. I explained this trick for raising your credit score in a previous post.

It may help to learn how to cancel credit cards without damaging your credit score. For example, you might want to put a couple months between new account applications (probably necessary anyhow, to meet spending requirements on each card). That can reduce the likelihood of any ding to your score from frequent credit inquiries.

Know When to Use Which Card

In addition to bonuses, you also accumulate points as you use your travel cards, but not always at the same ratio.

For example, the Hyatt Credit Card gives you a point for every dollar of normal purchases, but three points per dollar spent at Hyatt properties. The Marriott Rewards Visa offers five points per dollar spent at their properties. Clearly, it makes sense to use the hotel card if you get a meal or drinks at the hotel.

Some issuers offer other reasons to use their cards. For example, the VentureOne Rewards Card says you’ll get “complimentary upgrades and special savings at hotels, resorts and spas,” so you might want to book a hotel room using that card.

Many travel cards offer extra lost luggage protection if you book the flight with that card. Read the benefits guide that comes with your cards and take a few notes as to which card is best for each purpose.

Finally, if you have no other compelling reason to use one card over another, see which one offers the most points for your particular travel purchases. For example, some offer double or triple points when you use them to pay for car rentals, flights or hotels.

On the same trip, I might use my Hyatt card while at the Hyatt to get triple points, a second card for restaurants and my American Express business card for fill-ups, because I get triple points for gasoline purchases.

Know When to Use Your Points

You points or miles have different values in different circumstances.

For example, it will cost you 25,000 miles from your Delta SkyMiles Credit Card to pay for a $99 flight. But if the flight costs more than $200, you can use just 10,000 miles to get $100 off the price. So you wouldn’t want to use your miles for short cheap flights if you’ll ever be taking more expensive flights.

Also, if you travel often, you might want to pay cash for hotel rooms in inexpensive cities rather than using points, so you can save your free hotel nights for otherwise expensive stays.

And by the way, a category four Marriott or Hyatt might cost twice as much in one place as another. The categories do not have a direct relation to the normal room rates.

More Tricks to Get the Most From Your Travel Cards

We complained about garbage near the hot tub at the Hyatt in Coral Gables, Florida, and the desk clerk apologized and put 6,000 points on our card — almost enough for another free night. So if there’s something wrong, speak up!

Here are a few more tips for getting the most from your travel cards.

Take Credits Instead of Cash

You may have various redemption options, and you need to carefully weigh each one.

For example, the Chase Sapphire Preferred card would give you $400 cash back for 40,000 points, but if you book through Chase Ultimate Rewards, you can get a $500 credit toward a plane ticket with those same points.

Compare Cash Prices of Redemption Options

If you have more than one way to redeem your points, look at the cash cost of each option.

For example, the Starwood Preferred Guest card from American Express lets you redeem for airline flights or hotel rooms. If you need a flight and a place to stay and you have enough points for one or the other, check the current cash prices to see which one costs more, and use the points for that.

Consider the Value to You

The value of redemption options also depends on what things are worth to you, and what your plans are.

For example, you can redeem 30,000 Marriott Rewards points for two nights at a category three hotel or for a $100 gift card from various retailers. If you shop at one of them regularly, that card is the same as cash.

So if you have no plans to travel to places with Marriott hotels, or you normally stay at $29 hotels (yikes), then that gift card might be the better option.

Track Your Points

If you plan to use your bonuses and points and then cancel the card, you need to track them carefully to get maximum value. You wouldn’t want to cancel and lose 7,000 points when you could have paid a few bills with the card to reach the 7,500 points needed for another free hotel night before canceling.

Is Collecting Points Worth the Trouble?

Yes, I spend some time applying for credit cards and tracking expenditures and points. But not too much time. I made more than $1,000 last year chasing credit card bonuses. And by the way, credit card bonuses are not taxable as income if you need to meet spending requirements to get them.

This year, I’ll take in cash and equivalents of at least $1,500. From travel cards alone, I received more than $600 in cash and free hotel rooms by June. So, yes, for me, it’s worth taking a little time to find and use good travel credit cards.

Want to learn more about the best travel credit cards? Join the Travel Hacking Cartel, a community of expert travel hackers.

Your Turn: Do you have good travel credit cards, and how much value have you received from them so far?

Disclosure: We have a serious Taco Bell addiction around here. The affiliate links in this post help us order off the dollar menu. Thanks for your support!

Steve Gillman is the author of “101 Weird Ways to Make Money” and creator of EveryWayToMakeMoney.com. He’s been a repo-man, walking stick carver, search engine evaluator, house flipper, tram driver, process server, mock juror, and roulette croupier, but of more than 100 ways he has made money, writing is his favorite (so far).

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Synthesio Partners With DataShift To Offer Facebook Topic Data

Social intelligence platform is latest tech company to offer customers access to Facebook's stream of topic-based consumer data.

Please visit Marketing Land for the full article.

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New Mortgage Rules to Ease Closing Process and Protect Borrowers

Two new 'Know Before You Owe' forms strive to reduce confusion and make borrowers more aware of loan terms.

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Frontier Airlines increasing nonstop flights for Las Vegas

Frontier Airlines, which in recent years has evolved into an ultralow discount air carrier, is expanding operations in Las Vegas.

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Nevada gaming revenue declines more than 8 percent in June

Nevada casinos saw results decline more than 8 percent during the month, including a 16.3 percent drop on the Strip.

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Get a Head Start on the Holidays: 99 Inexpensive DIY Gifts to Start Making Now

When you think holiday DIY, you probably think homemade cookies or clothespin Rudolph ornaments. Nice, but everyone’s seen those gifts a hundred times before — right?

Well, Get Rich Slowly just shared a list of 99 DIY holiday gifts that bring new ideas and energy into holiday gift giving.

These are low-cost, high-value holiday presents designed for gift-givers who want to save money and still give something truly memorable. We bet there’s at least one item on this list that will wow and delight your loved ones.

Here are some of the highlights:

Turn Home Decor Into Memories

DIY home decor will remind your loved one of special times every time they see — and use — your thoughtful present.

Go to a thrift store and get a set of cheap dishware, then decorate it with colored Sharpie markers. Bake the dishware at 250 degrees for 20 minutes, and you’ve just created a one-of-a-kind table service for a grandparent or a best friend.

Bring a little light to someone’s life with a DIY custom lampshade. Use photos of favorite memories to turn a lampshade into a beautiful photo collage. You can even print your photos directly onto vellum if you want your lampshade to keep its fabric feel.

Continue the memory-themed home decor by making photo coasters or turning old T-shirts into throw pillows. No matter your craft skill level, there’s a project on this list that’s perfect for you — and a perfect present for someone you love.

Get the Kids Involved

Kids love to make and give holiday presents, and Get Rich Slowly has plenty of ideas to keep little hands busy and create fun gifts for young relatives and friends.

Try making bathtub crayons out of soap and food coloring, or homemade sidewalk chalk out of plaster of Paris and tempera paint. Yes, the classic recipes for soap bubbles and playdough make the list as well!

By getting your kids involved in DIY holiday gifts now, you set a tradition of do-it-yourself holiday planning and show your children that you can make gifts that are just as good as anything you could buy at a store. You also have the opportunity to share frugal values and teach children that a great present comes from the heart and the hands.

Want to know more? Read all 99 gift ideas at Get Rich Slowly.

Your Turn: What’s the best DIY holiday gift you’ve ever received?

Nicole Dieker is a freelance writer focusing on personal finance and personal stories. Her work has appeared in The Billfold, The Toast, Yearbook Office, The Write Life and Boing Boing.

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Better Than Interest: 10 Ways to Earn Money From the Bank

You’ve probably heard the old joke; when asked why he robs banks, the criminal says, “Because that’s where all the money is!”

While there is a lot of money there, becoming a bank robber probably isn’t the wisest way to get it. But collecting interest won’t do much for you either. The average interest rate for a bank savings account is just 0.17% APY, and even the best banks offer only about 1%.

So how do you make money using a bank? Fortunately, you have some more interesting and lucrative ways. Here are 10 to consider.

1. Invest in Bank Stocks

One way to make money from a bank is to own one, or at least part of one. It’s as easy as buying bank stocks.

Consider Wells Fargo (WFC), one of Warren Buffett’s favorites. Five years ago, you could have bought the stock for less than $25 per share, but at the moment the price is over $55. Not only would you have more than doubled your money, but you would have collected dividends along the way — tthe stock currently pays about 2.6%.

2. Get a Job at a Bank

The median annual wage for bank tellers is only about $27,000, but the median wage for the top 10% of workers in this position is closer to $36,000. That’s not too bad for a job that typically only requires a high school diploma.

Also, there are opportunities for advancement. Starting as a teller, you can work your way up to more highly-paid positions, including head teller, supervisor and loan officer, according to MyBankTracker.

3. Collect Signup Bonuses

Last year, I received a $125 bonus for opening a checking account at a local bank. I’ve since closed it. This year I’ve already made $400 in bank account bonuses, and I’m aiming for another $400 before the year ends.

Recently, Chase offered $300 for new checking account customers, but these promotions come and go quickly, so that may not be available by the time you read this.

To find current deals like these, search for banks near you using Google Maps (try “banks” and the name of your city). Then search each bank’s name plus “signup bonus” to see what you find. Be careful to read the fine print to be sure you meet all of the qualifications.

4. Go Coin Roll Hunting

The concept is simple enough: Buy rolls of dimes, quarters and half-dollars from the bank and search for coins from before 1965. They are 90% silver, and therefore worth much more than face value. We used to do this as kids and make regular finds of silver coins.

Today, coin roll hunting is still popular. In addition to the silver ones, you can sometimes find coins old enough to have extra value to collectors. But it’s getting harder to find the old coins, so you might not make much for your time.

5. Try Penny Hoarding

Pennies minted prior to 1983 were mostly copper, whereas now they’re mostly zinc. With the price of copper close to $3 per pound, that makes these older pennies worth about two cents each. Penny hoarders stash them away by the tens of thousands, waiting for the day when they can legally melt them down for their copper value.

You can buy pennies from your bank in $25 boxes (2,500 coins). My recent tests turned up 7% to 15% pre-1983 pennies. You can sell them on eBay for about $135 per $100 face value, but to make this worth your time, you probably have to invest in a penny sorting machine that separates out the older copper cents.

Not into pennies? You could also choose to hoard nickels.

6. Borrow for a Business

One of the most traditional ways to make money from a bank is to borrow to start a profitable business.

You might want to look for a bank that handles SBA loans. The Small Business Administration guarantees a portion of these loans, so banks are willing to take the risk.

7. Borrow to Flip a House

You found a great fixer-upper you can flip for a profit, but you don’t have the money to buy the house. What can you do? Go to the bank!

It’s been difficult to get a loan to flip a home, but recently the FHA waived its rule against house flipping for its foreclosure sales, so some banks are ready to start loaning on these projects.

Another option for raising the money needed to invest in a fixer-upper is to borrow against your own home, if you have sufficient equity.

8. Buy a Bank Foreclosure

Banks are not only where all the money is, but also where all the homes are — well, at least the deeds. Many banks have a pile of foreclosures they need to sell, and you could fix and sell some of them for a nice profit.

And you may not need as much money as you think to buy one of these bank foreclosures. It all depends on where you live. Detroit’s foreclosed homes start at a few hundred dollars.

9. Get a Credit Card

How do you make money by getting a credit card from your bank? Well, there are those signup bonuses. Then there are points you get for using the cards, which can be converted into cash.

My post on reasons to use credit cards instead of cash looks at how to save money with them too, which is pretty much like making more money.

10. Collect Teaser-Rate Interest

I started by saying interest rates on bank savings accounts are terrible, averaging 0.17% APY. But you can often get a higher “teaser rate” for opening a new bank account.

For example, Everbank pays 1.4% on a money market account and a checking account. That’s eight times the national average. After six months your account will revert to the regular rate (which is still pretty good), but you can do as I did, and move your money to another bank when the time comes.

Your Turn: How many ways have you made money using a bank?

Steve Gillman is the author of “101 Weird Ways to Make Money” and creator of EveryWayToMakeMoney.com. He’s been a repo-man, walking stick carver, search engine evaluator, house flipper, tram driver, process server, mock juror, and roulette croupier, but of more than 100 ways he has made money, writing is his favorite (so far).

The post Better Than Interest: 10 Ways to Earn Money From the Bank appeared first on The Penny Hoarder.

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Avoid Airline Fees: 11 Ways to Get Free Checked Bags and Flight Changes

Between ticket fees, taxes, security fees, baggage fees, flight change fees and pricey airport meals, flying is an expensive way to travel.

Sure, you can find inexpensive ways to fly private, but if you’re stuck flying on a commercial airline, you’ll want to find ways to save some cash.

We can’t help you with taxes, but the easiest fees to eliminate are those for flight changes and checked bags. Here’s how to knock those out of your budget so you have more money to spend on your actual trip.

Save Money on Baggage Fees

In 2014, U.S. airlines charged their passengers $3.35 billion in baggage fees, and Delta alone collected $833 million from suitcase-saddled passengers.

But you don’t always have to pay to bring more than a toothbrush along on your trip. Here are a few ways to skip the baggage fees.

1. Fly Southwest

Everyone knows Southwest has good deals, but did you know they’ll also let you bring two checked bags, free of charge?

Keep this in mind when shopping for tickets. If you bring a couple of checked bags with you, you’ll pay $100 round-trip on many airlines. But if you fly Southwest, paying $50 more on your fare will still save you $50, since you won’t pay a penny for your baggage.

Be sure to read all airline policies on sizes, weight restrictions and fees for luggage before basing a travel decision on baggage fees alone.

2. Join a Frequent Flyer Program

When you rack up the frequent flyer miles, airlines are more inclined to help you, since you’re one of their best customers.

Joining an airline loyalty program and attaining preferred status (typically by flying a certain number of miles a year) can help you get certain perks, which can include free or reduced-price checked bags. Be sure to read all rules and regulations and know the fine print before taking advantage of this technique.

3. Get an Airline Credit Card

If you’re a frequent flyer loyal to a particular airline, it often pays to get that airline’s credit card. While many of these airline credit cards have fees and other restrictions, if you frequently check bags, the cost of the card may be worthwhile.

For example, the Delta SkyMiles card could get you a free bag when you fly on the airline, and the United MileagePlus Club card gets you two free bags. Of course, fees and restrictions apply and the rules change often, so be sure to read the fine print.

4. Ship Your Bags

After a long flight, do you dread waiting at the luggage carousel to pick up your bags? Do you wonder how it’s possible yours is always the last one unloaded from the plane?

Skip the hassle and ship your bags directly to your hotel via FedEx, UPS or another delivery service. You can ship several days ahead of your flight and skip the last-minute rush of lugging bags around, and potentially also save you money.

While prices vary based on the size and weight of your bag, shop around to see if you can find a carrier to deliver your bags for less than the cost of checking it with the airline.

You’ll save the most money with lighter bags shipped over shorter distances, since carriers charge by weight and distance, but airlines charge you a flat baggage fee regardless of weight. For example, shipping a 30-pound package with FedEx from San Francisco to Los Angeles costs less than $23 each way, versus the $25 fee to check that bag on most airlines.

You might only save a few dollars, but you’ll also avoid the hassle of checking bags. When you arrive at your destination, your bag will be waiting for you at the hotel and you won’t have to lug it anywhere.

5. Pack Light

A simple way to avoid baggage fees is to avoid having any bags. While not everyone can master the art of the “no baggage challenge,” the less you carry, the less you pay for.

See if you can fit all your necessary items into a carry-on bag and consider doing laundry halfway through your trip.

Bringing a carry-on bag isn’t a sure-fire way to avoid baggage fees, since some airlines, including Spirit, Frontier and Allegiant, charge for them, so you’ll want to check your carrier’s fine print. If you’re on one of these airlines, you can often bring a purse or small personal item that fits under the seat in front of you for free.

6. Make Sure Your Bag Makes Weight

Weigh your bag before leaving for the airport to make sure it’s within your airline’s limit, since overweight baggage fees can quickly add up. If it’s close, consider trying it on a different scale to make sure, or plan to wear or carry heavier items like hiking boots or jeans.

Save Money on Flight Changes

Most major U.S. airlines charge $200 or more for a flight change, though many let you change your flight on the day of travel for a reduced (but still pricey) rate. Here are a few tips and techniques to help you dodge fees when you want to change your flight.

Plus, keep in mind that preferred frequent flyer members can often switch flights for free, so if that’s you, be sure to ask.

7. Change Your Mind Early

If you book a flight and your plans change or you decide a different flight works better, you generally have 24 hours to change or cancel your ticket without a fee.

Other rules apply, though, including the fact it has to be a non-refundable ticket booked at least seven days ahead of your flight. Of course, if you switch to a different flight, you’ll have to pay the difference in cost.

8. Fly Southwest

Once again, flying Southwest is a great way to save money. You can change your mind at any time and get credit for future travel within the next year. Of course, if the flight price goes up, you’ll have to pay the difference.

9. Book Directly With the Airline

Using third-party services can make it difficult to change your flight or save on fees when doing so. Booking directly with airlines generally gives you the greatest number of options.

10. Hope for a Delay

Read the full contract of carriage for your airline, specifically the section about “involuntary refunds.” If the airline delays your flight or it’s canceled, you can often apply for a full refund, but you do have to check in for the flight to take advantage of this rule.

Also, if the airline changes your flight time, puts you on a different connection or makes another schedule change, you may be able to get a refund or free flight change.

11. Ask at the Gate

If you see an earlier flight that would fit your schedule better, ask at the gate and see what the gate agent may be able to do for you. Many airlines charge less for same-day flight changes, but they need a good reason to fully waive fees. While the airline doesn’t care about your schedule, it does care about things that might cost it money.

Check the status of connecting flights and, if you might miss a connection due to a delay or a plane headed to you is running late, see if you can get on an earlier flight. This is a lot easier to pull off if you’re traveling carry-on only.

Above all, be kind to gate agents. They hear a lot of complaints they can’t do anything about. If you’re kind, they’ll likely be happy to help you if they can.

Your Turn: How do you save money on baggage and flight-change fees?

Kristen Pope is a freelance writer and editor in Jackson Hole, Wyoming.

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How Helicopter Parenting Can Hurt Your Child’s Finances

Don't drop the rope ladder. Keep flying.


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The Best Place to Retire Overseas as a Single Woman

You won’t feel out of place here if you aren’t part of a couple.

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4 Job Search Excuses That Just Don't Cut It

Don't let yourself get lazy or fed up with this important process.

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Statistically Speaking , You’re Not Going to Read This Article, But I’ll Make You

In an overcrowded content marketing landscape, how do you stand out? Columnist Patrick Armitage discusses the essentials for creating truly engaging content.

Please visit Marketing Land for the full article.

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PANIC MODE! Why It’s Dangerous and How to Avoid It

In 2006, I realized that I couldn’t pay my bills any more. I did the math and I realized that we just didn’t have the cash to go around. Sure, I did the smart thing and started reading and planning, but I also panicked a bit. I dove into cleaning out my closet and selling things off. I threw several credit cards into a lock box. I cancelled a bunch of subscriptions. I did this all in an emotional rush. We’ll see how that panic paid off later.

In 2008, I watched as several good friends and family members slowly – and then suddenly – became panicked as Wall Street laid an egg. At least one family member watched their retirement fund literally lose half of its value in the last several months of 2008. Some of them panicked. One in particular began to follow the daily and even hourly ups and downs of his retirement investments and wound up making some big changes to his savings – and we’ll see how that panic paid off later.

A few years ago, I watched a close friend fall in love and abruptly move across the country. It was an abrupt move, one done in a panic-like surge of emotion. She quit her job, packed up her bags, collected the relatively small amount of cash she could put together in just a few days, and departed. She moved clear across the country with only the vaguest lead on a job and a deep sense of love and romance. Within a month, the relationship fell apart. We’ll see how this panic ended up in a bit.

Not very long ago, another friend was working at a relatively low-paying job and he was definitely living in a paycheck-to-paycheck fashion. He woke up one morning and found that his car wouldn’t start and he didn’t live in a place where mass transit was really an option. Within a few hours, he was selling piles of his stuff on Facebook. How did that panic turn out? We’ll find out later.

Another close friend sold her house in anticipation of getting married. A few days before she moved out of her house, she got into a major fight with the man she was supposed to marry and they chose to call off the wedding. In a panic, she bought a different house from those that were on the market in her area. How did that move turn out? Again, we’ll find out later.

What do all of these stories have in common? They’re all about people leaping into “panic mode” as the result of an unexpected event in their life. Their emotional response to an unexpected situation caused them to begin making poorly-planned decisions. Unsurprisingly, at least some of these stories ended up with less-than-stellar results.

In short, “panic mode” is almost always a bad state to find yourself in. When you’re making major life choices and financial decisions in a short timeframe and under emotional duress, the outcomes aren’t always going to be what you want.

So, how do you avoid panic mode? What are some strategies for handling it if you find yourself in a finance-related panic? Let’s dig in.

Five Strategies for Avoiding Panic Mode

Here are five things you can do right now to avoid panic mode in the future. These tactics either reduce the strain of a major unexpected event or else help you now with the decisions you might choose to make during a future panic.

Build an Emergency Fund

This is the most important thing you can do. An emergency fund is simply an amount of cash that you have sitting in an easily-accessible savings account so you can grab it when the chips are down. An emergency fund can buy you a plane ticket, pay for a car repair, or anything else that might come up — without tapping your credit cards. This is important, because you may need that emergency fund at a time when you’re dealing with identity theft or a difficulty with your credit card issuer.

The time to get started on building an emergency fund is right now. Just direct your bank to start moving a small amount each week or a larger amount each month into your savings account automatically so that you don’t even have to think about it. That way, when an emergency happens – a car fails, a relative dies, you lose a job, etc. – you have that cash available to you.

How much of an emergency fund should you have? I don’t think the total amount is that important, though I do encourage people to add extra funds when they can if they have less than $1,000. What’s important is that you simply contribute a small amount each week and each month and let it grow in perpetuity. You can always decide when you have “enough” down the road.

Maintain Your Stuff, Your Job, Your Health, and Your Relationships

It’s easy to not keep your house clean, to let your car fall into disrepair, to let your health slack, to not worry about the relationships in your life, to slack off at work, and so on. All of those things will keep running for a while out of sheer inertia, but eventually they’ll fail.

Maintain your health by eating healthier foods, exercising a little, and getting adequate sleep. Maintain your job by keeping up your skills, finding useful things to do during downtime, and paying attention to your performance reviews. Maintain your possessions by following maintenance schedules, keeping them clean, and taking care of problems as soon as they’re noticed. Maintain your relationships by listening to the other people, keeping in touch with them, and helping them out when you can.

Without maintenance, those things will fail you, often when you need them most. Maintain what you have today so that it will work for you tomorrow.

Think Ahead About How to Handle Unfortunate (and Fortunate) Events

What would you do if you woke up tomorrow morning and your car didn’t start? How would you handle things if your spouse passed away in the night? What if that happened to your mother, or your child? What if you lost your job tomorrow? Do you know what you would do? Do you have a plan in place, at least in some vague sense?

Thinking through scenarios like these can be a painful activity, but the act of actually considering these kinds of things can help you formulate an understanding in your head of how you would respond to them. Those kinds of exercises can also help you to figure out things you can do right now to soften the blow of those kinds of unexpected events, like purchasing term life insurance or having your car looked at when it first starts showing signs of trouble.

This doesn’t mean that you need to spend time dwelling on disasters and feeling depressed. What it does mean is that you should spend some of your spare time thinking through these scenarios and how you would handle them. Spend a commute thinking through how you would handle a job loss and what you can do to make that response less painful. Then, in a few days, spend a commute thinking about how you would handle things if your car broke down the next morning.

Build a Diversity of Personal Skills

I really like to use a quote from Robert Heinlein to illustrate this point:

“A human being should be able to change a diaper, plan an invasion, butcher a hog, conn a ship, design a building, write a sonnet, balance accounts, build a wall, set a bone, comfort the dying, take orders, give orders, cooperate, act alone, solve equations, analyze a new problem, pitch manure, program a computer, cook a tasty meal, fight efficiently, die gallantly. Specialization is for insects.” ― Robert A. Heinlein

Think of the person that Heinlein describes in that quote. What exactly is there in life that such a person could not handle effectively and without panic? Panic often comes from being aware that you do not have the skills or resources to handle a situation, and a person with a widely varied skill set will usually have the skills and will have the ability to get the resources in short order.

In other words, one incredibly effective way to protect yourself against future panic is to simply build a wide and varied set of skills. You should know how to do things like change your car’s oil, fix a broken toilet, fix a damaged computer, prepare a delicious meal from whatever’s on hand. The more skills you have like that, the better off you’ll be at handling whatever crazy things life throws at you. The more you rely on others, the harder it becomes to deal with crisis yourself.

Volunteer

This might seem like a crazy solution, but bear with me. For starters, volunteerism has taught me that no matter how bad my situation might seem, it’s really not that bad. So many people have it far worse than I do. Whatever I might have to face is a pretty small deal compared to a child that’s not getting enough to eat and not getting any attention from their parents, or from a person who is struggling to overcome a major disability, or a person who is struggling to overcome a mistake in their past.

Another big reason to volunteer is that it teaches patience and calmness. If you volunteer and interact with people, you’re going to come up against challenging situations, ones that press you in a deeply personal way. Learning how to handle those painful outcomes not only makes you a better volunteer, but builds you into a person that’s much better equipped to handle unexpected events.

Five Tactics for Handling Panic Mode Once It Occurs

Sure, those other strategies are useful for preparing for an emergency situation in advance, but what do you do when it arrives, especially if you’re not perfectly equipped for it?

Take No Actions at First

It is often very tempting to respond immediately to an emergency situation with the first action that comes to mind – and sometimes that is the right move. Most of the time, though, it’s not the right move, and doing that will make things even worse.

The best thing you can do in most panic situations is stop for a moment. Catch your breath. Calm yourself down. Then, start thinking about rational options. The rest of this list is composed of methods for generating those rational options and figuring out how to move forward.

Making a big move while riding an emotional wave is almost always a giant mistake. Unless you absolutely have to act right now, don’t. Wait for a while and let your calm mind take the reins again.

Talk With People You Trust – and Reveal Everything

Whenever you’re in a panic mode, you should never fully trust your own judgment. You’re often riding high on an emotional wave and, even more than that, you’re often seeing things only from one specific perspective. A fresh set of eyes and ears, especially from a source that isn’t emotionally distraught, can offer some real insights.

So, before you make a move, call a person you trust. Lay out the whole situation – nothing hidden, no lies – and ask for their advice. It’s very likely that they’ll see something that you do not and offer an avenue that you’re not even considering in your emotional state.

Complete honesty is vital here. If you’re withholding key pieces of information because you’re worried about privacy or you’re worried about what they’ll think, you’re seriously damaging the quality of any advice they might give you. If it’s relevant, tell that person the truth.

Make a Thorough List of Options

As you calm down and think about your options – and consider the options that your trusted friend has suggested – you should make a list of those options, even if it’s just a mental list. Try hard to brainstorm lots of possible things that you could do to handle this situation. For me, making a physical list in my pocket notebook really helps me to get my thoughts in order in situations like this.

If you’re not pushed up against a time limit, spend some time doing a bit of research. Hit Google and collect every sensible suggestion you can find and jot them down. Generating lots of ideas and solutions will help you come up with a solution that really works for whatever your problem happens to be.

List the Pros and Cons of Each Option

Each of those options that you generate is going to have some benefits and some drawbacks. Some of them might require more time than you might have, for example, or some might require more money than you currently have. On the other hand, each of those options likely has some benefits – it either solves the problem, delays it, or reduces some of the negative impact.

Once you start considering the pros and cons of each option, some of the best options will quickly emerge. Sometimes, the best option is obvious – at other times, you’re stuck between a handful of options.

My usual approach is to choose the option that puts me in the best long-term position, even if it means the short term is a bit harder. I find that a short-term challenge is usually something I’m willing and able to overcome, but a long-term bad outcome is something that I’ll really regret.

Get Input from Those Trusted People on Your Pros and Cons

Before you start taking action, though, check in with your trusted people again. Let them know the solution you decided upon and why and see if they offer any additional input that might be useful. If you’re not sure which of a few options is best for you, present those options and ask for their input.

It’s worth noting here that it can be a very good idea to have multiple trusted sources to talk over your decision with. You don’t necessarily have to rely on just one person. The more advice you have from a source you trust, the better.

What About Those Five Stories?

So, what about those five “PANIC MODE!” stories at the start of this article? What happened in those cases?

In the first story, where I was dealing with a financial meltdown in 2006, I panicked by selling off several of my collections. Looking back, I don’t miss most of the things that I sold, but if I had done things in a more rational state of mind, there are at least a few items I would hold onto.

In the second story, where I watched a friend completely panic because their retirement account had lost about half of its value in 2008, that friend moved all of their money into bonds and money market funds. Since then, their account has recovered about half of what it lost. However, if that person had left everything as it was, they would have recovered everything and more.

In the third story, where my friend moved across the country for love, the relationship ended and she eventually moved back to where her family lived. She wound up in a much smaller apartment and moved on with life, though her finances were fairly depleted. Over time, her love life recovered, but the damage to her finances lasted a while.

In the fourth story, where my friend sold off a bunch of his stuff on Facebook to pay for an emergency car repair, my friend wound up getting their car fixed but regretted selling some of the stuff. One wonderful friend, who bought most of the stuff he was selling, sold it all back to him at cost, but that isn’t always going to happen.

In the final story, where a friend bought a house in a moment of panic, my friend wound up in a big house that she likes, but now she’s facing a house payment again and the house is seemingly too big for her needs. I can’t help but wonder if she’s not going to downsize in the next few years, and the money she spent on closing costs and moving expenses and countless other things will have just vanished into thin air.

Final Thoughts

Panic mode happens at some point to almost everyone. A situation occurs that you didn’t expect and it offers some intense challenges that you’re not quite prepared for. It causes an emotional surge and you panic. It happens.

What matters, though, is what happens next. Are you going to make some irrational moves here? Or are you going to step back, take a breather, and figure out a better plan of attack?

When the moment of panic has passed, what are you going to do next? Are you going to make decisions and take action in your life to reduce the chances of another panic moment? Or are you just going to cross your fingers and hope for the best outcome?

One path leads to security and good outcomes. The other likely leads to a big mess.

The choice is up to you.

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