With the first real votes being cast in the presidential race, this is an opportune moment to do some last-minute comparison shopping on the candidate tax reform plans.
Source CBN.com - Finance http://ift.tt/1VEEuff
الاثنين، 1 فبراير 2016
SunTrust Money Game App
Money Game App - United Way of Greater AtlantaUnited Way of Greater Atlanta
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Source Business & Money - HowStuffWorks http://ift.tt/1UDNQrt
Should You Have to Pay Taxes on Diapers and Tampons?
Should you have to pay taxes on diapers and tampons?
This hot-button question’s been in the news, since Utah and California are proposing legislation to make these items exempt from sales tax. A similar Indiana bill failed to pass last week.
A handful of states, like Pennsylvania and Massachusetts, already exempt these products, but the majority don’t.
What’s The Deal With the Diaper Tax?
Like everything in our tax code, sales tax exemptions are complicated. In California, for example, hot sandwiches are taxed, but cold ones are not.
Other California tax-exempt items include candy, yoga classes, dry ice and poultry litter, the Sacramento Bee reports.
“If poultry litter can be tax-free,” California Assemblywoman Melissa Melendez said, “I think we can extend ourselves to make diapers tax-free as well.”
Critics point out many other necessities — like toilet paper and soap — are taxable, so diapers should be, too. That, and if the income provided by the diaper and tampon tax disappears, it needs to come from somewhere.
“It can be a zero-sum game,” Tax Analysts’ deputy publisher David Brunori told CNN. “You either end up raising the sale tax or other taxes.”
It’ll be interesting to watch how these bills play out — and whether other states will follow suit.
Succeed or fail, here’s one foolproof way to save money on diapers: Don’t use ‘em.
Your Turn: Do you think we should pay taxes on diapers and tampons?
Susan Shain, senior writer for The Penny Hoarder, is always seeking adventure on a budget. Visit her blog at susanshain.com, or say hi on Twitter @susan_shain.
The post Should You Have to Pay Taxes on Diapers and Tampons? appeared first on The Penny Hoarder.
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SunTrust Money Game App
Money Game App - United Way of Greater AtlantaUnited Way of Greater Atlanta
Source Business & Money - HowStuffWorks http://ift.tt/1UDNQrt
Source Business & Money - HowStuffWorks http://ift.tt/1UDNQrt
Cars We Remember: Why 1958 is the worst year of the 1950s car models
Q: Greg, I’ve read your columns now for years and enjoy all the stories of you being a youngster in the 1950s. Being that you have said many cars from the 1950 decade were beautiful designs, you did mention once that you thought the 1958 model year was the worst. Can you explain further? Keep up the fun columns. Sincerely, Gene L., Illinois.A: Gene, I’ll sure try my best. For whatever reason, and following a wonderful year of car design in 1957, most every manufacturer [...]
Source Business - poconorecord.com http://ift.tt/1Syx8um
Source Business - poconorecord.com http://ift.tt/1Syx8um
A Romantic Deal: $100 Dinner and a Movie for Just $30 on Valentine’s Day
You know how it was Christmas, like, yesterday?
Well, Valentine’s Day is in two weeks. I know, I’m reeling too.
But since it’s already here, you’ve got to make some plans. And it’d be pretty lovely (get it?) to not spend a fortune in the process.
Dinner and a Movie, Anyone?
If you act quickly, we found a deal to help you do just that.
For the next six days, Restaurant.com is offering a $100 eGift card and two full-price movie tickets for just $30.
The deal covers tickets to any movie at any participating theater with a value of up to $12 each.
Participating theaters include popular options like AMC, Regency, Muvico and lots more.
The $100 eGift card can be redeemed for services at Restaurant.com redemptions. While it may require a minimum spend at the restaurant, you’ll still save up to 50% on your final dinner bill.
While we don’t see many national chains on Restaurant.com, the deal could be a great way to check out one of your town’s smaller, “mom and pop” boutique restaurants. Your local best-kept secret might even be taking part in the promotion.
And with such good deals, $100 could be quite a few dinners — or one really nice, romantic one.
Think about it this way: without a deal, you’re looking at paying $124 for the meal and the movie tickets. Just using Restaurant.com, you can get a $100 gift certificate for $40.
But, with this special promotion, you get the $100 gift certificate PLUS two movie tickets for 10 whole bucks less, for a total of just $30.
And after all, what’s a more classic V-day date than dinner and a movie?
Your Turn: Will you take advantage of this Restaurant.com movie deal?
Jamie Cattanach is a junior writer at The Penny Hoarder. She also writes other stuff, like wine reviews and poems — you can read along at http://ift.tt/1RiB7sH.
The post A Romantic Deal: $100 Dinner and a Movie for Just $30 on Valentine’s Day appeared first on The Penny Hoarder.
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Silvio Calabi: Lincoln’s big-daddy Navigator needs help
Ford likes to say its Lincoln division spearheaded the full-size luxury sport-utility class when it rolled out the first Navigator in the fall of 1997. That was 19 years ago, but the current version is only the third generation — and it’s still being sold as a 2015 model, with rear- or four-wheel drive and in XL or XXL lengths. Unfortunately, the Navigator has several millstones around its neck: First, it’s a tarted-up Ford Expedition, one of the last big, body-on-frame [...]
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Source Business - poconorecord.com http://ift.tt/1Q7V1nU
FREE Frozen Yogurt at Menchie’s Today. It’s Never Too Cold for FroYo!
It might be tough to believe when you look outside, but winter will come to an end soon.
To help cheer us up and remind us of the distant joys of summer, some brilliant person decided to place National Frozen Yogurt Day in February. It’s Feb. 8, and soon we’ll have a post that explains exactly where you can get free FroYo that day.
While you could hit up all your favorite frozen yogurt stores next Monday, here’s an insider tip that will help you spread out the froyo love: Menchie’s is celebrating today instead.
On Feb. 1, from 4-7 p.m., you can get a free froyo at participating Menchie’s (U.S. only).
That’s right: It’s time to get up, shovel the walk, warm up your car, scrape the ice off the windshield and head to your nearest froyo shop for some great deals.
Grabbing your freebie is pretty simple:
- Go to your nearest Menchie’s between 4-7 p.m. Or try the one across town; the lines might be shorter.
- Fill your cup — up to 6 ounces — with your favorite yogurt and toppings.
If your cup is over that weight, you’ll pay for the additional ounces. But the first six are free, so pile on the M&Ms!
Just get a pot on the boil for some tea or hot chocolate to warm up when you get home (or try these tips to get moving and keep yourself warm)!
Stay tuned for more froyo deals to celebrate next week.
Your Turn: What does your ideal frozen yogurt sundae look like?
Dana Sitar (@danasitar) is a staff writer at The Penny Hoarder. She’s written for The Huffington Post, Entrepreneur.com, Writer’s Digest and more. And the correct answer is cake batter with gummi bears.
The post FREE Frozen Yogurt at Menchie’s Today. It’s Never Too Cold for FroYo! appeared first on The Penny Hoarder.
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Savings update: Virgin Money raises top-paying cash Isa rate to 1.51%
Savings rates continue to shift this week with falls outweighing any rises.
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6 Steps to Create a Bare Bones and Profitable Social Media Plan
You can’t achieve success in any area of marketing without taking action.
But it’s possible to take action too quickly.
You want to take action only after you have a solid initial plan to act on; otherwise, you’ll end up doing things that don’t produce any results and only waste your time.
When I see how many marketers approach social media, it’s clear to me they don’t have a plan.
They randomly connect with users, post things, and sometimes send messages to those users.
By basic logic, random actions lead to random results.
And that’s not what we want as marketers.
Instead, you need a plan. This applies to all parts of marketing, but right now, I want to focus on social media.
Social media is one of the most useful marketing channels there is.
It drives an astounding 31% of overall referral traffic on the Internet.
Since just about everyone uses some sort of social media site on a regular basis, almost every business can find its audience on one of them.
But it’s not easy to get those users to your site. That’s where a complete social media strategy comes in.
On top of that, it’s a great idea to have a social media marketing plan. This is a 1-2 page document that outlines the most important parts of your overall strategy.
It’s a great way to make sure all your actions have a purpose behind them and to have something that will keep you consistent over time.
In this post, I’m going to show you a step-by-step process to create your own social media marketing plan.
Step 1: It’s time to get specific—with whom do you want to connect? (Audience)
Any social media strategy or plan always starts with the audience.
The whole point of social media marketing is to get users from a social network onto your site or to buy something (or both).
It sounds basic because it is, but always keep that in mind.
In order to accomplish that, you typically need to “connect” with these people on a social network. That’s how these sites are built; users form a network with other users.
There are a few questions you need to answer here to complete this first step of your plan.
Step #1 – Who are they? Before you even look at a particular social network, you need to figure out what kind of users you’re trying to target.
Essentially, you want to define your niche.
That’s an important job in its own right. You need to get as specific as possible. If you need help, here are some great resources:
- 4 Proven Steps to Finding a Profitable Niche
- How to Research a Profitable Niche Market: Law of Attraction Case Study
- How to Write Like a Pro in a New Content Niche
After you’ve defined your niche, I want you to start a new Word document.
Create a section there, called “Audience.”
Under that, write down your niche.
It should look something like this:
Intermediate marketers of small- to medium-sized businesses looking to improve the effectiveness of their social media marketing.
The more specific you can be, the better. You’ll be able to target users on social networks who are most likely to be interested in your business.
Step #2 – Where are they? Now that you know the type of user you want to target, you need to find out where they hang out.
In general, you want to stick to the networks that have the largest base of those users because they can sustain long term growth for you. However, short term tactics can work on just about any network if that’s what you’re interested in.
Typically, this means that you’ll stick to the biggest networks:
So, how do you determine which network is best for you?
Well, if your niche is mostly determined by the demographics of your audience, it’s possible to pick a network by matching your information to the demographics of a social channel:
Using that chart, you can see that Pinterest, for example, is a great network for any female-dominated niche.
Or you can see that LinkedIn has the highest average income of any network, which makes it great if you sell luxury products of any kind.
The other way you can go about it is to use a tool like Buzzsumo.
If you type in your general niche (e.g., “marketing”) into the top content tool, it’ll bring back a list of the most popular posts (based on social shares).
Here’s an example for a hypothetical productivity site:
You’ll see that one or two of the social networks will dominate the shares of every single article.
In the above picture, Facebook had over 90% of the total shares for each of the top three results.
That’s by far the simplest way to find a good network to target, but keep these two limitations in mind:
- number of networks - Obviously, Buzzsumo is limited to the five biggest social networks. In most cases, this is fine. However, just because a network isn’t on the list doesn’t mean it can’t be a place where your target audience hangs out.
- specificity of articles – When you type in your general niche, you may get results of articles different from those you produce (so they may attract different audiences). To combat this, search for different terms until the results look like the content you usually produce.
Step #3 – With whom are they connected? The final thing you need to figure out is with whom your target users are connected.
Remember that, by definition, social networking sites involve users building a network with other users.
People typically follow those users with whom they have something in common.
The easiest way to find the users you’re looking for is to find people who already work and influence in a similar niche because they will be connected to your target users.
To do this, head back to Buzzsumo.
This time, use its influencers search tool. Type in a few general keywords that describe your niche, and you’ll get a list of people who are well known in your niche:
Sort these by followers, and write down 25-50 of these names.
At this point, your audience section of your social media marketing plan should contain:
- a clear definition of your niche and the people you want to connect with
- the names of the specific networks you will be using
- the names of 25-50 influencers that your target audience is connected to
Once you’ve done that, you can move on to Step 2.
Step 2: What are the commandments of your chosen networks?
Your plan needs to tell you not only what to do, but how to do it.
Create a new section in your document titled “Best Practices.”
The goal is to specify the do’s and don’ts of the networks you’ve chosen.
The users of all networks act in a particular way; they form a “hive mind.”
If someone else has to execute your social media marketing plan, every detail needs to be clear, including how to act on the network(s) you’ve chosen.
If it’s a network you already use, this is fairly easy. But if it’s a new network, chances are you won’t just “get it.” Everyone passes through this phase at the start.
And to get past it, we’ll have to do a bit of research.
Some sites, such as Reddit, have a list of posting rules and best practices:
Many, however, do not.
Instead, you have two main options.
The lazy option is to simply Google something like “best practices for using [social network name].”
Chances are you’ll find a few good resources that summarize this information for you:
The non-lazy way, which is best, is to do a bit of research on the network itself.
Remember that list of users in your niche that you made in Step 1?
These guys have already proven that they know how to use the network effectively. You can learn a lot just by spending 5-10 minutes studying their activities.
Start visiting their profiles one by one on the network you chose.
On this Twitter profile, two things jump out right away.
First is the description.
It’s clear that hashtags (#) and user tags (@) should be used on Twitter when possible.
It’s also clear that Michael has posted a lot of photos and videos. From that, you could learn that Twitter posts with visuals perform best.
Clicking the photos and video links reveals that many of his pictures are real life pictures (as opposed to custom-designed images or screenshots).
Going back to his profile, we can learn even more.
Looking at Michael’s posts, we can see he posts at least 2-3 times per day. I would note this down and compare it with the other influencers.
Additionally, he uses proper grammar along with casual words (e.g., “duh!”) and sarcasm (e.g., it’s all Elon Musk’s fault!).
The key here is to look at 10 or more people on your list and get an overall picture of what type of things matter the most.
If you see that everyone posts multiple times a day, you probably should too.
By the end, you want to make a few conclusions about the best ways to act on the network. The following areas are the best to start with:
- How do they type? – look at how good their grammar is and how casual their language is.
- What content do they post? - images? videos? just text?
- Are there any special features that could affect your behavior? – this will vary from network to network. For example, Twitter has hashtags, limited post length, and even live video streaming with Periscope.
Once you answer these questions, you can create a list of “commandments” for your network and add it to your marketing plan.
Step 3: What is your proposition? (i.e., why should they connect with you?)
Your goal on any social network is to connect with your target users.
In order to do that, you need to understand why users connect with each other on social networks.
Many things go into a user’s decision here, and it’s your job to maximize the attractiveness of your profile.
On most social platforms, there are three main areas of a profile:
- “about” – which contains a personal bio and any other personal information
- statistics - which contains information on your connections (e.g., how many you have)
- your posts - your most recent posts on the site
Here’s what it looks like on Twitter:
Let’s start with your follower count.
Users follow other users for one of two reasons:
- they know them
- they look popular (social proof)
Obviously, you’ll be connecting with many people you don’t know. It helps enormously to have tons of followers. Those followers tell every other user that you are worth following—they act as social proof.
When you first start, you aren’t going to have many followers. Getting followers initially will be harder than later on.
There’s nothing you can do about this other than to accept it and understand that it will get easier.
Buying fake followers is rarely a good solution as it leads to a low engagement rate. On some networks (such as Facebook), it can actually hurt you.
The more important areas to optimize are the other two.
Crafting a compelling biography: You typically have a very limited amount of space for biographies on social networks, so use it wisely.
It’s one of the major things a user will look at when deciding if they want to follow you.
Because you have limited space, you can’t really overwhelm users with your accomplishments.
There are two parts to it:
- what you’re interested in - a quick sentence that describes the topics that you typically post about. Example: “I’m an entrepreneur who likes to blog.”
- why should people care about what you have to say - the rest of your biography should be dedicated to listing things that your target users care about the most. For me, that’s “I have started two SaaS analytics companies.”
The first line tells them whether we have shared interests, and the second part seals the deal. Most of my readers would love to start their own companies (or build theirs up), so mentioning my two successful companies shows that I have something to offer.
Don’t get cute and start talking about your pet cats; focus on your most impressive accomplishment(s), keeping in mind the perspective of your target users.
Post awesome stuff: Duh, right? But it needs to be said, and that’s why we dedicated part 2 to learning how to post effectively on your chosen network.
Users will see your most recent posts. If they think, “Cool, I’d be interested in hearing more from this guy,” they’ll be likely to follow you.
That means you have to continuously post things that your target users love.
You will do that by choosing posting tactics in your overall social media strategy.
Go back to your sheet, and add a new section called something like “Value Proposition.”
Underneath it, create a bio that describes both what you’ll be posting about and why users should listen to you.
In addition, write down any other reasons why a user might want to follow you. For example:
- posts high quality images
- posts frequently
- offers free stuff and contests regularly
Step 4: How will you position yourself against other businesses?
If you come along and start a site just like Quick Sprout, what do you think my users on social media will think when you ask them to follow you?
Pretend you have an almost identical profile and post about the same topics.
Well, most users will decide that they already get enough of that content from me, and they have already built some sort of a relationship with me. So, why would they need to follow you?
But what if you didn’t post the same things? What if you didn’t write at all, but produced high quality videos or podcasts instead?
Now, you have something worth following you for.
Those names that you collected before are your competitors.
If you narrow your niche further down, that will help you stand out a lot. But on top of that, you want to find a way to distinguish yourself on the network so you don’t look like just another copycat.
Important note: Earlier, I told you to study these competitors to learn about the basics of using the network. Now, we’re looking for ways to stand out from these competitors. These are not contradictory.
You’re still going to follow all the basic rules, but you’ll just try to find a way to be more appealing to your target users.
Your approach won’t always be better, but it will be different.
So, how can you stand out?
Don’t be afraid to be creative, but here are a few ideas:
- post content in different formats – be the first to adopt the latest supported content form (like Periscope on Twitter for live video)
- post things related to your niche - instead of publishing just marketing-related information, I also post inspirational quotes of sorts that my audience loves. Not all influencers do this.
- post behind the scenes information - users are always curious and love getting exclusive access. Be more transparent and show what work went into your personal projects (that you later publish in posts).
On your marketing plan, add a line or paragraph that states how you stand out from your closest competitors.
The crucial part here is having at least one reason for a user to follow you that none of your competitors can provide.
Step 5: Your growth strategy
Now that you know which users you’ll be targeting, your next step is to determine how you’ll actually connect with them.
As you grow your network, it will get easier and easier to keep growing it.
At first, however, it can be difficult, and you need a concrete plan that will consistently grow your followers.
In general, there are three different types of social media growth strategies.
Option #1 – Use the reciprocity principle: When you do something nice for someone else, they’re likely to try to return the favor; it’s called the reciprocity principle.
According to Robert Cialdini’s research on the principle,
Favors are typically returned in like (meaning the same way if possible).
This means if you follow someone on a social network, they are likely to follow you back.
And that’s a strategy you can use on many major social networks. It is commonly used on Twitter, Pinterest, Instagram, and others.
The idea is to follow as many of your target users as possible. Usually, around 10% will follow you back (sometimes more or less). Then, you just check a few days later and unfollow anyone who didn’t follow you back.
There are a few important things you need to know about this strategy.
The first is that there are usually limits to the number of users you can follow per day or in total:
The second is that you can use tools to automate this process. Enter hashtags or the names of users who have the followers you want, and the tool automatically follows and unfollows them for you:
Sounds awesome, right?
Unfortunately, most networks will suspend or ban your account if they catch you doing that.
If you’re going to use automation tools like these, try not to follow too many users at once to avoid raising red flags.
When possible, do the process manually (you can still use tools to find the users you want to follow).
Finally, you can actually improve your follow-back rate by changing one small thing in this process: only target users with recent activity on the network.
There are three main reasons a person won’t follow you back:
- they’re not interested
- they don’t want to follow people associated with businesses
- they’re not active on the social network anymore (very common)
The third one is the only one we can do anything about. If you make sure that the user has recently posted something on the network, it shows that they are still active on it.
Option #2 – Followers can be bought: It sounds kind of wrong, right? But it’s true. When you pay for advertising on a social network, you’re essentially buying followers.
I’ll be honest with you, advertising is by far the fastest way to establish a decent-size follower base on any social network.
In addition, it’s usually pretty cheap, and you can typically get new followers for a few cents each ($0.05-0.20 on most networks) once you optimize your campaigns a bit.
You could spend a few months getting your first 2,000 followers, or you could just spend $100 (or less) and have them in a week.
This is worth it for almost every business.
Option #3 – Find followers in groups: The final main growth option is to join groups. Most social networks, including Facebook, LinkedIn, and Pinterest, have groups of some sort.
These groups usually have thousands of members interested in a particular topic.
For example, you can search for a keyword on LinkedIn, e.g.,“marketing,” and find several groups with thousands of members (use the “groups” filter on the left):
Inside the group, people make posts about the group topic, and other members of the group can view and engage with those posts:
You can use groups as a place to find your target users and just follow them (option #1).
Or you can try to engage with posts in the group and eventually make some really good ones of your own.
If you post something really thoughtful, you’ll often get several connection requests as a result.
Time to write it down: You can use as many strategies as you’d like to get followers—they all can work together.
Go back to your marketing plan document. Add a section for “Growth Plan,” and then add whichever strategies you’ve chosen, along with their descriptions.
For example, you might write:
Growth plan (user acquisition)
Advertising
Details: Advertise our business page to the followers of our competition. Budget: $10/day.
Step 6: Your conversion strategy
If you follow your plan so far, you’ll know who and where your audience is, and you’ll have a way (or a few) to start adding those users to your social network.
Combined with your network commandments you came up with earlier and your positioning, you know how to post things that these users will enjoy.
It’s always a good idea to grow your followers as aggressively as possible.
But what you will also notice is that once you get a few thousand followers or connections, you will start getting more of them organically. As you share great content, your followers also share it with their followers, and some of those people will want to connect with you.
And that’s how your social presence and reach will continue to grow.
Now comes the most important part:
How is this going to help your business?
You’ve identified users who might be interested in whatever you sell, but now you have to find a way to get that offer in front of them.
There are two main ways to do this.
Option #1 – Send users to sales pages (aka the bad way): I’m not going to spend much time on this option because it doesn’t work well in the vast majority of cases.
If you post a link to a sales page, very few of your followers will click through to it even if the product might be useful to them.
The main reason for that is they’re in the wrong frame of mind.
People are on social media to stay entertained and get informed, not to buy things.
I strongly recommend you choose Option #2 instead.
Option #2 – Send users to landing pages and content: The big question becomes: “How do you get users into the buying frame of mind?”
The answer is to shift the conversation to a different medium. In particular—email.
People are more than willing to go to sales pages from emails because they approach emails with a completely different mindset.
Your main goal, then, is to get your followers from social media onto an email list.
One option is to post a link to a landing page that has a lead magnet on it.
A good landing page converts at a high rate, sometimes over 50% if the offer is really good.
The more common way to convert social media followers into email subscribers is to send them to your blog content.
Obviously, most blog posts won’t convert as highly as a landing page. On the other hand, your visitors will enjoy the visit more, and your brand will become more likable in their eyes.
More importantly, since they are your followers on a social media platform, even if they don’t convert the first time, you’ll get many more chances to offer them that opportunity.
Go back to your sheet now, and add a section for “Conversion Strategy.” This only needs to be a line or two about how you will turn your social followers into customers.
For example:
Conversion Strategy
Send followers to blog posts that have email opt-ins.
Send an email sales sequence that introduces our product and gives them a chance to purchase.
Conclusion
The top social media sites have millions of users (billions in some cases).
I guarantee that you can find the people in your target audience on at least one of these sites.
If you want to use social media effectively for marketing, you need a plan. And that’s exactly what you should have at this point.
If you’ve written down the things I asked you to in these 6 steps, you should have a simple, clear social media marketing plan (1-2 pages max) that only contains the essentials.
Once you have this, you can flesh out the tactics you will use by creating a detailed social media strategy.
Finally, this plan doesn’t have to be set in stone. If something isn’t working as well as you thought it would or you have an idea to improve your plan, change the plan.
If you have any questions or don’t mind sharing your social media plan with others (for a critique), please do so in a comment below.
Source Quick Sprout http://ift.tt/1Tx2e6j
New fee structure for Halifax and Bank of Scotland Isa investors
Halifax and Bank of Scotland have changed the charging structure on their investment Isas, now charging a percentage of the Isa’s value, instead of a flat fee.
The platform now charges 0.24% a year, split equally into monthly payments. Confusingly, this is described as a 0.24% monthly charge, though the actual amount billed each month will be 0.02%.
Source Moneywise http://ift.tt/1STrzI9
I’ve Made $600 on Etsy Without Crafting Anything. Here’s How
Unless you’re a crafter or vintage item dealer, you’ve probably never considered selling on Etsy.
Traditionally, items sold on Etsy have to be either handmade or vintage. But if you sell tools or supplies to make things, neither of those requirements apply.
I made an extra $200 last month selling needlecraft patterns, kits and supplies on Etsy — and my numbers are growing every month.
Here’s what I’ve learned, so you can do the same.
Find Your Niche
Cross-stitch is a hobby of mine, but selling completed cross-stitch projects isn’t a moneymaker.
Why?
When you consider how long it takes to finish one piece, you’ll never be able to earn a decent hourly rate.
However, because I love to cross-stitch and am active in needlecrafting social media communities, I know the types of kits and patterns needlecrafters want.
I regularly shop at local thrift stores, purchasing kits and patterns for a few bucks each.
Then I mark them up anywhere from 400% to 1,200% and sell them in my Etsy shop. I opened my shop in August and had earned more than $600 by the end of December.
Needlecraft kits and patterns are rarely expensive at thrift shops. In fact, I seem to have little, if any, competition for them. Most of the kits I find are from the 1970s or 80s and still sealed in the original packaging.
Needlecraft is enjoying a renaissance right now.
When an older person passes away, family members see a stash of old needlecraft supplies, assume it’s junk and toss it in a donation box.
Some of it is junk, but some are vintage or out-of-print patterns and can be sold for anywhere from $20 to $100. Not a bad markup for something I typically buy for less than a dollar!
Buy Cheap
Needlecraft patterns and kits already are inexpensive at thrift stores.
But to make the biggest profit, I’m a bargain shopper — even when I’m thrifting.
I know which stores near me have half-off days. I also sign up for their email lists or follow them on Facebook to regularly receive 20% coupons.
Get to know your local stores so you’ll know how to get the best deal.
Listing on Etsy
Etsy charges $0.20 to list an item for four months. Plus, it gets 3.5% of the selling price, which is pretty competitive compared to Amazon and eBay seller fees.
Etsy is a big marketplace, so if you want buyers to find your items, there are a few things you’ll need to do.
Post Good Photos
When people shop online, they can’t pick up the item to feel its materials and textures.
Etsy listings allow you to add up to five photos per listing. Use them all — and take the best, well-lit photos you can.
Etsy has several articles about taking killer photos in its seller handbook.
Before you take the photo, spend a few minutes cleaning up the item. Remove sticker residue and any dust.
Use Photoshop to brighten the photos a bit. Be honest about the condition of the item, but present it in the best light possible.
Write Great Descriptions
Again, your customers can’t inspect products in person, so your description should tell a story, as well as provide useful information.
Buyers want to know the stitch count, size of the finished project and the materials required. If there’s an interesting story behind the design, share that, too!
Use Effective Keywords
Etsy gives you space for thirteen keywords.
Use them all.
Don’t just use generic keywords like “cross-stitch” or “needlecraft.” An Etsy search for the term “cross-stitch” reveals nearly 160,000 products.
Think of a term someone would use to find your specific product.
If you’re selling a vintage car needlework kit, use “vintage car cross-stitch.” A search for that term leads to fewer than 100 products for the buyer to explore. That’s much more manageable.
Share, Share, Share
Unless you’re a lover of cross-stitch, you’d never know about the huge cross-stitch community on Instagram. I set up an account specific to my Etsy shop and regularly share projects I’m working on, as well as interesting pieces I’ve listed for sale.
I definitely see a spike in Etsy shop views when I post photos of the kits I’m listing. I also pin new listings to Pinterest and share them on Twitter.
I’ve even had people send me private messages, letting me know what kinds of kits they’re looking for so I can keep an eye out while I’m thrifting.
How Much Can You Make?
The average needlecraft kit may sell for between $8 and $15, but I often come across rare, vintage kits and patterns that sell for $25 or more.
My shop’s sales started out pretty modest, but as I’ve added items to my shop and gained followers on social media, my sales have grown steadily each month.
I’m not going to be able to quit my day job any time soon, but I‘ve been able to make a profit from something I love doing, and it doesn’t get better than that.
Your Turn: Will you start an Etsy shop for your craft hobby?
Janet Berry-Johnson is a Certified Public Accountant and a freelance writer. Her work has appeared on Scottsdale Moms Blog, Forbes and BonBon Break.
The post I’ve Made $600 on Etsy Without Crafting Anything. Here’s How appeared first on The Penny Hoarder.
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Questions About Car Maintenance, Chess, Checklists, Overwork and More!
What’s inside? Here are the questions answered in today’s reader mailbag, boiled down to five-word summaries. Click on the number to jump straight down to the question.
1. We need a financial plan
2. Checking and savings with interest
3. Student loan paydown best option?
4. Time for financial advisor?
5. What car maintenance is necessary?
6. Savings for specific goals
7. Time to pay off mortgage?
8. Winter storm preparations
9. Figuring out grocery expenses
10. How I get things done
11. Chess: a great frugal hobby
12. Talking to boss about overworking
In the next few hours, our town is anticipating somewhere between a foot and a foot and a half of snow, coupled with blowing winds between 20 and 30 miles per hour. This is prime conditions for some enormous snowdrifts and complete whiteouts where you can’t see your hand in front of your face.
Our snowblower is ready to go and is full of gas. We have plenty of provisions on hand (something I talk about a bit more in question #8). Our kids are anticipating at least one snow day (Tuesday) and possibly more after that. We have lots of blankets in case of a power outage, too.
It feels like Iowa winter has finally truly begun … but it didn’t start until Groundhog Day.
Q1: We need a financial plan
I’m 42, married, with a 2 year old. My husband, who I married just 3.5 years ago, and I have a combined income of about $200K. Of that my income is $135K from a salaried job that is very meaningful and full of opportunity but not making me happy. I work for a small privately owned consulting firm that has no operations in place and that in and of itself drains me daily. My husband runs his own improv and presentation coaching buisness and I think he has more potential than I do, but not the same work ethic. I have about $150K in retirement savings and he has $0. We live in Denver and the housing market is getting bad. We rent from his dad, we are living in a flip they embarked on before I entered the picture and the tiny kitchen is driving me crazy. My primary worry in life is money and security and I want to make the right decisions but don’t know what they are. I’d like to move, I’d like more flexibility at work, I’d like a reliable joint financial plan that we are working toward. We began the house hunt and of course it would pin me down professionally but in the long run may be better for us?? Any advice?
– Julie
It sounds to me like you have a bunch of goals. You want to have security in the form of money in the bank. You want to have a more flexible job. You also want a new house, one that’s probably more expensive than what you have.
The only way you are going to hit those goals is to spend significantly less than what you earn for quite a while. That is the hard part of financial planning, the part that people don’t like talking about. It’s true, though. If you’re spending everything you bring in, you are never going to be able to achieve those big goals that you have.
So, right now, don’t worry so much about a “financial plan.” Instead, worry about accumulating 25% (at least) of your take-home money each month in a savings account. Make 25% of your family’s take-home your goal this month. Then do it again next month. And the month after that.
If you can’t do that, no financial plan in the world is going to help. Sure, you’ll make progress toward your goals, but the progress will be so slow that you’ll be retired before you have enough money to pull those things off.
Focus on learning to live on less. No financial plan works if you can’t pull off that trick. When you have that as your routine and have some cash to work with, then worry about a financial plan.
Q2: Checking and savings with interest
I read your article on letting your money work for you and really enjoyed it. But I feel like the specifics of what account to open to get the compound interest are very fuzzy to me. I just graduated from college and am looking to start saving. What do you recommend?
– Shelley
Honestly, there are a lot of good banks out there that provide a solid interest rate on savings accounts and even on checking accounts. The Simple Dollar maintains a pretty current list of many of those options.
I have been using Capital One 360 for almost a decade in its various incarnations. While they don’t offer the highest interest rate, they do offer the ability to make separate savings accounts for your different goals (each with their own automatic transfer plans from your checking). Add into that the fact that all of my online bill pay stuff is there and I don’t really have a reason to switch away. I like the service they offer.
A savings account is a great way to start building an emergency fund and to save for short-term goals. It’s not the best way to save for long-term goals like retirement. For that, you should sign up for the 401(k) plan at work (which may offer matching funds) or for your own Roth IRA through a brokerage (I use Vanguard).
Q3: Student loan paydown best option?
We’re already maxing out our 401Ks and saving a little each month. Is it ok to aggressively pay down our student loans (in 4.5 years instead of 10), or should we be using the money to invest in something else (backdoor Roth IRA or stocks)?
– Jim
It’s absolutely fine to pay down your student loans, especially given the amount you’re saving for retirement.
I view early payoff of loans as being like an investment with a fixed interest rate equal to the interest on your loan, except that return is tax-free (because you’re paying off that loan early with after-tax money). Naturally, it’s a very bad idea to get into more debt, but given that you already have that debt, eliminating it is definitely a solid financial choice.
Given that your retirement plan at work is maxed out and you name no other significant goals, I’d hammer that student loan.
Jim had a second question in the same email!
Q4: Time for financial advisor?
I’ve put off getting a financial advisor, but now that we have savings and a good amount in 401ks/investments, should we get one? Any advice on a flat fee advisor (not working on commissions)?
– Jim
If you’re going to get an advisor, a flat-fee advisor is definitely the way to go. While many commission-based advisors do give good advice, they do have a financial conflict of interest in terms of guiding you into specific investments.
Having said that, I’m not sure you’re in a state to need a financial advisor. You don’t really need one for your 401(k), nor do you need one for a small cash savings for an emergency fund. If you follow with the advice in question No. 3 and just pay down your debts, you don’t need one for that either.
I don’t think a financial advisor will offer much help at this point. Wait until you’re debt free with some emergency fund built up and then talk to one.
Q5: What car maintenance is necessary?
Recently I took my Camry in for a 200k mile checkup. They suggested all these various flushes and whatnot that I’m not sure are completely necessary, as well as other things (wiper blade replacement, cabin air filter replacement) that I could do easily. The easier things (air filter replacements) they’ll charge upwards of $100 for, but it is a $5 filter and is pretty easy to do yourself. The various flushes are a bit more confusing, but after some quick googling, not all of them appear to be necessary.
Do you have advice on which car maintenance items are truly necessary, and which are common “up-sells” that may not be completely necessary?
– Lynn
Every single bit of maintenance that your car needs is spelled out in your owner’s manual in the maintenance section. That’s really all of the guidance that you need.
The manual will go through all of the things that need to be maintained on a schedule and the ones that need to be maintained as needed. Follow that guide to the letter and you’re fine.
As for doing it yourself, take a look at that maintenance list and decide for yourself which ones you think you can tackle. Some of them will be easy. Other ones might be tricky. Leave the trickier ones to the auto repairman.
Photo: Bob ‘n’ Renee
Q6: Savings for specific goals
Really can’t solve this budgeting dilemma. Trying to determine what percent of income we are saving, should I count things like: savings for next car, next vacation, child’s college account? Are we really “saving” this money, if we know it will eventually be spent? To my way of thinking, financial freedom savings are monies saved with NO INTENTIONS of being spent — that money’s job is just to grow and earn more money. So do we count those other savings, or how to think about this quandary?
– Marjorie
I view all savings as money that will eventually be spent. However, some of that money will be spent after I die and take the form of gifts to my children or donations to charities.
Because of that, I always count everything I am saving. Eventually, I am going to spend it. My final wishes for how to spend the remaining money is in my estate plan.
Furthermore, if I am ever in a real pinch, I can take money out of my accounts if I need to. I can tap them for things that I may need. Those accounts, even if I plan to never touch them, are an asset that I can use if a crisis ever occurs.
For those reasons, my net worth calculations include every dime that I have in the bank.
Q7: Time to pay off mortgage?
I’m 29 and my husband is 32. In May, we have the opportunity to pay off our mortgage (our only debt).
A few more facts about our financial situation:
· According to the assessor’s website, our house is worth $132,200 (possibly more after an appraisal as we’ve done numerous home improvements); he purchased it for $125K in 2012 and we plan on living there for at least another 5-7 years.
· After paying off our house, we would have $45K left in liquid funds, which would constitute our emergency fund.
· We have a combined gross income of about $90K/year.
· I currently have about $30K in my retirement accounts; my husband has about $15K.
· We net about $4,700 a month after all deductions (including retirement), and our monthly spend is about $1,200 (excluding our current hefty mortgage payment of $1,091).
· Our financial goals: to be debt free and live off his income while saving/investing mine.
· Our interest rate on the house is 3.75% and the money we would use to pay the mortgage is currently split between savings (earning nothing) and stocks.
I know people advise against paying off a mortgage early for a variety of reasons (no tax deductions, better investment options, etc.). From my perspective, however, I think this is a great opportunity for our situation. We’ve talked it over with both our parents and I’d be interested to get your two cents.
– Stacia
I don’t buy into those reasons against paying off a home early unless you have a huge mortgage. For a small mortgage like what you have, for a married couple, it’s not offering huge tax benefits beyond what you can get from your standard deduction, and any investment options that beat your mortgage interest rate are going to include a healthy spoonful of risk.
On the other hand, paying off your mortgage early improves your monthly cash flow, meaning you’re free to switch jobs if you want or save a huge amount each month for your other goals.
For me, rather than arguing about dry dollars and cents here, it comes down to personal goals. If you’re excited about paying off your mortgage, pay it off. You’re going to be glad that you did it. You won’t regret it. It’s not a bad financial move no matter how you spin it.
Q8: Winter storm preparations
What extra preparations do you do for your family when you hear that there is a big winter storm coming?
– Kellen
As I alluded to in the introduction to this article, we are preparing for a big winter storm as I write this.
Here are some of the things that we do:
- We have enough food and beverages on hand that we could survive for a few days without any electricity or running water without any problem.
- We have enough food on hand to survive for quite a while if we’re snowed in.
- We have tons of blankets sitting in a pile in our family room if we lose power.
- We have lots of flashlights in a couple places around the house, too.
- We have our electronic devices, like cell phones and such, fully charged, and have our battery chargers fully charged, too.
- We have a snowblower and a full container of gas, as well as multiple snow shovels.
We’re pretty ready for whatever may come. If those resources aren’t enough to help us get through, then we’re having the worst winter storm of all time.
Q9: Figuring out grocery expenses
I am 34, husband is 33, three kids under 8 at home. We do pretty well financially with one big problem. Whenever we go grocery shopping the bill ends up way bigger than we expect. We go home and go through the receipt and pretty much everything is necessary but maybe two or three things and still the bill is just huge.
I don’t understand how we can be spending $350 a week for groceries. That’s like $1,400 a month! I think there is something fundamental we are doing wrong.
– Eva
There could be a lot of things going on here, but my main suspicion is that, when you go grocery shopping, you approach it without a clear plan in mind.
I strongly encourage you to try a process of making a meal plan for the week before you ever go grocery shopping, then make a grocery list from that meal plan. Make the meal plan by looking at the grocery store flyer (which you can find on your store’s website) and choosing meals that utilize items that are on sale at the store. Then, for each meal, add the items you need to your grocery list, many of which will thus be on sale because you chose items for the meal plan from the grocery sale flyer. Then, go around your house and check on your usual staples and household supplies – if you need some, add them to your list.
When you’re in the store, go for lower cost brands and generics for many of the things on your list. You might find that you don’t like the generics in some cases, which just means that you’ll buy the non-generics the next time. In many cases, though, you’ll find the store brand version works just fine.
Also, stick to the list. Don’t buy stuff not on your list because you think you need it. Your list should tell you everything you need.
I’m willing to bet that if you’re not doing those things and you try this approach at the grocery store, your bill will fall drastically.
Q10: How I get things done
I enjoy your occasional articles on time management and the new strategies you are figuring out and utilizing. I thought I would share my simple strategy for managing time and to-dos.
On Sunday night or Monday morning, I make a big to-do list for the week. I make it in Todoist and I have an iPad Mini and an Android phone. So during the work day I keep Todoist open on my iPad Mini on my desk and I check off items as I do them. If something comes up I add it to the list. I tag everything as “work” or “personal” or a few other tags like that so I can see just “work” tasks if I want.
At the start of each day, I make three or so work tasks and three or so personal tasks have a top priority so that they rise to the top of the list.
The weekend free time usually revolves around emptying items off the list so I can have a fresh start on Monday.
– Marcus
That’s a pretty solid way of doing things. In fact, it’s not all that different than how I do things myself these days. I have something of a running to-do list – not a weekly one, per se, but a running one with everything I need or want to do on it – and then each day I pick a handful of items and make them high priority. Usually, a few are work related, a few are household related, and one or two are fun tasks that I’ll enjoy.
Like you, I use Todoist for this, but I have two monitors on my desk. The one on my right always has Todoist open with my to-do list showing. I usually keep it sorted with the high priority stuff on top.
I do a weekly review and delete some items and usually add a few more to it.
However, one thing that’s really useful for me is that I always have a piece of paper and a pen on my desk for jotting down notes and thoughts while I’m working. That kind of free form note taking enables me to jot down almost anything that comes to mind. Then, I deal with what’s on that sheet when I have some downtime and my current task is completed. That strategy just seems to work really well for me.
Q11: Chess: a great frugal hobby
I just wanted to make a pitch for you mentioning chess as a great frugal hobby. My area has a chess club that meets once a week for practices and discussions and we also host and attend tournaments regularly. All you really need for excellent practice is an internet connection, though a board and pieces are useful (maybe $10). The only expenses are “nice” chess sets (which I’ve received as gifts, honestly, because the cheap ones are fine by me), a clock (if you have someone away from the club to practice with), and maybe some books (again I usually get them as gifts). My only expense with chess is going to club meetings and occasional tournament costs. It’s a social outlet and definitely a thinking outlet for me.
– Heather
I agree that chess can be an inexpensive hobby. The wife and oldest child of one of my close friends are into competitive chess and participate in chess clubs and tournaments. He reports that it is pretty low cost other than the tournaments, which matches your experience, and some of the software they use. They usually both get a few chess books (that they request) for Christmas.
I’m always in favor of low cost hobbies that can absorb lots of hours if you’re into it, and chess definitely falls into that group. It’s a game that I’ve taught to my two oldest children and play it with them occasionally.
I tend to think that chess is like many other board games. If you put a lot of time into them to understand the strategies deeply, you’re going to get very good at the game and beat everyone around you. Doing that can be very rewarding.
Q12: Talking to boss about overworking
I have a job where I genuinely like the work provided it comes at a pace I can handle in a 40-45 hour workweek. The problem is that I’m competent at what I do, so my manager’s response is to keep adding more and more stuff to my workload and expecting that I will stay later and later. My average workweek this month has been about 75 hours.
This isn’t acceptable to me. I have three young kids at home and I want to spend time with them.
I am trying to figure out how to talk to my boss about this without being a complainer. Do you have any suggestions?
– Susan
That’s really a tough situation, but it’s one you shouldn’t have to live with.
If I were in your shoes, I’d sit down with your immediate supervisor and explain exactly what’s going through your mind. Make it clear that the extended workload is leading you straight to burning out because it’s taking you away from the other important things in your life. Work went from taking up 40% of your waking time, which is manageable, to 70% or so, which isn’t manageable for a parent or a person who wants to have any life outside of work.
If your supervisor responds negatively in any way, you should start looking for other work. You should not have to sacrifice your family at the altar of a job, ever. That’s never acceptable.
Having said that, many people put up with this kind of treatment because they are in a tight financial state. They can’t afford to put their job at risk because they’re living paycheck to paycheck, so their boss can do this to them. This is especially true of competent people who want to do a good job – they’ll try to do what’s asked of them and it will keep building up until life is difficult.
The key, of course, is to have money in the bank so that you can financially handle a job change. You should also have an up-to-date resume and a skill set that other people are going to want. Having those things in your back pocket makes it a lot easier to stand up for yourself at work. It’s yet another amazing thing that frugality can help with.
Got any questions? The best way to ask is to follow me on Facebook and ask questions directly there. I’ll attempt to answer them in a future mailbag (which, by way of full disclosure, may also get re-posted on other websites that pick up my blog). However, I do receive many, many questions per week, so I may not necessarily be able to answer yours.
The post Questions About Car Maintenance, Chess, Checklists, Overwork and More! appeared first on The Simple Dollar.
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EE brand to remain following BT takeover
EE customers won’t see any change to their contract or prices for now, as new owner BT confirms the mobile brand will remain.
Telecoms giant BT, which became the official owner of EE on Friday 29 January, says it will retain the EE brand, network and its hundreds of high street stores.
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Why No One Should Get an 84-Month Car Loan (Ever)
Experian’s quarterly “State of the Automotive Finance Market” report gets worse each time I read it, and the third-quarter summary for 2015 (the most recent available) was no exception. The credit reporting agency’s ongoing analysis packages the horrors of American consumerism into easy-to-read charts and graphs so ugly they’ll make your eyes bleed. Want more details? Let’s dig in.
In the third quarter of 2015, the average monthly car payment surged to $482, up $12 per month from the year before. But, brace yourself, it gets worse. The average term of a new car loan is now 67 months – or five-and-a-half years.
In other words, we’re not only paying more than ever per month for our cars, but we’re paying it longer than ever, too.
More depressing is the fact that the average new car loan surged to $28,936 during this time — that’s just a hair less than the average debt burden of college students who graduated from four-year schools in 2015. Sure, you can’t drive a bachelor’s degree — but a new car doesn’t increase your lifetime earning potential by nearly a million dollars.
All of those facts combined paint an ugly picture of our love affair with cars we can’t truly afford. Sadly, the news keeps getting worse – with no end in sight. If you think a 67-month-long car loan sounds crushing, you ain’t seen nothing yet.
I’ll Take the 84-Month Car Loan Behind Door No. 5, Monty
In order to make new (expensive) cars more affordable for the average consumer, some lenders have rolled out super-sized loans with enormous timelines. According to the Experian study, the average loan term for deep subprime borrowers buying new cars was 72 months long – or six full years.
Then there’s the 84-month car loan. Consumer Affairs wrote about this awful idea last year, noting the many reasons why a seven-year car loan is the worst of all worlds. Only a few lenders have rolled out this product, the piece notes, but not because they’re worried about consumers getting in over their heads; it’s mostly because car companies want you to buy a new car more often than every seven years.
Five Reasons to Avoid 84-Month Car Loans Like the Plague
An 84-month car loan will make your monthly payment more affordable – that’s a fact. But it will also drag that payment out so long you’ll eventually beg for mercy.
No one – and I mean no one – should consider taking out an 84-month auto loan under any circumstance. Here’s why:
Reason #1: You’re going to pay a lot more interest over time.
Experian lists the average interest rate and loan amount on new vehicles to be 4.6% and $28,936, respectively, for the third quarter of 2015. If you borrowed that money for the average loan term of 67 months, you’d pay $491 per month and fork over $3,930 in interest during that time.
But, what happens when you take out an 84-month car loan? If you managed to get the same decent interest rate (which is unlikely), your monthly payment would drop to $404 per month – but for a full seven years. Lastly, you would pay $4,963 in interest over the life of the loan, over $1,000 more.
And if you weren’t able to secure such a low interest rate, your total costs could really skyrocket from there. Want to play around with the numbers? Check out our debt payoff calculator.
Reason #2: Your loan will definitely be upside down.
A new car depreciates 9% the instant you drive it off the lot, according to an analysis by Edmunds.com. A year later, that same vehicle has lost almost 20% of its value. And by the end of year five – which is normally the end of any new car’s warranty period – your prized possession could be worth as little as 37% of what you paid for it.
Accepting an 84-month car loan means you’ll achieve a lower payment, yes, but it also means paying down your loan’s principal at a turtle’s pace. And while a smaller payment may be easier to manage, it means you may owe more than your car is worth for a long, long time — which can leave you on the hook to pay the excess balance if you sell your car or it gets totaled in an accident.
Reason #3: There is no such thing as an 84-month manufacturer’s warranty.
If you’re able to stomach the extra interest you’ll pay, an 84-month car loan might seem like the ideal way to score a low payment. But, what happens when your manufacturer’s warranty expires?
Let’s face it: Six- and seven-year-old cars start needing pricey repairs, and when your car isn’t under warranty, you’ll be on the hook for those expenses. That wouldn’t’ be so bad if you owned your car clear and free by that point, but your 84-month loan makes that impossible.
In other words, you may need to pay for expensive, old-car repairs while you’re still carrying that hefty new-car payment. That’s a double whammy you’ll want to avoid.
Reason #4: You’re probably buying more car than you can afford.
Another reason to avoid 84-month car loans is a simple one. If you have to make payments on something for 84 months in order to purchase it, chances are good you can’t afford it in the first place. The big exception is, as always, a house you and your family plan to live in.
Here’s the cold, hard truth. Financing cars, boats, cell phones, and furniture obfuscates the real cost – it takes what you would normally pay (in the case of the average new car, about $30,000) and breaks it up so it isn’t quite as painful. That might make driving off the lot easier on your wallet, but it will make you a whole lot poorer over time. Saving the money ahead of time and paying for a car in cash may force you to wait longer for what you want, but it forces you to be realistic about what you can actually afford.
Reason #5: Your car is a depreciating asset.
Remember how fast your car loses its value once you drive off the lot? After five, six, or seven years, your car will be worth a small percentage of what you paid.
Kelley Blue Book lists the 2016 Honda Civic base package listed with an MSRP of $19,475. Yet, similar 2008 models are going for anywhere from $5,523 to $6,722 at dealerships – and even less if you buy one from a private seller. And that’s for an automaker that fetches higher-than-average resale value.
Let’s face it: No matter how much you love your new car, you will eventually give it to your teenager, trade it in, or sell it on Craigslist for a few thousand bucks. If you get plenty of use out of it first, that’s perfectly okay. But don’t use an 84-month loan to dump more money than you can afford into a poor investment.
The Bottom Line
If you’re an average American, you’ll pay $482 a month long enough for your newborn to hit kindergarten, and all for the sake of driving a car that will be worth almost nothing when you’re done. If you want to double down on that mess, you can take out an 84-month car loan and spend a couple more years hoping it doesn’t break down until it’s paid off. Or worse, you’ll trade it in near the end of your loan’s term and start the entire process over again from scratch.
Don’t be average. A quick look at the math – and the facts – should be enough to turn you away from the dealership’s siren call. That new-car smell will fade quickly, but that loan may never go away.
Despite whatever your car dealer told you, you need an 84-month car loan like you need a case of herpes or a broken leg. While you may need to borrow money to afford a reliable car to get to work, there are plenty of better car loans to consider that won’t last seven full years of your life.
Do you think 84-month car loans are too long? Why or why not?
The post Why No One Should Get an 84-Month Car Loan (Ever) appeared first on The Simple Dollar.
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Which Colleges’ Grads Make the Most Money? Here’s One in Every State
Choosing a college is a big decision.
Not only do you want an environment you’ll enjoy, but you also need a return on your (huge) investment.
We’ve talked before about the nation’s best value colleges — but which schools’ students make the most money later in life?
The Colleges Whose Students Make Bank
Business Insider has the answer.
It recently analyzed data from College Board and the U.S. Department of Education’s College Scorecard to determine the college in each state where students go on to earn the most money.
And you probably haven’t heard of most of them…
In Florida, home of The Penny Hoarder, the winner is Embry-Riddle Aeronautical University — where the median earnings of 10-year graduates is $60,900.
In Michigan, where I went to college, Kettering University comes out on top: Its students earn a median of $74,900 10 years after graduating. I loved U of M… but that kind of money would sure be nice!
Which school crushes it in your state? Click here to see the full list!
Your Turn: Would you choose a school based on these figures?
Susan Shain, senior writer for The Penny Hoarder, is always seeking adventure on a budget. Visit her blog at susanshain.com, or say hi on Twitter @susan_shain.
The post Which Colleges’ Grads Make the Most Money? Here’s One in Every State appeared first on The Penny Hoarder.
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Want to Save Hundreds on Your Medical Bills? The Solution is Probably Staring You in the Face
I desperately needed to visit the doctor. But I didn’t have enough money to pay for an office visit.
Like many Americans, health care is an expense I struggle to fit into my budget. A simple 2014 visit to the emergency room left me with a massive bill.
I vowed never to let that happen again.
My income puts me in the limbo zone, where quality health insurance isn’t quite affordable, but income-based assistance also isn’t an option.
So the financial expense becomes the determining factor in my medical decisions.
When it comes to non-emergency care, the costs of office visits and wellness treatments send shivers up my spine. I put off my annual exam at the optometrist, and stretch my dental cleaning appointments as far apart as possible.
I’ve also relied on confusing discount programs and prescription savings cards to fill in the gaps in my health care coverage. Still, routine care costs too much.
And yet, just a few weekends ago, I enjoyed a consult with a top-tier physician, received a customized treatment plan and scheduled a follow-up appointment — all for the bargain-basement price of $40.
Did I mention it was on a Sunday?
There’s only one catch: You’ve got to be open to online health care.
Discovering the World of Telehealth
Exasperated after months of not visiting a physician, I Googled “affordable dermatologists” in my area.
Suddenly, I was introduced to a new world: telehealth, also known as telemedicine.
Sure, I’d heard of paying for advice from online health experts, and I’ve used services like ZocDoc to make appointments with local practitioners.
But I didn’t realize I could virtually visit a board-certified medical professional online.
How Telehealth Works
An iPhone app called Spruce lets you virtually meet with a dermatologist.
Doctors use the platform to address a wide range of common skin conditions, from acne to eczema — and nearly everything in between.
The app carefully walked me through a detailed questionnaire, provided disclosure info about HIPAA regulations, and even allowed me to submit photos for the doctor to review.
I plugged in my credit card information and crossed my fingers.
A few hours later, I received a detailed message from the specialist assigned to my case.
A Vanderbilt-educated physician — who has offices in San Francisco and New York — gave me a detailed treatment plan and sent my prescription to the Costco pharmacy near my apartment, just as I asked.
Oh, did I mention the free follow-up visit 30 days later?
The app even linked me with a dedicated care coordinator, who offered guidance on finding affordable medications and scheduled my follow-up appointment.
She carefully researched local drug prices and even volunteered to transfer my prescription to save me more money.
Does your traditional doctor’s office do that?
Exploring Additional Telemedicine Options
My positive experience with distance dermatology left me wondering: What other medical treatments can one receive via the web?
As it turns out, dermatology is far from the only specialty with digital consult options.
Services like virtuwell and Teladoc connect patients with nurse practitioners and physicians who treat the common flu, provide guidance for lice eradication and even prescribe birth control.
Of course, speaking to your doctor online does have limitations.
I’ll still need to schedule an in-person visit for my eye exam, and many ailments require lab tests and physical scans for proper diagnosis.
But virtually visiting doctors is definitely a savvy way to start saving money on your medical bills. Plus, if you’re using a service like Spruce and aren’t satisfied with your visit, you’ll get a full refund.
You may also find a specific telemedicine platform doesn’t offer consultations in your state. Regulations governing the admission of virtual medical guidance vary greatly across the U.S., so check the FAQ before signing up.
Will You Try Telehealth?
More than half of all hospitals in the U.S. use telehealth solutions, the American Telemedicine Association reports. The growing trend will likely lead to many exciting future treatment options for both doctors and patients.
But as far as I’m concerned, paying less than $50 for an office visit is reason enough to celebrate.
Your Turn: Would you consider visiting a doctor online to cut your medical costs?
Disclosure: This post contains affiliate links. By checking out this featured content, you help us bring you more ways to save!
Adam Zetterlund is a digital marketing strategist and writer living in New York. When not furiously scribbling in his notebook, he can be found enjoying long walks with his cocker spaniel, Oliver.
The post Want to Save Hundreds on Your Medical Bills? The Solution is Probably Staring You in the Face appeared first on The Penny Hoarder.
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