Divorce and custody cases can get very heated in court.Stroudsburg attorney Jeff Kash founded the Kash Fedrigon Belanger law firm, which handles primarily family court cases and is now celebrating its 25th year in existence."Custody cases are always the most emotionally challenging," Kash said recently at his 820 Ann St. office. "Parents are being forced into a reality where they'll now have less access to their children."I try to get my clients to see that their cases, [...]
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الثلاثاء، 9 أغسطس 2016
Rite-Aid on verge of major Lower Main St. project in Stroudsburg
Rite-Aid pharmacy developers are two steps closer to beginning construction of their lower Main Street relocation project in Stroudsburg.After reaching an agreement of sale with council for the borough-owned McConnell Street access near Third Street last week, developers received unanimous approval from the Planning Commission for requested modifications on Monday.Developers will meet with the zoning hearing board next week to request ordinance variance grants on a litany [...]
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Ask GFC 005: Do Tax-Deferred Accounts Make Sense if Tax Rates Will be Higher?
Welcome to another Ask GFC! If you have a question that you want answered you can ask it here.
If your questions get featured on GFC TV or the GFC Podcast, you are the lucky recipient of a copy of my best selling book, Soldier of Finance, and a $50 Amazon gift card.
So what are you waiting for? Ask your question now!
I might have been waiting my entire professional life for someone to ask this question, and someone finally has! GFC reader Ron M. asked the following question:
If we think taxes are going to be higher in the future, does it make sense to invest in tax deferred accounts? I like the idea behind the ROTH but contributions are very limited. How would you advise someone in that position?
– Ron M.
Thank you Ron, this is an outstanding question.
The general assumption is that we save money through tax-deferred accounts while we are working and in a higher tax bracket. We then withdraw the money in retirement, when we are in a lower tax bracket.
But that assumption may not be true, certainly not for everyone.
Taxes could actually be higher by the time you retire then they are right now. It could happen either because tax rates are increased in the future, or because you may find yourself earning more money during retirement than you are right now.
After all, right now you are living on paycheck, but when you retire there may be Social Security, pension income, income from retirement savings, and even some continuation of income from a job or business.
Either situation can put you into a position of dealing with higher tax rates in retirement than what you are facing right now.
If so, do tax-deferred accounts make sense?
Tax-Deferred vs. Tax-Free
On a day-to-day basis, I’m not sure that everyone fully comprehends the difference between the two. Tax-deferred means that the assessment and payment of taxes is put off until a later date. Tax-free means no taxes, ever. I’m not sure that that difference is fully appreciated when people are funding their tax sheltered retirement plans.
With the exception of the Roth IRA, virtually every other tax-sheltered retirement plan is tax-deferred. It’s a good deal, in that your contributions are tax-deductible, and the investment earnings accumulate in the plan without immediate tax consequence. But the day will come when taxes will be due on both your contributions and the investment earnings in the plan. That day will come when you retire, and you begin taking plan distributions.
The point is, again with the exception of the Roth IRA, no tax sheltered retirement plan actually provides you with true tax-free withdrawals when you retire. That means that you are actually backloading – or deferring – the tax liability to a future date.
When we assume that we will be in a lower tax bracket when we reach retirement age, we’re really speculating. In truth, we have no idea what tax rates will be by then, or even what our own individual income and tax situations will be.
Getting back to Ron’s question, we need to clearly establish the difference between tax-deferred and tax-free. Most retirement plans will merely be tax-deferred. They will not help if we’re in a higher income situation.
Accounts that Will be Taxable in Retirement
I believe that much of the confusion between tax-deferred vs. tax-free in regard to retirement plans is the result of the fact that most retirement plans are incredibly tax-advantaged while we are building them up. Not only are the contributions tax-deductible, but the investment income activity creates no immediate tax liability.
With that kind of scenario, it’s easy to confuse the ultimate tax status of such accounts.
But as I’ve already said, most retirement plans are tax-deferred, not tax-free. The list includes:
- 401(k) plans
- 403(b) plans
- 457 plans
- Traditional IRAs
- SIMPLE IRAs
- SEP IRAs
- Solo 401(k) plans
Traditional defined benefit plans are also taxable, though increasingly few people are covered by them anymore.
The point is, you can accumulate a considerable fortune in one or a combination of these plans. The tax deductibility of contributions and the tax deferral of investment income makes that even more possible. But if you retire with $1 million or substantially more, you could be looking at a hefty tax liability when you start taking distributions.
Complicating this is the fact that at some point you will be required to begin taking distributions from the plan. In fact, a provision known as required minimum distributions, or RMDs, means that you will be required to begin taking distributions from your plan once you turn age 70 1/2.
If you wait that long to begin taking distributions, your plan maybe even larger than what you imagine right now. Since the RMDs will be calculated according to a predetermined IRS formula, you’ll have no ability to reduce the distributions in order to lower your income tax liability.
It’s not an exaggeration to say that large tax-deferred retirement savings plans are potential ticking time bombs, at least in regard to income tax liability.
Accounts that Will be Tax-Free in Retirement
Fortunately, there are ways to save money for retirement that are actually tax-free, and not just tax-deferred.
Several times I’ve mentioned the Roth IRA as an exception, and it truly is. A Roth IRA works much like a traditional IRA, in that you can contribute up to $5,500 per year (or $6,500 if you are 50 or older), and the investment earnings on it are tax-deferred (this will matter only if you take early distributions, as the earnings will be taxable if you do).
But a Roth IRA departs from a traditional IRA in three very important respects:
- The contributions you make to a Roth IRA are NOT tax-deductible,
- Distributions from a Roth IRA are actually tax free, if you are at least 59 1/2 years old, and have participated in the plan for at least five years, and
- RMDs are not required with a Roth IRA, meaning that distributions from the plan will not increase your tax liability (the Roth is the only tax favored retirement plan that is not subject to RMD’s)
If you anticipate having a very large retirement portfolio, a Roth IRA is a brilliant tax diversification, and a virtual must-have account.
Apart from a Roth IRA, you can also save money for retirement outside of dedicated retirement plans. This means saving up money in stocks, mutual funds, exchange traded funds, or real estate investment trusts, in a regular taxable investment account.
There will be no tax deduction for contributing to these accounts, nor are the investment earnings tax-deferred. But since the money accumulates on an after-tax basis, you can withdraw it any time – including retirement – without increasing your tax liability.
Best Strategy: Be Prepared for Anything!
Ron asked if tax-deferred accounts will make sense if tax rates will be higher in retirement. In my opinion, they will, but we also need to consider the this in the broadest sense possible.
Part of the reason I believe tax-deferred accounts still make sense even with the prospect of higher taxes is that we can’t know if that will be the outcome. We’re attempting to predict the future here, and that can never be done. Having tax-deferred accounts will see you well-prepared in the event your tax rates are lower. We can’t discount that possibility.
Ultimately, the best strategy is balance, which means being prepared for either outcome.
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If you have tax-deferred accounts, you will be prepared for lower tax rates when you retire. But given the possibility that rates may be higher at that time, you should also include tax-free investments in the mix.
That should certainly start with a Roth IRA. Yes Ron, contributions to the plan are low, but you can always do a conversion of other tax-deferred retirement accounts to a Roth IRA, increasing the size of the account substantially.
You can also supplement your Roth IRA account with regular taxable investments that are held outside of a retirement plan. Yes, the earnings on those plans will continue to be taxable, but your withdrawals will not be. You can take money out of those accounts anytime you want, without creating a tax liability.
So the short answer to Ron’s question is be prepared for both higher and lower tax rates in retirement. That means having both tax-deferred and tax-free savings. With that strategy, you can’t lose no matter what happens.
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How Bloggers Can Make Money With Affiliate Marketing
By Holly Reisem Hanna One my favorite ways to monetize my blog is through affiliate marketing. In fact, it was the first method I utilized when I launched this site back in 2009. The great thing about affiliate marketing is you can start it at any time (you don’t need to have a ton of […]
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Hulu’s Not Going to Be Free Anymore…. Unless You Use This Trick
Unlike many of my office friends, I’m not obsessed with “Vampire Diaries” — and the last time I watched “Grey’s Anatomy” was in high school. (It was a great mother/daughter Sunday ritual, and thankfully only got a little weird during sexy scenes.)
But if you’ve been keeping up with the Seattle Grace — excuse me, Grey Sloan Memorial — crew, you may have undergone a recent blow.
After giving us nine long years of happy, wallet-free watching, Hulu is ending its free streaming services.
From now on, users will have to pay $7.99 a month — or more, if they want to ditch commercial interruptions.
Unless, of course, you know this trick.
You Can Get Hulu for Free — Even Though It Put Up A Paywall
If you’ve been following along for a while, you may recall our article outlining how to get Netflix for free — even after it raised its prices.
That’s because brilliant contributor Douglas Clinton was able to find a way to hack the BankAmericard Better Balance Rewards Card’s reward system. (And no, it’s not paying us to tell you this — we just found a way to use its terms to score a great deal!)
As it turns out, you can use the very same steps for your Hulu account. In fact, if you choose the $7.99 “limited commercials” option, you’ll even get some free money out of it.
You’ll want to see the original article for full details, but here’s the short version:
1. Open a Bank of America checking or savings account. Make sure to set up direct deposit or keep a balance of at least $1,500 in your account to avoid the $12 monthly maintenance fee.
2. Sign up for the BankAmericard Better Balance Rewards Card.
3. Update your Hulu payment information to charge your Better Balance Rewards Card.
4. Pay the card off in full each month to reap a $25 reward at the end of each quarter.
5. Set up the reward to deposit directly into your Bank of America checking or savings account to get an extra $5 reward.
That’s $30 in free cash back every three months — all for developing the good behavior of paying your credit card balance all the way down.
And since that three months of Hulu will only have cost you $23.97, you’ll have gotten it all for free.
In fact, you’ll have earned $6.03, which will cover about two lattes or half a bottle of decent wine. Talk about a win-win.
Hulu or Netflix?
Obviously, if you use this hack for your Hulu account, you can’t use it for free Netflix, too.
And if you choose to forego any commercial breaks in your Hulu experience, this hack won’t quite cover your “Say Yes to the Dress”-related expenses… although you’ll only be on the hook for $5.97.
So how do you choose which service to accompany your nightly “chill” sesh?
If you want your experience to be totally free, you’ll still have to deal with some commercial breaks from Hulu — not so with Netflix.
But if you like your TV in real-time, Hulu might be a better option. Netflix notoriously doesn’t get its hands on shows until they’re well past their air dates.
Then again, both platforms also produce their own original content. So if you just can’t miss an episode of “Orange is the New Black” or “Casual,” that might make the decision easier for you.
No matter what you choose, the steps above will make your streaming habit free or nearly free — so you can feel a little less guilty about your next binge.
Your Turn: How excited are you to keep watching Grey’s Anatomy for free?
Jamie Cattanach is a staff writer at The Penny Hoarder. Her writing has also been featured at The Write Life, Word Riot, Nashville Review and elsewhere. Find @JamieCattanach on Twitter to wave hello.
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Write, Get Paid, Repeat: 6 Remote Writing Jobs Open Right Now
Writing and remote working go together like Channing Tatum and “Pony.”
And, although you can start your own freelance writing business, sometimes it’s nice to have a steady paycheck.
So here are six work-from-home writing jobs hiring right this second…
6 Remote Writing Jobs You Could Get Today
Sick of constantly pitching freelance articles? Snag one of these remote writing jobs.
1. Content Specialist at Aha!
As a content specialist for software startup Aha!, you’ll be part of a fast-growing company that’s “changing the way people think about developing new products.”
You’ll receive a “generous” salary, equity, benefits and profit sharing.
2. Staff Writer at Ballotpedia
The “Encyclopedia of American Politics” is headquartered in Wisconsin, but its staff writer position is remote.
Your salary will be between $30,000 and $39,674 per year, along with a $6,000 stipend you can spend on benefits or receive as part of your salary.
3. Content Creator at RawSpiceBar
Calling all foodies! RawSpiceBar is searching for a content creator to produce “creative food & product related content” for its website, blog and social media platforms.
You must have a bachelor’s degree and at least one year of marketing experience. It’s a part-time contract position with the potential to turn into a full-time role.
4. Celebrity Writer at The Cheat Sheet
Is TMZ your homepage? Then you might be the perfect fit for this celebrity writer job at The Cheat Sheet.
You’ll need a four-year degree or equivalent experience, plus a passion for celebrities and entertainment. The company offers “competitive” salaries, health insurance and 401(k) contributions.
5. Content Writer at Toptal
Toptal is a platform connecting top freelance designers and developers with top businesses. And right now, it needs a content writer to help tell its story.
You’ll write “a mix of case studies, white papers and thought leadership pieces.” To be eligible, you must have experience writing about professional services and an understanding of the tech industry.
6. Copy Editor at Little Things
This part-time copy editor position for Little Things sounds like a lot of fun. I mean, one of the requirements is a “basic knowledge of lifestyle categories – animals, baby, DIY.”
You must have one year of copy-editing experience, and be available to work 10 hours per week: six hours on the weekend and four hours on one weekday afternoon or evening.
What are you waiting for? Get writing those resumes and cover letters!
Your Turn: Will you apply for any of these jobs?
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 Write, Get Paid, Repeat: 6 Remote Writing Jobs Open Right Now appeared first on The Penny Hoarder.
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Comparing Your Many Credit Scores
Credit scores make the financial world go round, or so the saying goes. And while that may be a slight exaggeration, the truth is that your credit scores are going to have a significant impact on your money.
Lenders rely on your credit scores to decide whether or not they want to do business with you and under what terms. Insurance companies rely on scores to help them determine how much to charge you for your insurance premiums. Even utility and mobile phone providers will use your credit scores to determine whether you’re eligible for service and, if so, how much you will have to put down as a deposit (if one is required) to open a new account.
When it comes to the subject of credit scores, there is a lot of confusion among consumers about just how many credit scores actually exist. Many consumers mistakenly believe they have only one credit score. Others will swear they have three credit scores. However, both of the previous assumptions are completely wrong. The truth will probably surprise you: You actually have hundreds of different credit scores.
What Is a Credit Score?
Hearing that there are hundreds of credit scores may feel a bit overwhelming, but once you understand more about credit scores, the easier it is to digest the revelation.
Credit scores are used to evaluate the information contained in your credit report and translate it to an easy-to-use number. The number, your credit score, is then used by lenders and other companies who may wish to extend credit to you (i.e. lenders, landlords, insurance providers, etc.) to help them make more informed business decisions.
Credit scores help lenders predict whether or not you’re likely to pay back your debt according to the terms of your agreement. FICO and VantageScore credit scores, the most common brands of scores, have a stated design objective of determining how likely you are to become 90 days late on any credit obligation within the next two years. The more likely you are to actually become 90 days late on an account, the lower your FICO and VantageScore credit scores will be.
Different Credit Score Brands
The majority of lenders currently rely on the FICO brand of credit scores, but that’s changing with the introduction of the VantageScore brand. And although many people use the term “FICO score” as if it were synonymous with “credit score,” that’s not the case.
Think of the term credit score as a category of products… like cereal or soft drinks. Within the category of products there are brands… like Cheerios and Coke. And even further down, within the brand, there are variations of the brand — like Honey Nut Cheerios and Diet Coke.
So, whenever you hear people use the term “credit score” or “FICO score,” they’re really referring to a brand or type of product, and not a specific credit scoring model.
Different Varieties and Generations of Credit Scores
Just like Ford does not make only one type of vehicle, neither does FICO or VantageScore make a single credit score. And, just because Ford makes a 2016 Mustang, that doesn’t mean that all Mustangs are from 2016.
Now apply this understanding to credit scores and you’ll be well on your way to understanding why you’ve got so many.
Because FICO has been around for so long (the first FICO credit bureau score was introduced in 1989), there are going to be more generations of their scoring models than any other brand. Every few years FICO releases a new generation of their credit scores, but that doesn’t mean the older versions are shut off. To the contrary, the older versions are still maintained and commercially available, and used by lenders.
What ends up happening is that these multiple generations of scores pile up, and that’s the primary reason why you don’t have just one credit score. In fact, under the FICO brand you have dozens of scores.
Under the VantageScore brand you’ve got nine different scores, which is made up of three generations of their scoring model times the three big credit bureaus. And while their scoring model is the same across all three credit bureaus, your scores are not likely to be the same — because your credit reports will likely be different. Different data in means different credit scores coming out.
What Can I Do About All These Credit Scores?
First and foremost, you can stop worrying about it. You’ve got more credit scores than you’ll ever see, and there’s nothing you can do about it. And even if you did have access to all of your credit scores, there’s no reason to believe you’d be able to max out each of them, because they all consider things differently.
For example, newer credit scoring systems ignore collections that have a zero balance. But, the older generations of credit score models do not ignore zero-dollar collections.
What you can do, however, is make sure the information on your credit reports is 100% accurate.
All credit scores consider the information on your credit reports — nothing more and nothing less. And because you have only three credit reports, making sure they’re all accurate and impressive is a whole lot easier than chasing around dozens of different credit scores.
If you’re able to keep really great credit reports, then each and every one of your credit scores is also going to be great, regardless of the brand or generation of the specific score.
Related Articles:
- What Is a Good Credit Score Range?
- You Can Improve This Part of Your Credit Score Almost Immediately
- This One Factor Affects Your Credit Score More Than Anything Else
- Best Credit Report Site
- Debunking Four Common Credit Myths
John Ulzheimer is an expert on credit reporting, credit scoring, and identity theft. He has written four books on the topic and has been interviewed and quoted thousands of times over the past 10 years. With time spent at Equifax and FICO, Ulzheimer is the only credit expert who actually comes from the credit industry. He has been an expert witness in over 230 credit related lawsuits and has been qualified to testify in both federal and state courts on the topic of consumer credit.
The post Comparing Your Many Credit Scores appeared first on The Simple Dollar.
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Want to Work From Home in the Auto Industry? This Startup is Hiring
Auto repair startup YourMechanic invites you to “imagine if you never had to deal with an auto shop again.”
Instead of running an auto-body shop, this “mobile mechanic company” sends a specialist to your home or office when your car needs service.
That means the company has unique job opportunities for anyone who wants to work in the automotive service industry!
Technicians in more than 700 cities nationwide work as contractors with YourMechanic and focus only on service.
The company handles all the marketing, appointment scheduling, parts ordering, invoicing and customer support that usually fall on mechanics at a traditional shop.
If you want something less hands-on than working as a mechanic, you can also work from home anywhere in the country as an auto parts specialist or customer service representative.
Auto Parts Specialist
Parlay your auto parts experience into a work-from-home position that capitalizes on your expertise as an auto parts specialist.
You’ll need stellar customer service skills and at least two years’ experience in a customer-facing role.
This job — which interacts with customers, operations and technicians — is the linchpin that keeps the business running smoothly. Your responsibilities will include:
- Sending car service estimates or quotes to customers
- Ordering parts from vendors
- Answering customer questions via phone or email
- Helping technicians with day-to-day service needs
- Calling potential customers to answer questions and book services
Customer Service Representative
If you love cars but a traditional mechanic role isn’t the right fit, you could work from home as a YourMechanic customer service representative.
In this role, you’ll answer customer and partner questions via phone, email, chat and text. You’ll also report issues and feedback to your team to help improve services for customers.
You don’t need experience with auto parts for this role, but it requires one to two years’ customer service experience and the ability to type 50+ words per minute. It also asks for a college degree or equivalent work experience.
Employee Benefits
Eliminating shop overhead leaves extra room for employee compensation. All of these positions come with competitive pay and benefits, including:
- Medical, dental and vision coverage
- Flexible paid time off
- Work-from-home options
To apply: Send your resume and a brief description of your relevant experience in the body of your email to talent@yourmechanic.com.
Your Turn: Have you found any interesting work-from-home jobs lately?
Dana Sitar (@danasitar) is a staff writer at The Penny Hoarder. She’s written for Huffington Post, Entrepreneur.com, Writer’s Digest and more, attempting humor wherever it’s allowed (and sometimes where it’s not).
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This Credit Card Contributes 2% of Your Spending to Your Kid’s College Fund
What are your big savings goals?
Despite the poetic ambitions of the artistic millennials I happen to associate with, I’m quickly learning not everyone has dreams of leaving the workforce early and traveling the world.
I know. It’s blowing my mind, too.
But I get it. You may want to save for a nice house for your family, work toward a happy retirement with your partner or help your kids get the best education possible.
So we found a rewards credit card that actually helps with your long-term savings goals.
It can even help you start a college fund for your kids!
Among other benefits, the Fidelity® Rewards Visa Signature® Card allows you to deposit up to 2% cash back directly into a 529 College Savings plan account.
What is a 529 Plan?
A 529 College Savings plan is a state-run investment plan that allows you to save money for college — for yourself or anyone else.
Most states provide a tax advantage and allow you to deduct 529 contributions from your state income taxes. As long as the money pays for college expenses, the beneficiary won’t pay taxes when they withdraw from the account, either.
Plus, instead of sitting in a savings account, the money you contribute to a 529 will be invested and grow over time, much like a retirement account.
In short, it’s a great way to save money for college.
As a parent, you can open a 529 plan for your children before they’re 18, or even before they’re born.
Open a 529 account with Fidelity in your state, and you can deposit your cash-back rewards from the Fidelity® Rewards Visa Signature® Card directly into that account.
How Does the Fidelity® Rewards Visa Signature® Card Work?
This rewards card is all about helping you achieve your savings goals.
With the card, you’ll receive unlimited 2% cash back for every purchase to deposit into an eligible Fidelity account — with no category restrictions.
There’s no annual fee to use the card or a limit on how many points you can accumulate. Once you accrue 5,000 points, you can make a deposit.
You can put your cash-back rewards into up to five accounts — yours or someone else’s — including a brokerage account, Fidelity Cash Management Account, 529 College Savings plans and retirement accounts.
Use it for your typical purchases and pay off your balance each month, and this credit card could be a smart way to start investing in your family’s major goals.
How Much Can You Save?
Use your Fidelity® Rewards Visa Signature® Card for your basic monthly purchases, and the rewards could add up fast.
If you use your credit card for $2,500 in monthly expenses, for example, you’ll earn 5,000 points toward Fidelity rewards. That’s about $100 to add to your 529 account each month.
Do that every month for 18 years, and you’ll have invested $43,200 in rewards.
Considering a typical 7% return, that investment could become $84,659 by the time the lucky beneficiary is headed to college.
That’s a pretty big dent in tuition without any out-of-pocket contributions!
Are you ready to start saving? Enter your information below to find out if you qualify.
Disclosure: A toast to savings! Thanks for allowing us to place affiliate links in this post.
Dana Sitar (@danasitar) is a staff writer at The Penny Hoarder. She’s written for Huffington Post, Entrepreneur.com, Writer’s Digest and more, attempting humor wherever it’s allowed (and sometimes where it’s not).
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The Myths and Realities of ‘Doing What You Love’
One issue that you’ll see constantly debated in books and articles about choosing a career is the idea of “doing what you love.” Should a person “follow their passion” as a primary guiding light for their career? Or does it make more sense to choose a career based on income and aptitude?
There are pros and cons behind each path. Following your passion means that you’re going to usually end up spending a significant part of your workday doing something you deeply enjoy. However, jobs like those often have a low average wage (though there are often high-end rewards for high performers).
On the other hand, choosing a career based on average income and your personal aptitude will lead you to a job with a strong income level and a career path you’re naturally suited for, but you may not end up enjoying your job or your career at all.
My own life has been full of the push-and-pull between these two paths.
When I first went to college, I studied something I’ve been passionate about my entire life: biology. There were three classes I deeply enjoyed in high school – math, English, and biology – and I felt that the jobs I could end up doing with a biology degree would be incredibly enjoyable. I didn’t really worry about the pay too much.
As I actually progressed toward my degree, I found a great mentor who encouraged me to pair my passion for biology with computer science, which somewhat tapped into my interest for math.
This ended up leading straight into a job after graduation that I deeply enjoyed, one that I would still be working at if it still existed. I was charged with the task of organizing data for a group of researchers so that researchers in similar disciplines could easily share data with one another. It was incredibly enjoyable work, one I found deeply rewarding. The pay was good but not great, but I enjoyed the work so much that I didn’t mind. I was solving interesting problems every single day and I felt like my work was actually helping others solve interesting problems, too.
Unfortunately, the contract for that original job ended, but I had some advance notice of the job ending so I spent some time preparing for my next career step by building some skills and certifications that would be appropriate. I didn’t enjoy that quite as much, but I had visions of continuing the work that I love.
I got a long-term, full-time job at that point that paid very well and was, on the surface, very similar to what I was doing before. Great, right? Well, it turned out that the job actually involved a lot of bureaucracy and maintenance and spinning your wheels and not actually solving any interesting problems.
In short, it turned from something I loved to something I dreaded.
At that point, I started spending my free time dabbling in my other big passion – writing. Remember when I mentioned that English was one of my favorite classes in high school? I started investing my spare time in writing. I started several blogs. I wrote rough drafts of several novels, including one called Rings of Saturn that I actually sent to publishers and received some positive feedback on (it was a story about two highly competitive brothers during an era shortly in the future when we were starting to mine different parts of the solar system for resources).
What happened? One of the blogs took off – in fact, you’re reading the successor to that very website right now. The Simple Dollar started as an exercise in writing about my own experiences trying to turn our financial ship around and it eventually grew into a website with a million visitors a month and traffic and moderation demands far beyond my personal capacity to manage in my spare time.
So I jumped on board full time. Eventually, I started hiring out the moderation and server management tasks in an effort to continue focusing on what I loved (the writing), but over time that became more than I wanted to manage, so I sold ownership of the site and signed on to do just the part I loved – the writing.
Today, you could very easily say that I “do what I love” writing for The Simple Dollar. I get to write almost every day, which I enjoy. I get to have great conversations with readers – I get lots of Facebook messages with great questions and ideas every single day. I have a flexible schedule that allows me to work from home and be there when my kids get home from school each day. I make a reasonably good living (perhaps aided by the fact that my tastes are pretty simple). It’s not exactly what I always dreamed of doing – I always had visions of “writers” going to writing conferences and writing novels and such – but it’s a pretty nice way to do what I love to do.
Having been through both sides of the issue, I can say without a doubt that there are big advantages to doing what you love as well as big advantages to focusing on salary and skills. There are also a lot of myths out there about both avenues as well. Here are seven truths I’ve found about this question through my own experiences over the years that I want to share with anyone trying to figure out whether to follow their passion or follow their money.
Truth #1: You CAN do what you love and make a decent living at it.
Never, ever, ever let someone tell you that you can’t possibly do what you love to do and make a decent living. You can; I’ve done it, as have many other people.
So why doesn’t everyone do it?
The big reason is that it’s not a guaranteed path at all. The jobs that allow you to do things that you love and pay well usually have a very high skill threshold and there usually aren’t many such positions. Often, you have to end up “making your own job” via entrepreneurship or self-employment to do the thing you love, and that means figuring out how to get someone to pay you for what you want to do, which is tricky in all situations and very tricky when your area of interest isn’t widely profitable or popular.
When you go into a high-paying career path, there’s usually a ton of jobs available. It’s much easier to find work that puts money in your pocket with just a little bit of footwork.
Another reason is that it requires “grit” and work ethic. A person might deeply love writing about personal finance, but how about writing about personal finance several hours a day, every single day, for years? Even assuming you still love it after all of that (which is an issue we’ll discuss in a bit), do you have the work ethic to really stick with it so that you stand out enough to earn a decent living? Many people do not.
Many people have personal passions, but they don’t have the internal “grit” necessary to do it every single day until they hone their skills and personal assets to perfection. Many, many people start following their passion, but don’t have the “grit” to follow through with it until they can earn a decent living at it, which is rarely an immediate thing and usually involves many hours of commitment for low wages.
I’d estimate that I spent several thousand hours trying to earn money from my writing before earning more than a pittance. I tried writing carefully edited and carefully constructed fiction and nonfiction of all kinds. I tried writing memoirs and train of thought pieces, too. What I ended up realizing I had a knack for was a particular flavor of half-memoir half-advice articles that I could write quickly and relatively well – the kind of stuff you’re reading right now. Is the writing great, the kind you’d find in The New Yorker? Nope, and I don’t claim that it is. Is it earnest and clear and helpful and always there with new topics and thoughts? That’s what I’m striving for. It took a long time to find that niche and a long time to figure out how to do it well, and it didn’t pay much of anything during that process.
You can do what you love. It just doesn’t offer easy entry points like many other career paths offer.
Truth #2: There is no job that’s 100% ‘doing what you love”!
I love my work right now. I get to spend much of my day reading, researching, and writing, all of which I enjoy. I get to spend time with my children with a lot of flexibility. It’s great.
That doesn’t mean it’s all perfect. I sometimes find myself really stressing out about deadlines. Before I travel, I need to have all of my writing done before I leave. I have to do media interviews, some of which I enjoy, some of which end up going in awkward political or social directions that make me want to hang up and pretend it never happened. I sometimes have to meet word count restrictions, though I do have almost unlimited freedom in terms of topics and the ideas I express. I read a LOT of emails, many of which I enjoy but many of which are either upsetting or frustrating. Taxes for self-employed people is … frustrating at times, to say the least. Writer’s block can be an utter nightmare.
There is no job that’s 100% “doing what you love.”
Let me repeat that.
There is no job that’s 100% “doing what you love.”
The most famous novelist in the world still deals with agents and publishers and the like. Models and film stars often can’t leave their homes without being accosted by photographers and media and overzealous fans. Jobs and self-employment and microbusinesses have taxes and paperwork and conference calls and negotiations.
When you choose to “do what you love,” what you’re actually saying is that you’re choosing a job where some of your time – ideally, a significant portion of your time – is spent on something you love to do. You’ll never find a job that’s purely what you love to do and if you hang onto that as a goal, you will always be disappointed.
What I “love to do” is write without deadlines or pressure so that if I’m facing writer’s block or my muse just isn’t there, it’s not a big deal. Such a job really doesn’t exist unless you’ve already achieved financial independence or have some other source of income, at which point it’s almost more of a hobby than a “job.”
No matter what you do, there are tasks that you won’t enjoy. There are pressures that will bear down on you. There are deadlines and contractual obligations.
So, what’s the point? I tend to view those “un-fun” things as my actual job. During those times when writing is fun and loose, I’d do it for free. I get paid for the times when it’s hard or when I’m doing interviews or paperwork or documentation or other things that aren’t enjoyable.
In the end, the ideal job is the one that pays reasonably well with the least amount of time spent doing things you don’t want to do. The “job that you love” almost always comes with strings.
Truth #3: The best way to start doing what you love is with a side gig, not with a full life commitment.
The two jobs I’ve loved the most in my entire life started as part-time side gigs.
When I was in college, I worked for a professor addressing the kinds of problems that I ended up solving at my first “real” job. It was a side gig to my studies, not my full time focus, but I worked so long and so hard at that job that the professor ended up strongly recommended me for a “real” job doing similar things upon graduation
My full time commitment was my studies at that time, which were honestly preparing me for a different career. My side gig was working for that professor. It turned out I loved the side gig work and then I wound up doing it full time for years.
Later in my professional life, I spent my spare time writing and building The Simple Dollar. It was a side gig to my full time job that I discussed above, not my full time focus, but I worked so long and so hard on The Simple Dollar that it ended up becoming a pretty nice success, enough so that it became my full time work.
My full-time commitment as The Simple Dollar grew was a completely different job, but I loved (and still love) writing for The Simple Dollar.
In both of those cases, I spent my full-time effort on one thing and devoted some of my spare time on a “side gig.” The “side gig” in both cases was the thing I was most passionate about – solving some very interesting problems in the first case and writing in the second case. My full-time effort was centered around something that either earned me a solid income or put me on the path to doing so, but they weren’t as engaging to me as the side gigs were.
Together, these two cases taught me something very valuable: It makes a lot of sense to pursue a passion as a “side gig.” There are two big reasons for that.
Truth #4: You will probably fail badly at first, which is why it is smart for it to be a “side gig.”
When I was in college, I tried out a bunch of “side gigs” – part-time jobs in various areas. Some were obviously pure part-time jobs just to earn a buck, but some of them were work-study jobs with professors that were in areas that interested me. I worked in a plant pathology lab. I worked as an understudy of sorts for an IT specialist. I did tech support for a convention. Those things were interesting, but none of them really “clicked” with me in a deep way – and in at least a couple of those things, I didn’t do well at all. It wasn’t until I started working for that professor mentioned earlier that I really found something that “clicked.”
Similarly, in my spare time later in my career, I tried tons of “side gigs” that seemed well in line with my passions. I started a computer consulting gig. I started a number of blogs, including a parenting blog. I played online poker (I actually did well at this, but then the legality of it came into question and I didn’t want to bank a career on it). Most of those things failed – I’d call the online poker a semi-success along with a parenting blog. However, real success didn’t strike until The Simple Dollar took off.
I have failed at countless side gigs in my life, far more than I ever succeeded at.
And that’s completely fine. I’d even call it normal.
The thing is, if I had completely thrown all caution to the wind and followed any one of those passions full time, in most of those situations, it would have become a complete failure. I would have struggled to put food on the table or keep a roof over my head. I would have perhaps stuck with half-successes, continuing to push them along in mediocrity and never really succeeding.
Leaving them as part-time side gigs gave me the ability to fail and move on to other side gigs. It gave me the chance to try different approaches and learn from failure and apply those lessons to the next side gig.
Truth #5: The best route is to train initially for a great-paying career that you can somewhat enjoy to support the ‘side gig.’
Of course, here in the real world, most of us have people to support. We need to keep food on the table and clothes on the back and a roof over the head of ourselves and likely of others, too – children, spouses, parents, and perhaps others as well. The vast majority of people don’t have income streams from parents to fall back on, either.
If you’re in that group of people, meaning that you don’t have any income or wealth to fall back on if things fall apart, it makes more sense to train for a great-paying career that you can enjoy to some extent rather than focusing solely on “doing what you love.” Leave the “do what you love” for side gigs.
The reasons for this are many. First of all, if you have a great-paying main career, you can financially support almost any side gig you might want to dabble in. For example, you might want to be a software engineer so that you can support your side gig as a romance novelist. You might want to be a lawyer so you can support your side gig as a board game designer. You might want to be an actuary to support your side gig of being a poet.
This allows you to explore that side gig without any initial need to earn money at it. Your goal solely is to build experience and learn the craft, as it doesn’t have to put food on the table for you (yet).
Better yet, you can fail over and over and over again. You can try experimental approaches and take risks and if it doesn’t work you won’t be putting you and your family out on the street. Instead, you’ll just gain valuable experience and insight for your next attempt.
If you’re smart with your income, you can actually plan ahead to retire or partially retire much earlier than the average person, which then enables you to tackle side gigs full time.
Truth #6: The thing that really clicks is usually different than what you initially envisioned.
If you had told me 15 years ago that I would spend a significant portion of my adult life writing about personal finance, I would have never, ever, ever have believed you.
I might have wanted to believe you if you simply said I was a writer, but once you added the “personal finance” part, I would have thought it was farce. Writer? Sounds cool. Personal finance writer? Me? Ha!
It’s funny how things turn out sometimes.
The same thing was true when I was in college. I wound up writing tons of computer code to solve some very interesting problems and I did that for several years professionally. If I had described all of that to myself at a younger age, I wouldn’t have believed I would do anything like that. Writing software? Possibly. Solving those kinds of problems? Not a chance.
Again, it’s funny how things turn out sometimes.
The number one key to doing what you love is to keep your horizons as open as possible and try lots of things, even if they seem completely strange or completely different than what you dreamed about.
Sometimes, you’ll find that the exact thing you always dreamed about – like, say, being a science fiction and fantasy novelist – doesn’t quite work out like you dreamed that it would. However, if you stick with the parts that you like – like, say, the routine of writing and the pleasure of touching people’s lives – and try different angles on those parts – like, say, writing about personal finance in a very human way – you can sometimes find success that you never could have dreamed of that allows you to do the things you love in a very different way.
Truth #7: You might fall out of love with the thing that you love, so keep trying new side gigs.
Even now, although I do something I love as my full-time job, I dabble in side gigs based on my various passions and interests. I do this to earn a little money and to deeply explore things that I enjoy, and I’ve found success here and there in the things that I’ve tried.
However, the real reason I keep dabbling is that there is always a risk that I will fall out of love with writing for The Simple Dollar, and when that happens, my current job will become miserable. When you spend a significant portion of your waking hours employed at something that makes you feel miserable, then your whole life is going to have an unhealthy dose of that feeling.
I still work on writing science fiction, and I dabble in fantasy as well. I’ve written mobile apps. I’ve worked on podcasts and YouTube channels. I’ve done all of those things as side gigs since starting The Simple Dollar.
Have any of them been runaway successes? No. Have they allowed me to dabble in things I’m passionate about to figure out how deep the passion goes and learn about new approaches for the future? Absolutely.
Never stop side gigging. Never stop trying new things. Even when you think you’ve found the best thing ever, never stop experimenting and digging into the areas you truly enjoy and truly excite you.
Final Thoughts
You can, in fact, “do what you love,” but betting everything on it from day one might not be the best approach. Instead, take a more measured approach – give yourself a foundation to stand on and allow you to fail without devastating consequences to your life. You can pick yourself up, learn from the failure, and move on to try new things and new approaches.
Sometimes, if things fall into place just right, you can find yourself doing what you love with financial security to boot. This is the best route I’ve found to get there.
Related Articles:
- Why Taking a Pay Cut Was the Best Career Move I Ever Made
- 50 Side Businesses You Can Start on Your Own
- Our First Summer Jobs – and What We Learned From Them
- How to Actually Acquire the 10 Most Valuable Career Skills in Your Spare Time
The post The Myths and Realities of ‘Doing What You Love’ appeared first on The Simple Dollar.
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This Couple Paid Off $47,000 in Debt Without Sacrificing Their Lifestyle
We all know you should talk about money with your partner before you tie the knot.
But even if you’ve delayed this important chat, you can still make changes for the benefit of your finances — and your relationship.
April Vargo and her husband, Jason, live just outside of Chicago in Whiting, Indiana. Until recently, she was a public school music teacher; he works in appraisal services.
Vargo remembers that she and Jason didn’t fight when they were dating or engaged. But when they got married five years ago, their only sticking point was money.
“We looked at it two different ways,” she says. “I’m a saver, he spends, and we’re two different extremes.”
The question they had to ask each other: “How do we join together [financially] without it being World War III in our house?”
How to Tackle Finances Together
So two years ago, Vargo started researching budgeting and debt reduction techniques. She read Dave Ramsey’s Total Money Makeover and saw a video of the author speaking about his concepts.
“All of a sudden, it made sense. There was so much we could do,” Vargo says.
Instead of April dragging Jason into her savings scheme, she knew they’d make more progress if they worked together and were both invested in the process.
Vargo says the first step for couples in similar situations is to sit down and be willing to have a serious conversation.
“Lay it all out on the table — interests, goals — and start working on a plan,” she explains.
Then, figure out how to work together to meet those goals.
The couple began holding monthly budget meetings where they evaluated every expense, from the fun stuff to the necessities. By talking about each spending category, they could better decide what was important for them to be able to spend money on — and where they would be willing to cut back.
“Make sure you’re both comfortable with the plan,” Vargo advises. “Do something that makes you excited about it. Give yourself rewards.”
For the Vargos, paying off debt was a major goal. They made a spreadsheet of their different types of debt and brainstormed ways to pay it down.
The couple chose to focus on the debt with the highest interest, which naturally occurred on a credit card. They decided to snowball payments as Ramsey recommended, and put any extra money toward that card.
And their strategy is working: “Between car loans, mortgage payments and credit cards, we have paid down $47,000 in 1.5 years,” Vargo says.
Here’s how they did it.
Cutting Costs
Next, they looked at their expenses and true necessities.
One surprising place they found savings: their home security system. They switched from ADP to Simplisafe, which offered lower prices combined with additional features.
“Right off the bat, we were getting more for less money,” Vargo says.
The couple got rid of cable and instead got a smart TV that connected to the Netflix and Hulu accounts they chose to keep.
Vargo previously walked to work and now works from home; her husband’s company is based in Texas, so he works from home as well. Their two cars spent most of the time in the driveway.
They traded in both vehicles and purchased one new car — and now they only have one car payment to worry about.
“We ended up refinancing it later for a lower interest rate,” Vargo says. “It’s a higher payment, but we’ll be done with the payments in two years.”
They plan to keep the car for about 10 years, so they can maximize the time they’ll own it outright.
Yes, Foodie Couples Can Save on Groceries
How do you save on food costs without scrimping on satisfaction?
“We’re big foodies. We love to eat,” Vargo says. “We weren’t willing to compromise on quality of life. We didn’t want to start eating canned beans and tuna fish all the time.”
Vargo said they eat at home five or six nights each week. They make a meal plan to anticipate grocery needs, but her big secret to hacking her grocery budget has been shopping at multiple stores.
She visits Aldi, Costco and local independent shops to cross off everything on her list. The local produce stand only takes cash, but she can get a whole box of produce for $5.
And if she can’t find the ingredients she needs? She heads to Whole Foods — but only for a few items she’s likely to use repeatedly, like spices.
Eating at home for these two is far from boring. They enjoy a date night every Friday, cooking a recipe they both want to try and having cocktails as they prep.
“It’s our entertainment for the evening,” Vargo says.
They’ve cut at least 50% off their grocery bill since they started getting savvy about their finances.
How They Save Money While Traveling
Since they like to take their small dog with them, the Vargos look for pet-friendly hotels and activities. This strategy also helps them save money.
“Sometimes boarding a pet can be more expensive than boarding yourself,” Vargo says.
They also look at their hotel as a place to sleep while they spend most of their stay out and about in a new city. Since they’re not looking for fancy amenities, they’re usually able to find cheaper accommodation.
By planning an itinerary and a sightseeing wish list, Vargo can check for discounts or coupons before they depart.
Just a little research before you go can make a big difference. Before they traveled to Las Vegas, Vargo caught wind of ticket kiosks across the city that offer discounted tickets for some of the most popular shows; she makes sure to share this favorite tip with friends and family planning to visit Vegas.
Are You Ready for a Financially Fit Marriage?
Inspired by this family’s success? Maybe you’re ready to set some goals for you and your beloved.
Vargo recognizes that meeting financial goals can be challenging, but doing it as a team can alleviate some of the stress of cost-cutting and lifestyle adjustment.
“It’s a lot easier doing it together,” she says. “Now finances are regular conversations [for us],” she says. “Not even a sore spot.”
Your Turn: Do you and your partner have shared financial goals? How are you working toward them together?
Disclosure: This post includes affiliate links. We’re letting you know because it’s what Honest Abe would do. After all, he is on our favorite coin.
Lisa Rowan is a writer, editor and podcaster living in Washington, D.C.
The post This Couple Paid Off $47,000 in Debt Without Sacrificing Their Lifestyle appeared first on The Penny Hoarder.
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Overdraft fees to be capped in current account market shake-up
Consumers are being stung with unauthorised overdraft charges totalling £1.2 billion a year, according to a two-year investigation into the current account market by the competition watchdog published today.
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Millennials face twice the inflation rate versus pensioners
Millennials - those aged 25-34 years - face at least twice the inflation rate of older generations, according to new research from Fidelity.
In the 12 months to June 2016, the annual rate of inflation for millennials stood at 0.8%, compared to 0.4% for generation X, baby boomers and those over 65 and 0.3 for those over 75. Overall, the national average was 0.5% in June.
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2 Work-From-Home Jobs: One Pays $63K, The Other Has 8 Weeks of Paid Vacay
Although working from home is the jam, the job opportunities aren’t always as good as if you were willing to commute.
But with these two work-from-home jobs I just found, that’s far from the case. The pay and benefits are BETTER than many in-person jobs.
In fact, you kind of have to see them to believe them…
2 Awesome Work-From-Homes Jobs Open Right Now
Here are the deets on these two fantastic jobs:
Customer Champion for HelpScout
Holy moly, this is the best-paying customer service job I’ve ever seen: Its salary is between $63,000 and $83,000.
Want that kind of money? Then become HelpScout’s newest customer champion — you’ll work full time, Tuesday through Saturday, preferably in the Pacific Standard Timezone.
In this position, you’ll be on the “front lines” of customer service. You must be passionate, autonomous and hard-working, and also have “incredible” communication skills and at least one year of support experience.
Other benefits include health insurance, a flexible vacation policy and a 401(k) plan with 1% match.
Customer Success Manager for Spidergap
Spidergap, a startup helping employees and employers provide each other with feedback, is looking for a customer success manager.
You’ll work 15-20 hours per week on a flexible schedule to “deliver outstanding customer support” and help existing customers get more value from its products.
While the posting doesn’t reveal the pay, described only as “competitive,” the perks are pretty incredible: 40 days of paid vacation (that’s EIGHT weeks, folks), four months of paid parental leave and an annual team meetup in a fun destination.
Your Turn: What do you think of these jobs?
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 2 Work-From-Home Jobs: One Pays $63K, The Other Has 8 Weeks of Paid Vacay appeared first on The Penny Hoarder.
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Lloyds share sale in doubt following Brexit
The government may go back on its promise to press ahead with the public sale of shares in Lloyds Bank Group.
According to reports that surfaced over the weekend, market uncertainty following the Brexit vote has prompted new chancellor Phillip Hammond to consider abandoning the retail offer, which pledged to sell £4 billion worth of shares at a 5 per cent discount.
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Turning Facebook Likes Into Sales
By Dawn Berryman Everyone talks about the importance of social media marketing and how crucial it is to your overall marketing plan. And, I would agree. However, a lot of time, energy, and money can be spent generating Facebook likes and compiling a huge audience base that doesn’t automatically mean higher revenue. How can we […]
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