The Pleasant Valley School district leveraged a literacy-boosting federal grant by embedding its methods throughout the district’s disciplines.The approach uses teaching schemes for reading and writing within non-traditional literacy-based subjects, like science and social studies.The money comes from the Keystones to Opportunity grant, a state program based on a $200 million federal grant to improve literacy outcomes for all students. The school uses the grant to [...]
Source Business - poconorecord.com http://ift.tt/2b7jVKa
الجمعة، 19 أغسطس 2016
Best Places to Open a Roth IRA
Do you know what your income tax rate will be in the future?
The answer to that question will determine whether an investment in a traditional or Roth IRA is best. If you think your tax rate will be lower in the future then it makes sense to avoid paying tax now through a tax-deferred investment vehicle like a Traditional IRA.
You enjoy a tax deduction today, boosting your monthly cash flow, helping your money grow more efficiently over time.
The downside to a Traditional IRA, though, is that when you withdraw the money you will pay taxes on it as though it is regular income.
Plus, when you reach a certain age, you will be required to take minimum distributions.
Depending on your situation, you withdrawals from a Traditional IRA could cause greater financial difficulties than you thought — and Uncle Sam might get a bigger cut than you thought
Where to Open a Roth IRA: Best Roth IRA Companies
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One of the great things about a Roth IRA is the fact that you can open one with virtually any reputable broker. You also have a great deal of flexibility in terms of the assets you can hold in a Roth IRA. While there are some who hold precious metals, real estate, and even certain businesses in their Roth accounts, most consumers are better off using an approach that focuses on stock and bond index funds or ETFs. These assets are low-cost, easy to understand, and don’t come with a bunch of red tape.
Most online brokers will help you open a Roth IRA, and many of them offer low-cost fund choices. Additionally, many of them waive transaction fees when you sign up for an automatic investing plan and make monthly contributions, learn more about Roth IRA rules and contribution limits here!
Just getting started investing? Check out our Best Online Brokers for Beginners. Wanting to invest small? Here are some ideas on the best way to invest 1000 dollars.
There is no shortage of discount brokerage firms that will let you open a Roth IRA with them. For most investors the number of mutual funds or crazy ETFs you have access to really doesn’t matter. A basic, properly diversified portfolio can be constructed with any of the discount brokerage firms. This makes the main point of emphasis fees and transaction costs.
Scottrade – Top All Around Roth IRA
Scottrade is an online and brick-and-mortar discount brokerage firm, which is one of the reasons why I like it so much.
Not only do you get inexpensive trading costs, but if you ever want to sit down with a live human being you can at one of Scottrade’s 500+ branches around the country.
The firm has kept their trade costs steady at $7 per stock and ETF trade for years. Mutual fund trades vary based on the type of fund with a maximum trade commission of $17. If you construct a Roth IRA based on ETFs, you can get the lowest possible transaction fee.
I like Scottrade so much I even created an account there. You can watch a video that takes you step-by-step through the account opening process with Scottrade: Opening a No Fee Roth IRA with Scottrade.
While you can learn more in detail by reading our Scottrade Review, here are a few key points to know:
- Account Set Up Fees for Roth IRA: None
- Account Maintenance Fees for Roth IRA: None
- Account minimum: $0
- Commissions on Stocks, ETFs, and Mutual Funds: $7 per stock or ETF trade, maximum of $17 per mutual fund trade
A regular trading account with Scottrade comes with an account minimum of $2,500. However, for a Roth IRA, you aren’t required to maintain a minimum.
Open an Account with Scottrade and enjoy low trading costs on stocks, ETFs, and mutual funds.
Betterment – Best Roth IRA for Hands Off Investing
In recent years, Betterment has made a splash in the world of investing. If you are a hands-off investor who wants to grow retirement wealth over time, Betterment might be the right choice for you. You can learn more about Betterment by reading this Betterment Investment Review.
Betterment charges a percentage based fee on the total amount you have invested with the firm. Instead of charging $20 for every mutual fund transaction, or charging you a separate rate to administer your Roth IRA plus the expense ratio on the index fund or ETF, Betterment charges between 0.15% to 0.35% of the money you have invested on an annual basis. The higher your account balance, the lower your fee. It’s a different kind of brokerage firm aimed at those who don’t want to have to make decisions on specific mutual funds or ETFs.
Betterment creates a portfolio for you based on your risk profile, using only stock and bond ETFs. You answer questions about your risk profile, and Betterment does the rest. You do need to sign up for automatic investing, and commit to $100 per month in order to use Betterment.
One of the features offered by the Betterment Roth IRA is the ability to automatically contribute the maximum each year. Betterment will figure out how much you need to contribute each month to hit the maximum, and if the IRS raises the contribution limit, Betterment will automatically adjust your monthly contribution to match. This isn’t required, though, so if you can only start with $100 a month, that’s your choice.
Right now, you can join and get up to six months free to try it out.
Trade King – Least Expensive Trades
TradeKing has absolutely one of lowest stock trade commissions around at just $4.95 per stock trade or ETF trade. If you are looking to trade a lot within your Roth IRA, look no further. Mutual fund commissions are extremely low as well at just $9.95 per no load mutual fund trade. Additionally, TradeKing has a collection of no-fee funds that you can choose from, although you still need to pay the expense ratio.
TradeKing recently merged with Zecco, another low cost online discount brokerage firm. The combined power of the two smaller firms helps it compete with some of the bigger firms listed here, and their pricing is extremely attractive.
- Account Set Up Fees for Roth IRA: None
- Account Maintenance Fees for Roth IRA: $50 for accounts with no activity within 12 months that also have a balance of less than $2,500, otherwise $0
- Minimum Deposit to Open Account: $0
- Commissions on Stocks, ETFs, and Mutual Funds: $4.95 per stock or ETF trade, maximum of $9.95 per mutual fund trade
Learn even more by checking out our TradeKing Review we have posted for your reference!
Open an account with TradeKing and enjoy rock bottom trade costs plus up to $150 reimbursed for transfer fees from your old broker.
Lending Club – Best Non-Stock Investments
Lending Club is the top peer to peer lender in the United States. Unlike the other brokerages on this post Lending Club allows you to invest in loans that are made to other people. So basically, instead of investing through the bank you get to be the bank. The company has been around for more than 8 years and has funded over $16 billion in loans. I am personally getting just under 9% return on my investments in Lending Club and have been VERY happy with the results. You can learn all the details of the platform in my full review of Lending Club
- Account Set Up Fees for Roth IRA: $100 if you start with an amount less than $5,000
- Account Maintenance Fees for Roth IRA: $100 if you have less than $10,000
- Minimum Deposit to Open Account: $0
You may be wondering, “Why the fees?” The way Lending Club does a Roth is to partner with another company that sets up a self directed Roth IRA. This allows you to direct your investments and not be limited to just stocks. These accounts require a little maintenance and that is a pretty standard annual fee if you only have a small balance in the account.
Open an account with Lending Club to get started investing in private loans instead of stocks, bonds, and mutual funds.
TD Ameritrade
Another brokerage firm that mixes online discount trades with brick-and-mortar locations, is TD Ameritrade. This brokerage has more than 125 locations around the country that you can walk into whenever you have a question you want answered in person. However, the online trading platform is easy to use, and you are likely to accomplish just about anything you want without needing to go into a location.
Trade costs are competitive on the stock and ETF side, with a cost of $9.99. It’s also worth noting that TD Ameritrade has a collection of commission-free ETFs. If you are trying to build a long-term retirement portfolio, using these ETFs can lower your costs, even though you will still have to pay the expense ratios.
You do need to watch out for the mutual fund charge of $49.99 per trade. (I love everything else about TD Ameritrade except the $49.99 no-load mutual fund commission. That is simply too high.) That can be a real problem and erode the effectiveness of your portfolio.
If you are going to build an ETF portfolio I can still recommend the company as a solid option thanks to the competitive commissions on ETF and stock trades as well as the option for in-person help.
Here a few key points to know when considering TD Ameritrade (though learn more by reading our TD Ameritrade Review):
- Account Set Up Fees for Roth IRA: None
- Account Maintenance Fees for Roth IRA: None
- Minimum Deposit to Open Account: $0
- Commissions on Stocks, ETFs, and Mutual Funds: $9.99 per stock or ETF trade, maximum of $49.99 per mutual fund trade
Open an account with TD Ameritrade and trade free for 60 days, plus get up to $600 in bonuses for opening an account.
OptionsHouse
OptionsHouse is another great broker in the Roth IRA space. Don’t let the name deceive you: OptionsHouse does give you the ability to trade options, but it isn’t an options-only broker.
They have incredibly inexpensive trades at $4.95 per stock or ETF trade. Mutual funds aren’t as inexpensive, costing around $20.00 per trade.
While you can learn more in detail by reading our OptionsHouse Review, here are some key points to know:
- Account Set Up Fees for Roth IRA: None
- Account Maintenance Fees for Roth IRA: None
- Minimum Deposit to Open Account: $1,000
- Commissions on Stocks, ETFs, and Mutual Funds: $4.95 per stock or ETF trade, $20.00 per mutual fund trade
Open an account with OptionsHouse and enjoy rock bottom trade costs plus up to $125 reimbursed for transfer fees from your old broker.
Motif Investing
Motif Investing offers another unique way to invest your money and instantly diversify your portfolio without spending hours researching companies. Instead of having to buy stock in several different companies, with Motif Investing you can buy one “Motif” which has 30 different stocks in it. All of the stocks inside of the motif revolve around the same industry.
The best part about Motif Investing is the ability to buy a motif portfolio that has 30 stocks or ETFs with one simple trade for $9.95. You won’t be able to beat those trading fees anywhere. Check out our Motif Investing review for full details, but the basic info you need about Motif is:
- Account Set Up Fees for Roth IRA: None
- Account Maintenance Fees for Roth IRA: None
- Account minimum: $0, but you need at least $300 to start.
- Commissions on Stocks, ETFs, and Mutual Funds: $4.95 per individual stock or ETF trade, maximum of $17 per mutual fund trade
Firstrade
The benefits of Firstrade are obvious, low fees. But that is the only thing that the discount brokerage offers to investors. If you’re looking for a brokerage that gives you flat fees of less than $7 and also gives you plenty of tools, Firstrade is the place to go. Additionally, they have some of the lowest fees for mutual funds.
Thanks to Morningstar, Firstrade gives you plenty of information and researcher about stocks, EFTs, and mutual funds. On top of the research and low fees, Our review of Firstrade shows that it is one of the easiest websites to use. They have a well-designed site that is simple to navigate, even for someone that has never invested online.
- Account Set Up Fees for Roth IRA: None
- Account Maintenance Fees for Roth IRA: None
- Account minimum: $0
- Commissions on Stocks, ETFs, and Mutual Funds: $6.95 per individual stock or ETF trade, maximum of $9.95 per mutual fund trade
USAA – Best Roth IRA for Military and their Families
USAA provides a variety of services and accounts for military personnel and their families. If you or one of your family members has ever been a part of any military service, you should be able to open an account with USAA.
USAA has several advantages while their trading fees might be a little higher than other options as an account holder you could have all of your accounts and policies with on company. They offer just about any insurance or financial product you will need. If you have the premium account, you will have a lot of fees waived, and your trading fees will be even lower.
As an investor or account holder, you should have no worries about the financial stability of the company. They have been in business for 1922, making then an excellent resource for any active military, retired military, or family members.
- Account Set Up Fees for Roth IRA: None
- Account Maintenance Fees for Roth IRA: None
- Account Minimum: $0
- Commissions on Stocks, ETFs, and Mutual Funds: $8.95 per a stock trade depending on your membership level, only $5.95 for account holders that trade more frequently. $45 commission on bonds. Foreign Stock Trade Service is $70 per trade.
E*TRADE
E*TRADE is one of the bellwethers of the online discount brokerage industry.
The company has been around since 1992 and has constantly been pushing the industry to better technologies and other trading innovations for customers. When you think of online trading, this is the company that probably comes to mind first.
Technically E*TRADE does have brick-and-mortar locations for you to go to, but there are only 30 in the entire country. E*TRADE is primarily an online discount brokerage firm, and they are one of the leaders in the industry. Their trade fees are just slightly higher than Scottrade, and there is no minimum deposit required to get started.
- Account Set Up Fees for Roth IRA: None
- Account Maintenance Fees for Roth IRA: None
- Minimum Deposit to Open Account: $0
- Commissions on Stocks, ETFs, and Mutual Funds: $9.99 per stock or ETF trade, maximum of $19.99 per mutual fund trade
It is worth noting that there more than 1,000 mutual funds available through E*TRADE that come with no load, and no transaction fee. You can add these to your Roth IRA, and avoid the transaction fee — although you will still be responsible for the expense ratio charged on the fund.
Open an account with E*TRADE and trade free for 60 days, plus get up to $600 in bonuses for opening an account.
Charles Schwab
Charles Schwab is an interesting company that is really a full-service brokerage that is trying to play in the discount brokerage space. For stock and ETF trades, it does this well with an $8.95 commission on those trades.
But if you though TD Ameritrade’s $49.99 mutual fund commission was high… Schwab charges $76. That is unbelievable. Only open a Roth IRA with Schwab if you plan to build a portfolio of ETFs, not mutual funds.
- Account Set Up Fees for Roth IRA: None
- Account Maintenance Fees for Roth IRA: None
- Minimum Deposit to Open Account: $1,000
Commissions on Stocks, ETFs, and Mutual Funds: $8.95 per stock or ETF trade, maximum of $76 per mutual fund trade
| Company | Stock/ETF Transaction Cost for Average Investor (Online) | Mutual Fund Transaction Cost (Online) | Minimum to Open |
|---|---|---|---|
| Scottrade | $7.00 | $17.00 | $500.00 |
| E*TRADE | $9.99 | $19.99 | $0.00 |
| TradeKing | $4.95 | $9.95 | $0.00 |
| TD Ameritrade | $9.95 | $49.99 | $0.00 |
| OptionsHouse | $3.95 | $9.95 | $1,000 |
| Capital One Investing | $4 (automatic investment) or $9.95 per trade | $4 (automatic investment) or $19.95 per trade | $0.00 |
| Schwab | $8.95 | $76.00 | $1,000 |
The discount brokerage industry is highly competitive. This leads to lower transaction costs, competitive account fees, and account bonuses for signing up with a certain brokers. Here are some of the best perks you can get right now:
- E*Trade: Trade free for 60 days plus get up to $500
- TD Ameritrade: Trade free for 60 days plus get up to $600
- ShareBuilder: Get a $100 bonus when you open an account with an initial deposit of more than $5,000
- Check out our full list of best online stock broker signup bonuses
We prefer: Looking at the above data, E*TRADE simply stands out above the crowd with no fee to close your account, the lowest mutual fund fee of the bunch, and no account maintenance fee. If you would like free trades or a sign up bonus, then TD Ameritrade, and Scottrade are solid options as well.
However, for most consumers, Betterment is likely to offer you the easiest method of getting started. You don’t have to worry about transaction fees or any other fees, just a flat rate. As your account grows, you might want to move your money, but for the beginner, Betterment is an amazing choice.
Who Qualifies for a Roth IRA?
It’s important to establish that you qualify for a Roth IRA. The basic eligibility requirements for a Roth IRA include:
- You need to have earned income. If you are a stay-at-home partner, your spouse can make contributions to your Roth IRA. It’s also possible for minors to contribute to custodial Roth IRAs if they earn money from a job.
- You need to meet income requirements, based on your tax filing status. The IRS evaluates these requirements each year, and can make changes based on inflation. Check with the current-year requirements or with a financial professional to see if you qualify.
As of 2016, you can contribute up to $5,500 to your Roth IRA each year. If you are age 50 or older, you can make an additional “catch up” contribution of $1,000 per year. The contribution limit changes, though, so it might rise in future years.
It’s also possible to convert a Traditional IRA to a Roth account, or to rollover a 401(k) into a Roth IRA. However, there are tax consequences associated with this decision. You will have to pay taxes on the amount you convert or rollover today, and that can mean a hefty tax bill. Consult with a financial professional before you make this type of conversion.
Building the Roth IRA Habit:
Having trouble getting into the habit of sending money in to your Roth IRA? You’re not alone. All of the above companies provide some sort of automatic investment option. You simply tell the firm how much you want to invest, on what schedule, and in what investment, and the rest happens automatically.
Automatic investing is one of the best ways to build your Roth IRA without having to think about building your Roth IRA.
Invest your Roth IRA directly with a top mutual fund company
Discount brokers and full-service brokers charge fees on every trade into a stock, ETF, bond, or mutual fund. These brokers will tout no-fee mutual funds (also called no-transaction fee mutual funds) to show that they aren’t out to make a buck on every transaction you have for retirement.
But the number of no-fee funds offered is drastically different than the advertised number of mutual funds that attracted you to the broker in the first place. (Also, don’t get confused between no-transaction fee and no-load mutual funds. No-load funds mean there is no sales load cost as a percentage of assets on your investment; no transaction-fee means there is no fee to trade in and out of the mutual fund. No-load funds can have transaction fees, and vice versa.)
The easiest way to avoid unnecessary fees on your mutual funds is to simply cut out the middleman. You don’t need 10,000 different mutual funds, nor do you need to pay for every transaction you have to buy or sell into those funds. A well constructed portfolio of low cost index funds can offer you the best returns at the lowest cost.
Cutting out the brokerage middleman means going directly to the source: the mutual fund companies themselves. Not every mutual fund company will let you open a Roth IRA with them, but some of the largest will. Vanguard, T. Rowe Price, and Fidelity let individuals open Roth IRAs and deal directly with the companies to build their nest eggs.
Vanguard
Vanguard has long been an industry leader in low cost investments and the online account access is easy to navigate. The expense ratios on some of their index mutual funds are absolutely unbeatable.
Fees are clear to understand with Vanguard; we had to use the search function on the T Rowe Price website to discover the fee structure. Vanguard has an easily found link under the IRA portion of the website. Plus, we like Vanguard because the company is a non-profit dedicated to low investment fees.
- Fees for Roth IRA: $0 (with electronic statements and confirmations; otherwise $20)
- Minimum Required Investment: $1,000 for “starter” mutual funds, most other funds $3,000
- Minimum Subsequent Investment: Varies, usually between $100 and $1,000 (electronic transactions only have a $1 minimum)
- Commissions: If you invest in Vanguard mutual funds only, $0. Commissions vary for mutual funds outside of Vanguard or for ETFs.
T. Rowe Price
T. Rowe Price is another industry leader that offers mutual funds directly or through a broker. Expense ratios for index funds with T. Rowe Price are very competitive with the industry meaning you will get the maximum growth out of your invested dollars.
The company has a great Roth IRA page that explains everything you need to know about your eligibility to invest in a Roth IRA. The fee structure is mostly clear, although to find the full fee prospectus I had to do a search on their website.
- Fees for Roth IRA: $0 (with electronic statements and confirmations; otherwise $20 if your balance is less than $10,000)
- Minimum Required Investment: $1,000
- Minimum Subsequent Investment: $100
- Commissions: If you invest in Fidelity mutual funds only, $0. Commissions vary for mutual funds outside of T. Rowe Price or for ETFs.
Fidelity
Fidelity is another massive mutual fund company that offers its funds directly to investors and through brokerage firms. Of the three mutual fund companies, Fidelity has the highest minimum required investment for you to get started at $2,500. On the flip side, there is no minimum additional contributions after that.
Fidelity has been battling with Vanguard and T. Rowe Price on expense ratio costs meaning you will be getting very competitive expense ratios.
- Fees for Roth IRA: $0 for IRAs
- Minimum Required Investment: $0 (although most Fidelity mutual funds have a $2,500 investment minimum)
- Minimum Subsequent Investment: $0 for Fidelity mutual funds
- Commissions: If you invest in Fidelity mutual funds only, $0. Commissions vary for mutual funds outside of Fidelity or for ETFs.
How to Manage Multiple Investment Accounts
Of course you may have investment accounts, Roth IRAs, and Traditional IRAs across several different companies. You have multiple logins to remember to check up on your investments, and having some understanding of your asset allocation is not easy.
Enter Personal Capital. The company aims to solve the problems of managing multiple accounts, tracking your asset allocation, watching the performance of your investments, and in general helping you keep all of your financial tasks in order. With a slick web interface and mobile apps that work on iOS and Android you can see everything together in one well-designed space. On top of that, Personal Capital offers a fee analysis to help you reduce what you pay.
The best part about Personal Capital? The software is 100% free
Will tax rates really be lower later on?
With a mounting national debt, many people believe personal income tax rates will eventually be forced to increase. So, even if you think that you will have a lower income during retirement, you might still be in a higher tax bracket or have other tax considerations impacting your finances.
Even if the national debt issue is somehow solved, the government doesn’t tend to lower a tax once it is set.
If you think that tax rates are going to go up by the time you retire, the best retirement account for you to open if you qualify for it is the Roth IRA.
With a Roth IRA, you make your contributions with after-tax dollars. This means you pay your taxes on the money now. While it might mean a little less today, it can make a big difference in the future. This is because your money grows tax-free. When you withdraw from your account, it doesn’t register as income, so it doesn’t change your tax bracket or tax liability.
A Roth IRA can be especially beneficial to you if you are just starting your first job. Chances are that you won’t make very much. Your tax liability might be fairly low anyway, so paying taxes on your low income isn’t likely to be a huge burden to you today. Plus, you have even more time on your side to let compound interest work its magic on your behalf.
Other Articles That May Interest You
- Best Online Stock Brokers for Beginners to Experienced Investors
- Best Life Insurance Companies in the United States
- Best Short Term Investments for Your Money
- Best Rewards Credit Cards
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The most affordable homes along the night Tube
The night tube launches this weekend along the Central and Victoria lines in London, so one property agent has uncovered how much homes along the routes cost.
The Victoria line boasts the cheapest stop, with the average house price around Tottenham Hale station at £347,389, according to eMoov’s research.
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This Work-From-Home Job Will Actually Pay You for Your Mindless Doodles
Remember those stamps you’d get on your spelling tests in elementary school?
A smiling lady bug. A dog with perky ears. A bubble-lettered “Congrats!” The rudimentary puns were my favorite: Egg-cellent job! Purr-fect! Berry good!
But the rubber stamp world far exceeds this realm. Take, for instance, Stamp Press. Its rubber stamp categories cover everything: events and occasions, fantasy and science fiction, love and relationships, food and drink, fashion and jewelry, vintage… the list goes on.
Ever wonder who brainstorms and designs all of these stamps?
Well, it could be you.
Become A Work-From-Home Rubber Stamp Designer
Before you start putting down your artistic ability, thumb through your sketchbook, those doodles on the back of receipts and even the absent-minded designs you craft while helping your kids with homework.
Those could be stamps.
Stamp Press isn’t looking for a professional artist. In fact, it encourages those who simply enjoy doodling and sketching to consider the opportunity:
“So if you’re always doodling after putting the kids to bed or you have a sketchpad of things you’ve drawn for art college then we’d be really interested in hearing from you.”
As a freelance, work-from-home designer, this won’t be your full-time gig. It’s something you can do on the side — a mindless, fun activity for you to mold around your existing schedule.
You can email your sketches for consideration to submissions@stamp-press.co.uk. Worst case scenario: The company can’t use your creation. The best? You pocket some extra money.
Visit Stamp Press to get more information and check out existing stamps.
You might be surprised. That swirly snail you just drew while reading this article could be the next big thing.
Your Turn: What designs will you submit?
Carson Kohler (@CarsonKohler) is a junior writer at The Penny Hoarder. After recently completing graduate school, she focuses on saving money — and surviving the move back in with her parents. She specializes in smiley face drawings.
The post This Work-From-Home Job Will Actually Pay You for Your Mindless Doodles appeared first on The Penny Hoarder.
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This Guy Made a Chicken Sandwich from Scratch — and It Cost Him $1,500
When’s the last time you made a meal from scratch?
If you take those words as literally as Andy George does, probably never.
He’s the mind behind the YouTube channel “How to Make Everything” — and he means everything.
Take, for example, a simple chicken sandwich. Dressed with cheese, mayonnaise, lettuce, tomato, onion and a pickle, making this everyday lunch item required six months and more than $1,500.
Screenshot from Andy George/YouTube Channel “How to Make Everything”
The process also included a cross-country trip, beheading a chicken and blowing wheat chaff all over his apartment.
That’s because George started from the ground up — literally. He grew, sourced or manufactured every part of the sandwich from actual scratch, including sunflower oil for the mayonnaise and rennet for the cheese.
Here’s how he did it… and why.
Why Cook From Scratch?
Screenshot from Andy George/YouTube Channel “How to Make Everything”
You might think it’s a bit extravagant, not to mention wasteful, for George to go to so much trouble and expense to create a meal he could grab at a drive-thru for a tiny fraction of the cost.
But his motivation makes the project anything but superfluous.
George wants to call attention to the “web of industries” that provide us with everything we need at the modern-day speed and convenience we expect. (To say nothing of the incredible affordability of these finished products, which would have been unimaginable luxuries centuries ago, and are the results of years of innovation and hard work.)
“Every day, we use hundreds of items without a second thought of their origin or creation,” George says in a video detailing the his mission.
For many of us, the hardest we work for our food is to peel back the plastic wrapping on a microwave dinner, and the closest we get to farming is feeling up watermelons at the market.
Even if you cook “from scratch,” you’re doubtless using pre-packaged ingredients, like salt and flour, that once took massive amounts of time and resources to obtain. All we have to do to get them now is head to the local grocery store.
So to more fully appreciate exactly how easy we have it, George took “scratch” cooking to its literal extreme.
How to Make Everything from Scratch — Really
He started by planting seeds for what he’d need to create all the component parts of the sandwich, from obvious ingredients like lettuce and tomato to more nuanced necessities, like wheat and sugar beets for the bread.
He also planted sunflowers, whose seeds he harvested and pressed to obtain the oil he needed to make mayonnaise. He built the press himself out of a car jack and steel plates.
When his sugar beets failed to flourish, George was forced to turn to an alternative source of sweetness: honeybees. He suited up and harvested his own honeycomb, spinning it in a radial extractor to get the sugar that would sweeten and improve the texture of his bread.
He also learned why salt was once precious enough to trade for currency. George had to fly from his native Minnesota to the West Coast to harvest sea salt from Pacific ocean water. Yes, this was the easiest option — and the most cost-effective, since his sister in Los Angeles let him crash on her couch.
Screenshot from Andy George/YouTube Channel “How to Make Everything”
He did run into one scary snag on his return trip: Although he smartly boiled out the salt before leaving California to circumvent the TSA’s liquid rules, agents still had questions about the resulting bag of white powder.
He also accidentally ended up with 200 pickles, instead of the single one his sandwich required. Guess he won’t be buying any Vlasics for a while.
How Much Does a Chicken Sandwich Cost? More Than You Think
George says making the sandwich cost $542 in direct, out-of-pocket expenses.
But when he includes his “conservative estimate” of 140 hours’ labor, paid at a minimum wage rate of $7.25, George’s total cost balloons to $1,554.
(It’s $1,557 by our calculation — a difference that seems small, but that could probably buy half of an assembled chicken sandwich at your local drive-thru.)
Creating the sandwich took George six months and a nightmare-inducing amount of planning — since he didn’t use any preservatives, he had to time everything so all the ingredients would be fresh and ready at the same time.
Screenshot from Andy George/YouTube Channel “How to Make Everything”
So after six months of working and waiting, how’d the sandwich turn out?
“It’s not bad,” George says in the video, before chuckling and putting his head down in defeat.
“Six months of my life were… not bad. Yeah.”
Considering George’s understated reaction to the product of so much effort and expense, I know I’m certainly more grateful for the technologies that shorten the sandwich-making process, as George puts it, “from six months to six minutes.”
Check out the full sandwich story here, or poke through his other from-scratch projects. He’s tackled everything from chocolate bars to books.
And next time you take out a loaf of sliced bread, a jar of mayo or a package of cheese, maybe take a second to think about exactly what went into making it.
Your Turn: Have you ever really made something from scratch?
Jamie Cattanach is a staff writer at The Penny Hoarder. Although she is a Florida native, she is ashamed to admit she has never harvested her own salt. For shame.
The post This Guy Made a Chicken Sandwich from Scratch — and It Cost Him $1,500 appeared first on The Penny Hoarder.
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How to Know When You Should Use Paid Social Media Traffic
Have you ever used paid social media? I know some people who completely avoid it. They think it means cheating, or it’s somehow inappropriate.
In my opinion, paid social media traffic is an excellent tool.
Obviously, I’m not talking about illegitimately purchasing likes or shares from spammy businesses (more on that below).
I’m discussing legitimate paid methods.
If you use them properly, you can quickly grow your audience, your brand, and your revenue.
However, if you use paid traffic without first educating yourself and deliberately seeking out the best tools and information, it will lead to huge financial losses.
Knowing how to use paid social media traffic is important. But what’s even more important is determining when you should use paid social media traffic.
I think that’s where a lot of the confusion starts for some people. Maybe you’ve wondered the same thing.
When should you start spending on social media traffic, impressions, or clicks?
For paid traffic, like for many aspects of business, timing is everything.
I’ve already written many articles on how to use paid social media traffic to effectively grow your business and increase the ROI of your marketing campaigns.
But today, I want to cut through the noise and help you make an educated decision on whether or not you should be using paid traffic at all.
Ready?
Let’s begin.
First, a definition
Before we dive into the deep end and discuss the ins and outs of paid traffic, I want to start with a definition.
When I talk about paid social media traffic, I am not talking about buying likes or fake followers.
This is an absolutely terrible business tactic!
It leads to a poor quality audience that has no interest in you or your company and will result in large followings that do not help you grow your brand.
Not to mention, it’s also a very sleazy and unethical approach to social media marketing.
By paid social media traffic, I mean the practice of investing in paid ads and marketing for the purpose of delivering your content to relevant audience members—audience members who are actually interested in what you are selling.
Instead of paying some kid with a computer in a foreign country to “like” your photos, you are actually putting your content in front of someone whose interests genuinely coincide with what you are offering.
With that out of the way, let’s get down to business.
When should you pay for social media traffic?
Let me answer this question with four statements. If any of the following is true of your business, paid traffic may be your best approach.
1. When you are building an audience from the ground up
One of the first situations in which you should pay for social media traffic is when you are building an audience from scratch.
If you are just getting into the game of social media marketing, paid traffic is critical.
Think about it.
- If you have no audience, no one is going to see your content.
- If no one sees your content, no one shares your content.
- If no one shares your content, your following cannot grow.
- If your following cannot grow, your social media efforts are completely irrelevant to your business.
Such is the struggle of the social network newbie.
Is it possible to grow your social media accounts organically when you are starting from scratch?
Of course.
You can reach out to other similar brands, link your accounts to your blog or YouTube channel, and use friends and family to help your content get off the ground.
But that is life in the slow lane.
Using the organic methods, you could reasonably expect to have a decent social following (3,000 – 5,000 followers) within about 18-24 months.
However, if you use paid traffic, you could cut that time in half while doubling your traffic.
2. When you are diversifying the demographics of your audience
A big problem many brands have is that they get caught in an endless cycle: they target the same type of audience over and over and over again.
For example…
Let’s say you own a local business.
You run a chain of unconventional gyms with your primary locations on the East Coast.
In addition to your traditional marketing campaigns, you use social media and content marketing to grow your brand and increase your company’s exposure.
Over the years, you’ve built up a reputable following on Facebook, but your audience is primarily located in your hometown and the surrounding cities.
Now, you want to open another location on the West Coast so that you can enjoy sunny beaches and fruity beverages while helping people get fit.
The only problem is, your entire online following is located about 2,000 miles away from your new location.
Not exactly ideal for building a new customer base, is it?
This is where paid traffic becomes a life saver.
With paid social media traffic, you are able to target new demographics and promote your brand in new locations.
You can get really specific, like this:
Using social media in a geotargeted way like this is especially useful for brick and mortar stores looking to relocate or for online business looking to tap into a new audience.
3. When you are looking to scale your social platforms with a similar audience
If you’ve already built up a healthy social media following and you are looking to make your social media platforms even more profitable, paid traffic is the way to go.
While organic traffic is great, it doesn’t generally work well with large followings.
This is because of the law of diminishing returns.
Source: vibhavagarwal.com
Let me explain.
Imagine you are an aspiring bodybuilder who is just starting to lift weights. After the first couple of months, you are going to see humongous gains.
You will pack on muscle, shred fat, and improve most of your lifts by close to 100 lbs. But after about 6-12 months of doing this, you’ll see that your improvements start to slow down.
You will still be gaining muscle and losing fat. You will still be increasing the amount of weight you can lift. But it will not be as drastic.
Then, as you continue training on a regular basis, you will start reaching a point where even marginal gains are difficult to achieve. You will start approaching your genetic potential.
And then, you have one of two options:
- You can continue training naturally and understand that you are close to your peak and improvements will take a long time.
- You can decide to use steroids or some other performance-enhancing drug to beat your genetics and achieve even more gains.
Now, this is not an ethical or health-based argument for steroids, but it is a pretty effective analogy for paid traffic.
You see, whenever you first launch your social media campaigns (if you really know what you are doing), you will probably see some pretty quick growth.
You will go, as they say, “0 to 100, real quick.”
After the first year, you will likely have several thousand followers across your various channels.
In the second year, growth may continue at an even more rapid pace.
But eventually (and this typically happens around the 10,000 followers point), you will hit a wall.
You will still be adding to your followers, but, unless you are willing to start using the “performance enhancing drug” of paid traffic, it will take you years to hit your goals.
However, if you are willing to invest into paid traffic, you can beat the law of diminishing returns and skyrocket your social media following in a very short amount of time.
Luckily for us, there are no ethical, legal, or health concerns related to paid social media traffic like there are with steroids.
You have little to lose and much to gain.
4. When you want to increase your organic reach
I know that using paid traffic to increase your organic reach sounds like an oxymoronic statement.
And it is. But hear me out.
Just because someone follows you or “likes” your content does not mean your content is actually showing up in their newsfeed.
People simply follow too many different brands and individuals for all of them to show up in their feeds.
I, for example, follow dozens of other influencers and tech blogs across my various social channels.
But I rarely see any of the new content posted by the people I am following.
It’s not because I don’t like the content or because I have no need for what they are sharing.
It’s simply because of the volume of content published each and every day.
If you want to grow your organic reach and get your content in front of people who already like and follow you, you need to invest in paid traffic.
It will increase the frequency with which your content is seen by your followers, and your audience will be more likely to actually find out about a new product you are offering or a promotion you are running.
When should you not pay for social media traffic?
Now that I’ve covered some of the situations when you should pay for social media traffic, I want to touch on one of the biggest reasons why you should not pay for social media traffic.
It’s about quality.
If you are looking for super high quality traffic, paid ads may not be your best approach.
The current stage of your business will determine the type of traffic you want to generate.
For those of you just getting started, the single most important thing to focus on is simply generating more traffic and getting your content in front of new eyeballs.
For others, especially if you already have a strong social media presence, your focus should be on generating high quality traffic.
The quality of the audience you build with paid traffic will generally be lower than the quality of the audience you build with organic traffic.
This is due to a variety of factors.
First, we have to acknowledge the unfortunate reality of social media. There are hundreds of thousands of bots and fake accounts.
Whenever you use paid traffic, it’s much more likely that you will attract more of these automated accounts than you would if you were growing your reach 100% organically.
The second factor is that people who seek out and find your brand organically are typically much more likely to purchase than someone who simply “liked” your page because your ad popped up on their phone.
If someone has taken the time to find your social media pages without the persuasion of advertising or paid marketing, it means you are solving a problem they have.
These people will be much more likely to share your content, be engaged in your discussions, and invest in your products.
Now, using paid traffic obviously does not preclude you from generate organic traffic.
However, you have to remember opportunity cost.
Source: quickmeme.com
Every hour you spend and every dollar you invest in paid traffic is a dollar and an hour you could have spent optimizing your social platforms and website to generate high quality organic traffic.
With that in mind, it’s important that you have a clear understanding of the current stage of your business and your goals with social media.
Next steps and measuring your success
Now that you are a little bit more informed about the times when you should and should not use paid social media traffic, I want to discuss one last thing before I leave you to it.
While tracking your metrics is extremely important whether you utilize paid traffic or not, it is doubly important whenever you are investing your hard earned dollars in social ad campaigns.
You need to have clear business goals for your paid traffic campaigns.
Whether it is to generate new leads, increase sales, or simply increase brand exposure, you have to have clearly defined objectives for your investment.
Once you’ve defined that objective, it is imperative that you track your metrics to ensure your investment is actually getting you closer to your goal.
Source: moz.com
Are the individuals you reach on social media buying your products? Are they joining your email list? Are they reading and sharing your content?
If you are not tracking these metrics, you will never be able to effectively run paid traffic campaigns.
You’ll end up spending thousands of dollars that could’ve been better spent elsewhere, and you’ll end up with a negative ROI.
Conclusion
Paid social media traffic is a phenomenal tool.
If you use it in the right situations and in the right way, it can accelerate the growth of your business in a way that few other investments can.
But the key here is you have to use it at the right time.
If you are using paid social media traffic in the wrong situations, you’ll end up losing money and damaging your brand.
Take the above advice to heart, and decide for yourself whether paid social media traffic is a worthwhile investment in your current circumstances.
How have you used paid social media traffic in the past? What were the results?
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5 Online Tutoring Companies That Pay $20+/Hour (and They’re Hiring Now!)
Tutoring has always been a fantastic way for students and other academically-inclined folk to earn a little money on the side.
And now that the internet is here, you don’t even need to leave your house to do it. But, it can be tough to sift through all the online tutoring jobs out there.
Which ones are scammy? And which ones pay peanuts?
We did some of the sifting for you (aren’t we nice?), and found five online tutoring jobs that pay $20 per hour — and are hiring right now.
1. Chegg
Chegg is a platform where students can find tutors. After you log in with Facebook and create a profile, you can get matched with students in any subject — and earn $20 per hour.
You’ll be required to prove you’re currently or were previously enrolled in a university by submitting copies of your diploma, student ID card or unofficial transcripts.
Unlike the other companies on this list, Chegg’s Glassdoor reviews are mixed, so do your research before applying.
2. MathElf
OMG, this would be my nightmare — but if you’re good with numbers, why not become a math tutor?
MathElf is hiring math tutors who have an iPad and can teach five of the following subjects: algebra 1 and 2, geometry, trigonometry, precalculus, AP Calculus AB and BC and AP Statistics.
You’ll earn $20 per hour on your own schedule, working as much or as little as you’d like.
3. Revolution Prep
Looking for a full-time tutoring job? Then Revolution Prep is looking for you.
It’s hiring professional tutors to “deliver exceptional one-on-one instruction to students grades 6-12 in a variety of academic subjects and college admissions tests.”
You must have at least a bachelor’s degree, plus the ability to work evenings and weekends. In return, you’ll earn $20 per hour — plus bonuses, health insurance, a 401(k) and paid time off.
4. Testive
If you crushed your SAT or ACT exams, you could make good money teaching other kids to do the same.
Testive is hiring a part-time, remote SAT/ACT coach who will use the company’s software to help students prepare for standardized tests.
You must have scored in the top 1% on either the SAT or ACT, and be able to work evenings. Pay is $80 per student, per month, which works out to approximately $32 per hour.
5. VIPKID
Always dreamt of moving abroad to teach English as a second language, but have commitments stateside? Thanks to the internet, you can still share your knowledge with students in China.
VIPKID is hiring part-time ESL teachers to work at least 7.5 hours per week, mostly on weekday mornings and weekend evenings. You’ll need a bachelor’s degree, plus experience working with kids ages 5-12.
The base pay is $14-$18 per hour, but because of bonuses, the company states the “typical salary” ranges from $16-$24 per hour.
Your Turn: Have you ever considered becoming a tutor?
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.
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It’s Your Journey, Not Theirs
Earlier this month, I was traveling with my family in Toronto. I was waiting outside of the CN Tower for my family to meet up as my parents had gone in one direction, my wife and children had gone in a second direction, and I was using the bathroom, so I was standing at our meetup point.
While standing there, I was leaning next to a guy in a Blue Jays jersey who was waiting for the Rogers Centre to open up the gates for that day’s Blue Jays’ home game. Being friendly, I commented on his jersey and we talked about baseball for a bit, and gradually the conversation dipped into some general small talk. He asked what I did for a living and I mentioned The Simple Dollar.
The guy had heard of the site and he was almost gobsmacked by the realization that it was actually the author of The Simple Dollar standing there outside of Rogers Centre. He actually pulled up the site on his phone and found an older picture of me in the archives to verify it.
We ended up getting into a very long conversation about personal finance. He was almost like a firehose of questions, both about personal finance and about the history of the site, and eventually he gave me his business card and asked if it was okay if he emailed me later, which he did a couple of days later. (He actually okayed me talking about our conversations in this post, provided I didn’t mention his name.)
It turns out that the guy is a very high income earner, earning substantially more in an average year than I typically earn. With strong financial discipline, he could easily blow away my net worth in just a few years – and honestly, he probably already can.
To be honest, I’m a bit envious of his income level. It would not take me long at all with that kind of income to build a very secure life that I would be incredibly happy with.
This fellow happens to work in what I would consider a very stressful career path, one I would not enjoy at all, even for a short while. He’s involved in upper level management of a business in a market where I would be stressed out constantly by the demands on me.
He’s also struggling financially. He’s wearing what I call the “golden handcuffs,” a term I actually used while talking to him. (“Golden handcuffs” means that you’ve made a series of lifestyle choices that put you in a situation where you need a substantial income to maintain it. If you lose some of your income, it’s likely that many aspects of your life will be ripped right out of your hands either due to foreclosure or due to emergency selling of assets.)
When I compare our career paths, I’m pretty happy with my own path compared to his. I’m also pretty happy with my relative state of financial security.
The truth, though? The truth is that we’re each on our own journey. What someone else is doing really doesn’t matter. Those comparisons I made, where I compared my income and my financial state and my career path to his? They don’t matter.
It doesn’t matter what someone else earns. What matters is what you earn. Could you earn more without adding excess stress and responsibility to your life? Could you find ways to add a side gig? Or, maybe, you want to step back from working and earn less to achieve other things in life. What you earn is your own business. It’s part of your own story. It does not matter what someone else is earning or what they think.
Similarly, it doesn’t matter how someone else chooses to budget or spend their money. I spend my money in a different way than this fellow does. Even if I shared his income level, I’d make different choices. That’s because we happen to care about different things. We have different lives and different values. We can learn from each other, but our differences aren’t judgments on each other.
What matters is what you make and what you choose to do with every dime of your income. What do you do with each dollar that comes into your life? Do you use it on things that you really value? Do you use it to secure those things into the future? Or do you spend it on things that aren’t really all that important to you? Those are choices you make, not what anyone else makes.
So why should we care about the stories of others at all? The reason is that we can harvest ideas from what other people are doing to make your own path better. His situation inspires me to do what I can to earn more income. My situation inspired him to do what he could to earn a little more freedom and independence.
Along that same track, we can learn tactics from each other. Part of the reason he achieved his position is an ability to negotiate and a pretty good mind for statistics. I achieved my situation through a lot of frugal tactics and careful consideration of how I spend my money.
We can learn from each other without having to abandon what works for us. We can learn from each other without jealousy or without comparison.
In fact, the only comparison worth making is where you were a month ago or a year ago. Are you in a better position than you were a month ago or a year ago? Has your net worth gone up? Has your income level gone up? Has your debt level gone down? Have you accumulated some money in your savings or your retirement accounts?
I can learn things from the guy that I met in Toronto about how to improve one’s income, how to negotiate for better wages, how to set up side gigs, and so on. Similarly, he can learn things from me about how to separate needs from wants, how to make good spending choices oriented toward what you really care about, and so on.
Those factoids do not mean that his journey is better and I should measure myself against his journey, nor does it mean that my journey is better and I should measure myself against his journey.
What it does mean is that we can learn from each other to make both of our journeys better. It also means that if we do actually learn from each other, we’ll improve against the one measuring stick that actually matters – ourselves.
This philosophy holds true no matter who the other person is. Comparing your financial success to that person is a waste of time. What matters is that you compare your financial success to where you were in the past, and that you learn from what worked for that other person to bring them success.
It’s your journey, not theirs.
Don’t worry about what that guy you just met outside of the baseball stadium makes each year and how it compares to what you make.
Don’t worry about what percentage of annual income that guy who writes for an internet site manages to save.
Those people aren’t you. They’re going through their own journey.
Instead, focus on where you want to go, and make sure that you’re a step closer to that destination than you were a month ago, and hopefully several steps closer to that destination than you were a year ago.
Talk to that guy outside of the baseball stadium. Read the stories that the guy on the internet shares. Steal their ideas and use the ones that make the most sense for you, on your journey, and discard the ones that don’t really fit.
Then, when it comes time to think about progress, about how well you’re doing, don’t think about those other people for a second. Think about you. Think about where you started, where you came from, and where you’re headed. Think about the progress you’ve made from the beginning and how far along you are.
The stories of others are only useful for inspiration and for the tactics you can take to apply to your own story. When they inspire jealousy or they inspire a sense that you’ll never be able to achieve anything, you’re taking home the wrong message. You achieve something every single moment that you’re in better shape than you used to be in. That’s the real measure of success.
It’s your journey, not theirs. Stop worrying about what other people are doing. Focus on what you’re doing.
Good luck!
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Is Your Teen Begging to Study Abroad? Check Out This Affordable Option
Ellesse Farner didn’t have a typical senior year of high school.
Instead, she moved to Brazil, attended a Portuguese school, lived with local families and traveled around the country.
And here’s the shocking part: Her year-long trip didn’t leave her family broke.
That’s because she traveled through the Rotary Club’s Youth Exchange Program.
The Rotary Club has a reputation for community service. The name might conjure images of picking up litter, hosting canned food drives or mentoring children — all classic Good Samaritan acts.
But Farner, now 19, took another route. She took advantage of the club’s international presence to support a trip abroad.
How the Rotary Youth Exchange Program Works
Farner heard about the program through her school and realized, as a high school student between 15 and 18.5 years old, she qualified.
She had two options: the three-week summer program or the year-long program.
Her district chairman, Doug Lobel of District 6950 in Florida, highly encourages the year-long program. Rather than just getting a taste of a country, students enjoy a more immersive experience during the longer exchange.
Farner opted for the year-long program. It seemed daunting at first, but after a string of interviews and free weekend orientations, she was accepted and assigned to spend the following year in Brazil.
Her parents, who were initially reluctant to send their daughter away for a year, were also interviewed for the program. As they learned more about the opportunity, they became more accepting of the idea of letting her live in another country for such a long period of time.
Before she left, Farner and her family hosted Andressa, a Brazilian student who became part of their family for six months. During her time with the family, she briefed Farner on the country, the language and the culture.
Then it was Farner’s turn to go abroad.
What Do Students Get Out of the Rotary Youth Exchange?
After nine months abroad, Farner had a lot to add to her life resume — and her work/college one, too.
She lived with multiple families, attended a Portuguese school and traveled around Brazil. She made friends from around the world and has newfound independence.
Because Farner is “young for her grade” — her birthday is in September — she was able to participate in the program after her high school graduation. Essentially, she received an extra year of high school — just in a different language.
Students who hadn’t yet graduated would return to the States right where they left off but with an extra year of international schooling.
And although they might be “behind” when it comes to graduation requirements, the benefits have the potential to make up for that — and then some.
Lobel described one student who graduated high school and wasn’t accepted into her college of choice. Because she was still within the exchange program’s age restrictions, she applied and spent a year abroad.
When she returned, she picked up the college application process again. This time, she was accepted into her top-choice school — on a full-ride scholarship.
How Much Does the Rotary Youth Exchange Cost?
The answer varies by club district and state.
One thing is for sure: Students are guaranteed free food, because host families are expected to feed their adopted exchange student.
For Lobel’s district, the three-week summer program costs $500. The year-long trip Ellesse took cost $5,200, plus a couple of extra fees.
How does that compare to other study abroad programs?
Lobel says there are about 30 other exchange programs for high school students in the States. These, however, are not two-way exchanges, meaning you don’t get be a host. And they’re not cheap, either — they can cost between $18,000 and $25,000.
Comparatively, the $5,200 Farner paid covered airfare, medical insurance and a spending allowance she received once she was abroad, though it didn’t cover everything.
It’s also worth considering the built-in travel advisor who works behind the scenes to match you with a country and family — and handles wrangling the cheapest flights.
Farner’s family was responsible for some fixed costs, such as an $80 passport and a $250 student visa.
Once abroad, Wanda Farner said her daughter didn’t ask for a lot of spending money at first.
“She didn’t have many friends at that point,” she said, laughing. “It got real expensive when she made friends” — and ate more meals out.
Farner also had the option to travel within the country. During her summer break, she took a month-long trip to northwest Brazil. The program, organized by Rotary, cost an additional $2,000 and included transportation, housing and some meals.
How to Save Money on the Rotary Youth Exchange
With sweet, sweet hindsight, Farner looks back and sees how she could have saved money during her time abroad. Although she doesn’t have any regrets, she can dole out some advice for future Rotary Youth Exchange participants.
1. Ask About a Scholarship
In some districts, students can receive a travel grant through the Rotary program.
Lobel says these scholarships are need-based and students are hand-selected on a case-by-case basis.
2. Hold a Fundraiser
Fundraisers are encouraged to help cover the program’s fees. Lobel takes it a step further and requires students in his district to hold one.
Farner held a small fundraiser where she raffled off a facial (courtesy of her mother, who is an esthetician) and brought in $100. Other students dive in, working full time to raise money before their trips.
3. Eat with Your Host Family
Although eating out is a social event and allows you to fully experience the culture, it’s not necessary.
Farner says she could have saved money on snacks and meals by eating with her homestay family, since they were obligated to feed her.
4. Travel with the Family
In addition to the month-long trip Farner took, she also traveled with her Brazilian family. They took day or weekend trips to show her different parts of the country.
In retrospect, she could have saved the extra $2,000 she laid out for her month-long trip to northwest Brazil and still had the opportunity to travel for less money.
5. Opt to Take the Three-Week Trip
The three-week summer program costs $500 — less than a tenth of the cost of the full year. If you’re interested in just a taste of life abroad, there’s nothing wrong with this option.
It’s also worth noting that when you have a student visa, you cannot get a job abroad. Lobel says it’s OK to babysit for the homestay family or perform odd jobs around the house to earn some cash, but holding another job is illegal.
Was the Youth Exchange Worth the Money?
Farner — and her parents — say yes, the trip was worth every penny.
After spending a year in a Brazilian high school, she’s fluent in Portuguese. She also has friends living across the world, and she’s gained a new sense of independence as she begins to apply for colleges.
That’s another perk: Farner is eligible to receive a college tuition stipend through the program. Who knows? Maybe she’ll get a full ride to her dream school!
And with a solid resume (companies love seeing study-abroad experiences), she was hired for a summer job to raise some funds to pay her parents back.
Want to Try Your Own Exchange?
Although students might hear about the opportunity through their high schools, like Farner did, the best way to get more information is to contact your local Rotary club.
The website encourages interested parties to apply six to 12 months before departure, but Farner says the sooner, the better. It took her nearly a year to sort out the details.
And then… boas viagens! (That’s “good travels” in Portuguese.)
Your turn: Did you study abroad? How did it benefit you?
Carson Kohler (@CarsonKohler) is a junior writer at The Penny Hoarder. After recently completing graduate school, she focuses on saving money — and surviving the move back in with her parents.
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Millions of Virgin Media customers to be hit with price hikes of 5.1%
Millions of Virgin Media customers will be hit with price hikes of 5.1% on average from 1 November - but you can cancel your contract penalty free as a result.
The move will see prices increase by between £1.01 and £3.49 a month (£12.12 to £41.88 a year) for 5.2 million customers.
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