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الثلاثاء، 18 أبريل 2017

How Does Compound Interest Work? We Explain in Plain English

Would you rather have $10,000 today, or a penny a day that doubles in value every day for the next 30 days?

You’ve heard this one before. It’s the fun, sneaky question we ask kids — and sometimes, adults — to make a point about compound interest.

“Interest” tends to be a word we take for granted. It’s what makes money (or debt) grow.

But… what does that mean, exactly? How on earth does it work?

What is Compound Interest?

On the positive side: Interest is what a bank pays you to keep your money there. The longer your money stays in the bank, the more you earn in interest.

“Compound interest” means you get paid interest on interest.

It works like this: An interest payment is added to your balance. When the next interest is calculated, you get paid for that full balance, instead of just the amount you initially contributed.

So your bank is actually paying you to keep the money it already paid you there. Good deal.

Many people, faced with the option above, choose $10,000 now over the pennies with 100% interest.

At that unbelievable rate, after 30 days, your pennies would grow into more than $5.3 million. By day 31, you’d have $10 million! For a contribution of 30 cents.

This level of growth isn’t at all likely, but it helps make the point. Interest makes the world go ‘round.

How Compound Interest Works

How does a penny turn into $5 million in 30 days? We like to call it magic, but it’s really just math.

Start with 1 cent on day one.

On day two, you earn 100% of the balance and add another cent. Now you have 3 cents.

On day three, you earn 100% again and add another cent. Now you have 7 cents — seven times your original balance in just three days.

Your pennies gather interest like a snowball rolling downhill.

That’s how your retirement account grows and why it’s important to start saving early, even if you can only contribute a small amount. With compound interest, your greatest asset is time.

Compound Interest and Debt

Unfortunately, we can’t ignore the negative side of compound interest: paying it.

When you don’t pay bills on time, companies charge interest. Banks also charge interest while you pay back a big loan — now you’re holding their money, and the tables are turned.

You should understand this before taking out your first loan or opening your first credit card.

The more debt you sit on, the more interest will accrue each month, because it’s a percentage of your balance.

In the same way your pennies grew into millions above, your credit card debt can tumble out of control if you lollygag while paying it back.

Imagine if you owed a penny today, how much you could owe in 30 days…

Yikes. There’s a reason we don’t play this game in reverse.

Your Turn: Think you could you explain compound interest to a 5-year-old?

Dana Sitar (@danasitar) is a senior 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).

This was originally published on The Penny Hoarder, one of the largest personal finance websites. We help millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. In 2016, Inc. 500 ranked The Penny Hoarder as the No. 1 fastest-growing private media company in the U.S.

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Would You Rent a Car By the Hour? AAA’s New Service Will Let You Do That

I remember my first car.

It was a used 1999 Lexus RX 300 that I brought to campus my second year of college. I was the first of my friends to have a car on campus, and I loved the freedom that having a car provided.

Now, about a decade removed from those college days, I question if a car is even worth it. It’s just one more thing to be responsible for and sink money into. If I could catch a ride where I need to go or borrow a car short-term, I’d be fine.

Apparently others have the same mindset, and AAA is taking note.

At the end of April, the auto association’s branch covering Northern California, Nevada and Utah (NCNU) will launch a new one-way car-sharing service, Gig.

The service will start with a fleet of 250 cars in Oakland and Berkeley, California, according to The Mercury News.

The service was created from AAA NCNU’s new innovation lab, A3 Ventures, which seeks to find new ways to serve the organization as transportation options change and evolve.

Here’s how Gig works:

  • Download the app on your smartphone or mobile device
  • Use the app to locate a car near you
  • Unlock the vehicle using your phone (or with a card they’ll send you after your first use)
  • Return the car to almost any public parking spot in the designated “HomeZone” within the two cities (

To register for Gig, the app will need to scan your driver’s license and credit card, but there are no registration fees.

The rates are $2.50 per mile, $15 per hour or $85 per day for the service. The service will charge you the lowest rate option that applies. For example, if you’ve driven 10 miles and returned the car in less than an hour, you’d be charged $15 for the hour instead of the $25 that would be calculated by price per mile.

Also, if you park the car somewhere (like if you’re running into a store to grab groceries), just select the “Park and Come Back” option in the app and it will change the rate to $0.30 per minute.

What’s Included?

You don’t have to worry about the cost of gas, insurance or parking in the HomeZone because that’s all covered by the service. Plus drivers can take advantage of free AAA roadside assistance.

Gig will use a fleet of Toyota Prius c hybrids, so a tank of gas goes pretty far. A 2016 model gets an average of 50 miles per gallon combining city and highway driving, according to Fuel Economy.

With the Gig app, you can check the fuel gauge before you get your vehicle. If you end up needing to refuel, you just contact Gig and they’ll give you a code to unlock a fuel card in the glove compartment.

Now, while Gig provides third party liability insurance, you are responsible if the car is damaged, lost or stolen. The service’s insurance does cover: bodily injury liability up to $100,000 per person or $300,000 per accident, property damage liability up to $50,000 and uninsured motorist/under-insured motorist bodily injury up to $15,000 per person or $30,000 per accident.

Drivers have to pay for tolls and any traffic or parking tickets they incur.

How Do You Use the Service?

Though AAA is a member-based service — with membership fees ranging from $56 to $119 in northern California — you don’t have to be a member to use Gig. Members will, however, get a 10% discount on rates.

Bonus: If you get the Gig app before the April 30 launch of the service, you can use the promo code HEYGIG and get an $85 credit — equal to a free day.

Will the Service Expand to Other Cities?

I’ve reached out to A3 Ventures to find out if and when Gig would expand to other cities. I’ll update this story as soon as I get a response!

Mike Hetke, AAA NCNU’s executive vice president and chief innovation officer, told Fast Company there’s a challenge in getting cities on board.

“It requires participation and partnership with the municipalities to create the super permits that enable this model,” he said. “And so you have to convince municipalities, and there’s a number of competing factors for municipalities to consider.”

While Gig will be new for the Bay Area, it certainly isn’t the only car sharing service out there. Zipcar, Enterprise CarShare and Car2Go offer similar services at locations across the country.

And If you don’t feel like driving yourself, there’s always Uber or Lyft.

Your Turn: Would you like Gig to expand to your city?

Disclosure: This post contains affiliate links. By checking out this featured content, you help us bring you more ways to save!

Nicole Dow is a staff writer at The Penny Hoarder.

This was originally published on The Penny Hoarder, one of the largest personal finance websites. We help millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. In 2016, Inc. 500 ranked The Penny Hoarder as the No. 1 fastest-growing private media company in the U.S.

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East Stroudsburg Kmart to close in July

Local store opened 40-years ago in 1977.

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Here’s Why You Could Pay an Extra 35 Cents for Your Chipotle Burrito

If you’ve finally gotten on good terms with Chipotle Mexican Grill again (that E. Coli outbreak in 2015 was scary!), I have terrible news:

Guac is extra extra now. **sad emoji**

Why? Chipotle Mexican Grill is implementing its first price increase in three years.

I know — the horror.

Why Chipotle Prices are Going Up

Chipotle will raise its prices in 440 of its 2,200-plus restaurants, which equals around 20% of its locations.

The increase will amount to about 25 to 35 cents for an entree.

Chris Arnold, Chipotle’s communications director, told The Penny Hoarder in a statement that the price increase is due to higher food and labor costs.

And, although prices are increasing in some places, he indicates the increase won’t be enough to knock Chipotle off its fast-food throne.

“Even with the new prices, our pricing remains very competitive across the category, particularly if you factor in our ingredient quality,” Arnold said.

Arnold didn’t respond to our request for specifics about what locations will see price increases.

Will Chipotle’s Price Hike Change Your Burrito-Eating Habits?

So, will customers be willing to pay an extra 25 to 35 cents for their burritos? Here’s what Penny Hoarder readers had to say on Facebook.

With Chipotle coming off of a year of bad press and trying to get people to come back to its stores, it seems like a pretty bad idea to raise prices right now,” wrote Faith Goodwin.

Rob Kryzzie had a similar outlook.

“I think they should concentrate on winning back customers after the repeated E. Coli debacle,” he wrote in The Penny Hoarder’s Facebook Community Group. “Raising prices is not the way to do that. There needs to be more time between bad news from Chipotle.”

But Carrie Nowlin, web producer at The Penny Hoarder, said she doesn’t mind the price increase.

“Chipotle is notorious for being willing to give a little extra if you ask for it nicely,” she said. “Even with a $0.25 increase, you can still get a heck of a deal on a burrito bowl if you are nice about it. My bowl overfloweth.”

No matter how you feel about the price change, there’s a light at the end of this tunnel: Check out our six ways to get a bigger burrito for the same price.

Your Turn: Would you pay an extra 25 to 35 cents for a Chipotle burrito?

Kelly Smith is a junior writer and engagement specialist at The Penny Hoarder. Catch her on Twitter at @keywordkelly.

This was originally published on The Penny Hoarder, one of the largest personal finance websites. We help millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. In 2016, Inc. 500 ranked The Penny Hoarder as the No. 1 fastest-growing private media company in the U.S.

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Millions Suffer from Psychological Distress — and Many Can’t Afford Help

As if being middle-aged isn’t stressful enough, now I have a something else to be concerned about.

Adults between the ages of 45 and 50 (that’s me!) are the newest group to be considered at high risk for mental illness and suicide, according to a survey published earlier this month in medical journal Psychiatric Services.

We Gen Xers and baby boomers aren’t alone in our unhappiness, either.

More than 8.3 million American adults suffer from serious psychological distress (SPD). That’s more than 3% of the U.S. population.

“Based on our data, we estimate that millions of Americans have a level of emotional functioning that leads to lower quality of life and life expectancy,” says lead study investigator Judith Weissman. “Our study may also help explain why the U.S. suicide rate is up to 43,000 people each year.”

It’s Hard To Find Good Help

Even more distressing is that access to mental health care is becoming more difficult every day.

The survey indicates more than 10% of people aren’t getting the treatment they need because they don’t have adequate mental health coverage. Almost 10% also say they can’t afford to pay for their psychiatric medicines.

“Until we begin to provide the resources and the mental health care providers, as well as screening and treatment, we won’t curtail the tide of mental illness,” Weissman told The Huffington Post.

Where to Find Free or Cheap Mental Health Services

If you’re suffering from SPD or any other mental health issues, you know getting the treatment you need can be difficult and expensive.

  • Check out our list of resources that cover everything from where to find a training clinic to how to negotiate a discount on your medical bill.
  • There are several mental health apps on the market to help you get by between appointments with your mental health professional.

Managing SPD, mental illness, stress and anxiety can be a challenge, but it’s important to seek treatment to help you live life to its fullest.

Remember, you aren’t alone in the struggle — there are over 8.3 million other people walking a similar path.

Your turn: What free or low cost mental health services are available in your area?

Lisa McGreevy is a staff writer at The Penny Hoarder. She’s always looking for fresh tips on health and wellness resources to share with readers. Look her up on Twitter @lisah to share yours.

This was originally published on The Penny Hoarder, one of the largest personal finance websites. We help millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. In 2016, Inc. 500 ranked The Penny Hoarder as the No. 1 fastest-growing private media company in the U.S.

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A Guide to Rucking, My Favorite Low-Cost Exercise Activity

Over the last few years, I’ve become more and more interested in improving my physical fitness. The reasons are simple. I want to live longer. I want to be able to participate in more active things with my children as they grow older, helping them to practice their sports and other activities without passing out in a heap. I want to feel better and more energetic.

I’ve tried a lot of different tactics with varying success. I’ve joined a couple of different gyms and gradually grew bored with each of them and stopped going. I’ve tried lots of different bodyweight exercises at home. I’ve tried some fitness videos such as P90X. Most things just didn’t click at all. I even tried hiring a personal trainer for a while. It was ridiculously expensive, and although it was somewhat helpful, I really couldn’t continue to justify the expense of it.

I felt stuck and frustrated. The only thing that worked well for me at all (other than shelling out a lot of money for that trainer for a short while) was a simple bodyweight “fitness ladder,” which was basically just a handful of exercises I could do rather quickly and then keep improving at them. Even with that, I would stick with it for a while and then back off. I also enjoyed walks – I always have.

So, what did I do?

I stepped back, looked at the course of my life, and asked myself, “At what point was I in the best shape of my life?” It was pretty obvious to me. My physical fitness peak was in my first two years of college. What was I doing during those first two years in college? The biggest thing that I did was walk between three and five miles each and every day with a loaded backpack, one that usually contained multiple notebooks and a couple of college textbooks.

I lived in a dorm in those years, and the dorm I happened to live in was about a mile and a half from the two buildings where many of my classes were. I intentionally scheduled classes over there so I would have all of my classes in that area back-to-back – or at least as close together as I could get with minimal gaps – to reduce my walk over there. In between any gaps, I’d go to the library and study, which was about half a mile from those classes.

So, on most days, I’d walk about a mile and a half to those classes, half a mile to the library, half a mile back to my classes, and another mile and a half back to my dorm. On top of that, I would often do some walking to other classes nearer to my dorm with a less-loaded backpack.

In other words, I was walking somewhere between 10,000 and 15,000 steps a day with some weight on my back. How much weight? I wasn’t sure, so I found a couple of old textbooks that were similar to the ones I had in college and I concluded that I was typically carrying somewhere around 20 to 25 pounds on my back on those walks, sometimes a bit more, sometimes a bit less.

So, what was I doing a lot of during the period in my life when I was in the best shape? I was walking a lot with weight on my back.

So, why not do the same thing today to get in better shape?

As I started to look into the concept (remember, I’m not 18 any more – I didn’t want to just throw 30 pounds on my back and walk for several miles without having some idea of doing things safely and correctly for maximum benefit), I quickly learned that exercising by carrying weight on your back is known as rucking. It’s a significant component of basic training in the military (often with very heavy backpacks), but it can definitely be used by anyone for fitness.

Why Rucking?

It turns out that rucking has become my favorite method of exercise, for several reasons.

First, it just builds upon something I already enjoy doing – going on walks and hikes. I go on walks almost every day around my neighborhood, and I go to parks a couple of times a week to walk on trails and do some light hiking. I get a great deal of enjoyment out of this, as it seems to clear my head and leaves me feeling really good when I’m finished.

Second, it’s incredibly inexpensive. I use an old backpack and a few objects of known weight along with some good shoes. That’s all I need. I’ve basically purchased nothing for this form of exercise. You likely already have this stuff in your home.

Third, it’s incredibly flexible. If I want easy exercise, I put just a few pounds of weight in the backpack and it’s barely noticeable, then I’ll walk on flat ground. If I want really challenging exercise, I’ll load that backpack down with weight and go to a very hilly area. I can adjust my pace as well, making it harder if I go faster and easier if I slow down. I can essentially do interval training by going really fast for short periods with a heavy pack, or I can do endurance-style training by going for several miles with moderate weight in my pack at a moderate pace. I can come home with just the gentle “feel good” of going on a nice walk or I can come home with a soaked shirt and that post-exercise cooldown feeling. It’s all about what I want that day. I can also do it whenever I want – at five in the morning or at three in the afternoon or at seven in the evening. I can do it for as long as I want – an intense 10 minutes or a gentle hour and a half or anything else. It’s just super flexible.

Fourth, it targets the fitness areas I want to target. I want to be in good cardio shape. I want a strong core. I want a strong lower back. Those are the things that rucking is good at. It won’t make my arms look super muscular, but I don’t care. It will build muscle in my abdomen and on my back and a bit on my upper legs, and that’s where a lot of my strength for day-to-day things comes from.

Finally, it gets me outside. I’m a firm believer in the power of getting plenty of fresh air every day and getting at least a little sunshine on your skin for the vitamin D benefits, if nothing else. I get hit hard with seasonal affective disorder in the winter and sunlight is the single most effective cure I’ve found. I feel better and sleep better with some significant outdoor time each day. Rucking gives me that.

It’s inexpensive, flexible, matches what I already like to do, and gets me outside. In other words, it’s just about perfect for me.

Getting Started: Your First Ruck

As I noted earlier, the only equipment you need for rucking is an old backpack, some heavy items, and some decent shoes for walking. There are a couple of optional things, too. Here’s what I use.

Good shoes: This is the foundation of walking or lightly jogging for exercise, regardless of whether you’ve got weight on your back or not.

A sturdy backpack, old or new: Your backpack is going to be carrying some weight, so you want one that’s sturdy, but there’s no reason to go buy a new one. If you have a reliable backpack around your home, just grab that one and put it to good use. If you don’t have one, shop around for a used one that has good stitching. I have a well-made canvas backpack that I use exclusively for rucking so I can leave weights in it (it’s different than my bag that I essentially use as a portable office).

You’ll want to adjust the straps so that it carries the weight of the pack as high on your back as possible without being uncomfortable. This usually means shortening the straps a bit from where people typically adjust them. Play around with the straps until they’re right for you.

Some weighted items: You’re going to want to put some weight in your pack. There are a lot of things that work really well here.

A great way to start out is to simply use water bottles, especially if you have a bunch in your pantry. A single 16-ounce water bottle weighs a pound, so you can put as few or as many as you’d like into your bag before you head out. The advantage of water bottles is that they’re so microadjustable in terms of their weight. The disadvantage, though, is that if you don’t stack them right, they can all bunch up in the bottom of the bag and throw off the weight distribution. In general, you don’t want all of the weight bundled up in the bottom of the bag. (I’ll give a tip to help with this in a bit.)

Another option is to use bricks. Rucking is a great use for a few leftover bricks from a home improvement project. A typical brick weighs around five pounds and is fairly dense, which is a good thing for rucking weights, and they obviously stack well for weight distribution. The biggest disadvantage of bricks is that they can have rough edges which can damage your pack, but that’s another disadvantage that can be mitigated (again, a tip for this is incoming).

A third option is to use old textbooks. You could literally pull out that old calculus textbook from college and toss it in there. They’re actually proportioned really well for rucking if you stand them vertically in your pack, as the weight is distributed vertically across your back instead of bunching up at the bottom. However, if you get sweaty and the sweat seeps into your backpack, you can really do a number on textbooks. The last thing you want is a sweat-soaked textbook!

If you want an expensive option, you can always buy a steel plate made for rucking. They make steel plates in standard sizes with the rough edges worn down to smooth angles. They basically solve all of the difficulties of the options above, but they’re definitely expensive.

Who wants expensive, though? There are a couple of simple things you can do to eliminate the disadvantages of those various items.

One thing you can do is to use duct tape to arrange small items into larger shapes. For example, you can take several water bottles, lay them flat, and then duct tape them together firmly into a flat “plate” that fits into your backpack quite well. If you take eight 16 oz. water bottles and lay them out in a flat shape that’s just a bit smaller than your backpack, you can simply tape them all together firmly and you’ll have an eight pound weight that’s distributed very well for your back. You can make multiples of these, too, or you can make them larger if you have a larger pack. You can always cut the tape later and use them for drinking.

To keep an item like an old textbook safe from sweat, wrap it in plastic grocery bags and then tape those bags with some duct tape. Just put a couple of layers of grocery bags around the book, then add several bands of duct tape to keep the bags secure. This will keep them free of sweat while maintaining the nice weight distribution of a textbook.

What about rough items, like bricks? Just stack them, duct tape them together thoroughly, cover them with bubble wrap, then duct tape the wrap. So, for example, you might take four bricks and make a stack of them, duct tape all of the bricks together (I recommend completely covering them in a couple of layers of tape to ensure that the rough edges don’t get through), then wrapping that stack in bubble wrap and taping the bubble wrap securely. This would create a weight that’s slightly more than 20 pounds and would sit very well in a backpack.

Strategies for Rucking for Exercise

So, you have a weighted backpack. Now what? Here’s what I do to take advantage of this weighted backpack for fitness.

First, figure out your paths. I’d suggest starting by figuring out some places that you enjoy walking without weights at all. Find several good routes that you’ll want to consistently walk and measure out their distance. Outside my front door, for example, I have a one-mile walk, a two-mile walk, a three-mile walk, and a five-mile walk, and I have a few consistent walks I like to take at some nearby parks, too. Some changes in incline and elevation are great for fitness.

I recommend your first ruck be with a low weight on a shorter path. Keep the weight around five or 10 pounds and don’t go on an exceptionally long trek with that weight on your back. It’s not that you won’t be able to handle it, but that understanding how rucking makes you feel and alters your pace with that added weight is important to understand.

What you’ll find (if you’re like me) is that rucking definitely impacts some muscle groups in surprising ways and the intensity of that impact (and the muscle groups affected) change based on the weight and distance of rucking. I found that with light weights at first, I felt the impact on my lower and middle back, but as the weights got heavier, I felt the impact on my abdomen and thighs. I also definitely found that the longer the distance, the greater the impact on my muscles.

What has worked well for me is shooting for a target distance first with a very light weight, then gradually upping the weight while continuing at the target distance. For me, that distance is three miles with some minor inclines throughout. When I significantly change things up (by going to a park with a lot of incline, for example), I reduce the weight rather than the distance.

So, here’s an approach you might take. Start off with just five or 10 pounds in your backpack and go on a one-mile walk or even a half-mile walk. Once that seems easy, bump it up by half a mile. Keep bumping it up until you’re going the distance you want to go without stopping.

Then, again, with that same relatively small weight, start working on your pace. I recommend shooting for a healthy walking pace. I shoot for about 15-minute miles. I’m definitely not running, but I’m not dawdling with my walking, either.

Once you can walk your target distance at your target pace without feeling miserable – for me, that’s a three-mile walk in 45 minutes – then slowly start increasing the weight.

I highly recommend bumping up the weight a pound at a time by adding 16-ounce water bottles to your pack. So, if you’re starting at 10 pounds, add a 16-ounce water bottle to your next ruck so that you’re now carrying eleven pounds.

Don’t increase your weight until you’re finding it pretty easy to ruck your target distance at your target pace. When you find that exercise to be pretty easy, then add a little more weight to your pack.

The nice thing about adding it a pound at a time is that when you reach a new round number for the weight you’re carrying, you can make yourself a larger, more standardized weight. For example, if you’re carrying 10 pounds, you can take two bricks, tape them together with a couple layers of tape, then wrap them in bubble wrap and tape it, as described above, then that’s your new standard 10-pound weight. You can just grab it and use it without thinking much about it.

Then, when you want to add just a pound to that, toss in a water bottle. You might find yourself carrying a 10-pound brick bundle and four water bottles, getting you real close to 14 pounds. Then, when you’re ready to add another bottle, you could just turn that two brick bundle into a three brick bundle and stop carrying the water bottles.

Or, for example, you might have a few old college textbooks that weigh 10 pounds each and another one that weighs five pounds. At first, you might just be carrying that single lighter book and a couple of water bottles, but you’ll reach a point where you toss the bottles and the light book and use one heavy book. Then you start adding a few bottles to that. Then eventually you replace the bottles and find yourself carrying a heavy book and a light book.

In my experience, you eventually start leveling out in terms of additional weight. You’ll start hitting a point where it is consistently challenging but not overly so, but you’re also not feeling like you should be adding more weight to the mix. Trust your body. Don’t add any weight or distance unless you’re dead sure that this is the right move, and make changes slowly.

At first, I found myself adding weight pretty steadily, but then the weight additions started coming more and more and more and more slowly, until I basically reached a point where I was feeling like the exercise was great without ever adding more weight. Since then – and it was a long while ago – I’ve added weight once.

What about the winter? I’ll fully admit that I don’t do this during the coldest parts of the winter. I don’t like going on long walks or jogs or much of anything outside when it is bitterly cold. What I did this winter to somewhat stay in shape for this was to do step-ups. Basically, I’d turn on something to listen to, then I’d find something that I could step up onto that would cause my upper leg to form a 90 degree angle with my stomach when I was stepping up. I’d do that a bunch on one leg, then the other leg, for a few steps. I’d do this with light weights on my back, too.

Doing this made it very easy to return to rucking in the spring, although I didn’t carry my full weight from the fall when starting again.

Final Thoughts

Rucking is, hands down, my favorite frugal solo exercise (playing soccer with my kids tops it, but that’s not exactly something I can do solo whenever I have a spare half hour). It costs basically nothing, gets me outside, and works cardio and the muscles I’m most concerned about without bulking up. It’s also super flexible – I can adjust it to whatever my goals happen to be. If I know I’m going to be hiking up hills a lot, I can ruck with a lighter weight up some hills to get in shape for it. Not only that, it gives me a chance to relax my mind while I’m doing it, with a podcast or an audiobook usually playing in my ear.

Give it a shot. Grab an old backpack, toss a few water bottles in there, and go for a brisk walk. See how you feel at the end of it – it’s like a little healthy bonus on top of a nice walk.

Good luck!

Related Articles:

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Job fair attracts diverse employers, job seekers

Monroe County Careerlink’s 15th annual Career Quest on Tuesday assembled over 70 employers in diverse segments of the economy

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A New Credit Score Is Coming: What You Need to Know About VantageScore 4.0

A new credit score will be finding its way to a credit bureau near you very soon.

VantageScore Solutions, a joint venture of the three credit reporting agencies (CRAs), announced that the fourth generation of its credit scoring software will be released in the fall of 2017. The new score has been aptly named VantageScore 4.0.

Why should consumers and lenders get excited about another new credit score — one that will stick to its existing range of 300 to 850?

For starters, this new credit scoring model is slated to get some very meaningful enhancements. New features include consumer friendly treatment of medical collection accounts, less reliance on tax liens and judgments, and the ability to consider trended data in the calculation of credit scores.

The Biggest Enhancement: Trended Data

As mentioned above, there are several meaningful changes being introduced with the release of VantageScore 4.0. Arguably the biggest breakthrough featured in the new scoring model, though, is the consideration of trended data and its influence over your scores. This marks the first time a tri-bureau credit score (one available from all three credit reporting agencies) will measure trended data.

What is trended data? Several years ago the CRAs began to include historical information about your credit card accounts on credit reports, and this information has been named trended data. Prior to the inclusion of this information, it was impossible to discern whether a consumer paid off their credit cards each month and used them again, or whether a consumer rolled an outstanding balance from one month to the next.

It was also impossible to know what someone’s balances and credit limits were in prior months. Once trended data was included on credit reports, lenders and credit scoring models could now access a consumer’s historical information for the previous 24 months.

VantageScore 4.0 is a big deal because it will be the first credit scoring model to harness the predictive power of trended data. Although trended data has been included on credit reports for several years, there have been no credit scoring models that considered the information.

Trended data is so predictive, in fact, that that consumers who do not pay off their balances in full each month are reported to be three to five times riskier than consumers who pay in full each month.

When and Where Will VantageScore 4.0 Be Used?

VantageScore’s newest model will not be commercially available until fall of 2017. However, even once the score is officially released, that doesn’t mean you’ll immediately begin to see VantageScore 4.0 whenever a lender pulls your credit in a few months.

It can take time for a new score version to permeate the lending environment. This is true for any scoring system, including FICO scores.

Although many lenders are certain to be interested in VantageScore 4.0’s improved predictive ability, it will still likely take some time before the model is adopted by lenders.

It’s extremely costly for lenders, not to mention time consuming, to convert to a new credit scoring model. Add to these obstacles the fact that the government-sponsored enterprises (GSEs) – Fannie Mae and Freddie Mac – currently mandate the use of a much older version of the FICO credit scoring model in mortgage loan applications.

Consumers, however, may be able to access the new VantageScore credit scores much sooner, even if lenders don’t adopt the new scoring model right away. Many online credit score providers such as Credit Sesame and Credit Karma have partnerships with credit bureaus that allow them to give away free VantageScore credit scores. And while I have no insider information on this topic, I do believe the new VantageScore 4.0 credit score will be available for consumers to see via one of these websites some time during 2017.

Related Articles: 

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OPENING BELL: Banks, health care stocks pull indexes down

Netflix also has a rough morning a day after the U.S. markets had their biggest gains in six weeks.

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Regulator to investigate interest-only mortgage market

The interest-only mortgage market is to come under the spotlight once again as the regulator investigates whether lenders are acing in the best interests of consumers.

The interest-only mortgage market is to come under the spotlight once again as the regulator investigates whether lenders are acing in the best interests of consumers.

The Financial Conduct Authority (FCA) has today outlined which areas of the market it plans to focus on in the 2017/18 business year.

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Harry Potter, Here We Come: 15 Ways to Save on Your Universal Orlando Trip

With summer break quickly approaching, it’s time to start planning the annual family trip.

And while theme parks are high on the list of favorite vacation destinations, they can get really expensive really quickly when you factor in extras like hotels and food.

Here at The Penny Hoarder, we believe in a healthy balance between work and play. So if you can afford it, take that dream vacation and enjoy every second of it — just make sure you don’t completely abandon your penny hoarding ways.

If you’re headed to Universal Orlando Resort — home to the incredible Wizarding World of Harry Potter — this summer, check out the insider tips I’ve developed as an Orlando native and former witch at Universal’s Diagon Alley. You’ll save money in the parks without sacrificing any of the fun.

Find Tickets for Less

Your savings can start before you even step through the turnstiles — check out these ideas for cutting the cost of park admission!

1. Buy Your Tickets Ahead of Time

The simplest way to save on Universal Studios’ prices for park entry is to buy your tickets before you get to the gate. You can save up to $20 per person when you buy multiday tickets online. If you’re traveling with a family of four, that’s $80 in savings already.

2. Use Your AAA Membership to Your Advantage

Prices vary, so make sure to ask about discounted Universal tickets at your local AAA office. Most offer tickets at a discount of about $35 per pass. For a family of four, this can mean a savings of $140.

3. Buy the Lowest-Tier Ticket and Upgrade Later

As long as you purchase your tickets directly through Universal Studios, you can upgrade your tickets at guest services at any point during your trip.

This is a good idea for anyone traveling with kids — they get sick, burned out and do not care if you spent a hundred extra dollars on a three-day ticket.

If you come to find everyone is up for an extra day, you can upgrade your tickets by paying the difference — as long as you do so before you leave the park. Once your tickets expire, you’ll have to pay for new ones.

4. Shop Around Carefully

Orlando is riddled with sleazy ticket vendors promising half-price theme park tickets.

But beware — even if the tickets you purchase are real, these vendors may be selling them illegally. These tickets often come from park employees or locals who work special events and receive complimentary passes. Universal does not permit the sale of these passes.

If you get caught at the gate, you’re out of luck — and money.

Still, there are some reputable ticket sites out there. Just make sure to do your research on the seller before buying.

Travel and Accommodations

After tickets, the hotel and travel fees are the biggest items in your vacation budget. Here are some strategies for saving on these expenses.

5. Book Everything in Advance

If you’re a seasoned Penny Hoarder, you probably already know this tactic: Purchasing plane tickets and reserving your hotel room ahead of time are the easiest ways to get the best rates.

6. To Resort or Not to Resort?

Unfortunately, there is no one-size-fits-all answer here: It’s going to take some number crunching on your end to figure out which hotel situation is right for you.

There are less expensive hotels (or Airbnb rentals!) if you leave the Universal Resort property, but you may end up paying more in the long run because you’ll miss out on some pretty sweet perks at the parks.

To keep it brief(ish), here’s a cost-effectiveness breakdown: Select Universal Resort hotels include shuttle transport to and from the airport and the parks. So staying on the property could save you on transportation costs, plus the $20/day parking fee you’d pay if you were driving.

But more importantly, and something to consider if you had planned to buy Express Passes anyways: Certain resort hotels throw in free Universal Express Unlimited passes for each member of the family — an $85 value per person per day. (Think: Family of four spending four days in the parks. $85 times four people times four days = $1,360.) Another bonus? Universal Resort hotel guests get early entry to the parks: You’ll get a whole hour to explore each morning before the major crowds come pouring in.

Whew. Did you catch all that? Great, because I have one final point to make: If you go the Universal Resort hotel route, and you take advantage of those Express Unlimited passes, you could feasibly cut a day off your in-park time and a day off your trip (which means one less day paying for tickets and a hotel.)

If you’re not concerned about crowds, wait times or transportation (maybe you’re driving in to save on airfare!), then a cheaper, off-property hotel might be the right answer for your family. I’m just trying to show you all the options, friends!

Bonus Tip: Free child care is another huge perk. Universal Resort hotels provide activity centers so parents can leave their children in a safe environment before heading out to enjoy the nightlife that Universal CityWalk is known for!

Making the Most of Your Time

By making the most of your time, you can hit more attractions without shelling out for extra days inside the gates.

7. Decide if Express Passes are Right for You

If you’re still on the fence about whether to secure Express Passes for your trip (and you’re not going the resort hotel route), here are some points to consider. Visitors can often package Express Passes with admission tickets, lowering the overall cost significantly. However, if you’re a serious Harry Potter fan, you should know that Express Passes are not valid for most attractions in Diagon Alley and Hogsmeade. Here’s a really helpful guide that breaks down Express Passes along with the rides and attractions they work on.

If you decide you don’t need to skip the lines all day every day, you could buy each member of your family a one-day Express Unlimited pass. You can knock out a pretty hefty list of attractions that day, then go at a more leisurely pace for the remainder of your trip.

8. Plan Your Vacation Around Peak Season

Check this handy crowd calendar from Orlando Informer (a seriously great resource for all things Orlando and theme parks) to figure out which days will be the least crowded. Smaller crowds mean less wait time; less wait time means you can spend fewer days in the parks; and fewer days in the parks means you save on tickets. Attendance is lowest on weekdays, particularly in late fall and late winter. If your family can afford the time off work and school, you’ll get the most bang for your buck at these times.

Save on Universal Studios’ Prices Inside the Park

While most of your savings will come from big-ticket items like park entry and the hotel, the little things can add up quickly.

9. Don’t Forget the Coupons!

Yes, you can coupon your way through Universal Studios and Islands of Adventure. When you purchase a multiday, park-to-park ticket online, Universal will throw in a coupon book that offers up to $150 in savings. The coupons are mostly buy one, get one free (with a few complimentary perks), but if you’re planning to buy meals or drinks anyway, it’s definitely worth picking up your copy.

10. Use the Lockers

Bring everything you think you’ll need with you, and rent an all-day locker for about $10 per day. You get unlimited opening privileges, unlike the timed and complimentary lockers, so you can use your locker as a home base to return to when you need to reapply sunscreen, change into dry clothes or grab a sweatshirt for the evening chill (yep, even in Florida).

Even though you’re paying $10 a day, you’re saving money by not shelling out for $40 sweatshirts for the whole family when the sun goes down.

11. Avoid Paying for Pricy Food

Theme park food is expensive. On your way to your hotel, purchase breakfast food (if your hotel doesn’t offer free breakfast) and portable snacks. The parks allow small snacks that don’t require heating or refrigeration — and while you can’t bring a picnic lunch, the rules are a little fuzzy as to what constitutes a “small snack,” so you can probably make a case for many items.

Avoid buying expensive sodas and bottled water inside the parks — you can bring in sealed or empty water bottles to refill throughout the day.

Now, while this Penny Hoarder would usually recommend bringing all the snacks, splitting meals four ways, and avoiding expensive alcohol and novelty treats, I do have one caveat: If you’re primarily there for The Wizarding World of Harry Potter experience, consider investing in a dining plan. Even if you just purchase one, your whole party will be able to sample the fun Wizarding World treats — and if butterbeer is a non-negotiable, you’ll save a good bit of money with the dining plan.

12. Purchase Souvenirs Ahead of Time

The parks are full of fun T-shirts, plush toys strategically placed at a kid’s eye level and themed gear, such as wizarding wands and robes, all at a huge markup.

Save money on souvenirs by purchasing toys from a different retailer and packing them in your suitcase. Then, when you arrive at your hotel, sneak them out and make them magically appear on your kids’ pillows. Wizarding World house robes go for about $110 in the park, compared to $25-$75 on sites like Amazon.

13. Take Advantage of Every Discount

AAA members receive 10% off food inside the parks, so make sure to take your membership card with you. American Express also offers discounts, but the perks change often. You can download the Universal Orlando app to see which offers are available through American Express.

14. Complain a Little

This one comes not only from me, the former theme park employee, but also from me, the lifelong Florida theme park visitor. I’ve got some experience navigating the system.

Now I don’t mean you should fuss, moan and stomp your feet. Believe me, that gets you nowhere with most employees. But know that Universal’s main goal is to give every guest an incredible experience. You just don’t build an empire on fantasy and fun without having some extra special perks for your visitors.

If something goes wrong, don’t be afraid to let a team member know about the issue. If you reach the front of the line after an hourlong wait just to see the ride shut down for maintenance, ask for an Express Pass so you can come back when the ride is running again. If someone runs off with your kid’s brand-new stuffed Spider-Man toy, flag down an employee and ask what they can do to help.

Some team members have the power to procure free treats and gifts to make your experience the best it can be. So don’t be afraid to ask for some extra perks — within reason, of course!

Even (or Especially) on a Vacation, You Need a Budget

Whether you decide to bundle your vacation package or cobble together a kick-ass trip on your own terms, just make sure you’re hoarding pennies wherever you can.

Take time to sit down and decide exactly how much you can afford to spend on your theme park vacation. Once you have a number, put together a trip that works within the confines of that budget.

And don’t be tempted to go above your set amount — even if you see a $300 wizard’s chess set that you just have to have. (You don’t need it, I promise.) If you’re cringing over Universal Studios’ prices every time you hear a register cha-ching, you’re not going to enjoy yourself, and you’ll have wasted your money on a trip that left you frustrated and mentally exhausted.

Stick to your budget, and enjoy every minute of your Universal Orlando vacation — after the hard work of planning this thing, you deserve it!

Your Turn: Are you planning to visit a theme park this year?

Grace Schweizer is a junior writer at The Penny Hoarder. Orlando-born and bred, she knows her way around the theme parks!

This was originally published on The Penny Hoarder, one of the largest personal finance websites. We help millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. In 2016, Inc. 500 ranked The Penny Hoarder as the No. 1 fastest-growing private media company in the U.S.

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Pocket money hits nine-year high, yet kids still want more

The average child receives £7.04 in pocket money each week, yet 41% of kids say they aren’t getting enough cash from their parents.

The average child receives £7.04 in pocket money each week, yet 41% of kids say they aren’t getting enough cash from their parents.

Research by Halifax shows that in 2016 the average pocket money given to kids rose by 49p compared to 2015 and is now at its highest level since 2007.

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Men’s pensions three times greater than women’s

Men have almost three times the pension savings of women, according to the latest research from Aegon.

Men have almost three times the pension savings of women, according to the latest research from Aegon.

The average man has pension savings worth £73,600, compared to £24,900 for the typical woman.

Women facing pension shortfall.

 

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We Asked a Wine Snob to Review All Trader Joe’s Two-Buck Chucks