Providers propose cheaper, faster internet

Some of the biggest internet users in Monroe County could see their broadband bills fall more than 80 percent, according to a recent request for proposals.Four internet service providers offered to cut costs and boost bandwidths for 44 organizations participating in the Monroe Gigabit Project. A local coalition called AcceleratePA launched the project last year, promising to bring cheaper, faster internet by May 2017.Those changes should start happening soon, said Kelly Lewis, [...]

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8 Father’s Day Gifts Under $25 for the Dad Who Already Has Everything

Losing Your Mind Looking for a Job? These Free Online Resources Can Help

This time last year, I was interning at a magazine, churning out a 200-page graduate school project and looking for a job.

That last task was the most daunting one of all. And, between hours of scrolling through job sites and crafting cover letters, it unwittingly became a part-time job itself.

I even lost money in the process — signing up for those promising premium job board accounts.

So, now that my full-time job is to write about jobs… I want to help you, job seekers.

I’ve compiled a list of online resources to help you find the perfect job — whether you want to work in an office, start your own business or work from home.

Online Resources to Help You Find the Perfect Full-Time Office Job

This is what I was looking for — a plain ole, full-time office job.

But there were so many factors working against me.

First of all, when I searched “writing” or “writer” on a generic job site, I got all kinds of crazy jobs popping up requiring “efficient written communication skills” — or something of the sort.

Also, I had no geographic dreams in mind. I was happy to relocate.

If you’re running into just as many problems as I was, here are some resources that might help you along the way.

1. Find a job search site that caters to your needs.

Sometimes tapping into those big, all-consuming sites seems like the best route, but it might just trigger exhaustion and make you feel hopeless.

Rather than digging through 100 pages of generic listings, find a job site that caters specifically to your needs.

Take Après, for example: It’s a site that caters to women returning to the workforce and helps them secure full-time jobs.

Not only does Après curate a list of jobs from companies that pledge to hire women returning to the workforce, it also offers career coaches and a network.

“We are working tirelessly to help create professional opportunities for women who chose to temporarily focus on personal responsibilities and/or other priorities but are now ready to return to the workforce,” says co-founder Niccole Kroll.

If this sounds like your niche, you can join for free.

Other sites cater to specific demographics, too, including Military.com, Out and Equal, Black Career Network and Dice Careers, which caters to those looking for tech jobs.

Just looking for an hourly job for some side income? Snagajob exclusively features jobs in your area that pay by the hour.

2. Create — and rely on — a network.

I secured my job with The Penny Hoarder through my network.

LinkedIn was my best friend for a while. I pride myself on my 400+ professional connections. And the platform really is a great asset — but sometimes you need more personalized connections.

That’s why I signed up for my soon-to-be alma mater’s emailing list. We call it the “Mizzou Mafia” at Missouri’s School of Journalism, and folks send job listings right to your inbox — plus the connection. I got one from a guy who works at Buzzfeed, and he knew The Penny Hoarder’s executive editor.

I timidly reached out with a short introduction, my resume and some writing samples.

It worked. He passed my information along, and I was able to bypass the flooded inbox of others who’d applied for the job.

So find your own way to network and make personal connections. Sign up for email lists, visit your college’s career center (if you’re still there) and attend local recruiting events.

Online Resources to Help You Start the Perfect Freelance Business

Starting a business might sound daunting — yeah, no, it definitely sounds daunting. But one of the best approaches is to start a work-from-home freelance business.

And no, this doesn’t have to be writing. There’s a real demand for other tasks such as transcribing, proofreading and bookkeeping.

I found some resources to get your creative, freelance juices flowing.

3. Read all the online advice you can.

When it comes to starting your own freelance business, it’s important to consider all the pros and cons and soak up the advice that’s out there. (Hint: There’s a lot of it!)

One such site is called I Will Teach You To Be Rich. Ramit Sethi started this site while he was a Stanford student. He kept seeing tons of expert financial advice (think: make a budget). But were people actually doing that?

So Sethi took a new approach. By twisting some psychology into his programs, he teaches people stuff they’ll actually do to make money — including starting a freelance business. Plus, he’s a New York Times best-selling author.

He has a program titled “Make $1,000 in the time you’d spend watching Netflix this weekend.”

And one of my favorite pieces of advice — which I’m going to take to heart — is this:

“Most people try to reinvent the wheel when they’re starting a business. That’s a huge mistake. The world is a big place, trying to think of something that nobody else has thought of is almost impossible.”

Yes. Yes. Yes.

If you want more golden nuggets of advice, you can check out his free program.

There are so many other resources out there — including our site. First-person stories are great inspiring motivators — such as this one about a mom who makes $6,000 a month through her blog.

4. Consider taking a free class.

Not all of us majored in business or entrepreneurship.

But there are plenty of specialized classes out there to teach you a work-from-home trade and how to set up virtual shop.

I recently wrote about these three services: Transcribe Anywhere, Learn to be a Bookkeeper and Proofread Anywhere. Each of these online courses teaches you how to become a professional transcriber, bookkeeper and proofreader.

I spoke to three professionals who used the courses to jump-start their careers. Each former student mentioned the wealth of information each course offered about starting and maintaining an online business — from creating a website to marketing your services.

Even if you have zero experience.

Online Resources to Help You Find the Perfect Work-From-Home Job

You could say this is The Penny Hoarder’s niche… *brushes invisible dirt off shoulder*

We love work-from-home jobs.

However, there’s a lot you need to know before wetting your toes — which might remain tucked under your sheets all day if you actually end up working from home…

Here are some resources to get you started.

5. Use specialized job boards.

To be honest, I didn’t know work-from-home jobs were so prevalent when I was job-searching. But that’s probably because I wasn’t looking in the right places.

Job boards featuring work-from-home jobs are going to be your sanity-savers. Last year, I compiled a list of 12 sites that’ll help you land a work-from-home job.

In fact, we follow these sites closely to bring promising, legitimate jobs straight to you.

So go ahead and bookmark one or two or all of these sites because I really think you might be able to find the perfect job.

You can also follow companies that are known for hiring work-from-home employees. This list will be useful for that.

We also feature tons of work-from-home jobs each week on The Penny Hoarder Jobs Facebook page.

6. Start creating the perfect home office space.

I can already tell you, many of these work-from-home job listings are going to have a list of home office requirements.

No, you don’t need to stock up on every single piece of technological equipment right now, but you can go ahead and ready your space.

Plus, it’ll probably become your job-searching sanctuary.

If you’re like me and love drooling over photos of other people’s spaces, drown in the beauty that is Pinterest.

You can simply search “home office” for some eye-googling photos, but there are also niche boards out there, including Architectural Digest’s “Home Offices” board and Thrifty Home Decor’s “Home Offices” board.

And if you just don’t have the space — or environment — for a home office, you can look into co-working spaces. Here’s a guide about how to pick the perfect one.

Other important things…

Be sure to have your resume polished up — and avoid any awkward mistakes.

Prep for your interviews. Here are 20 common questions and how to best answer them. Some people say, if you have the time, accept any interview — that way you can practice.

In the end, I wish you the best of luck!

Your Turn: What’s your strategy for finding the perfect job?

Disclosure: You wouldn’t believe how much coffee The Penny Hoarder team goes through. This post contains affiliate links so we can keep the grinds stocked!

Carson Kohler (@CarsonKohler) is a junior 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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Trump’s Plan Promotes Apprenticeships as a Way of Putting People to Work

President Donald Trump thinks apprenticeships could be the key to matching workers with the millions of open jobs available in this country right now.

Earlier this year, the CEO of Salesforce, Marc Benioff, challenged Trump to establish an apprenticeship program that will create as many as five million new positions in the U.S. over the next five years.

Trump responded to Benioff’s pitch by saying, “Let’s go for that five million.”

Lots of Support for Apprenticeship Programs

People seem to agree that upping the number of apprenticeships opportunities in this country would be a good idea. Economists, employers, Republicans and Democrats alike all tend to be in favor of apprenticeships as an inroad to a career, notes The Washington Post.

“Apprenticeships are going to be a big, big factor in our country,” Trump said during his first full Cabinet meeting. “There are millions of good jobs that lead to great careers, jobs that do not require a four-year degree or the massive debt that often comes with those four-year degrees and even two-year degrees.”

But It Won’t Be That Simple

The most recent federal budget that was passed allows for about $90 million to go toward this apprenticeship program.

The administration is reluctant to devote any more taxpayer funds to the effort, instead opting to encourage universities and private companies to pair up and front the cost of these “learn-to-earn arrangements.”

“I want to challenge the assumption that the only way to move policy is to increase government spending,” Labor Secretary Alex Acosta said at the White House news briefing on Monday. “We should measure success based on outcomes and not simply based on spending.”

Details on Trump’s Proposal Remain Unclear

However, the details as to how this plan will play out within the current budget remain unclear. Last year in the U.S. there were only 450,000 apprentices, but there are currently 6.8 million unemployed workers who are actively looking for jobs.

“You have to create a lot of programs, double or quadruple, before apprenticeships become a lever that’s really scalable in helping us to close the skills gap,” said David Blake, CEO of Degreed, an education technology firm.

The problem is that with an initiative this large, it will be difficult to get businesses on board without a little financial help.

And, as Susan Helper, a former Commerce Department chief economist, notes, it will probably take more than the budgeted $90 million to cover the upfront administrative costs necessary for increasing the number of apprenticeship programs, particularly for smaller business and community colleges, which is a sector in which apprenticeship programs seem to thrive.

As this initiative takes shape over the coming months, we’ll be back with important updates on what this could mean for you.

Grace Schweizer is a junior 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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Aldi’s Huge Expansion Plan Could Change the Grocery Game in Your Area

An Aldi takeover is in the works.

Last month, CEO Jason Hart told Reuters in an exclusive interview about the brand’s plans to remodel 1,300 stores and open 400 new locations in the U.S.

This week, a press release confirmed those plans.

Aldi will spend $3.4 billion to bring its number of stores to a whopping 2,500 nationwide by the end of 2022. Once it does so, it’ll be the third largest grocery chain in the nation, according to the release.

The new locations are planned for Florida, Texas and both coasts. It’s a boon for job seekers, as the chain expects to hire 25,000 additional employees.

Supermarket Sweep, 2017 Edition

We don’t yet know exactly where Aldi will place its new stores.

If I were to speculate, I’d guess most of the new locations will be within spitting distance of a Walmart. The latter has been struggling to retain customers in the wake of Aldi’s steady U.S. expansion and recently cut prices on products at 1,200 stores to try to lure those shoppers back.

Meanwhile, another grocery name out of Europe is ramping up its American version. Lidl opened 20 locations across the South this spring and has 80 more planned over the next year.

Several major grocery chains like Publix and Kroger have started developing meal kits in an effort to keep customers who don’t have the time or interest in preparing home menus.

And then there’s Amazon. Amazon just doesn’t quit.

How to Prepare Yourself for the New Aldi Stores in Your City

If you’ve never shopped at Aldi, it’s best to read up before you visit. The emphasis on low prices means frills are a no-go.

The store charges you if you don’t bring your own grocery bags or use the empty boxes available. Those boxes? They’re from stocked items — instead of unpacking items onto the shelves, Aldi stacks up the boxes in which the products arrived.

So get ready to bag or box your own goodies. And do it quickly, because the pros waiting in line behind you aren’t going to go easy on you during your first visit. Not that it’s ever happened to me.

But a lack of frills doesn’t mean a lack of quality, if Aldi’s fans are any indication. The store has a double guarantee on all its exclusive products, meaning Aldi will both replace the product and refund your money if you aren’t satisfied. Its Millville brand is reportedly made by the nation’s leading food manufacturers (the big names you pay way more for at other stores).

Check out our other tips for shopping and saving at Aldi, then look for the “coming soon” signs to pop up in your area.

Lisa Rowan is a writer and producer 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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28 Things You’ll Only Understand If You Work From Home

There’s a lot to love about working at home from your own couch or kitchen table.

But when you haven’t combed your hair in three days or you start brainstorming work projects with your cat, it’s time to go find your tribe and spend some time with other people who also work from their homes.

When you do, you’ll discover we have a lot more in common that you’d expect.

Whether you work from home full time, part time or just once in a while, I think we can all agree on one thing: most of these thoughts have crossed our minds at least once. 

1. Every day: “I wonder what’s in the fridge?”  Repeat times infinity.

2. I really hope the dog doesn’t start freaking out during this video conference.

3. …And I just missed half the video conference trying to corral my stupid dog in the backyard.

4. “Hello, Pizza Hut? I’d like extra garlic on everything, please.”

5. Does my cat seriously sleep this much?

6. I think I forgot how to talk to people.

7. I’m so glad no one can see me right now.

8. I’m glad no one can smell me right now.

9. I really wish just once my audio would work on the first try.

10. If I use Uber Eats again will the delivery person judge me?

11. Oh, it’s 4 p.m., and I’m still in my pajamas. Awkward.

12. I wonder if I have time to hop on the treadmill before my conference call?

13. I bet I can sing both parts of this song.

14. How long has it been since I’ve been outside?

15. “Hey Evan, are you this lazy when I’m not here?”

16. When did it rain?

17. I could really use some human interaction right now.

18. I hope the people in this Google Hangout don’t think I’m an idiot.

19. Maybe I should get an ergonomic chair.

20. Come on, Wi-Fi! Don’t quit on me, don’t quit on me, don’t… ARGH!

21. It’s so quiet around he-… I GOT A TWITTER DM!

22. Did I change my underwear today?

23. I should take this selfie while my office is still clean.

24. Oh man, it’s already dark, and I haven’t even been outside today.

25. Time for second breakfast.

26. Time for second lunch.

27. This expense report would make great origami.

28. I like working from home but, man, it gets old.

Lisa McGreevy is a staff writer at The Penny Hoarder. She really identifies with No. 21, so go find her on Twitter @lisah and say hi. It’ll make her day.

 

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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This Ride-Sharing App for Kids Is Expanding to Offer Rides for Seniors

As senior citizens give up their car keys, one big question remains: who will drive them where they need to go?

In California, the unique ride service HopSkipDrive has provided a solution. Three moms developed the service in 2015 to shuttle kids back and forth — like Uber or Lyft, but with a driver who is a caregiver.

Now, the company is expanding to provide senior transportation.

How Does It Work?

Families can either add a senior to their account or seniors can sign up themselves, according to HopSkipDrive’s website.

Drivers, who have a minimum of five years of caregiving experience and have been vetted through a 15-point certification process (including fingerprinting), will arrive wearing a bright orange, branded shirt.

A support team then monitors the progress of their loved ones’ rides in real time.

HopSkipDrive is currently available in Los Angeles, Orange County and the San Francisco Bay Area, but the company had plans to expand to other locations when we wrote about the company in late April.

What Does HopSkipDrive Cost?

Right now, the service is offering a promotion for a free senior transportation ride (up to $20) using the code: SENIORS. Cost of rides vary with $16 or $18 set as a base fee (depending on location), or a $7 base fee if the rider is open to carpooling.

If you’re living in California and are interested in driving for HopSkipDrive, sign up here and potentially start making up to $30 an hour.

Or if you’re not in Cali, but helping seniors seems like the type of job you’d enjoy, learn how you could become a senior concierge.

Disclosure: Clink! Clink! Clink! That’s the sound of pennies hitting our piggy bank, thanks to the affiliate links in this post. It’s a better savings plan than stopping traffic to pick up loose change — and safer, too!

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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No Spare Room? No Problem. Here’s How You Can Still Make Money on Airbnb

Victoria’s Secret to Pay $12M to Employees for Controversial Shift Policy

Victoria’s Secret, arguably the most prominent lingerie retailer in the U.S., has settled a class-action lawsuit from 2014.

The suit addressed the company’s prior policy of scheduling call-in shifts, which required employees to call two hours before their scheduled shift to confirm whether they were needed.

“The employees said in the suit that they were subject to discipline if they failed to call in, were late getting to the store after being told to come in, or were otherwise unavailable to work a call-in shift when directed to do so,” Tim Feran of The Columbus Dispatch explained.  

There’s no word yet on how Victoria’s Secret employees involved in the suit can claim their piece of the $12 million settlement, but early reports had estimated as many as 28,000 associates could be affected.

On-Call Shifts are So Over

The store ended the call-in shift policy in 2015 after the lawsuit, filed in California, and an investigation by the New York attorney general got a boatload of (bad) press in a widely circulated Buzzfeed report.

A slew of other stores identified as having similar practices — including Bath & Body Works, which has the same parent company as Victoria’s Secret — ended their on-call policies soon thereafter.

Lisa Rowan is a writer and producer 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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Life Insurance 101: Types of Life Insurance Explained

When many people think of life insurance policies, they usually don't think of all the types of life insurance, they only think term.

You can think of it like In-N-Out Burger, my most favorite burger joint ever.

Other than having the best tasting burger around, I'm also very intrigued by their simplistic menu.

Only offering the basics – burgers, fries, drinks and milkshakes – it's minimalist menu does not overwhelm me to the point of where I have no idea what to order. Taco Bell on the other hand….yikes!

Term life insurance polices are the simplest, most popular, and the most often purchased, but; in the life insurance menu of options it's not the only choice. Far from it, actually.

10 Different Types of Life Insurance Policies on the Market Today

Today, there is a wide variety of life insurance available, the most basic of which are term and permanent. Within each of these categories, however, there are many different types to choose from – and being familiar with these can help you better customize the coverage to meet your specific needs.

• Term
• Increasing and Decreasing Term
• Permanent
• Whole
• Universal
• Variable
• Variable Universal
• Survivorship
• Final Expense
• No Medical Exam

Term Life Insurance Policies

Term life insurance is considered to be the most basic of life insurance that can be purchased. This is because term life offers just pure death benefit protection only, without any cash value builds up within the policy. Because of this, term life insurance is often very affordable – especially for those applicants who are younger and in good health at the time they apply for the coverage.

With term life insurance, coverage is purchased for a certain length of time, such as for ten years, 15 years, 20 years, 25 years, 30 years – and in some cases, even longer. There is also a 1-year renewable term life insurance option that is offered by many of the best life insurance carriers.

Typically, when purchasing a level term life insurance policy, the amount of the premium will remain the same throughout the period that the policy is in force. Provided that the insured survives throughout the time period of the policy, and he or she wishes to remain covered by life insurance, they will need to re-qualify for a new policy at their then-current age and health status. At that time, the premium on a new life insurance policy may be quite a bit higher. In some cases, a term life insurance policy may have an option to convert the coverage over into a permanent life insurance plan.

Related Article: How much does a million dollar life insurance policy cost?

Increasing and Decreasing Term Life Insurance Coverage

On some types of term life insurance, the death benefit will go down over time. These are known as decreasing term life insurance policies. (The premium, however, will usually remain the same). With a decreasing term policy, the policy ends when the death benefit reaches zero.

An individual may want to purchase a decreasing term life insurance policy to cover the balance of their unpaid mortgage. Each year, as the amount of the mortgage balance decreases, so does the amount of the insurance coverage – until eventually both will end.

There are also term policies where the death benefit increases over time. Often, this benefit will be purchased as a cost of living rider on the policy. A young parent may consider this type of policy as their coverage needs increase.

Permanent Life Insurance Coverage

Permanent life insurance is different from term insurance because it offers both death benefit protection, as well as a cash value component. It also differs because, as the name suggests, it does not have a time limit like term insurance, but rather is intended to last for the remainder of the insured's lifetime – provided that the premium is paid. There are many different types of permanent life insurance.

Whole Life Insurance Coverage

The simplest type of permanent life insurance coverage is whole life. With this type of coverage, the premium amount is locked in and will remain the same throughout the entire lifetime of the policy. This can be helpful for those who need to stick to a budget. It also means that if a person purchases a whole life policy at a very young age, they will still pay the same amount of premium when they get older – regardless of advancing age, or even an adverse health issue. In some cases, where a person's pre-existing conditions require the individual to buy high risk life insurance, some graded whole life policies are the only option.

The cash that is in the cash value component of a whole life insurance policy is allowed to grow on a tax-deferred basis. This means that the gain on these funds will not be taxed until or unless they are withdrawn – allowing them to compound exponentially over time.

At first, the cash in a whole life insurance policy will grow slowly. This is because the majority of the early premium dollars will go towards paying the agent's commission and the insurance costs. However, over the years, the cash in a whole life policy can steadily grow, often with a minimum guaranteed rate of return.

Some whole life insurance policies will even provide dividends to their policyholders. Because these are considered to be a return of premium to the policyholder, they are also not taxed. Dividends can also help the cash value in a policy grow significantly – although they are never guaranteed.

Universal Life Insurance Coverage

Another form of permanent coverage is universal life insurance. This type of life insurance also provides a death benefit and a cash value component where the funds are allowed to grow tax-deferred.

Universal life insurance is more flexible than whole life coverage, though. This is because the policyholder is allowed – within certain guidelines – to choose how much of his or her premium dollars will go towards the policy's death benefit, and how much will go towards the policy's cash value.

Because universal life is a permanent life insurance policy, the policyholder will have access to their cash value account. So, just as with a whole life plan, the cash can be borrowed or withdrawn for any reason – including paying off debt, supplementing retirement income, or even going on a vacation.

Variable Life Insurance Coverage

Variable life insurance is also a form of permanent life insurance coverage. These types of life insurance policies offer a death benefit, as well as a cash component. However, with variable life insurance, the policyholder can take part in a variety of different investment options such as equities. This means that their funds have the opportunity to grow a great deal more than the funds in a whole life policy can. It also means that there can be more risk as funds are exposed to the ups and downs of the equities market.

It is important to note that while the policyholder can increase their funds based on market movements, their cash is not invested directly in the market. Rather, it is invested in “sub-accounts” by the insurance company.

With a variable life insurance policy, the death benefit may go up or down – however; it will not go below the set guaranteed amount. This is usually the original amount of death benefit that is purchased at the time of policy application.

Variable Universal Life Insurance Coverage

Variable Universal life insurance is similar to regular universal life insurance coverage, except in this case, the policyholder is allowed to invest the cash in their policy into different types of investments such as mutual funds. Also, there will be no guaranteed minimum cash value in this type of policy.

Survivorship Life Insurance Coverage

With a survivorship life insurance policy, there is more than one person that is covered. These policies can be set up in a couple of different ways. One way is first to die. With this type of policy, the coverage is designed to pay out when the first person passes away. In most instances, the premium that is charged for this type of policy can be higher than for a policy on just one insured. However, it can often be less than purchasing two separate life insurance policies.

There are also joint and survivor, or last to die life insurance policies. With these policies, the coverage pays out when the second person on the coverage passes away. These can either be term or permanent coverage. These policies can also have other advantages, too, in that they typically will cost less than two separate life insurance policies, and they may have less strict underwriting criteria – especially if one of the individuals is in very good health.

Final Expense Life Insurance Coverage

Final expense life insurance coverage is often called burial insurance and is purchased by those who are considered “seniors,” or between the ages of 50 and 85 – although there are some insurance companies who will sell policies to applicants who are older. This type of coverage is typically geared towards those who want to ensure that their loved ones will not be saddled with the high cost of a funeral and other related expenses such as a headstone, burial, flowers, and memorial service.

Today, the average cost of such items nationwide can be in the range of $10,000 – an amount that many families just simply do not have readily available. So, a final expense life insurance policy can help.

Final expense coverage can be either term or permanent – and oftentimes the underwriting requirements are not stringent. Also, the premium cost for this type of coverage is usually not high, even though the applicants are usually older.

No Medical Exam Life Insurance Coverage

As its name implies, no medical exam life insurance coverage will not require that an applicant undergoes a medical examination as a part of the underwriting process. In many cases, when applying for life insurance, individuals must meet with a paramedical professional who will ask them in-depth health questions, and will also take from them a blood and a urine sample.

Because of this, those who have certain types of adverse health conditions may be denied for the life insurance that they need. But, with no medical exam coverage, they could be approved for the coverage that they need – and, because there are no medical underwriting requirements to contend with, these policies are often approved within just a day or two after application.

Understanding the “Cash Value”

When an insurance policy contains a guaranteed cash value for a guaranteed premium, it means that the premium is larger at the beginning of the policy than it would be in a term policy so that the additional premium can be invested in a “separate account” controlled by either the insurer or the policy holder in order to grow the cash value. Whatever gains are earned can be used in a few different ways: to increase the death benefit, to borrow against for some later use or to keep the policy in effect so that you can stop paying monthly premiums. If you have a cash value policy, it’s best to hold it until death or retirement so you can allow for probable gains.

A Closer Look at the Tax Benefits of Life Insurance

These tax benefits within a universal life insurance policy are similar to 401ks and IRAs. Annual earnings on the investment part of the policy don’t get taxed, and any taxable gains when cashing out on a policy can be reduced by the amount of insurance protection the plan provides. Furthermore, in the case of death, the policy holder’s gains usually aren’t taxed. Such policies can offer a range of investment options, including stocks, bonds, balanced mutual funds, international mutual funds and money market accounts. When deciding to invest, work with an advisor just as you would a financial advisor, and always invest just as much as you foresee needing, neither more nor less.

How and Where to Get the Best Premium Quotes on All Types of Life Insurance Coverage

Without life insurance, hard earned assets and savings that were intended for other purposes may have to be used for paying off debt, funding living costs, or paying the high cost of one's final expenses – which today can average more than $10,000 in some areas.

Getting a set of quotes on life insurance is as simple as filling out the form on the side of this page.  Unfortunately getting quotes for all the different types of life insurance available to you is going to take talking to someone.  The quote form here on GoodFinancialCents is designed to only give out term quotes.  While this works great for most people, if you really want to look at other forms of life policies then wait for the agent to contact you (we only have one agent contact you) and then ask them to do quotes for the different options you desire.

In the past, there were only a few types of life insurance policies to choose from. However, as time has passed, many insurers have added to their array of product options. This has allowed individuals and families to find coverage that is best for them and their budgets.

Ultimately you need to decide which type of life insurance policy is best for your needs.  Understanding how each one works will make sure you make the right decision.

With all of the many types of life insurance and carriers to choose from today, it can help to have an ally on your side who can help you choose the coverage that will fit your needs the best. So, contact us today – we're here to help.

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Say Cheese: McDonald’s Is Using Snapchat to Hire 250K Summer Workers

McDonald’s wants to bulk up its summer workforce by hiring 250,000 new workers at restaurants around the country.

The company says many of its job seekers are between the ages of 16 and 24 years old, and what better way to reach those potential employees than through one of the apps they use most — Snapchat.

McDonald’s calls its new recruiting tool “Snaplications.” Here’s how it works.

McDonald’s will air 10-second video recruiting ads on Snapchat beginning June 13. Users who swipe up at the end of the ad will be taken to the company’s career page where they can learn more about and apply for jobs available in their area.

This isn’t McDonald’s first time using apps to reach job seekers. The company took a similar approach in Australia earlier this year that allowed job seekers to begin the application process by sending the company a 10-second snap of their own.

According to Jez Langhorn, Senior Director in Human Resources, McDonald’s USA, the company believes the best way to connect with first-time job seekers is where they feel most comfortable — their phones.

“As we see the younger generations seeking out their first jobs, we want to make them aware of the great opportunities available at McDonald’s,” says Langhorn.

A McDonald’s spokesperson told CNN the summer jobs will last from June until August.

Benefits vary according to restaurant location and may include access to programs that help workers complete or continue their education, according to the company’s career page.

Watch for McDonald’s recruiting ads to appear in a Snapchat near you.

To apply right now, head over to the company’s career page to find out what’s available in your area.

Lisa McGreevy is a staff writer at The Penny Hoarder. She’s been able to recite The Big Mac Song from memory since she was seven. Everyone is good at something, right?

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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20 Gift Ideas for That Frugal Person in Your Life

One of the most popular articles I’ve ever written, at least as judged by the reader feedback I’ve received, is Holiday Gift Ideas for the Frugal People in Your Life, which featured a list of somewhat generalized gift ideas for frugal people that they have to buy gifts for. Obviously, the list wasn’t so much intended for frugal people, but for people who have to buy gifts for frugal people, and my intent was to write it as a frugal person myself.

Here’s what the list included:
+ A slow cooker (with this specific model suggested)
+ Freezer and oven-safe storage containers (with these specific ones suggested)
+ A chef’s knife (with this model and this model suggested)
+ A knife sharpening stone (with this model suggested)
+ A cast iron skillet (with this model suggested)
+ A safety razor and blades (with this model suggested)
+ A rechargeable battery kit (with this model suggested)
+ Bed sheets
+ Quality food and beverage items
+ High quality tools
+ High quality camping items
+ Homemade items

The questions still roll in from that post. Most of the time, the notes are simply requests for more ideas or from people hoping that I’ll evaluate the idea they came up with. After receiving a bunch of these requests over the last year and responding to many of them privately or in reader mailbags, I decided that a follow-up list might be useful.

A few very important caveats:

First, I’m recommending very specific items here because that’s often been requested by readers. Rather than just saying something like “good tools,” they want me to point to a specific item. I encourage you to also use your own creativity and “riff” on a suggestion to put your own twist on it, if you can.

Second, I’m posting this list now because many of the gifts on this list are great gifts for Father’s Day. They’re great gifts for men and women for many such events throughout the year, but I know from my own life experience that many of these types of items are very welcome on Father’s Day rather than a tie or something of that nature.

Third, if you do decide to give one of these gifts, put in the time to make sure that the recipient doesn’t already have it or would like it. Have a conversation with them about a particular area; for example, if you’re looking at getting that person a camping item, ask them for advice about camping and ask what they use. Similarly, make sure the recipient actually likes coffee before getting them an item related to coffee.

Fourth, frugal people generally enjoy consumable items and practical items; the only high-end items that they generally like are ones can actually use to spend less money or to produce something high quality without additional cost. High end items (unless they’re very practical) are usually a poor idea, as are items that a frugal person can buy used with little fuss. Frugal people like practical gifts! That’s really the key thing here.

Fifth, if your frugal recipient is actually asking for something, go with that person’s wishes! Frugal people are practical people and, unless you know them really well, surprises are often troubling. If you find that there’s something that they actually want, listen and get that instead of the items listed here!

Finally, don’t forget the specific items mentioned at the start of this article. They’re very practical gifts; I just happened to mention them in an earlier article first. Consider them “grandfathered in” to this article!

All right, let’s dig in! Here are twenty potential gift ideas for frugal people (keeping the above caveats in mind, of course)!

Instant Pot

This is a great gift for a busy frugal person who struggles to make home cooked meals and often relies on making very simple things. An Instant Pot really opens the door to a lot of other options for cooking at home, as it simultaneously serves as a slow cooker, a small pressure cooker, and a rice cooker and it enables a person to make a lot of meals in one pot that are hard to do even with a normal slow cooker. It’s very convenient for cooking meals while you’re away at work or spending the day doing something else.

I reviewed the Instant Pot a few months ago and concluded that it was a good purchase for someone who didn’t already have a slow cooker, but that the additional features weren’t quite enough to merit buying it to replace a slow cooker. If you know a frugal person who doesn’t have a slow cooker, this is a pretty sweet gift idea.

• Amazon: 6-quart or 8-quart Instant Pot and the nearly-essential-for-slow-cooking tempered glass lid

National Parks pass

Many frugal people enjoy time in nature, as it offers boundless opportunities for exercise and exploration. Many state and local parks are completely free, but some of the most beautiful vistas in America are in national parks, which typically require an admittance fee. For some, that can be a bump in the road that keeps them from utilizing our wonderful national parks.

Get rid of that bump in the road and buy your frugal friend or family member a one-year National Parks pass. This is a great gift to give to anyone who lives within a couple of hours of a national park or will be spending significant time near one in the next year or so. Very few frugal people with a taste for the outdoors will be able to resist checking out a national park if they have a free pass, and a national parks pass will get them into any national park for free for a year.

• NPS/USGS: America the Beautiful – National Parks and Federal Recreational Lands annual pass

Field guides

If your frugal friend is really into exploring nature, having a guide to the natural flora and fauna of the area can be really interesting and useful as it will add another dimension to their nature walks or stargazing.

I love sticking field guides in my back pocket or in my backpack whenever I’m going on a day hike or exploring a national park as it can help me identify birds and trees and other elements of the natural world.

• Amazon: National Audubon Society field guides

An electric kettle

If you know someone who enjoys drinking tea, hot chocolate, and even coffee, a high quality electric kettle that can keep a lot of water hot for a significant period of time without the burner running can be a great choice. Many frugal couples simply use one of these instead of a traditional coffee pot because the hot water inside can be used simultaneously for coffee, tea, hot chocolate, and other hot beverages, or even for things like instant soup.

It’s also a great item to have along when “car camping” at a site with an electrical hookup, so if the frugal person has a family and they camp regularly, an electric kettle can become a part of their camping gear.

Again, this gift only makes sense for frugal folks who regularly drink hot beverages and don’t already have a nice electric kettle.

• Amazon: Cuisinart CPK-17 1.7 liter electric kettle

High-quality food and beverage items customized to their taste

This option was on the earlier list, but I’ve been asked for all kinds of suggestions pertaining to this, so I thought a more detailed follow-up might make sense.

A consumable gift is almost always a good idea for a frugal person. Most of the time, they’ve settled into some “bang for the buck” items that they like and they view expensive consumables as a splurge that they might enjoy but won’t indulge in because the bump in quality isn’t worth the money. If you have a 7/10 food item for $2, why spend $10 for an 8.5/10 or a 9/10? It’s not that they don’t recognize or appreciate the better item, it’s merely that they don’t feel the need to spend that extra money for a relatively small bump in quality.

This is where gift giving comes in, of course. Buying that person the higher-quality selection of a food or beverage that they already like is almost always a welcome gift. I love it when someone buys me a bomber of an unusual craft beer or a bag of really high quality coffee or some expensive cheese – something along those lines that I would never buy for myself, but of a type of food that I love.

Here are some suggestions, depending on the taste of the person involved, that you can easily have delivered. These are items that Sarah or I or other close friends and family members have received as gifts in the past and enjoyed (or sampled while visiting these shops while traveling).

• Coffee: Coffee from a local roaster, Stumptown Coffee Hair Bender, Counter Culture Coffee (almost anything), Madcap Coffee Oktoberfest, Craft Coffee subscription box
• Tea: Teas from a local shop, Joseph Wesley Tea, Teabox subscription box
• Craft beer: Anything local, Pliny the Elder, Zombie Dust, Craft Beer Club subscription box
• Wine: Anything from a local winery, especially award winners
• Chocolate/Candy: Chocolates and candy from local manufacturers, Antidote Chocolate, Chuao Chocolate, Treatsie subscription box
• Cheeses: Cheeses from local cheesemongers, Beecher’s (esp. their Flagship), Herve Mons bleu cheese (available at most Whole Foods)

(Note: Subscription boxes are generally a poor idea for frugal folks because they usually contain unwanted stuff that they have to deal with; however, when the items inside are completely consumable and of good quality, they’re often appreciated.)

A cold brew coffee maker

Cold brew coffee is an extremely inexpensive way to make coffee. If you have a cold brew coffee maker and space in your refrigerator, the only thing that’s required is the beans. No filters. No electricity for a coffee pot. Nothing.

All that you really need for making cold brew coffee is a vessel to hold the water and a container that fits inside that vessel to hold the grounds that holds in the grounds but allows water to pass through. You can use a French press for this, for example, or any sort of tea infuser, but ones designed for making cold brew coffee tend to work very well.

• Amazon: 32 oz. glass cold brew coffee maker with stainless steel infuser

A French oven

A French oven is just a fancy name for an enameled cast iron pot. A well made enameled cast iron pot can be used to cook practically anything, as it works on stovetop burners, can be put in the oven, and can be put in the refrigerator or freezer for convenience as needed and is perfectly dishwasher safe. You can make pasta in it, casseroles in it, soups, scrambled eggs… pretty much anything you can think of can be cooked in one. It is a spectacular long-lasting multi-use item for pretty much any kitchen.

The only difference between a Dutch oven and a French oven is the enameled coating and, in fact, many publications use the term Dutch oven as a term to include both enameled and non-enameled cast iron pots with lids.

• Amazon: Lodge enameled cast iron pot in a variety of colors and sizes

High-quality socks

This is one of those wonderful simple things that often get overlooked but really make a noticeable difference in quality of life. Good, high quality socks – the kind that are really comfortable, wick away moisture without odor, and survive many, many washings without bearing holes – are the kind of thing that frugal people really appreciate, because such socks are comfortable and address a need for a very long time without replacement.

Keep an eye on the style of sock that they frequently wear (dress socks? athletic ones? casual ones?) and note their foot size, then buy a few pairs of truly well made socks that match what they use. Well-made wool socks last and last and last.

• Amazon: Darn Tough merino wool socks

Heirloom seeds

Many frugal folks at least dabble in gardening. They’ll often have a small garden in their backyard or a large pot or two on their patio in which they grow a few herbs or vegetables. Not only is it a very inexpensive hobby, the produce is tasty, too.

Heirloom seeds are garden seeds that you can save year after year to grow the same vegetables over and over again. Most seeds you buy in the store are hybridized, which means that the seeds cannot be grown, so heirloom seeds can provide an extra benefit to frugal gardeners. Plus, heirloom seeds are often of unusual varieties, which can be fun to grow.

• Seed Savers Exchange: Seed Collections

A compost bucket

Gardens need fertilizing to ensure that the plants grow well. Many frugal folks balk at the cost of fertilizer and thus seek out other methods of keeping the soil fertile, and one great way of doing that is with compost. However, having a compost bin requires quite a lot of space in the yard and it can be an odorous eye sore, so many people skip that option.

A great alternative to that is a classy compost bucket with a charcoal filter to keep the odor at bay. Charcoal filters last for a long time – more than a year, in my experience – so replacing them isn’t a big deal. A compost bucket stores vegetable scraps and coffee grounds and allows them to break down over time, making rich organic matter for the soil in which to grow your next round of vegetables.

• Amazon: Stainless steel 1.3 gallon compost bucket with charcoal filter

Home fermented foods kit

Turning garden fresh vegetables into other edible foods, especially ones that can be kept in the refrigerator for a while, is something that many frugal people enjoy doing. We almost constantly have something fermenting or pickling on our kitchen counter.

It’s actually pretty simple to do it – you just need a glass jar and something to weigh down the food to keep it below the brine. Just put some vegetables in there – shredded cabbage to make sauerkraut, cucumbers to make pickles, green beans, beets, shredded vegetables to make kimchi – and then cover the vegetables with brine, weight them down, and then cover the jar and you’ll soon have something delicious in there, as the salty environment kills harmful bacteria and the natural bacteria and yeast pickle and ferment the foods.

All you need are a few simple items to get started and soon your frugal friend will be turning cucumbers from the garden into pickles and cabbage from the farmers market into mind-blowing sauerkraut.

• Amazon: FarmCurious home fermenting kit, wide mouth Mason jars, and glass fermenting weights

A rechargeable electric toothbrush (and brush head replacements)

This falls directly into the category of “expensive initial investment, but great for preventive maintenance” category that many frugal people really value. Electric toothbrush models are highly recommended by most dentists, but they do tend to have a pretty real up-front cost and they do require upkeep costs like batteries and brush heads. In the eyes of a frugal person like myself, having something that does a really good job at preventive maintenance on the body is great, but those costs are a big reason why I’ll just stick with a manual toothbrush for now.

That’s why a rechargeable electric toothbrush with a bunch of brush head replacements is a good gift idea for a frugal person. It ensures that they’ll have the best in preventive maintenance on their teeth (reducing dental costs) without the expense of the actual brush, the batteries, or the brush heads (at least for a long time).

Amazon: Sonicare 2 series rechargeable electric toothbrush and replacement heads

LED light bulbs

This is a pretty “unromantic” gift, but it’s a gift that will be hugely appreciated by any frugal person who is still using incandescent bulbs or CFL bulbs around their home.

LED bulbs cost a bit more upfront, but they use very little electricity and have a very, very long life span, especially compared to current bulbs. A single LED bulb will last about 20 times as long as a normal incandescent and use about a fifth of the electricity, but you pay for it up front. It’s a cost that many frugal people will skip over, especially if they still have incandescents to use.

Make that choice easy for them. Find LED bulbs that match the wattage and shape of many of the bulbs they use at home and they’ll happily put those new bulbs into their light sockets and enjoy the convenience and energy savings.

• Amazon: LED light bulbs

Flour sack towels

One of the least frugal things you’ll find in many kitchens is a roll of paper towels. Having lots of easy-to-use absorbable “towels” in a kitchen is really convenient, but buying a lot of towels that are really good at mopping up messes or covering dishes or bearing a snack or any of the things that we use a paper towel for can be tricky.

Many frugal folks eventually move to a “cloth drawer” when they accumulate enough towels and other cloths to utterly replace paper towels for almost all uses, but that takes a while. Simply using a small towel and then tossing it in the laundry means no more buying paper towels and no more filling the trash with them, either.

Flour sack towels are my favorite replacement for paper towels. They’re nice and soft and you can use them for drying, wiping, cleaning, covering bread dough as it rises, and all kinds of things you’d use a paper towel or a dish towel for in the kitchen. With a healthy number of them on hand, you don’t really need paper towels or dish towels any more.

• Amazon: Utopia Kitchen flour sack towels, bundle of 12

A glass popcorn popper

Popcorn is a great frugal snack, but it’s far cheaper to just buy a big container of popcorn kernels than it is to buy microwaveable bags of popcorn. A great solution, then, is to just pop the kernels in a paper bag or something, which is cheaper but it still requires you to toss the paper bags after popping.

The best solution is an infinitely reusable solution. A glass popcorn popper designed for the microwave typically comes with a silicon lid that has a built in measurer for both the kernels and the right amount of butter. Just measure kernels in the lid, dump them in, put the lid on top, put the right amount of butter on that lid, and microwave it for three minutes. When it’s done, pour the butter on top, then eat the popcorn and then put all of it right in the dishwasher. This is a good gift along with a big bag or container of popcorn kernels.

• Amazon: Ecolution microwaveable popcorn popper

Handmade soaps

This item is on this list primarily because the most frugal person I know absolutely beams when you give her handmade soaps as a gift. She generally uses very cheap generic soaps when buying them on her own, but having really well made soaps that are soft on the skin with wonderful aromas seems to just click perfectly with her.

Most quality grocers sell a nice variety of locally made soaps, which is where you should start your search. Try to pick soaps that match what the recipient would like in terms of scents and contents.

• If you want to have soap delivered, here are some great options: Eve’s Garden handmade soaps, Debbie’s Handmade Soap, and Etsy’s bar soap offerings

A charitable donation in their name

Many frugal people simply do not feel as though they need anything and they’re pretty careful about their wants, too. Often, they’re more concerned about the needs of others than the things that they may want, so a charitable donation in their name can be really meaningful.

Choosing the right place to donate can be a bit difficult, but you’re usually on safe ground when focusing on highly-regarded charities that benefit the poor.

• I personally highly recommend the charities recommended by GiveWell, a program dedicated to effective altruism. The charities they recommend tend to do a lot of good for every donated dollar.

A car emergency kit

This is an incredibly useful item that many, many people overlook these days, and it’s something that many frugal people will deeply appreciate due to the practicality of it.

A car emergency kit is something you just keep in the trunk of your car and never think about until the time comes when you need it, and a good kit contains pretty much anything you’d need in a roadside situation – jumper cables, flares, rain ponchos, a Mylar blanket, and so on. You can assemble such a kit yourself with items of your own choosing using this list as a guide or simply buy a readymade kit.

• Amazon: Always Prepared Roadside Emergency Kit

A solar charged external battery

Almost everyone, frugal or not, uses electronic devices every day. Cell phones, tablets, electronic book readers, and many other odds and ends need regular charging and that’s not always super convenient. One strategy many people employ for convenient charging is to use an external battery that they can plug their devices into anywhere, but that battery can run out of charge as well at an inopportune time.

One thoughtful solution is an external battery that’s chargeable through solar power, meaning that wherever there’s sunlight, you can charge up your devices without any need for a power outlet. An external battery that can charge with solar power is a super-convenient way to do this and enables people to charge their external batteries without sucking down power at home, either. It’s convenient and can save them a few cents to boot, plus it’s invaluable when camping or in nature.

• Amazon: Anker PowerPort Solar paired with a RAVPower external battery (this is what I use)

An experience

The final idea for this list is an experience – something for them to do that they likely would never otherwise do. A gift certificate to a restaurant, tickets to a show or concert, passes to a museum, a gift certificate for a massage, passes to a convention catered to their interests – all of those things are experiences that a frugal person would deeply enjoy but would also pass up.

The best gift along these lines is one in tune with their current interests. If they enjoy art, a pass to an art museum is great. If they have a particular hobby, a pass to a convention related to that hobby is wonderful. Remember, you’re choosing the experience gift for them, not for you, so invest the time to actually research what they like.

A final note on this type of gift: It’s a bad idea to give a gift to a frugal person when it’s going to cost them a significant amount just to use it. Don’t buy them tickets to a big event when that means they’re going to have to pay for the trip unless you’re springing for the trip as well.

Final Thoughts

The key thing to remember with this list is that every single item on it should be trumped by the specific characteristics of the person you’re giving the gift to. You know this person; I don’t. If that person has a particular hobby or a particular interest, use that as a starting point. If that person has actually made a request of some kind, use that request. These are just “backup” ideas at best, shared by someone who doesn’t actually know your recipient.

That being said, most of the items on this list are going to have at least some appeal to many (but not all) frugal people. Gifts that save money, encourage preventive maintenance, can be consumed, and don’t result in the accumulation of non-practical stuff are almost always smart places to start with frugal people, and all of these gifts (mostly) fit right into those categories.

Good luck!

Related Articles: 

• 10 Heartfelt Gift Ideas for People Who Don’t Need More Stuff
• 25 Gift Ideas Under $10 I’d Be Happy to Receive
• 12 Items That Pay for Themselves Tenfold or More

The post 20 Gift Ideas for That Frugal Person in Your Life appeared first on The Simple Dollar.

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10 Ways To Increase Your 401(k) - Turbocharge Your Retirement Savings

Are you on track to meet your retirement goals? Consider these 10 tips to increase your retirement savings and set you on track to a more comfortable retirement.

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How People Spend Money on Father's Day Gifts - How Much is Dad Worth to You?

Father's Day is nearly here.  Learn what other people are buying for their Dads, and how much is spent on the average Father's Day gift. 

Source CBNNews.com http://ift.tt/2swIOIO

Should You Use a Personal Loan to Pay Off Credit Card Debt?

Drowning underneath a pile of expensive credit card debt? Don’t have the cash to write a big check to pay it off? Are the maxed-out cards killing your FICO and VantageScore credit scores? If so, you’re certainly not alone. Nationally, total credit card debt climbed to over $1 trillion last year, according to the Nilson Report.

It’s no secret that excessive credit card debt often foreshadows serious financial problems. In fact, if you currently owe more on your credit cards than you can afford to pay off this month, then you’re already in trouble and wasting your money. To add insult to injury, that outstanding credit card debt that’s hurting your wallet could also be hurting your credit scores.

Why Credit Card Debt Hurts Credit Scores

Many consumers find it surprising that even “on-time” credit card accounts can damage credit scores. The truth is it takes a lot more than good payment history to earn a great credit score. Payment history is just one piece of the much larger puzzle. Outstanding credit card debt can have a negative credit score impact even if you make all your monthly payments by the due date.

Credit scoring models like FICO and VantageScore are designed to compare how much credit card debt you owe (balances) with how much you are eligible to spend (limits). This relationship between your credit card balances and limits is referred to as your debt-to-limit ratio or your revolving utilization ratio.

You can calculate your revolving utilization ratio on a credit card account by dividing the balance by the credit limit and multiplying that number by 100. For example, if you have a credit card account with a $5,000 limit and a balance of $2,500, then your revolving utilization ratio is 50% (2,500 ÷ 5,000 = 0.5 X 100 = 50%). Pay that balance down to $1,000, and your new revolving utilization ratio would be 20% (1,000 ÷ 5,000 = 0.2 X 100 = 20%). The higher that percentage, the lower your credit scores… it’s that simple.

• Related: Why Credit Utilization Is Such a Big Deal

The Personal Loan Solution

Naturally, if you can afford to write a big check and pay off all or a big chunk of your credit card debt, then you should probably do so. Yet if paying off your credit card debt all at once is impossible, there are still some other smart ways to handle your credit card debt. Paying off your credit card debt with a personal loan is one such solution. Here are two big reasons why:

1. It can be cheaper debt.

Credit card interest rates are typically among the highest rates you will ever pay. It is not unusual for general use credit card (American Express, Discover, MasterCard, Visa) interest rates to rise well over 15%, even for people with good credit. Interest rates on retail store credit cards are almost always well into the 20s.

By comparison, personal loan interest rates are often much less expensive, especially if you have decent credit. (It goes without saying that a high-interest personal loan – they can also climb past 20% for applicants with mediocre credit – will not be very helpful.)

2. It’s almost guaranteed your credit scores will improve.

Personal loans are unsecured installment loans, not revolving accounts like credit cards. As a result, when you carry outstanding debt on an installment loan, your scores are not impacted in the same negative way as they are when you carry outstanding revolving debt. In fact, the balance you carry on an installment loan typically counts against you very little, if at all, from a credit scoring standpoint.

And remember that math problem we did above just a few moments ago? If you were to convert your revolving credit card debt into installment debt, then the “revolving utilization” problem ceases to exist, because installment debt isn’t factored into that math problem.

In fact, if you were to pay off your credit card debt over multiple cards with an installment loan, your debt-to-limit ratio may very well go to zero, and your scores will likely shoot through the roof — provided you keep up to date on payments with your new personal loan.

Related Articles:

• Best Personal Loans
• You Can Improve This Part of Your Credit Score Almost Immediately
• 11 Ways to Get Out of Debt Faster
• Personal Loan vs Credit Card: Which Should I Choose?

John Ulzheimer is an expert on credit reporting, credit scoring, and identity theft. He has written four books on the topic and has been interviewed and quoted thousands of times over the past 10 years. With time spent at Equifax and FICO, Ulzheimer is the only credit expert who actually comes from the credit industry. He has been an expert witness in over 230 credit related lawsuits and has been qualified to testify in both federal and state courts on the topic of consumer credit.

The post Should You Use a Personal Loan to Pay Off Credit Card Debt? appeared first on The Simple Dollar.

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Make Money Doing Nothing? The Ultimate Guide to Earning Passive Income

You’ve probably heard the term passive income.

It sounds appealing right? According to the definition of passive, it’d mean you’re earning income without participating or having to do anything at all.

Free money? Sign me up!

Unfortunately, that’s a common misconception. Just like you can’t pluck money from a tree, you can’t expect to earn passive income by being, well, totally passive.

However, it’s a viable way to make money, and offers you security and freedom.

If you’re interested in establishing a flow of passive income, here’s your guide to understanding the term and getting started.

What is Passive Income?

To gain the best understanding of passive income, I chatted with some passive income experts.

Todd Tresidder is a wealth coach and the founder of Financial Mentor. He’s a big proponent of passive income. In fact, he has several passive income streams set up.

Tresidder defines passive income as, most simply, “income that comes in without regard to your time.”

But — and this is a big “but” — it’s not mailbox money; it’s not money that just appears.

He also calls it “lagged income.”

“Often in passive income, you have to commit the time and energy up front,” he says. He describes it as a machine; you need to build the machinery before the machine can work without your assistance. The income is lagged.

Brad Hines is another big fan of passive income. He estimates about 10% to 15% of his income is passive. He first heard the term years ago and was immediately intrigued. However, he admits it’s been a longer and more difficult process than he thought (think: The time required up front).

He compares passive income to its counterpart, active income. That’s the money you’re actively working to make, like at your day job.

“When zero of your money is passive income, that inherently means every minute you’re not working, you’re not making money,” he says.

What’s the Importance of Passive Income?

“Freedom,” Tresidder says when I ask him this question.

“The reason you establish a passive income is because it’s not connected to your time, which gives you the freedom to do other things with your time,” he explains.

Because Tresidder has multiple channels of passive income, he uses his freedom to travel when his kids are on summer break. For example, last year the family took a two-month trip to Europe where they hiked Spain’s 500-mile Camino de Santiago.

“I’ve designed my life to be free and flexible,” he says.

So has Hines.

“The more you’re earning passively, the less you’re becoming a slave to money,” he says. “I can go where I want, when I want.”

Passive income is also important for the financial security it can offer. Although you might take a risk when first establishing it, if it proves to be a steady flow, it offers great security because it’s not connected to your time.

So, for example, if your spouse gets sick or if you can’t work, the idea is you’ll still be earning passive income to pay those never-ending bills.

“No matter who you are — especially if you have debt or student loans or kids or whatever — the more you can get your annual income switched to passive, the better off you are in the future,” Hines says.

How to Make Passive Income

Just like everyone else, passive income has various definitions. The one you’ll want to study is from the IRS, which has its own, very specific definition. Take a look at that before next tax season.

In the meantime, you can start small with these ideas then work your way up like Tresidder and Hines did. Think really big like starting a business or investing in real estate.

Really, the possibilities are endless, so don’t begin to consider this is a finite list – but here are 16 passive income ideas to get you started.

1. Sell Your Photos (Nope, You Don’t Have to Be a Professional)

Those thought-out photos you take can get you more than just Instagram “likes.”

Hines uploads his iPhone photos to stock photography sites. He says many of them are trying to get away from the “perfect” photo and are looking for more realistic images. After a quick upload, he’ll get email notifications when someone purchases his work.

You likely won’t become a millionaire; sites like Foap pay about $5 per purchase. However, if you have a nicer camera, you can step up your game like Eliza Snow, who quit her corporate job to sell photos full time.

2. Create a Website

…like everyone else you know, right?

Hines says starting a profitable website can be difficult because the competition is fierce; you’ll have better luck breaking into a niche market.

The upside is that it costs little money to start one — and there’s little risk. Your startup expenses might only include purchasing a hosting package. For a new blog, this is affordable through channels such as Bluehost, which offer packages starting at $2.95 a month when you sign up here.

To earn money through your site, learn about affiliate sales. For example, Hines has a site called Nerd Playthings. He lists about 45 toys and gadgets — none of which he made, all linking back to Amazon via Amazon Affiliates. If a consumer clicks on a link and buys the product, he’ll bag some money.

To learn more about this, we have a whole guide on how to make money blogging.

3. Make Money Off Your Extra Space

Got a room? A garage apartment? A tent? Establishing passive income in real estate doesn’t have to start with a huge investment.

You can list your space through Airbnb.

But that’s not totally passive, you’re thinking. You can establish a truly passive income by hiring a management company to handle the essentials: booking, cleaning and communicating with guests.

If you just want to handle that yourself, that’s something Hines calls hybrid passive income because you’ll have to do some regular work. However, it’s still considered passive because it’s not like you’re spending the whole weekend with your guests; therefore, time is not attached the your income.

4. Buy a Gumball Machine

Scratching your head yet? Hines actually used to make money from those gumball machines you see in restaurants; he’d get 80% of the profit.

You can also look into the same idea with vending machines. There will be some management you have to do, but, again, it’s one of those hybrid passive income sources.

Plus, it’d be kind of cool to say, “Fun fact: I own a gumball machine.”

5. Design Greeting Cards

We wrote about companies that’ll pay you to write greeting cards — some up to $300.

We also included a bonus site at the end, one where you can design your own greeting card through a site like Card Gnome. It’s basically an Etsy for greeting cards. All you have to do is design the card and put it up for sell.

Each time someone buys your card, you’ll get 5% of the purchase. Once you hit $10, you’ll be able to cash out.

One and done.

6. Create an E-Course

One of Hines’ biggest pieces of advice was to “take whatever you’re doing as a day job, and teach what you know by creating an information product and get money from that.”

For example, this math teacher created an online course on programming, and he made $1 million in under a year.

Now, don’t go in setting your expectations that high, but with these tips and a solid platform like Udemy, you could start raking in passive income this year.

7. Sell Random Stuff on Sites Like Zazzle

By random, we mean… pretty random

Hines sent me a link to a coffee mug he designed and has for sale on Zazzle. It has a large picture of a Siamese cat’s face. He put it up for sale about a year ago and still receives royalties from it.

If you have art, designs or photos, you can publish them on any kind of product you can think of: invitations, T-shirts, mugs, pillows, phone cases… Then set your own royalty rate (that’s the percentage you’ll rake in from 5% to 99% ), and you’re done.

You won’t have an inventory to handle (no production, no shipping).

Find out more about selling on Zazzle, or look into other platforms, like Amazon.

8. Get Cash-Back with Credit Cards

You’re already shopping, right? A passive way to earn income is to sign up for credit cards that offer cash, or points, back.

We created a list of cash-back cards that offer sign-up bonuses — and are free of fees.

It’s important to remember is that for this to truly be passive, you’re not spending money for the sake of earning points or cash back; you’re spending it like you normally do.

9. Teachers (or Not): Sell Lesson Plans

This idea is especially useful for teachers who are already frantically cranking out lesson plans. If you find one you’re really digging, put it up for sale on a platform like Teachers Pay Teachers. This helps other teachers across the world as well as gives you some income.

Hines isn’t a teacher, but he wrote up a lesson plan about nutrition a few years back. Because the content is evergreen, teachers are still buying it today. To date, he says he’s made about $1,000.

10. Stick an Ad on Your Car

Do you already drive a lot? If so, consider slapping an ad on the side of your car.

Our contributor Steve Gillman explored the method of income. For example, you could earn $100 a month from a platform like Carvertise with no upfront costs.

You’ll likely have to answer questions about your driving habits, and you’ll have a better chance of getting selected if you live in a bigger city and drive a lot.

If you drive for Uber or other ride-sharing services, this might be perfect for you.

11. Make YouTube Videos

Think you have something that might go viral? Or have expertise in something folks might be interested to learn? Make a YouTube video, and establish a passive income.

Contributor Steven Gillman has done just that. He’s monetized his YouTube videos with Google AdSense. For example, he shot ten videos about ultralight backpacking. No, they didn’t become huge hits, but he has made more than $1,000 over the years.

He outlines how you can start a YouTube channel.

12. Publish an E-book

If you have a way with words, or an intriguing life experience, you could write a book. But there’s no need to send it off to all the major publishing houses in New York City.

You can publish e-books through Amazon’s Kindle Direct Publishing platform. Again, our contributor Steven Gillman did this (because what has he not done?!).

He wrote a book in a week. Note: E-books don’t have be hundreds of pages long. They can be as short as 6,000 words.

After publishing it on Amazon, he started making $350 a month. He outlines exactly how he did it and the best tips and tricks for you.

13. Use Cash-Back Apps While Shopping

Just like the cash-back credit cards, remember that you have to actually be shopping and buying this stuff — with zero regards to the rebates.

If that’s the case, this can be considered passive income, according to Hines.

While grocery shopping, you can use an app such as Ibotta. Peruse the cash-back deals: $5 on a case of beer, $1.75 on a half gallon of organic milk… If these are essentials that are already on your list, go ahead and reap that passive income.

14. Rent Out Your Car — or Other Stuff You Don’t Use Regularly

Got a car? A driveway? Some tools? Baby gear? Whatever it is you have, you can probably rent it out.

Just like renting out your space, this will require some maintenance and upkeep unless you go through a broker, but it can yield some solid passive income.

15. Share Your Internet Search History

You can also earn passive income by sharing your information with research companies.

Smart Panel is one such option. All you have to do is download the app, and it’ll track your internet history — in the name of research.

You can earn up to $75 a year.

As mentioned, there are tons of ways to establish a passive income; these are just a few. Just be sure the offer is legitimate. Do your research, and remember that if it’s too good to be true… it probably is.

Disclosure: Here’s a toast to the affiliate links in this post. May we all be just a little richer today.

Carson Kohler (@CarsonKohler) is a junior 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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