الأربعاء، 9 أغسطس 2017
Five questions to help Pa. retirees avoid pension scams
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Lawsuit: CVS Is Ripping Off Insured Customers by Overcharging Them for Meds
A California woman is suing CVS Health Corp., alleging the drugstore chain overcharges customers for prescription copays.
The case may become a class-action suit.
“CVS deliberately charges customers who use their insurance more for the Affected Drugs as compared to customers who pay cash or simply don’t use their insurance,” the suit claims. “Affected Drugs” is the term used to describe certain generic medications that CVS allegedly overcharged for.
Plaintiff Megan Schultz’s story goes like this, according to the suit:
“On July 6, 2017, she used her insurance to purchase a certain generic drug at her local CVS, and under her plan she was required to pay $165.68. But if she simply paid in cash, without using her insurance, she would have paid only $92. CVS never told her that paying in cash would allow her to pay 45% less for the drug; instead, CVS remained silent and took her money—knowing full well that no reasonable consumer would make such a choice.”
The case accuses CVS of a host of violations, including racketeering (the best fancy word for fraud) and fiduciary conflicts of interest.
Michael DeAngelis, a spokesperson for CVS, told Bloomberg: “The allegations against us made in this proposed class action suit are built on a false premise and are completely without merit.”
How Pharmacies Negotiate Your Prescription Copays
This payment disparity occurs because of agreements between pharmacy benefit managers, who are third-party administrators who work with pharmacies and insurance companies to negotiate prices for prescription drugs. If a pharmacy can make agreements to accept customers from more insurance companies, it can get more people in the door to fill their prescriptions — and pay whatever copay the pharmacy charges, often without a second thought.
“The linchpin of the scheme,” the case states, “is that the consumer pays the amount negotiated between the PBM and CVS even if that amount exceeds the price of the drug without insurance.”
This strategy, in which the PBM keeps the difference between the copay and the cash price, is referred to as a clawback. This cozy relationship between PBMs and pharmacies continues until a customer notices.
Bloomberg followed this issue for a while, explaining clawbacks in a February report that highlighted gag clauses that prevent pharmacists from informing customers about lower cash prices. Some states have nixed these gag clauses.
How to Ensure You Get the Best Price for Your Prescriptions
Suddenly doubting all the prescription copays you’ve coughed up over the years?
There are a few steps you can take to avoid a situation like the one in this lawsuit.
When you get a new prescription, don’t be afraid to call the pharmacy and ask what the price is if you pay cash. If the drug you need is pricy or doesn’t come in a generic form, you can also ask if the pharmacist knows of any discount programs or coupons.
You can also search for your medication and dosage on LowestMed or GoodRx to compare prices in your area.
Consulting your insurance company’s drug formulary will let you know if your new prescription is covered and fill you in on the copay you can expect.
Think CVS overcharged you for prescription copays? We’ll update this post if the case becomes a class-action suit
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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Study: Lehigh Valley Health Network dominates medicare market
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This 19-Year-Old’s Saved $85,000 in 10 Years. Here’s Exactly How She Did It
Many Americans aren’t good at saving money.
This information isn’t new.
Let me give you a refresher: 33% of Americans have nothing tucked into their savings accounts, according to a 2016 GoBankingRates survey. And 35% of Americans have less than $1,000 saved.
In fact, not saving early enough topped a list of our financial regrets.
But once you’re able to break the paycheck-to-paycheck cycle, saving isn’t impossible.
Take note from this 19-year-old NewRetirement recently wrote about. Robyn Bri has saved more than $85,000 to date.
Granted, Bri has lived at home, but she’s also hustled hard since she was 8 years old.
“The first time I bought something with my own money, it immediately had more value to me because it was something I had to work to get, so I took better care of it,” she told me in a recent email exchange. “I think that’s what motivated me to start getting jobs and saving my money for certain things.”
Here’s how to save money like Bri.
1. Tackle the Art of the Side Hustle
At age 8, Bri started doing odd jobs for her neighbors.
Since then, she’s worked as a pet sitter, babysitter, housesitter and waitress. Bri estimates she works 28 to 32 hours a week and earns something between $3,000 and $4,000 each month, according to SFGATE.
I asked her how she manages to stay on top of her priorities. (In addition to her side gigs, she was also a successful student and volunteered.)
She says, “For me, I really had to stay organized and on top of my phone calls, emails, texts, etc. Writing everything down and using a calendar to stay organized was definitely crucial. With so many different things going on, if I don’t write one thing down I could screw up a whole day.”
Here’s how you can save: Bri isn’t yet 21, the age you have to be to start driving for ride-sharing services. But taking on a side gig as a driver can bring in substantial bucks
We chatted with a Lyft driver who makes up to $750 a week. Perhaps the best part is that he gets to set his own schedule.
Been thinking about giving Lyft a try? Signing up is pretty painless.
If you’re not into people, consider delivering food through UberEATS. Or check out these 50 other ways to make extra money on the side.
2. Practice Frugality
NewRetirement also reports that Bri doesn’t blow her money on clothes or entertainment expenses.
“Mostly I just tell myself, ‘I don’t need that; it’s not a necessity — you can live without it,’” she says. “But I do allow myself to have a small budget once a month for things like transportation, going to the city for a day, etc.”
She’s sure to calculate necessities into her budget, too, like her phone bill and gas.
Here’s how you can save: Budgeting on your own might be difficult, but apps are a good way to hold yourself — and your spending habits — accountable.
Try using something like the free Clarity Money app, so you can see where your money is going (or wasted). It also helps you negotiate your bills, and you can easily tap to cancel recurring expenses you no longer need (like magazines, gym fees, etc.).
The idea is to hold yourself accountable and be able to critically think about your budget. The app is free to download — the first step to being frugal.
3. Pay With a Rewards Credit Card
What Bri does purchase, she says, she charges to a rewards credit card that she signed up for last year. That way she can earn points back. She makes sure to pay her card off each month, too.
She says she doesn’t have anything she’s saving the points for — just for something in the future.
Here’s how you can save: There are tons of rewards cards out there, but one of our favorites is the Barclaycard CashForward™ World MasterCard®.
First off, you don’t have to pay any annual fees. You also earn 1.5% cash back on every purchase you make. Then, each time you redeem those rewards, you also get a 5% bonus to use toward your next redemption.
And if you manage to (responsibly) spend $1,000 within the first 90 days, you’ll bank a $200 bonus. Just make sure you pay your bill in full each month to avoid interest.
4. Open a High-Yield Savings Account
Bri says she keeps her money in a savings account and tries to stash money in it as frequently as possible.
I asked about her strategy for determining how much goes away and when. She says she plans to automate the process one day, but for now she just does it by hand.
“I usually will tell myself, ‘Okay, you just made this much money. You have to put at least this much in savings, then budget the rest into checking and into my spending budget,’” she says.
She keeps her money for everyday expenses in a checking account.
Here’s how you can save: For a long time, I kept my money in a stagnant checking account, but I recently transferred it to Aspiration’s Summit Checking Account, where I earn up to 1% in interest without paying any fees. That’s 100 times more than a typical checking account.
I also moved a chunk of money, the money I’m trying not to touch, to a high-yield savings account.
The goal is to make your money work for you, which Bri has already learned by 19. Jealous.
5. Start Investing
Bri says she has two self-investing accounts with Merrill Edge.
One is a Roth IRA, and the other is a self-guided account. She also invested in Apple stock when she was 16.
However, she admits she’s always been a little hesitant about the process. “…It’s a risky business, and the more you put in the more you can lose, but at the same time the more you can gain,” she says.
She advises people to research. She also suggests taking online quizzes to see how much risk is worth taking.
“I always make sure that I never invest all my money,” she concludes on the matter.
Here’s how you can save: If you want to start investing, but feel slightly intimidated like Bri, try using an app like Acorns or Stash.
Neither one requires more than a few dollars to start. Acorns basically takes the digital change from your debit or credit card purchases and invests it. You can also snag a $10 bonus when you make your first investment
Stash allows you to set a fixed amount to take out of your account each week. Plus you’ll get a $5 bonus when you sign up through this link.
6. Consume Tons of Personal Finance Advice
How did Bri know about all of these smart money moves? She said she read a ton of advice in books and on blogs (like The Penny Hoarder, right?).
But actually she says her all-time favorite book is “Rich Bitch.” “It’s an easy read, and the best part is it’s interactive, so as you read you are advised to write stuff down, start planning/getting your finances on track.”
Here’s how you can save: You can never know everything.
On personal finance matters, we have taken notes from some of our favorite “zillionaires” as well as these books and these podcasts.
Cheers to Bri, who’s headed off to George Washington University this fall on a full-ride scholarship. (Here’s where to find some.) She has an on-campus job lined up and plans to find another gig along the way.
Here’s another hearty shout out to NewRetirement, which initially shared her story.
Advertiser Disclosure: Many of the credit card offers that appear on this site are from credit card companies from which The Penny Hoarder receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). We do not feature all available credit card offers or all credit card issuers.
Carson Kohler (@CarsonKohler) is a junior writer at The Penny Hoarder. She didn’t know a single thing about money when she was 18 — except that she wanted it.
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 Record Number of Jobs Are Open Right Now — Which Industries Have Them?
Well, it happened again.
Another month, another record number of job openings in the U.S.
In June, there were 6.2 million openings across the country, which is up 11% over the same month in 2016, according to the U.S. Bureau of Labor Statistics data released on Tuesday.
It’s the first time the numbers, adjusted for seasonal changes, have topped 6 million since the BLS started tracking them in 2007.
Sounds like deja vu, right? Last time we highlighted these figures, we were a little bit skeptical.
I mean, come on — does it truly feel like there are 6 million jobs openings in the country?
Elise Gould, senior economist at the Economic Policy Institute told us back then that our cynicism was well-placed. There were plenty of job openings in April, but new hiring actually fell by 64,000 from April 2016 to the same month this year.
“There seems to be an unwillingness to offer higher wages,” Gould said at the time. “You’d see that hire rate pick up if firms were offering higher wages.”
Fast forward a few months, and companies ended up hiring 178,000 new workers when you compare this June with the job market last June. Talk about a summer turnaround.
But where should you be looking if you need one of these millions of jobs? We’ve got you covered.
Which Industries Have the Most Job Openings?
The top five industries in terms of job openings are in the business and professional; healthcare; trade, transportation and utilities; and hospitality and food-service industries.
Health care jobs are usually recession-proof and grow steadily through good times as well. The best part? Most don’t even require a bachelor’s degree!
An overlap of the health care and hospitality sectors particularly stood out to us, especially after reading the International SPA Association’s U.S. Spa Industry Study.
For the first time in the history of the study, for which ISPA taps PwC for its analysis, the annual number of spa visits topped 180 million.
At 184 million spa visits in 2016, the number of people treating themselves jumped 2.5% over the last year. That means: Jobs.
“An increase in visits means higher demand of spa services, which demonstrates a very positive outlook,” says ISPA President Lynne McNees in a statement. “As jobs are created to meet this demand, we will continue to promote the benefits of a career in the spa industry.”
There are nearly 33,000 open jobs in the spa industry, according to the study. And they offer flexibility that the modern worker demands. Plus, all those tips could mean a decent income without a college degree.
Prefer not to touch all those icky humans? You could always become a dog masseuse.
And, as always, make sure to check out The Penny Hoarder Jobs Facebook page for a vast assortment of opportunities. Come on, there are more than 6 million out there, right?
Alex Mahadevan is a data journalist at The Penny Hoarder. His dog Josie is already too spoiled for a dog massage — or is she?
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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The Mind-Blowingly Cruel Way Scammers Are Targeting Owners of Lost Pets
Realizing your family pet has gone missing is probably one of any dog or cat owner’s greatest fears.
After frantically searching every nook and cranny of your home and checking all your pet’s favorite hiding spots, your next move is probably to take to social media.
You post a picture of your pet’s smiling face. along with your phone number, your pet’s name and a description of any special markings that set your pet apart. Then you mark the post public. You want everyone to be able to see and share it in hopes of reuniting your family.
According to Consumer Affairs, that might be a costly mistake, and it may not get you any closer to finding your pet.
Scammers Could Take Advantage of You and Your Lost Pet
Most people who see your post about your lost pet will feel sympathetic. Those who live in your town might even share your post in hopes of getting your pet back home to you.
While most people mean well, there are people who will use this moment of despair against you.
Scammers who see your post with all your personal information know you’re probably frantic and a little desperate, and they take advantage.
Owners of lost pets have reported getting text messages from people they later realized were scammers. In the text, the scammer claims they found the lost pet, the Better Business Bureau told Consumer Affairs. Then, when the owner asks for the pet’s description or a photo, the excuses start. The scammers claim they don’t have a working smartphone or are out of town and not with the pet, so they can’t take the picture.
“The scammer will then pressure the owner for money to return their lost pet, despite the fact that they did not actually find the pet,” Consumer Affairs reported.
Vulnerable pet owners might just fork over the cash in hopes of getting their furry family member back.
How to Find Your Lost Pet and Protect Yourself
The BBB says it may be better to skip technology and go old-school to find your pet.
Check out veterinarians and animal shelters within a 50-mile radius and leave flyers with photos of your pet at each one. Anyone who finds your pet will likely take it there first.
You can still post online, but don’t mention any special markings your pet has. If someone tracks you down and says they have your furry friend, you’ll know it’s legit if they can tell you about any special markings not visible in the photos.
If you get a call or text from someone claiming they have your pet, ask them to send you a photo. If they won’t, be suspicious.
You can also ask if it’s OK to call them back on the phone number they called you from. Consumer Affairs says scammers often use software to mask their phone numbers. If you can’t reach them on at the number they called you from, that’s a red flag.
Finally, Consumer Affairs says you should never send money to anyone you don’t know. Even if your mention a reward on your flyer, don’t wire any money to a stranger until your pet is back home safe and sound.
Desiree Stennett (@desi_stennett) 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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Why Many Millennials Are Getting Prenups (Hint: Not Because They’re Rich)
Ever discussed (over a glass of wine or three) getting a prenuptial agreement with your future spouse?
It was probably at least a little uncomfortable, but having that conversation is more common than ever.
Millennials are notorious for putting marriage off until they’ve established a career or some semblance of financial security. But it also looks like many of them are tying the knot with an extra layer of financial security.
Jonnelle Marte of The Washington Post examined the trend of millennial prenups, citing recent data from divorce lawyers on the increasing frequency of millennial clients requesting prenups.
Marte notes that prenuptial agreements have only recently come into vogue, with state acceptance of these documents coinciding with the rising divorce rate in the last 25 years.
But while the prenuptial agreements of the 1970s and 1980s protected one partner’s wealth from another (who probably stayed at home with the kids for the sake of tradition, cough), today’s prenups reflect the increasing amount of debt many of us carry from college into our 20s, 30s and beyond.
Some prenups don’t exist to protect either partner’s current net worth. Instead, they draw a clear line through debt repayment obligations and future business earnings.
Why Are Prenups up When the Divorce Rate Is Down?
Correlation and causation are not eternally tied, but hear me out on this one.
The divorce rate now is about 17 per 1,000 marriages per year, based on the latest Census Bureau data. That’s the lowest it’s been since the early 1970s. By 1975, there were 20.3 divorces for every 1,000 marriages. By 1980, the rate was up to 22.8 per 1,000.
Then, there was a slow decline before a brief spike during the Great Recession.
If you consider that the millennial generation began in 1982 and look at the divorce rate throughout the 80s, it all starts to make sense. A lot of millennial kids grew up with divorced parents.
Any kid who’s shuffled between mom’s place and dad’s place for a part of their childhood knows how divorce can wreck a family and its finances.
So can you blame millennials for waiting to get married? Can you blame them for playing it safe when making what’s supposed to be a lifelong legal commitment to another person?
They seem pretty smart to me.
How to Talk About Prenups Without Sounding Cold and Heartless
Among the many qualities millennials are known for is their openness in talking about finances. If you plan to tie the knot — or are just starting to get serious with someone special — it’s worth it to start talking about money.
Sharing your ideals about how you earn, manage and spend your own money can help you figure out the best way to do so as a couple and determine if a prenuptial agreement can put your joint financial future at ease.
If you have to uncork a bottle of wine to get through it, be my guest.
Lisa Rowan is a writer and producer at The Penny Hoarder. Her parents are divorced, if you couldn’t guess.
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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These States Have the Most Credit Card Debt. Did Yours Make the List?
Credit cards are powerful little pieces of plastic.
You can swipe away until you hit your cap. Even then, you might already be ankle deep in debt. Then consider interest rates, which cause that debt to continue to build…
OK, enough of that. I’m getting anxiety just thinking about it.
Unfortunately, many people live with credit card debt.
Credit education website Credit Sesame was curious: Which states have the highest and lowest amounts of credit card debt?
It looked at 2 million people in its database. Of those people, it collected data from 6 million credit cards.
6 States With the Most Credit Card Debt
Credit Sesame calculated the average debt per account for each state. These five proved to have the most debt.
- Indiana — $5,250
- Alaska — $4,348
- West Virginia — $3,565
- Arkansas — $3,386
- Louisiana — $3,270
- Mississippi — $2,949
Here’s How to Find Out How Much Credit Card Debt You Have
Want to know where you personally stand when it comes to credit card debt?
Pull a free credit report from a site like Credit Sesame. It’ll break down what you’re doing right, what you’re doing wrong, and even offer tips on how to spruce things up a bit.
If you’re having trouble getting started, take notes from these people, who collected a total of $250,000 in debt — and then paid it off.
Ready to pay off your credit card debt?
If you fall behind on your credit card debt, you may find yourself getting crushed by interest rates north of 20%. You’ll never catch up that way. You’re spending so much on interest, you’ll never pay off your balances.
It might be worth consolidating or refinancing your debt.
By refinancing an existing loan, you’re taking out a totally new loan, which comes with new terms and (ideally) a lower interest rate. Credible is an online marketplace that offers consumers personalized loan offers. Think of it like Zillow — but for personal loans.
Rates start at 5.99%, and you can check yours by entering a loan amount here ($500 to $40,000) and comparing your personalized options in under 90 seconds.
Carson Kohler (@CarsonKohler) is a junior writer at The Penny Hoarder. She didn’t start using a credit card full time until last year. Even so, she’s still paranoid about paying it off each month, but she appreciates the airline points.
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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These 6 Work-From-Home Writing and Editing Jobs Are Open Right Now
Most of the writers and editors I know love to work from home. It’s where all the good snacks, dogs and comfy couches are.
If you’re also a writer or editor who loves to work from home, you’ll want to check out these four companies that are hiring full-time and part-time remote workers right now.
Brace yourself. The pay and benefits for some of these jobs are jaw-dropping.
But if none of these jobs is for you, be sure to check out our jobs page on Facebook, where we’re always listing new work-from-home jobs.
1. News and Politics Writer at Bustle
Women’s news and lifestyle website Bustle is looking for part-time remote news and politics writers. This is a staff position that a company representative tells me comes with some benefits.
According to the job listing, the position could be for three to four days a week, but a minimum commitment of at least two days per week is required.
Pay: $15 to $35 per hour, commensurate with experience.
Responsibilities include:
- Writing breaking news quickly
- Juggling multiple articles at once
- Monitoring social media for viral and top news stories
- Incorporating digital content into articles
Applicants for this position must have:
- Availability of two days per week, minimum
- At least two years of writing or blogging experience
- Degree in journalism, communications, political science or a related field
- Strong journalistic integrity and ethics
- Knowledge of SEO
- Evening, overnight and weekend availability desired
Apply here for the news and politics writer job at Bustle.
2. Freelance Content Manager at Dotdash
Educational content website About.com has rebranded itself as Dotdash and is looking for a remote full-time freelance content manager to help shape and define the site’s new direction.
Pay: $25 per hour
Responsibilities include:
- Editing content
- Working with a team of freelance writers
- Improving and replacing images on the site
- Curating and promoting email newsletters and social media content
- Identifying new opportunities and editorial coverage gaps
Applicants for this position must have:
- A passion for working with writers to edit and improve content
- A talent for creativity and problem-solving
- 2+ years of experience curating and developing web, email and social content
- Experience with content management systems and web analytics tools
Apply here for the freelance content manager job at Dotdash.
3. Fantasy eSports and Soccer Beat Writers at RotoWire.com
Fantasy sports website RotoWire.com is hiring part-time work-from-home writers with an affinity for gaming and soccer.
Pay: Quarterly monthly stipend after probationary period
Responsibilities include:
- Writing individual player updates with appropriate citation
- Writing player-focused match recaps
- Verifying player database accuracy
Applicants for this position must have:
- Fantasy eSports: Expert knowledge of “League of Legends,” “Dota 2,” “Call of Duty” and “Counter-Strike: Global Offensive.”
- Fantasy soccer: Expert knowledge of the five major European soccer leagues: the English Premier League, La Liga (Spain), Serie A (Italy), Ligue 1 (France) and the Bundesliga (Germany).
- Strong writing skills
- Ability to work with minimal supervision
Benefits include:
- A free subscription to RotoWire
- Access to exclusive website content
- Access to staff fantasy sports leagues
- Potential to have your work on ESPN, CBS and other media outlets
Find details here on how to apply as a beat writer at RotoWire.com.
4. Marketing Copywriter at Student Loan Hero
Financial education website Student Loan Hero is hiring a full-time remote writer to create web page and email content to educate and inspire readers.
Pay: “Competitive” based on experience and location.
Responsibilities include:
- Developing new email marketing funnels
- Discovering weak spots in the website’s content
- A/B testing new copy
- Increasing conversion rates
Applicants for this position must have:
- Bachelor’s degree
- At least two years of experience
- Experience in multiple content formats, including email and web pages
- Familiarity with SEO
- Full-time availability
Benefits include:
- Unlimited vacation
- Vested company shares
- Flexible work hours
- Health insurance
- $2,000 technology stipend
- $100 per month continuing education budget
- Retirement account or student loan repayment matching
Apply here for the marketing copywriter job at Student Loan Hero.
5. Part-Time Weekend Editor
News website Vox is hiring a part-time weekend editor with a deep understanding of policy and politics to work 8 a.m. to 4 p.m. EST on Saturdays and Sundays.
Pay: Not listed, but I’ve reached out to the company and will update when I know more.
Responsibilities include:
- Assigning and editing stories from weekend news writer
- Editing and copy editing stories from staff reporters
Applicants for this position must have:
- Editing experience
- Strong news judgement
- Background in U.S. policy and politics
- Knowledge of current events
- Solid understanding of SEO and social media
Apply here for the part-time weekend editor position at Vox.
6. Full-Time Copy Editor at Vox
Vox is also hiring a full-time editor with a deep understanding of policy and politics to work the 1 p.m. to 9 p.m. EST shift, Monday through Friday.
Pay: None listed, but I’ve reached out to the company and will update when I know more.
Responsibilities include:
- Editing and copy editing stories from staff reporters from a variety of beats
- Facilitating content workflow
- Building and maintaining Vox style guides
- Collaborating with social team on packaging stories
- Line editing news stories during evening hours
Applicants for this position must have:
- Minimum of four years of editing experience
- An excellent eye for detail
- Knowledge of U.S. policy and politics
- Fact-checking experience
- Knowledge of AP style
- Strong organizational skills
- Solid understanding of SEO and social media
Apply here for the full-time copy editor job at Vox.
Lisa McGreevy is a staff writer at The Penny Hoarder. She loves telling readers about new job opportunities so look her up on Twitter @lisah if you’ve got a tip to share.
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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How I Bought School Supplies for My 2 Kids for Only $19.05
I’m always looking for ways to cut corners when shopping for my two daughters. And a recent shopping trip for back-to-school supplies was no different.
Is it me or do these school-supply lists get more ridiculous by the year? What 7-year-old needs six composition books? Or 150 gallon-sized trash bags?
Last year, I spent a little over $80 for my kids’ outrageous amounts of school supplies. I even made a point of not buying everything on their lists, just to see how long we’d make it without a teacher’s note home complaining about missing three-prong folders. (I never got a note.)
While families are expected to spend an average of $687.72 on back-to-school supplies this year, according to one study, I won’t be joining them.
I Bought My Kids’ School Supplies for Less Than $20
I recently discussed how I saved hundreds on back-to-school clothes by shopping in thrift stores as opposed to malls, and I followed a similar strategy for school supplies.
For only $19.05, I bought the following:
- six composition books
- two rulers
- two packs of writing paper
- one pack of multipurpose printing paper
- four packs of generic brand pencils
- two packs of 100 index cards
- two bottles of hand sanitizer
- six three-prong, two-pocket folders
- two boxes of Kleenex
- two boxes of trash bags
Here’s how I spent a fraction of the usual price.
I Didn’t Buy Everything on the List
While I made sure to buy most of the items, I didn’t buy everything.
For example, my 8-year-old’s third-grade school list called for nine composition books. Yes… nine. I simply could not justify a child having so many composition notebooks!
If she really needs more notebooks during the year, I’m sure I’ll hear about it from her teacher. Until that time comes (if it ever does), I’ll save my money by not buying all the items on the list.
I Recycled Supplies From Last Year
When I cleaned out my daughters’ book bags after the school year was over in June, I found plenty of barely used pencils, crayons and pens. I simply put them in a box, ready for the following year.
Recycling school supplies helped me find nearly half the items on my 7-year-old’s list right at home. I was able to cross off glue sticks, crayons, colored pencils, pencils, rulers, scissors and pencil boxes without leaving my living room.
I also made it a point to clean out their classroom desks when I volunteered on the last day of school. Besides the gunk build up, I found small packs of unused paper, binders and pens.
I Shopped at Smaller Stores
I knew everyone would be flooding to Walmart and I didn’t want to fight with other anxious moms trying to get everything on their lists.
Instead, I went to a less-crowded Dollar General within walking distance of my house. Most of the items I needed cost cents on the dollar without discounts. For example, I purchased three-prong folders for less than $0.20 each and a pack of 100 index cards for $0.38.
Other stores to check for school supplies include Family Dollar, Dollar Tree and Five Below.
I Looked for Coupons Before Leaving the House
Before heading to the store, I checked its website for any coupons or deals. Before heading to Dollar General, I saw it was giving customers an additional $5 off their purchases of school-supply purchases over $20. In fact, I just saw an OfficeMax commercial promoting their $0.01 sale on back-to-school folders!
Additionally, I took advantage of the tax-free weekend. Because I had to buy some household items with my school-supply shopping, my tax came to $0.60. If I need more supplies later in the year, I’ll be sure to purchase them on Black Friday!
School supplies will only get more expensive as my kids get older. I don’t look forward to purchasing $70 graphing calculators for their AP Calculus classes. All the more reason to take advantage of cheap school supplies while I can!
Monica Leftwich is a working mom and freelance writer who loves to discuss topics like women’s health and single parenting issues. When she’s not working, she’s eating sushi, making spaghetti and meatballs for her kids or belly dancing. Find her at monicaleftwich.com.
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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Save almost £700 a year on home appliances with these 10 lifestyle tips
With all the chatter and advertising about changing energy suppliers and obtaining better tariffs, there is hardly a soul in this nation who has not heard that they should change to a better deal.
Even though it should only take a few minutes of your time, many believe this is still too much hassle.
But there are other ways to save too, with just a few small changes to your everyday lifestyle. Plus, these also have an environmental benefit because you are reducing your carbon dioxide (CO₂) imprint.
1. Power shower
Many of us love the feeling of hot water lashing our bodies but that’s not quite so pleasant when you look at how much money is flowing down the plughole. An average daily power shower usually lasts eight minutes and costs about 60p. Just think, if you reduced your time under the shower to four minutes, you will save around £110 per person/year (≡ 245kg of CO₂). For a family of four, that’s a massive saving of £440 per year.
You can also save 30% more by using a water efficient shower head. These combine air and water to give the same feeling but reduce water usage.
2. Tumble dryer
We know it’s tempting, but tumble dryers are one of life’s luxuries, and unless it is raining or too cold, the best option is to dry your clothes on an outside line or indoor drying rack.
A 2.5kw tumble dryer running for one-hour costs about 35p (150 times = £53 per year), so we say ditch the tumble dryer and save £53 per year (≡ 176kg of CO₂).
3. LED lighting
This one costs a little to set up but the financial benefits can be huge. Lighting accounts for around 15% of the energy bill in most homes. Changing to more efficient light bulbs is a very simple way to reduce these bills.
In an average home, if you upgraded five x 50W halogen spotlights to five x 3.5W LEDs you could save £29 in the first year, considering the cost of buying the bulbs (≡ 130kg CO₂), £39 the second year and so on. The LEDs also last more than 10x longer than halogen bulbs, making you more savings.
A typical GU10 LED costs around £2 from Amazon.
We have calculated changing out 5 ordinary Halogen GU10s to LEDs, that means a £10 cost for bulbs and a reduction in savings in year 1, therefore £29.00 saving not £39.00
LEDs last 20,000 to 40,000 hours, halogens just 2,000 to 4,000 hours, so over the following 10 years the saving is £39 per year.
4. Kettle
An electric kettle uses a surprising amount of energy. By using a few simple money saving techniques, you can soon reduce your energy bills.
Boil just enough water and you can start saving money. Boiling 1l of water costs around 1.8p, boiling one cup (385ml) of water costs around 0.7p. Based on five x one cup boils per day – the savings would be around £20 per year (≡ 69kg of CO₂).
5. Cooker
An electric cooker can be a big drain on energy, but luckily there are several techniques to reduce your usage.
Changing the way you cook is a simple example. If you are cooking a stew in a 2kWh oven for one hour it costs around 28p. However, cooking the same stew in a slow cooker for eight hours will only cost around 10p.
Using a slow cooker twice a week, you could save £19 per year (≡ 64kg of CO₂).
You can also cut energy usage by 10% using a lid on pans, and cut wasted energy by up to 40% by using a pan size greater than the cooker ring size.
6. Fridge / freezer
Fridges and freezers save us a small fortune on preserving food and drink, but maintaining the optimum temperature also helps save on energy bills.
The optimum temperature in a freezer is approximately -18C. However, if you set your freezer at -25C you can increase the electricity used by 10%. Reduce this to -18C and save £9 per year (≡ 30kg of CO₂).
For a fridge, the optimum temperature is 4C, if you have it much colder you are putting your money on ice.
7. Microwave
Microwave ovens can make a big difference to your cooking costs but it depends on what you cook. They are cost effective (compared to ovens and hobs) when heating meals, baking potatoes or even making fudge!
In a microwave, a typical 500g frozen meal costs just 2p to heat up. Compare that to a typical oven, which will cost 23p. Heat two frozen meals a week in the microwave and save about £22 per year (≡ 74kg of CO₂).
8. Portable heaters
Many houses still need some secondary heating to keep rooms nice and cosy. But make sure you pick the correct-sized heater for the room.
If you heat a room of 14m² with a heater of 1,600W it will cost about 89p for four hours. However, if you heat the same with a heater of 1,200W it will cost around 67p for four hours for the same effect.
That could save you £20 over three winter months (≡ 67kg of CO₂).
9. Computers
In 2014, 52% of homes in the UK had a tablet, but despite the growing popularity of tablets, laptops are still the UK’s most popular type of computer, appearing in over 80% of homes.
Compared to many other appliances in your home, computers are not as expensive as you may think. However, a family of four could be running multiple units and then the bills ramp up.
Here, we show you a comparison of energy used and the cost to run three of the most common computer types at home:
- A desktop PC used for four hours per day costs about £24 per year (≡ 79kg of CO₂).
- A laptop used for four hours per day costs around £7 per year (≡ 24kg of CO₂).
- A tablet used four hours per day costs just £1 per year (≡ 3kg of CO₂).
So by swapping a desktop for a tablet you can save £23 per year (≡ 76kg of CO₂), and by swapping a laptop for a tablet you can save £6 per year (≡ 21kg of CO₂).
Of course, mobile phones are taking over for internet access and they use even less energy than tablets, a huge plus.
We should also be aware that our increasing obsession to be online, for internet access, for data transfer and data storage means a whole new industry of data centres has built up in recent years. These now account for 3% of greenhouse gases worldwide and this is increasing by 10% year on year.
10. Televisions
As we become more sedentary, sitting for longer in front of our TVs, we would expect an increase in energy consumption. However, manufacturers have made big advances to help reduce energy requirements.
A 42” Plasma TV watched for four hours a day costs up to £60 per year (≡ 205kg of CO₂), whereas a 42” LED TV may only cost £10 per year (≡ 34kg of CO₂) saving up to £50 per year
(≡ 171kg of CO₂).
Total savings:
If you made all our suggested changes, for a family of four you’d save about £686 per year and the equivalent to 1.84 tonnes of CO₂. That’s a lot of money for such minor changes to your lifestyle.
Tony Whittingham is director of EcoFrenzy.com, a non-commercial and not-for-profit organisation that helps you save money and the environment in everyday life by minimising waste, pollution and carbon dioxide output.
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SEO vs. PPC: Which Should You Focus on First?
Here’s the scenario.
You’re just launching your marketing campaign and want results.
Not only that, you want the most bang for your buck.
You want to make sure the time and money you’re putting in will bring a large volume of high-quality traffic primed to convert.
In other words, you want a rock solid ROI.
While there is a plethora of different avenues you can take, it often boils down to one of two choices: SEO or PPC.
Both are tried and true and will drive targeted leads to your site.
But which option makes the most sense for your campaign?
More importantly, which should you focus on first?
In this post, I highlight the pros and cons of each option, drawing on my personal experience.
By the end, you should know with certainty which path to take.
By the numbers
By now, I am sure you know I’m a huge fan of statistics and data in general.
I find I tend to make better choices when I take the emotion out of it and simply look at the numbers.
So, let’s take a look at some recent statistics from WebpageFX regarding both SEO and PPC.
2017 SEO Stats
- 93% of online experiences start with search engines
- 70% of clicked search results are organic
- 14.6% of all SEO leads close (as opposed to 1.7% of outbound leads)
- Google fields more than one trillion searches per year
- 89% of marketers say SEO is successful
2017 PPC Stats
- PPC visitors are 50% more likely to buy than organic visitors
- 65% of all high-intent searches result in an ad click
- Search ads increase brand awareness by as much as 80%
- 32% of companies use PPC to sell products directly to consumers
- On average, businesses earn $3 for every $1.60 spent on AdWords
Both of these strategies tote some impressive numbers.
If you plan and execute your campaign correctly, you will get qualified leads, and a reasonable number of those leads will convert.
And while the outcome is essentially the same, the way you get there is completely different, depending on the path you take.
Let’s now go over the pros and cons.
The advantages of SEO
Perhaps the biggest reason marketers choose SEO over PPC is its cost-effectiveness.
The bottom line is you’ll pay a lot more for your traffic with PPC than with SEO, especially if you handle it in-house.
Just look at what the average CPC is like for some of the top industries:
The legal industry is hands down the worst with a whopping $5.88 CPC.
It takes a sizable budget to get a PPC campaign up and running.
And if you’re new to the game, you have to deal with the inherent learning curve, which means it can take awhile to get your CPA and ROI to where you want them to be.
SEO is much cheaper and involves more of a time investment than a financial one.
If your marketing budget is minimal, SEO may be your only option.
Another benefit is the long-term results marketers tend to get.
Here’s a chart showing the difference in long-term performance between organic and paid traffic:
Notice that SEO starts off slowly initially, but over time it grows tremendously.
This makes SEO far more sustainable than PPC, potentially resulting in high-quality, organic traffic for years to come.
Finally, you’re likely to have a higher ROI with SEO.
Just think about it.
Every single click you get through PPC comes at a price.
The only way you can drive traffic to your site is to pay for it.
This inevitably diminishes your ROI.
But with SEO, it’s pretty much straight profit.
Because you’re acquiring your traffic organically, the returns are inevitably higher.
Even if you “take your foot off the gas,” you’re still going to drive traffic to your site.
This basically means free traffic.
The advantages of PPC
Hands down, the biggest advantage is the immediate surge in traffic you often get:
Right off the bat, you can bring qualified, ready to buy leads.
Better yet, you can specifically target keywords with buying intent.
This makes it perfect for new businesses with little to no brand equity.
PPC helps you drive traffic and boost your brand’s visibility in a hurry.
If you want nearly instant results and don’t have the luxury of waiting, PPC is your best option.
Another plus is the conversion rate.
While you may end up spending more overall, paid search results are 1.5x more likely to convert.
And this makes sense, considering advertisers can customize and optimize their ads and specifically target high-intent keywords.
I also think there are way more PPC opportunities today than in years past.
While Google AdWords has had and continues to have the lion’s share of business (almost 80% of companies focus on Google for PPC), there is now a buffet of other options available.
For instance, Bing Ads are starting to catch on, and social networks such as Facebook and Twitter offer paid advertising.
The bottom line is you’re not stuck with AdWords.
The downside of SEO
To be fair, it’s not all puppy dogs and rainbows all the time.
One of the top complaints marketers have with SEO is the fluctuation of search engine algorithms.
In fact, “40% of marketers say algorithm changes are the biggest challenges to SEO.”
Over the years, major updates, such as Panda and Penguin, have caused serious disruptions to the SERPs, and many marketers have felt the negative impact.
So it’s important to point out SEO isn’t a set-it-and-forget-it strategy.
It requires plenty of maintenance, and you need to stay updated on current trends.
Penalties
Just the thought of an ugly penalty is enough to make many SEO marketers squirm.
Just recently, some sites saw their traffic decline by as much as 90% with Google’s “Fred” update.
Not to freak you out, but penalties can happen even if you have the best intentions and would never dream of engaging in any black-hat SEO tactics.
The best way to keep your site safe is to always follow ethical, white-hat techniques and put emphasis on creating the best possible content rather than trying to capitalize on the next big thing in SEO.
I also recommend staying up-to-date on SEO trends, especially major algorithm updates.
It takes time to see results
If patience isn’t your strength, you may find the SEO process very frustrating.
It simply isn’t a strategy that will deliver major progress overnight.
I don’t care how experienced you are and how many epic backlinks you’re able to generate, you can’t expect instant miracles.
Simply getting Google to index your content can take a considerable amount of time.
It’s hard to pinpoint exactly how long it takes, but I’ve heard it could take up to four weeks for Google to index new content.
And it can easily take months before any real impact becomes evident, so you have to be in it for the long haul to thrive with SEO.
Reaching page one is no guarantee
What’s the primary goal of SEO marketers?
Get your content on page one for your targeted keyword phrase.
That’s the name of the game.
But this is obviously harder than it sounds, with no guarantees.
Even if you do everything right, there is a nearly infinite number of factors that determine where your content ends up in the SERPs.
And failing to reach page one is very disheartening because it’s almost like being invisible.
Considering “75% of users never scroll past the first page,” you won’t be raking in traffic if your content misses the mark.
If you want to quickly see how you’re ranking for various keywords, here’s how you check.
First, go to SEMrush.
Type in your URL.
Click on “Start now.”
Scroll down to “Top Organic Keywords” and click on “View full report.”
Check the position of the keywords you rank for:
The downside of PPC
I already mentioned PPC comes with much higher upfront costs.
And that’s usually the biggest issues marketers have.
Just take a look at some of the most expensive keywords at the moment:
“Insurance” is a ridiculous $54.91.
That’s insane!
And the scary thing is PPC costs are increasing.
As more and more marketers compete for traffic, most platforms are inevitably raising their prices.
Google AdWords can be especially cutthroat.
In some cases, the money you spend to acquire traffic will outweigh what you’re generating from sales.
If you’re a new startup with a shoestring budget, PPC may simply not be in the cards from a cost perspective.
Optimizing your ads can be difficult and time consuming
It’s not like you can just slap up some ads on a PPC platform and instantly get a high volume of highly targeted traffic.
Just learning the basics takes time.
Fully optimizing your ads to minimize your CPC and increase your CTR takes even longer.
It’s a fairly arduous process even for experienced marketers.
This means you may end up spending more than you should until you get the hang of things.
Your traffic ceases when your campaign ends
Here’s the real downer.
The second you stop funneling money into your PPC campaign, you bring zero traffic.
Of course, this means you’re also getting zero sales from PPC, which is definitely food for thought.
While other marketing tactics—such as SEO, social media, content marketing, etc.—require maintenance and upkeep, they should still drive traffic to your site even if you take a break.
Unfortunately, this isn’t the case with PPC.
To maintain your traffic and leads, you have to continually “stoke the fire,” putting money into your campaign.
Examining all the angles
At this point, I’ve covered the good, the bad and the ugly aspects of both SEO and PPC.
Like any other area of marketing, each has its pros and cons.
Before you commit to either, look at all the angles and figure out which strategy best matches your short-term and long-term needs.
When you should focus on SEO first
If you’re working with a small budget, PPC may not be feasible, so SEO is the obvious choice.
In this scenario, it’s about investing time rather than money into your marketing campaign.
It’s by no means an easy path, but you should eventually see a favorable ROI over time, and it may look something like this:
You’re looking for long-term sustainability
Here’s how I view SEO.
It’s like trying to get a huge boulder rolling.
There’s a lot of initial effort involved, but once in motion, it continues to gain momentum. After a while, it’s a force to be reckoned with.
To me, it’s well worth the effort.
As your campaign develops and your archive of optimized content grows, so will your traffic, leads and sales.
Staying the course in SEO is what has enabled me to bring in huge traffic for highly desired keywords like “content marketing.”
Sound SEO practices helped me outrank even Wikipedia for this term:
You don’t need instant results
As I mentioned earlier, SEO is all about the long-term vision.
It’ll take time to get legitimate results, especially if you’re a new brand.
But if you don’t need mega results right away and are more interested in the long game, SEO totally makes sense.
Here’s what you can expect by engaging in an SEO campaign:
The first month’s results are probably going to be pretty puny.
But things typically start to heat up at around the six-month mark.
That could be considered the tipping point.
If you’re in a position to wait a bit until big leads pour in, SEO is usually your best bet.
When you should focus on PPC first
The way I see it, a PPC-first campaign needs to have two components in place.
You should A) have a sizable budget and B) be looking for lightning quick results.
Once you launch your campaign, choose your keywords, choose your budget and set up your ads, you’re likely to get a significant influx of traffic.
Sometimes, this can happen in as fast as 24 hours.
Just like that, your brand is exposed to your target audience with minimal heavy lifting on your part.
As long as you follow best practices, you should see a favorable ROI with PPC.
Although it’s probably going to cost you more than it would with SEO, the payoff is much quicker, and you can save yourself a lot of time and energy.
If you choose to go the PPC route, I should point out you’re by no means stuck with Google AdWords.
Don’t get me wrong, AdWords is still viable and can definitely produce results.
But I’m seeing more and more marketers opt for Bing Ads these days because it’s less expensive than AdWords and can help marketers reach a different demographic.
And as you can see with this quick search for “camping tents,” there’s plenty of prime real estate for your ads on Bing.
Facebook now has a robust advertising platform as well, and with two billion monthly users, you’re practically guaranteed to reach your audience.
Check out this post I wrote to learn more about Facebook advertising.
For more ideas on alternatives to AdWords, refer to this guide from PPC Hero.
Conclusion
When a brand is initially launching its marketing campaign, two strategies that usually receive first consideration are SEO and PPC.
Both can get results, but they accomplish it in two very different ways.
SEO is all about planting a seed and waiting for the fruit to grow.
It takes awhile, but your brand can be positioned well once you gain favorable rankings in the SERPs.
The best part is the exponential growth many brands experience once they get over the SEO hump.
PPC, on the other hand, is all about an instant payoff.
It requires a larger upfront investment, but the results are almost immediate.
You can essentially go from being a no name brand with zero sales to crushing it with PPC overnight.
The only issue is it will cost you, and it lacks the sustainability of SEO.
I wish I could tell you which tactic is best for every single brand 100% of the time.
But things are seldom this black and white.
Choosing which tactic to focus on first depends on several variables and specific goals you have for your marketing.
However, examining the pros and cons, while looking at all the angles, should give you a good idea of what’s best for your brand.
If you were launching a new campaign, would you be more likely to go with SEO or PPC?
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Frugal? Cheap? Financially Independent? Minimalist? What’s the Difference?
During a recent interview I did for an article at CBS MoneyWatch, the reporter took the conversation in an interesting and unexpected direction. She wanted to hear how I defined some terms that are often used in my writing and in the personal finance writing of others.
The terms she fired off included frugal, cheap, minimalist, and financial freedom, and she particularly wanted to know what I felt the differences between the terms were.
It was a good question, one that left me pausing several times and giving slow answers as I tried to quickly piece together my thoughts. I’ve talked about “frugal” versus “cheap” in the past, but putting them in context with the other terms presented a new challenge, one that I felt offered some insight into how different people look at the challenge of spending less than they earn.
So, let’s break it down.
Frugal A person who is frugal is a person who is committed to making choices that result in spending less money, but the other consequences of those choices don’t have a significant negative effect on other aspects of their life. A frugal person tends to recognize that there are other resources in life – time, energy, friendship, love, health, contentedness – and that many money-saving tactics tend to draw so heavily on those other resources that they end up being a net negative overall.
A frugal person strives for solutions that have the best possible impact on all of life’s resources, with a strong but not complete focus on money. A frugal person, for example, might haggle for a lower insurance bill, but wouldn’t serve dried out bread to a friend. A frugal person might reuse a takeout container, but won’t invest the time to wash a flimsy sandwich bag. A frugal person is usually willing to make small sacrifices of their own resources – time, energy, and so on – to save money, but they generally won’t impinge on others to do so, nor will they sacrifice large quantities of their own resources to save money.
Cheap A cheap person is a person who is committed to the value of saving money to the extent that they accept some pretty strong negative ramifications in other aspects of their life. They’re quite willing to invest undue time or expend a ton of energy to save a dollar; they’re willing to give themselves a negative social stigma or to impinge on friendships in order to keep a few dollars in their checking account.
A cheap person strives for solutions that have the best possible impact on one’s dollars and cents, disregarding the impact on life’s other resources. A cheap person will serve stale bread to a friend because the stale bread is free. A cheap person will demand to do the least expensive thing when in a social situation, regardless of what anyone else in the group thinks. A cheap person will spend an afternoon repairing a $2 piece of equipment. To me, cheap has a negative connotation, as it refers to a person who often doesn’t consider the value of their time, their energy, or the friendship and goodwill of others.
Minimalist A minimalist person, on the other hand, strives to minimize one’s physical possessions and, typically, personal commitments, in order to live a more flexible life. Such a practice enables a person to live in smaller quarters if he or she chooses, to easily travel and move at a moment’s notice, to spend less time on housework and possession upkeep, and to thus have more free time and less stress brought on by managing possessions and commitments.
Often, minimalism overlaps with frugality, because minimalism often results in spending substantially less money on possessions. In general, minimalists tend to have a smaller number of possessions, but the ones they do have are well made and long lasting.
A minimalist strives for solutions that result in less time and energy spent on upkeep. A minimalist tends toward having fewer possessions and spends little money on acquiring new ones, though when a minimalist does acquire a new possession, it’s usually well researched and well made and can often be expensive. A minimalist applies the same approach to things such as financial accounts, friendships, business relationships, and so on – they tend to prefer a smaller number of higher quality elements in their life and strive to spend very little time on the rest. A minimalist tends to spend very little on housing compared to the average person and relies on public spaces for most interactions with other people. A minimalist philosophy tends to be drawn from other places besides personal finance, but the results of such a philosophy tend to have a great positive impact on one’s finances.
Financially Independent A person striving for financial independence (or financial freedom) has a primary goal of reaching a point where the income from their investments pays for their living expenses, and arriving at that “crossover point” as quickly as possible. That person is likely to draw a lot of tactics from frugal people and perhaps some from minimalists, but also tends to have a strong career focus as their drive to financial independence is pushed along by having a healthy income.
A person striving for financial independence is focused on achieving the widest gap possible between their spending and their income and prefers solutions that maximize that gap. People focused on financial independence are something of a subgroup of frugal people and of cheap people, depending on how much they value financial independence compared to social status and relationships. However, rather than simply having an aim of conserving resources, financial independence people are also focused on strongly propping up their salaries, because they’re truly interested in the gap between income and spending, not just lowering spending.
Here’s how I look at the four groups.
The other three groups borrow tactics from the frugal person. The frugal person here is kind of the baseline person that everyone else borrows ideas from. I basically view the frugal person as being the “overlap” of the other three perspectives, as the frugal person can swap ideas with all of them. A person committed to just frugality won’t use some ideas that the other three people might share, but most of the ideas that a frugal person has can be used by the other three.
However, the four groups are close enough in philosophy that they can likely share a lot of ideas with one another. All of them are, in the end, interested in conserving resources, of which money is a particularly notable one. The frugalista has things to learn from the minimalist, and vice versa. The financial independence person can learn a lot from the cheapskate, and vice versa. The trick is that each person has a “filter” in place to toss out the incompatible tactics from the other person.
Only the “cheap” person really has a negative social impact. The other three tend to put significant value on maintaining friendships and avoiding social negatives, for various reasons. The frugal person tends to account for the impact on things such as relationships when deciding if a tactic is worthwhile. The minimalist rarely makes decisions with negative social impact. The financial independence person usually sees relationships as a source of positive value that can be used to increase the gap between income and spending, so they’ll cultivate relationships rather than alienating them. It is only the cheapskate, valuing money above all else, who makes spending choices that can alienate others socially.
I identify myself as frugal leaning toward financial independence. I think that, at a different stage in my life, I would have committed hard to minimalism, and I still borrow some tactics from there, but I would not call myself a minimalist. I am not interested in being “cheap,” at least not as I define it above.
Because of that, I match well with frugal readers and financial independence readers, while other readers who may be cheapskates or minimalists will find some significant value but may have to filter ideas. That’s because we’re all built differently! We don’t have exactly the same values or goals, and some tactics work well for some but don’t work as well for others. A career-oriented person might find a lot of value in career tactics, for example, while a retired frugal person might not find much value at all.
The key is to find people you trust and know how to filter what they’re saying into what works for you. A person who subscribes strongly to minimalism is going to be able to find some real value talking to a person into financial independence, but not everything the financial independence person offers will be of value. The key is to know how to filter and also to know that the other person is trustworthy and offering genuine thoughts and ideas. You don’t have to do everything that the other person does; just borrow what works for you!
Whether you’re a frugal person or a cheapskate or a minimalist or a person seeking financial independence, you likely have plenty of overlap with the other folks and, with a bit of intuition, you can figure out what strategies work best for you and which ones can be skipped over. It’s through talking to people looking at the same problems from a different viewpoint that we can sometimes find the best solutions for ourselves that we didn’t see before.
Good luck!
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