You Can Now Book Marriott and SPG Hotels on Slack

Marriott International is considered the largest hotel chain in the world, and PCMagazine recently named Slack as one of its top online collaboration programs of 2017. It was only a matter of time before they started working together.

You can now compare and book Marriott and Starwood rooms directly through Slack. Just add the Marriott Rewards app to Slack. Type the Slack command /Marriottrewards in any channel, along with your desired city and check in and check out dates. Whoever’s in the channel will be able to see all the available rooms and rates.

You can organize choices by price, and the entire group can vote on where they’d like to stay. And if you don’t like any of the available choices, you can simply hit “view more hotels” and try again.

The new Slack integration is the ultimate convenience for cardholders. Thanks to Marriott and Starwood Hotel and Resorts’ merger in 2016, cardholders can also benefit from Marriott’s new app. (Both cards are featured on our list of the Best Hotel Credit Cards for 2017!)

Hotel card comparison
Card	Rewards summary	Signup bonus	Annual fee
	Unlimited 5X points per dollar at participating Marriott Rewards®, The Ritz-Carlton® and Starwood Preferred Guest® properties. Free night every account anniversary.	Earn 80,000 bonus points after you spend $3,000 on purchases in the first 3 months from account opening.	$85
	2X Starpoints® per dollar at participating SPG® and Marriott Rewards® hotels. Starpoints® are redeemable through SPG flights at 150 airlines with no blackout dates.	Earn 25,000 bonus Starpoints® after you use your new Card to make $3,000 in purchases within the first 3 months.	$95 (waived first year)

SPG® members can transfer Starpoints® to Marriott Rewards at a rate of 1:3, while Marriott Rewards members can still earn 5X points per dollar spent at participating Marriott, Ritz-Carlton®, and Starwood properties. Both programs are expected to fully integrate in 2018, but until then members of both programs have access to all of Marriott and Starwood’s 4,700+ locations at their fingertips, and it’s never been easier to earn rewards.

If you have a Slack account, don’t hesitate. Install the Marriott Rewards app for Slack now, and combine it with the loyalty program of your choice. You’ll be able to earn and redeem rewards, and book the room of your choice, in no time at all.

The post You Can Now Book Marriott and SPG Hotels on Slack appeared first on The Simple Dollar.

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Can’t Find Bottled Water as Irma Approaches? 3 Cheap Ways to Stock Up ASAP

The talking heads on the television say the big one is coming. For now, it’s Hurricane Irma, but it looks like Tropical Storm Jose is hot on her trail.

You know you’re supposed to stock up on nonperishable food items, batteries and, of course, water. But even if you have the rest of your budget-friendly emergency kit ready, water can be hard to buy in a prestorm panic.

(Tip: Unfortunately beer is not a substitute for water — not even light beer — so scratch that plan. Bummer, I know.)

You’ve already made the run to the grocery store, and the water aisle has been completely decimated. You even saw an old lady take a cane to a guy to get that last case of Dasani. It’s brutal out there.

So if water is the most important item on your stockpile list (and it is), what now? You’re supposed to have at least a gallon per person per day for three to seven days, plus extra water for your pets. Fret not. Here are a few simple hacks that can help you store up water for the suggested duration.

Use Your Own Resources

You’ve probably seen this on every single hurricane emergency plan out there. It may not be ideal, but filling up your tub might provide all the water you really need. However, clean that bad boy out with a bleach cleaner and rinse thoroughly before filling.

Consider this a last resort for drinking water. It also serves as a good source of water for your pets. Remember, if you have no running water, you can pour this water into the toilet to flush it.

Think Outside the Water Aisle

Picking up cheap soda can help in a pinch.

No, you don’t want to use soda as a replacement for water — not even if you have rum. But in many stores, store-brand sodas are cheap enough to buy and dump out — then you can refill the bottles with clean drinking water.

At a glance, my local Winn Dixie sold its house-brand Chek Cola for just 75 cents per 2-liter bottle. One gallon is 3.79 liters, so give yourself two of these bottles for each gallon you want to save.

Prefer smaller bottles? Six-packs of 16-ounce bottled Pepsi products were on sale five for $10. That’s 30 bottles for $10. It’s not a bargain for water, but it can get you by in a pinch.

Twenty-four packs of Dasani water were going for about $6 each, according to the weekly coupon ad, so the prices aren’t too far off the mark.

Your Hurricane Irma Bucket List, Literally.

Most big home improvement stores sell basic 5-gallon buckets with lids (that part is important to keep your water safe) for very little dough.

At the Home Depot, you can buy the Homer Bucket for just $2.97 and the lid for $1.68. Lowe’s has a similar bucket and lid for $2.98 and $1.38, respectively.

Clean the buckets out with dish soap and water, then fill them and seal the lids tight. You should have plenty of water available without spending much money or fighting the grocery store crowds.

It’s About Survival

While you may wish you could simply sip crystal-clear spring water from the giant supply of 16-ounce bottles you purchased, that may not be an option.

You need water to survive. As long as you can find containers and follow some basic safety precautions, you can have enough on hand to weather the storm.

Now hunker down — or evacuate if instructed to do so! — and take care of yourself and your family.

Tyler Omoth is a senior writer at The Penny Hoarder who loves soaking up the sun and finding creative ways to help others. Catch him on Twitter at @Tyomoth.

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 Sites Can Help You Find Cheap or Free Eye Exams and Glasses for Kids

The solution to the problem of elementary school students who struggle with reading could be right under — or rather, on the bridge of — their noses.

That’s right: eyeglasses.

According to Andrea Thau, O.D., president of the American Optometric Association, one in four children has an undiagnosed vision problem.

While most schools offer the most basic version of an eye exam, Thau said they create a false sense of security, leading parents to believe that their children have been screened without catching significant problems.

“Making a comprehensive eye examination a priority this year is one of the single most important investments you can make in your child’s education and overall health,” she explained. “A comprehensive eye exam is the only way to properly diagnose and treat vision and eye health issues.”

The Difference a Pair of Glasses Can Make

In 2014, researchers at Johns Hopkins University in Baltimore conducted a study to find out if something as simple as eyeglasses could account for the disparity in reading performance between students from poor households and those from wealthy ones.

After screening several hundred second- and third-graders and giving glasses to the students who met the “uniquely liberal prescribing standard,” the researchers tracked the kids’ academic performance over the course of a year.

Even with a relatively small sample size, Politico notes, the results of the study were significant, as reading proficiency dramatically increased among the students outfitted with the new glasses.

In 2016, the Baltimore City Health Department, the Johns Hopkins Wilmer Eye Institute, the Johns Hopkins School of Education, national non-profit Vision To Learn and eyeglass retailer Warby Parker teamed up to create a program called Vision for Baltimore, a three-year initiative that aims to screen 60,000 kids at 150 schools for poor eyesight.

As of mid-August, the program has screened nearly 18,000 kids and handed out almost 2,000 pairs of glasses.

“We all know the need is there,” says Austin Beutner, chairman and founder of Vision To Learn. “We have a lot to come, not only in Baltimore.”

How to Find Eye Exams and Glasses for Your Child

Vision for Baltimore plans to serve Baltimore-area schools through to the summer of 2019.

Much of the funding comes from Baltimore’s health department, while the research team operates on donations and grants. While organizers hope to expand the project to aid even more cities and communities, the process may not be quick.

Until the program is expanded or until a similar program is initiated in your own town, however, parents and caregivers can take advantage of these resources now to access the tools (namely, eyeglasses) that will help their children succeed in school.

• Sight for Students, a Vision Service Plan program, provides free eye exams and glasses to children from low-income, uninsured families. It works with a network of community partners and VSP doctors to provide these services. You can go here to find a mobile eye care clinic at an event near you and to register, if qualified.

• In many instances, Medicaid will cover routine vision services for children. Be sure to check your specific state requirements.

• Children’s Health Insurance Plan (CHIP) is a state and federal partnership program that provides low-cost health insurance for children in families who make too much to qualify for Medicaid but not enough to afford private health insurance. In most states, children enrolled in the program qualify for free eye exams. Search for Children’s Health Insurance Plan plus your state to see what options are available to you.

• New Eyes and Vision USA are volunteer-based organizations that provide free eye exams and glasses to those with low incomes or who are uninsured. Both of these organizations require applicants to go through a social service agency to obtain vouchers for free exams and eyeglasses. You can go here to learn more about applying through an agency.

• This site offers a promotion for free eyeglass frames and prescription lenses. You’ll have to pay for any upgrades and there is a small “optician fee,” but you should be able to order a new pair of eyeglasses for your child for just a few dollars.

• Similarly, sites like EyeBuyDirect or Zenni Optical allow you to purchase children’s frames and prescription lenses for as little as $12. Plus, they often offer coupons and discount codes to bring that total down even further.

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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3 Ways to Evacuate Ahead of a Hurricane If You Don’t Have a Lot of Money

As a Florida native who yawned while Hurricane Matthew crawled up the eastern coastline of Florida last year, I never thought I’d find myself caught up in the usual hysteria.

After all, I’d dealt with major storms before as a local reporter: I’d trudged through knee deep waters after Tropical Storm Debby pounded Siesta Key in 2012 and photographed college students kayaking the streets of Longboat Key during Tropical Storm Colin four years later.

But Hurricane Harvey and the devastation it brought to Houston has changed all that.

So there I was yesterday, waiting three hours in line in south St. Petersburg, Florida, to fill my own sandbags and watching as news poured in about a run on water, gas and batteries as Hurricane Irma bears down on the state.

Luckily, I’ve mostly put together my disaster-preparedness kit, and on a budget at that.

But next comes the big question: Should I stay or should I go?

Ask Yourself: Do You Actually Need to Evacuate?

“Run from the water. Hide from the wind.”

That’s the refrain Sarasota County Emergency Management Chief Ed McCrane repeats every time a tropical cyclone threatens the vulnerable Gulf Coast county.

If you live in a home in newer subdivision, or at least one that’s been built under current construction guidelines, and have hurricane shutters, you shouldn’t worry about the high winds. The storm surge and flooding will be the biggest threat to your home, McCrane said.

If you’re in a flood zone, you should be prepared to evacuate as a hurricane approaches. Check your county’s emergency management website to determine if you fall in an evacuation zone.

You should also plan to flee the storm if you live in mobile home park or manufactured home.

For some, it’s just a matter of gassing up the SUV and heading to a hotel in another state if they want to evacuate. But what if you don’t have the luxury?

It may be slim pickings, but there are three resources for people who want to evacuate ahead of a hurricane.

1. Hurricane Shelters Could Be Your Best Bet

Hurricane shelters are there for a reason.

They are usually schools built under strict new construction guidelines that make them the safest place for your family and pets. Yes, your county should have a pet-friendly shelter available, McCrane said.

But what should you actually schlep with you over to the local shelter?

Bring everything you would need for your emergency kit at home, plus a few things to make yourself comfortable: pillows, blankets or air mattresses; folding or lawn chairs; extra clothing, shoes and glasses; toothpaste, deodorant and other hygiene supplies; important papers, identification and family keepsakes; extra medication; and toys or games to keep the kids — and yourselves — sane.

Your insurance policy will be your golden ticket after the storm, so don’t forget it.

Keep an eye on your local media stations to see when shelters open — don’t assume.

2. Reconnect With Friends and Relatives

Who says a natural disaster can’t be a good time to catch up with old friends?

Forget about paying inflated hotel room costs — let alone finding availability — and reach out to friends and family to see if they have an extra room or couch on which to crash.

“All you have to do is go tens of miles, not hundreds of miles,” McCrane said.

If you have to travel further than a few miles, bring plenty of cash in case ATMs are down, and a filled gas can, if possible. Make sure to follow specific instructions like these, on how to safely transport it. You’ll want to strap it to the top of your vehicle, or secure it in the bed of a truck.

That way you’ll have an emergency stash if gas stations along the highway begin running out, and you can take advantage of current gas prices.

Bring everything mentioned above that you would take to a shelter, and make sure to let as many family members as you can know where you’re headed.

3. Look for an Airbnb

After Hurricane Harvey hit Houston, Airbnb activated its Disaster Response Program.

The company encouraged hosts to open their homes for free, while waiving all service charges. Originally slated to end Sept. 1, that program is now open through Sept. 25.

Airbnb is gearing up to do the same for Hurricane Irma, according to an article in the Miami Herald. We’ve reached out for confirmation and will keep you updated when it activates the program in Florida.

But the best advice we have as you prepare your supplies and decide whether to evacuate is not to panic.

But St. Petersburg Mayor Rick Kriseman has even better guidance:

“I know we’re all on edge, but another important reminder as we prepare for Hurricane Irma — let’s be nice to each other. It costs nothing.”

Alex Mahadevan is a data journalist at The Penny Hoarder. He covered hurricanes and tropical storms for five years in Sarasota, Florida.

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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Amazon Just Announced Plans to Hire Thousands of People in New York

Amazon continues making headlines.

This time around, the retail giant announced plans to build an 855,000-square-foot fulfillment center in New York, which the company estimates will create more than 2,250 jobs.

The jobs will be full-time positions where workers will pick, pack and ship consumer items alongside the company’s advanced robotics technology, according to the company’s press release.

The center will be located in the West Shore section of Staten Island and will be the first Amazon fulfillment center in the state of New York.

“This project will be the biggest single job creator in our borough’s history,” said Staten Island Borough President James S. Oddo.

The jobs that will be created will offer “competitive hourly wages” and a host of benefits including:

• health insurance

• 401(k)

• company stock awards

• parental leave options

• access to a program that funds education for in-demand fields

Business Insider reported the company was offering fulfillment center jobs during its nationwide jobs fair last month with salaries starting at $12 an hour.

Though the New York fulfillment center hasn’t been built yet, interested candidates can go here to check when those jobs are available.

For other fun and interesting jobs, like The Penny Hoarder Jobs page on Facebook.

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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For Shoney’s 70th Birthday, We All Get the Gift of 70-Cent Food for 68 Days

Ready to party like it’s 1947?

If not, you will be soon. From now through late October, Shoney’s will celebrate its 70th birthday with food deals.

The best part?

They’ll cost you less than a buck. Take that, inflation!

Celebrate Shoney’s Birthday With Food Deals Through October

On Sept. 5, 1947, the first Shoney’s opened its doors in West Virginia. Today, the family-friendly restaurant has expanded to 16 states and become a household name in the South.

To celebrate its big day, the chain will offer 70-cent specials every day of the week until Oct. 22 — that’s nearly seven weeks of cheap food!

Here’s what menu items Shoney’s will offer for 70 cents each day:

• Monday: Slim Jim sandwich

• Tuesday: Ice cream delight

• Wednesday: All-American burger

• Thursday: Short-stack of pancakes

• Friday: Five chicken wings

• Saturday: Slice of strawberry pie

• Sunday: Coke float

There’s something for everyone. If you’re not in the mood for a Slim Jim sandwich — what is that, exactly? — then you can’t go wrong with pancakes or a thick, juicy burger.

To get in on these deals, head to the Shoney’s website to find a location near you.

Turning 70 looks good on you, Shoney’s. Thanks for the celebration!

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

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

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Bombed Your Job Interview? These 6 Horror Stories Will Make You Feel Better

Can you remember the worst interview you’ve ever had?

Interviews can be intimidating (and weird), even under the best circumstances. But sometimes, things go straight-up wrong.

Maybe your interviewer is rude or behaves inappropriately — or unexpectedly turns out to be someone you know a lot more about than you’d like.

Maybe it’s a misunderstanding, or lack of preparation on your part — followed by the sudden, terrible feeling of knowing you’re in way over your head.

Either way, it might make you feel a little better to know that it happens to the best of us. And in a lot of cases, it probably could have been a lot worse.

Here are six mortifying bad job interview stories that will make you cringe, smile, laugh…

… and mostly be glad they’re not yours!

A Rejected Handshake

After the workplace she’d called home for almost a decade put pressure on Amanda for taking maternity leave, she knew she couldn’t return as she’d initially planned.

She found herself job-hunting, for the first time since college, in her mid-30s — and unfortunately, one of her interviewers did a particularly bad job of rolling out the welcome mat.

“She was 25 minutes late collecting me from the lobby and she didn’t apologize,” Amanda writes to Forbes’s Liz Ryan.

“She just said my name (like it was the Department of Motor Vehicles or a courtroom) and stood there,” Amanda explains. “I stood up awkwardly, walked towards her and extended my hand and she didn’t shake it.”

Talk about awkward, right?

She goes on to say her would-be colleague didn’t even smile and that her very first question was the infamous “What is your greatest weakness?”

Although she never imagined she’d have the gumption to do so, Amanda was so (rightly) upset by her interviewer’s behavior that she got up and walked out — a move that would cue witness applause, at least in my case.

A Very Familiar Face

It’s always nerve-wracking to meet your interviewer for the first time.

But GreenPal co-founder Gene Caballero faced a particularly awkward set of niceties when he showed up to an interview for an IT position in Tennessee.

One of the interviewing managers turned out being his ex-girlfriend, whom he’d dated for three years in college.

Last he’d heard, she’d moved back to her home state of Texas to take a job with an IT company there. Looks like they still share some compatibility, since they both wound up in the same state!

So, how did Caballero fare after his initial shock?

“I actually did get the position and stayed with the company for about eight years before starting my business,” he writes.

“Needless to say, never burn any bridges.”

Stranded — Three Times Over!

Tech entrepreneur Phil Petree might have a slightly disappointing superpower: being invisible to interviewers.

He’s been forced to wait for hours for them to acknowledge him — and even found himself stranded after traveling long distances for the meeting.

In one instance, he was scheduled for an interview at 9 a.m. at a location about an hour from his home.

“They called and confirmed the evening before,” he writes.

“I got up extra early, drove up ahead of traffic, sat at Starbucks until 8:50 and showed up exactly on time,” Petree explains. “I was promptly seated in the waiting room, where I sat for two hours.”

When he finally got up to walk out, the receptionist said the interviewer had “made time to see [Petree],” and invited him into his office…

…for a ten-minute lecture on his “rude behavior.” What?

At another company in the same area, it happened to Petree again: He sat for two hours in the lobby before his depleted cell phone battery (and hopes) had him heading for the door.

“The receptionist asked me how it went,” he says. He told her no one had even stuck their head in the door to check on him — the recruiter had forgotten about the meeting.

“Not one manager ever called to apologize, but that recruiting company has called me three times asking to come in.” Needless to say, he politely refuses.

Finally, the real kicker. This story makes the others look like practice runs.

“I was being flown to Houston from Miami,” Petree writes.

“It was a high-flying tech company that had just been acquired by Cisco. I had been through four different phone screens,” he says, and knew he was one of the top candidates.

All his travel arrangements had been made for him. He was excited for what seemed like the start of a new opportunity.

“I arrived on time, took their pre-arranged car to the hotel and was dropped at the front door. The hotel then told me I didn’t have a room,” as they’d given it to someone else due to his late arrival, which the company apparently didn’t confirm with the hotel.

Inconvenient and unprofessional, but livable… until he learned a convention in the area meant all the hotels close by were completely booked.

“I spent hours trying to find another room,” he says. “It was almost 3 a.m. when a Holiday Inn 15 miles away took me in. I had to pay for the room out of my own pocket. The interview started at 9 a.m.” He had to take a taxi to the office, which he also paid for himself.

Unfortunately, the interview itself didn’t justify the botched trip.

He knew after meeting with the third manager that it wasn’t a fit. The company refused to call him a car to return to the airport, and told him he could wait for the 5 p.m. airport shuttle… from the original hotel.

That’s how Petree ended up on a “two-mile walk to that hotel, in a suit, at noon, in July.” The company also didn’t cover his hotel, cab fares or anything else because he “didn’t stay at an approved vendor.”

An Inappropriate Seating Arrangement

TPH reader and Facebook commenter Terry Boblet faced a terrifying situation during one of her very first interviews as a young woman.

“A man who interviewed me sat me down on his lap,” she says. “He later kissed me goodbye when I left.”

Although his behavior was over-the-top inappropriate, Boblet was understandably stunned and scared. She didn’t know what to do.

And apparently, neither would anyone else: Although she’s asked career counselors and others what she should have done for years since, none of them have an answer.

Obviously, the interaction has made interviewing an even more stressful process for Boblet. She’s had some good ones but says she’s selective about which she agrees to go to — and we don’t blame her one bit.

A Fundamental Misunderstanding

Kathleen Garvin, an editor and marketing strategist here at The Penny Hoarder, had a pretty serious mix-up while she was still on the job hunt. Since she also occasionally cycles in the “fantastic writer” hat, I’ll let her tell the tale in her own words here:

“About four years ago, I had an interview with a large, local media company. The print and online news giant was looking to hire a Multimedia Content Producer. It was my dream role, and with nearly three years of online editing, social media and WordPress experience, it seemed like the perfect fit.”

“During the interview (which had been previously canceled the day of after I’d already rearranged my work schedule and took the train downtown — an omen?), I sat across from my would-be boss. She offered a limp handshake and then sat there… just staring at me.”

“She made it clear she was not interested in the interview. Undeterred, I started making small talk and talking about my past job experience.”

“‘Do you have a portfolio to show me?’ she interrupted.”

“I’m not a photographer, so I replied no. That’s when she informed me her department was looking for an image and video producer for the web — Not a writer. Not a WordPress pro. Not an editor.”

“I essentially went in to interview for a job that didn’t exist.”

“There was obviously a major communication breakdown between her and human resources when cobbling together a job description. Still, there was no sympathy on her end.”

“I explained the situation to the HR woman before I left, and then emailed both women after the interview. Thankfully, I received a job offer from a different company a couple months later.”

You Have to Be Kitten Me Right Meow

Lisa McGreevy, a staff writer at The Penny Hoarder, once had a job interview that left her feeling less than paw-some.

“Several years ago I applied for a job that involved caring for cats at a privately owned no-kill shelter.

“The owner gave me a tour of the place and introduced me to the 75 or so cats living there.

“Everything went well and as we wrapped up the interview, he told me he’d get back to me ‘after they had a chance to talk.’ Thinking he wanted me to meet a business partner or something, I asked if I would be having a second interview.

“When he asked what I meant, I explained, ‘You said you’d be discussing this with someone and get back to me?’

“‘Oh, no, no,’ said the owner. ‘You’ve already met everyone. I’ll be discussing this with the cats to get their opinion of you. Naturally, I need their input before I make a decision.’

“‘Of course,’ I choked out with a straight face.

“He called me a few days later to tell me they decided to give the job to someone else.

“I don’t know what upset me more: not getting a surprisingly well-paying job caring for kitties or the fact that 75 cats rejected me.”

Jamie Cattanach is a freelance writer who gets really, really nervous before interviews. Her writing has also been featured at The Write Life, Word Riot, Nashville Review and elsewhere. Find @JamieCattanach on Twitter to wave hello.

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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Moneywise Pension Awards 2017

Confused about what to do with your pension savings? We highlight which personal pension and self-invested personal pension (Sipp) providers are the best. Plus, we explain which pension funds and annuity providers were judged to be this year’s top performers.

The most important part of retirement planning is undoubtedly regular saving, and the sooner you start the better.

However, the right products are also important – you need a flexible plan that allows you to take advantage of the pension freedoms. These are rules – introduced in April 2015 – that enable you to do what you like with your pension once you turn 55.

It’s also important that you are investing your money in the right funds and that your investment returns are not being eroded by high charges.

To guide you through the pensions maze, the Moneywise Pensions Awards 2017 aims to help you choose the right products to achieve your retirement goals, whether you are at the start of your savings journey or looking at how to turn your pension pot into an income at the end.

Best personal pension provider

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If you are just starting to save into a pension, your first port of call should always be your workplace pension. Even if it’s not an all-singing, all-dancing online proposition with a wealth of investment offerings, it’s foolish to turn down the cash your employer pays in on your behalf.

However, if you do not have access to a workplace scheme (for example, you are self-employed or don’t work) or have several different plans you want to consolidate into one pot, then a personal pension will often make sense.

This category is for personal pensions offered by insurance companies and our judges were looking for schemes that combine quality investments and customer service with low charges.

• Pensions rules explained

The winner for the third year running is Royal London. Judge Mark Stone, financial planning director at Whitechurch Financial Consultants, says the plan provides a one-stop shop for savers.

“I have found that its overall service, cost and investment choice provides an ideal solution for all pension savers, whether you are starting your retirement planning journey or have reached retirement and are looking to take retirement benefits,” he explains.

Runner-up in this category – for a second consecutive year – is Aviva.

Judge Nick McBreen, an IFA at Worldwide Financial Planning, says: “Aviva is one of the few providers that still offers a budget, entry-level pension for contributions at £50 a month or a £10,000 lump sum, plus a reasonable fund choice across some self-select funds or portfolios ready and waiting for the investor. With a charging range from 0.4% to 0.7%, its pension offering looks fair value for people wanting to make a basic start to pension planning.”

Best Sipp for beginners

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Most online investment platforms now offer self-invested personal pensions (Sipps) for those savers who want to take control of their pension investments and want access to a full range of funds, investment trusts and often shares. Yet there remain massive differences in the way platforms charge for their services, and which platform suits you will depend on how much you have invested and how frequently you plan to trade.

This means it’s vital you do your research first, looking at not just cost, but ease of use, customer service and tools to help you make the right choices. This award is for the best Sipp for beginners – defined as starting a pot from scratch and paying in around £200 a month. Last year’s runner-up, Hargreaves Lansdown, takes the crown in 2017.

Judge Richard Bradley, head of data at Boring Money, says: “For smaller portfolios like this, it’s pretty low cost and there’s plenty of help with picking funds and building portfolios. Hargreaves Lansdown continually tops Boring Money’s customer experience ratings: it’s easy to set up and manage an account, and phone calls are answered quickly by people who know what they’re talking about.”

Taking second place is last year’s winner, Bestinvest.

Judge Patrick Connolly, chartered financial planner at Chase de Vere, says: “Bestinvest provides a wide range of information for consumers who want to make their own decisions. This is a halfway house between offering useful guidance information and having low charges.”

Best sipp for larger portfolios

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Different products will suit investors with larger portfolios – defined as £200,000 plus for this award. For the second year in a row, the award goes to Interactive Investor (Moneywise’s parent company).

Mr McBreen says: “Interactive Investor has been around long enough now to have got its act together pretty well. Although the website isn’t overly intuitive, it has lots of good functionality and the Sipp comes at a price that is hard to compete with. There’s lots of choice on investments to hold, along with helpful supporting information.”

• Beat the £1m lifetime allowance for pensions

Coming a close second is AJ Bell Youinvest. Mr Connolly says: “This is a straightforward and comprehensive product from a reliable, progressive provider. It is a good choice for Sipp investors and is improving as AJ Bell continues to enhance its service proposition.” 

Best sipp for income drawdown

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In addition to helping you build a pension, you can also use a Sipp to run an income drawdown plan.

This involves leaving your pension invested and taking money out of it as and when you need to. This might be a regular monthly income in lieu of salary or the withdrawal of ad hoc lump sums. It might be that you can afford to simply leave the money invested until such a time as you need it. Taking the crown for the second year running is AJ Bell Youinvest.

Mr Bradley says: “AJ Bell Youinvest scores well on Boring Money’s user ratings and has some solid Sipp heritage. There’s a wide range of investments from which to choose and it has its own range of passive funds available at different levels of risk. It also comes out pretty well on cost, whether you have a small or large portfolio, shares or funds, or if you’ve started taking income from your pension.” The easy-to-use website also has a lot of information for retirees, helping them navigate the ins and out of the pension freedoms.

• What will you do with your pension?

It was tight at the top, and Interactive Investor comes in as a very close second place. Voted as favourite by Mr Connolly, he says: “This is an established service with an easy-to-navigate product and website, with a good range of investment options, low charges and informative news and information for customers.”

Best performing funds within a pension

To make the most of your pension contributions, invest them wisely as the performance of your chosen funds could have a significant impact on your retirement income.

Although pension providers do offer default funds for those who do not wish to select their own funds, there are likely to be better performing options available for those who want to play a more active role in their retirement saving. Our winning funds, across four sectors popular among pension savers, are a good place to start.

Mixed investment: 20% - 60% shares

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Mixed investment funds offer instant diversification by investing across a range of asset classes including equities (shares in companies listed on a stock exchange), fixed interest (such as government and corporate bonds) and cash. How those investments are split determines the risk profile of the fund. At the lower risk end of the spectrum is this category (previously known as ‘cautious managed’) where equity exposure is limited to 20% to 60% of the fund and 30% of the fund must be in cash or fixed interest.

For the third year in a row, the award goes to Kames Ethical Cautious Managed.

Judge Gavin Haynes, managing director of Whitechurch Securities, describes it as an “excellent core holding for balanced investors”.

He says: “This is a balanced proposition investing in UK equities, bonds and cash, while only investing in companies that pass Kames’ ethical screening process. The equity part of the portfolio (currently a little over 50%) is managed by Audrey Ryan, who has produced strong returns with the UK Ethical fund. Plus, Kames has a very strong fixed-interest team, and David Roberts, head of fixed income at Kames, has proven that he can produce competitive returns.”

• Investment doctor: “I want to invest a windfall for retirement income”

AXA Global Distribution, until recently managed by Jim Stride, takes second place this year. Mr Connolly says: “This is an ideal ‘buy and hold’ pension fund. It invests in a broad range of international equities and fixed interest and provides an added layer of security by focusing on income producing assets.

“Despite the retirement of the fund’s experienced manager in June 2017, it should still be in safe hands to produce consistent results, while managing risks going forward.”

Jamie Forbes-Wilson and Matthew Huddart, who were co-managers with Mr Stride since February 2017, now co-manage the entire Axa Distribution fund range.

Mixed investment 40%-85% shares

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Moving up the risk spectrum, funds in this category must invest between 40% and 85% of their assets in equities. This higher exposure to company shares offers higher potential returns for long-term pension investors who have the time to ride out the ups and downs of stock market investing.

Taking top spot this year is another ethical fund, Royal London Sustainable World, run by Michael Fox.

Mr Connolly says: “This is the stand-out performer in the sector. The fund invests in good quality UK and overseas companies, which act in a sustainable way and provide services that tackle global issues such as climate change and world health. Focusing on key themes has proved successful and the fund has performed well in both rising and falling markets.”

For the second year in a row, Baillie Gifford Managed, comes a very close second. Mr McBreen is a big fan. “The Baillie Gifford Managed fund, run by a team management approach, consistently delivers value to investors. Returns for the fund over five years is a cumulative 93% compared to the sector average of 63%. When you drill down further over shorter timeframes, the fund still regularly outshines other funds in the Mixed 40-85% Shares sector, making it a strong contender for inclusion in any pension portfolio,” he explains.

Flexible investment

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The final of our mixed investment categories looks at the Flexible Investment sector, in which funds can invest across a range of asset classes but have no rules restricting how money is divvied up. This year’s winner is Newton Multi Asset Growth.

Mr McBreen says: “Apart from a little hiccup on the one-year numbers, Chris Metcalfe’s fund delivers well over longer timeframes and this is crucial for any investor looking to build a retirement pot where they have a reasonable duration on their side to be invested. The five-year returns of 92% should get a tick in the box for most investors. It is well diversified in terms of asset classes, sectors and geography and is smartly invested in UK and international securities.”

• Why you need a ‘will’ for your pension

Unicorn Mastertrust is the runner-up – a position it has occupied for the past three years.

Mr Connolly says: “This fund invests in a wide range of underlying investment trusts, providing a high degree of diversification while, clearly, not impeding growth potential. A particular tactic, which has proved successful, has been taking advantage of anomalies in investment trust pricing.”

UK equity income 

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Funds in this sector aim to deliver an income, in addition to capital growth, by investing in strong, dividend-paying UK companies. As such, they are an incredibly popular option among retirees who have shunned annuities in favour of more flexible income drawdown plans that allow you to take an income from an investment portfolio.

The winner this year is CF Miton UK Multi Cap, with our judges voting unanimously for the fund. Mr McBreen says: “The UK Equity income space over recent years has not been the easiest place to fi nd growth and/or income to return to investors without taking undue risk.

Martin Turner and Gervais Williams have managed to drill out some good returns for investors, utilising their management skill in finding good dividends and respectable capital growth. That’s no mean feat.”

He adds: “Cumulative performance of 128% over five years is very acceptable and has been achieved with a careful eye on volatility and risk.”

Taking the runner-up position is Rathbone Income.

Mr Haynes says: “This is a solid core defensive UK equity income strategy, ideal for pensions, managed by the highly regarded Carl Stick. The focus will be on investing in primarily UK bluechip dividend producing shares.”

Best mainstream annuity provider

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Income drawdown offers retirees the ultimate in flexibility, but because it involves leaving those assets you’ve worked so hard to save invested, it’s not without risk. Stock market falls could see you lose capital and reduce the level of income your remaining pot is able to generate. You’ll also have the responsibility of choosing the right funds and managing the portfolio yourself, unless you pay an adviser to do it on your behalf.

For this reason, there will always be a demand for annuities. Although rates continue to disappoint, they pay a guaranteed income for life which is something no other product can do.

For the second year in a row, the winner is Legal & General, which our judges say is strong where it matters most. “It is the most competitive in all categories and has the financial strength and flexibility to continue to provide attractive products in this space,” says Mr Stone.

The runner-up this year is Aviva. In addition to great rates, Mr McBreen says: “It has the experience and expertise to deliver annuity business service, and being a long-established brand name with deep pockets can offer peace of mind to the annuitant.”

Best pensions education initiative

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Working out how much you need to put away for retirement, and what you do with that money once you retire can be something of a minefield. Here at Moneywise we are big fans of financial advice but the expense means it’s not an option for everyone. With this in mind, we launched this new award to give recognition to providers that are doing their bit to guide the public through the pensions maze, with innovative tools and calculators.

The first winner of this new award is Fidelity for its online pension calculator, which helps savers get a clearer idea of how much they need to save to get the retirement and whether they are on target to achieve that goal.

This award was selected and judged by the Moneywise editorial team. Commenting on our winner, editor Moira O’Neill says: “This tool helps educate the public to think carefully about what type of lifestyle they want and how they will pay for it. I really like the way Fidelity sets out clearly from the start how much retirement will cost per year, from basic living costs to paying for treats such as holidays and eating out.”

You can test out the calculator yourself and work out if your saving are on target at: http://ift.tt/2f4lSc7

Best enhanced annuity provider

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When choosing an annuity, you need to be up front about any health issues and mention if you are overweight or smoke. This is because you may be eligible for an enhanced annuity that pays a higher rate of income because, statistically, you are likely to have a lower life expectancy. These deals are available from specialist providers.

The judges voted unanimously for last year’s winner, Just (previously Just Retirement). “Just is looking very competitive right now on rates being offered for enhanced annuities,” says Mr McBreen. “It has a good service base with experienced people on the phone to deal with applications and queries, as well as ongoing support.”

Scottish Widows comes in second place. Mr Connolly says: “Scottish Widows has become a major player in enhanced annuities and offers competitive rates for many circumstances.”

Judges

• Patrick Connolly, chartered financial planner, Chase De Vere
• Mick McBreen, IFA, Worldwide Financial Planning
• Mark Stone, financial planning director, Whitechurch Financial Consultants (sipps, personal pensions and annuities)
• Gavin Haynes, managing director, Whitechurch Financial Consultants (funds)
• Richard Bradley, head of data, Boring Money (sipps)

Methodology

All our categories were judged by a panel of independent financial advisers. Boring Money supplied the shortlists for Sipps, while the annuity shortlists were based on best buy tables from JLT Pension Decision. Our fund award shortlists were based on the top-performing funds across four sectors, listed over three, five and seven years to 30 April 2017. Funds charging more than 1% were excluded. This data was supplied by Morningstar.

Section

• Pensions
• Managing your pension

Free Tag

• pensions
• workplace pensions
• SIPPs
• income drawdown

Related stories

• Beat the £1m lifetime allowance for pensions
• Pensions rules explained
• What will you do with your pension?

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How to Create the World’s Easiest Mobile Checkout Experience

User experience can make or break your business.

The checkout process is the most crucial element to consider in that regard.

Even more important is the context of that experience.

What’s appropriate for the desktop will not be suitable for the mobile interface.

For the most part, businesses understand this. It’s why there has been a widespread preoccupation with mobile friendliness.

Here’s the thing though.

People often neglect the checkout process.

Your customers make their final purchasing decisions before they get to checkout.

So why bother, right?

That’s being incredibly short-sighted.

Shopping cart abandonment is a real problem for ecommerce stores.

Customers expect their mobile shopping experience to be seamless, easy, and without friction.

If your checkout process does not meet these expectations, your conversion rates will dive, and your revenue will head south.

Considering that more than 50% of ecommerce traffic is mobile, you shouldn’t take it lightly.

In this article, I’ll give you some tested strategies for making your mobile checkout experience as easy as possible.

This way, your customers won’t be impeded by any friction when reaching for their wallets.

Your conversion rates will be higher, and shopping cart abandonment won’t be a dire issue for you.

Let’s start.

1. Enable guest checkout

If I’m mandated to create a user account before I check out, it’s an immediate turn-off.

I don’t know about you, but that’s the consensus.

Sure, you may take the time to create an account when you’re on a desktop.

Otherwise, it’s a hassle, and customers hate it.

Need proof? This is the second most common reason for shopping cart abandonment:

It’s likely that mobile shoppers are using this interface because they’re pressed for time. That’s why it’s important to have an option to check out as a guest.

Here’s an example:

I understand there are many benefits to increasing your user base.

You’ll have:

• more demographic data to tailor your marketing to your customers;
• a better chance of increasing your customer lifetime value because subsequent purchases will be easier;
• the means to cultivate a strong bond with your customers, leading to more customer advocates.

The advantages are undeniable.

And there is an easy solution.

Provide incentives for shoppers to create an account.

You can reward them with a coupon code or credit towards their next purchase:

Guess what? Most people will jump on that offer.

That’s a much more effective approach than forcing them to create an account.

The encouraging news is, many businesses are catching up to this. Most offer both options.

2. Make it easy to add items to cart and check out

Here’s the deal.

Many people who shop on their mobiles have likely visited your desktop store.

They already know what they want to buy.

They know where on your website it’s located.

The easier it is to find this item, add it to the cart, and locate the checkout, the faster you make the sale.

It’s as simple as that.

Having a “quick view” option right within navigation is an excellent way to put this into practice.

Here’s an example from Lulus:

If I click on “quick view,” I will not be redirected to a separate page for that particular product.

Instead, a window pops up with an obvious the “add to bag” option.

I’m met by another pop up that allows me to check out easily.

All this happens without me having to leave the page I was browsing.

Convenient, right?

3. Eliminate unnecessary form fields

The less information customers have to fill out during checkout, the faster they get through the process.

It also means they’ll have less resistance.

I highly recommend to include as few form fields as possible to complete the transaction—only the ones you actually need.

Checkout pages usually have both requied and optional fields:

If your checkout process doesn’t suffer without the optional fields, get rid of them.

It’s why many businesses opt for a one-page checkout.

However, I don’t recommend just one page for mobile.

Why?

For one, you have little screen real estate.

It means shoppers have to scroll endlessly to fill out their information. They also have to move back and forth to verify they have no errors.

It’s not the most optimal experience.

A paginated checkout allows you to break the process into bite-sized steps.

This, combined with a progress bar, will make it easier for your customers to compelete the checkout.

Here’s what I mean:

In the image above, it’s easy to see there are four steps to the checkout process.

Customers know what to expect and remain aware of their progress throughout.

4. Have a mobile-friendly version of your desktop storefront

You may be thinking this is obvious, but let me explain.

There are multiple elements to mobile-friendliness.

I’ve seen mobile storefronts that are vastly different from their desktop versions.

If there’s no alignment between the two interfaces, shoppers will think they’re in the wrong place.

The result? They bounce.

As we’ve seen before, most people first go to the desktop site to browse, get reviews, and make their decisions.

Ensure your mobile store is familiar to those who’ve gone through that process.

The other element of a mobile-friendly checkout is speed.

Shoppers of all kinds—mobile or not—want instant gratification.

They’re not as concerned with buying your product as much as they are with owning it.

If you take that away from them, whether by having a slow site or asking for much information, they’ll walk away.

The desire to own the product doesn’t go away. Your customers will simply go to your competitor. That’s bad for business.

Another important consideration is browsing behavior.

Mobile browsing is unique in many ways.

Here’s how you can optimize the mobile checkout process with user behavior in mind:

• To navigate, users use their fingers, not a mouse: This means you should place all key elements on your page within reach of the thumb.
• Typing and clicking are trickier on mobile: You need to have bigger and wider easy-to-click buttons. A larger font size also helps with improving accuracy of text input.
• Fingers are less precise than a mouse, so the process is more error-prone: It’s crucial you make it easy to detect and correct errors.

Ever made an error when filling out a form and had to enter every single bit of information over again?

It happens all the time, and it’s a significant pain.

5. Have several payment options

If you’ve shopped at a store that only offered one payment option, you know how frustrating this can be.

This is another common reason for cart abandonment. It’s clear your customers want choices, especially when payment is concerned.

According to research, 54% of people feel having a variety of payment options is important when checking out online:

That’s not to say you have to give them every possible payment choice, but two or three is the best practice.

Like this:

The ideal options will depend on your target audience.

For instance, some people loathe PayPal and would never use it.

Others think it’s the most convenient option out there.

I recommend surveying your audience to find out what they prefer.

Note:

There’s a fine line between providing enough payment options and too many.

Having more than three options can get overwhelming, quickly.

It can lead to decision fatigue. And when that happens, users are more comfortable taking no action at all.

You don’t want that.

There is an easy solution to combat decision fatigue when providing several options.

Offer one of the options as the recommended choice and the others as alternatives.

This way, you’ve decided for your customers, but you’re still providing options in case they need them.

6. Set up default billing/shipping address for returning customers

Most people hate filling out this information.

It’s time-consuming and repetitive, especially if you’re a returning customer.

This is necessary info, so people will do it anyway.

But there’s a lot of resistance.

What can you do?

In addition to eliminating unnecessary form fields, you can set up the form so that it auto-fills the information for returning customers.

Email address, name, billing address, and shipping address—all this information can be saved for future purchases.

Some stores use a tool that looks up addresses based on a postal code and auto-fills that info.

Here’s how it works.

You type in a zip code:

You’re prompted with a window like this:

You’re given address options based on your zip code so you don’t have to fill this yourself:

There’s also an address validation tool similar to this one.

When a shopper types in their address, they get asked if it’s the right one and are given other options.

This is useful for a few reasons.

First, it auto-fills with more accurate information.

Secondly, it reassures customers they have the right shipping info. This way, they’re not anxious about missing their shipment due to error.

There’s one thing you need to note.

Address validators aren’t always correct. It means customers should have the option to reject the suggestions and fill in their info themselves.

7. Make navigation easy and distraction-free

Navigation on a mobile device should be as simple as possible.

You know that three-lined navigation button that signifies a menu on a mobile device?

That’s called nested navigation, and it makes things super simple. It makes for a cleaner page and no distractions.

But that alone is not enough.

Here are more tips for simplifying your navigation:

• have only as many options as you need to avoid decision fatigue and distraction;
• have short and descriptive labels in your navigation;
• include a prominently placed search bar;
• use endless scroll instead of pagination for browsing through products;
• make it easy to return to the homepage.

These tips are for your mobile ecommerce store.

On checkout pages, there shouldn’t be any navigational elements.

You can include links to resources that shoppers may need to complete the checkout process. For instance, a call or email button is useful if they need help.

Apart from that, I recommend eliminating navigation.

Don’t include advertisements, links, or buttons that do nothing to move the checkout process along.

8. Allow customers to see what’s in their carts as they shop

The whole shopping cart concept is a bit strange.

Think about it.

You browse through products and funnel different items to a page you don’t actually see.

It’s not until the end of the browsing process that you go to your cart to view your items.

Most ecommerce stores do nothing to improve this aspect.

It’s not uncommon for people to forget what they placed in their carts and be surprised by the total price.

Incidentally, these are also common reasons for shopping cart abandonment:

Based on the responses in the graphic above, here are some suggestions for improving the shopping cart experience:

• show customers what’s already in their carts every time they add new items;
• communicate the total price of their items every step of the way;
• have a “save to cart” feature for those who are not ready to check out;
• have your own comparison charts against competitors within product pages;
• list shipping costs as early as possible in the checkout process.

Conclusion

Mobile commerce has improved by many factors over the years.

Despite the progress, you can still do a lot to improve the experience for customers.

The easier and quicker the process is, the higher your conversion rates will be.

That’s a given.

It’s worth noting that every strategy won’t yield the same results for all ecommerce stores.

You need to test the elements of your checkout process to see what works best. That’s the best way to ensure you’re not losing customers where it matters most.

Start with the strategies in this article. Put them to the test, and see what difference they make for your business.

Do you have any other tips for simplifying the mobile checkout experience?

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Windfalls Aren’t Unlimited Money

A few days ago, I had a really interesting conversation with an old friend of mine from my childhood. I had gone back to my hometown to visit my parents and attend a community festival and I bumped into several people that I used to go to school with.

I wound up having a fairly long conversation with one of them about life in general and what we’d each been doing since high school. Back then, he was an incredibly diligent worker and a very nice guy, but he struggled greatly within the constraints of school, so I was glad to hear that he had found a good job and career path that paid quite well for the area. He had a home and a nice family and some things he was passionate about – a really good life, in other words, and I’m glad that he does.

One comment from our conversation stuck in my head, however. He was telling me about someone that we both knew from those days that had won a little over $200,000 in a settlement, apparently after all taxation. He spoke about that amount of money in near awe and said, “If I had that kind of money in my hand, I’d retire tomorrow.”

Let’s stop right here for a second. $200,000 is a nice amount of money, but it’s not “retirement money” for almost anyone. By my quick back-of-the-envelope math, my old friend brings home enough so that they’d eat through that money in less than a decade without some significant spending cuts in their life – and that assumes his wife continues to work.

I rolled this idea over in my head for a while, and then I remembered an old episode of The Office, entitled The Lotto. A quick synopsis of the start of the episode from Wikipedia:

The six warehouse workers win $950,000 in a lottery pool, and quit in a celebratory fashion of running through the office, making a mess and mooning the staff.

Let’s do the math here real quick. Let’s assume that a third of the winnings would be devoured in taxes, and then the rest is split six ways. That leaves each winner with about $100,000 after taxes, and their response was to immediately quit their jobs. Probably not the wisest move.

Yet, on some deep level, I understand why my friend made that comment and why the workers quit their jobs on The Office.

The reason is that within each of us, there’s some amount of money that we really can’t grasp any more in terms of our day to day lives and thus it begins to seem infinite. If you’re used to living on about $2,000 or $3,000 a month and suddenly you have hundreds of thousands of dollars, it’s hard to put that amount in context of your daily life.

We are humans. We are naturally short term thinkers. Thinking long term is something we have to work at, and it’s a big theme of The Simple Dollar.

When people see an amount of money on their plate that covers their expenses for at least the next year or two, it ceases to become a real number to many people. It means that many of the rules of normal behavior that they were constrained to no longer apply.

For some, that might mean quitting their job. For others, it might mean silly expenses like buying an expensive car or going on an expensive trip or buying a new house.

My response? If you ever find yourself with a windfall that’s more money than you’ve ever had at once in your life, don’t do anything immediately. Stop. Chill out. Catch your breath.

Don’t quit your job. Don’t buy a car. Don’t buy a house. Don’t go on a trip. Give yourself at least a month to process what’s going on – I’d suggest even longer than that. Keep it quiet and don’t spread the word around, either.

Here’s the reason: Short-term thinking comes easy, but long term thinking is hard. It takes time and reflection and advice. If you make one short term move with a windfall, it should be to wait and give yourself enough time to let some long-term thinking kick in.

The sole step that I recommend in this situation is to find an accountant and a tax lawyer that you can trust who can tell you how to keep this money safe for a while. You shouldn’t be touching it for at least a few months, not until you’ve got your head on straight again. If the amount is less than $250,000, you probably don’t even need those fellows. Just put the money in an FDIC-insured savings account at a local bank for now and just sit on it for a while.

In the interim, lock it down. Ignore the ideas that pop up in your head. If anyone asks you for money, turn them down. You can always give them money later on, on your own terms. Keep living life as you always have, and breathe.

The first thing you’re going to want to do with that money is to build a moat to protect the things you already have. That means doing things like paying off your debts and having a big emergency fund in case things go wrong.

A “moat”? It’s just a simple term to refer to the concept that your life is somewhat protected from the unexpected, much like a moat around a medieval castle somewhat protects it from invaders. It means rather than radically rebooting your life, you’ve simply done quite a lot to protect and secure what you already have, giving you peace of mind and the ability to survive some unexpected events without a major financial crisis.

If that windfall can eliminate your car loans and your mortgage and all of your credit card debt and give you enough cash in savings to live off of for a year, then you spent that money incredibly wisely and you made a substantially better life for yourself. You have far less stress, far more freedom, and far less worry about a cruel boss tossing a pink slip at you.

If you still have a small amount of money left over, use it to replace items that are on the verge of breaking down. It might be time to replace an old beat-up car with a late model used car, for example, or replace a washing machine that’s making ominous noises. Making these moves keeps you from a sudden expensive burden in the near future.

Building a moat should be your number one priority with any windfall. Simply eliminating debts, building an emergency fund, and taking care of any obvious severe upcoming expenses will do quite a lot to secure your life, eliminate stress, and give you a foundation upon which to build great things.

The thing is, in the case of my friend’s acquaintance and likely in the case of the workers on The Office, their windfall would have been consumed by building a moat. They would have still had their old jobs and most of the structure of their ordinary life, but it would have come with a lot less stress and a lot more protection against the unknown. Things like an odd clunk in your car’s transmission no longer set you into a panic when you have a moat. Thoughts about trying a new career no longer seem impossible when you have a moat.

What about the big dreams, like quitting your job and retiring early? Those things should only enter the picture if you build a moat around your life (as described above) and you still have a lot of money left over – and by a “lot,” I mean an amount that would pay your living expenses for the rest of your life. If you spend $30,000 a year to live, you probably shouldn’t retire unless you have somewhere around $1 million left over, because if you have less than that, you’re going to run that money dry before you get old. A good rule of thumb is this – divide the amount left over (along with any retirement savings you might have) after you’ve built your moat by 30. Is that resulting number enough for you to live on comfortably with a little bit of breathing room? If the answer is no, then you shouldn’t walk away yet.

In any case, if you’ve built a moat for yourself and still have substantial money left over, that’s the time to talk to a financial advisor. Seek out a fee-based advisor with a good reputation and, before you go, spend some time seriously thinking about your goals. Figure out just two or three things you want to achieve with your money and let the rest of your ideas become water under the bridge.

If there’s one thing to remember about a windfall, it’s this: Windfalls aren’t unlimited money, even if the amount seems really, really big. Almost always, that amount turns out to be smaller than you realize, and if you just start making short term decisions with it, you’ll end up right back where you started. Use a windfall to build a genuinely better life; don’t use it to splurge and give away for a few months only to wind up right back where you started (likely with some extra bitterness to boot).

Good luck.

Related Articles:

• The ‘Billion-Dollar’ Lottery and You
• What Spending a $10,000 Windfall Can Teach You About Your Everyday Finances
• What to Do if You Win the Lottery: Five Steps to Take After Hitting the Jackpot

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