Back in May of 2016, New York City Mayor Bill de Blasio called for a boycott against the popular restaurant chain Chick-fil-A because he didn't like it that Dan Cathy, the chain's owner, would talk about his family's Christian beliefs, including traditional marriage.
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الأربعاء، 4 أبريل 2018
Penn National snares 4th casino license, eyes Reading area
HARRISBURG (AP) — Penn National Gaming was the sole and winning bidder on Wednesday for a fifth new mini-casino license authorized by cash-poor Pennsylvania, potentially plunking down a new gambling spot close to the Pennsylvania Turnpike and the city of Reading.With no competition for the license, Pennsylvania-based Penn National won by submitting a bid just $3 over the $7.5 million minimum.The company has not picked a specific location yet, Penn National spokesman Eric [...]
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Want to Attend a Trade School? You Should Apply for Mike Rowe’s Scholarship
The mikeroweWORKS Foundation recently announced the application window is open for its Work Ethic Scholarship Program.
People interested in getting trained at a vocational or trade school for a skilled job are encouraged to apply.
If you’ve got a great work ethic and want to learn to be a plumber, electrician, welder or other skilled job worker, this scholarship can help you get the training you need.
The 2018 Work Ethic Scholarship Contest
Check out these details about this vocational school scholarship.
As you work through the application process, be sure to pay extra attention to the rules about how to submit a video, or your video may not be considered.
Amount awarded: “a pile”
To qualify for this scholarship, you must be:
- Willing to sign a work ethics pledge
- A high school senior, graduate or GED recipient
- Enrolled or planning to enroll in a vocational or trade school
- Planning to graduate after Dec. 1, 2018
To apply, you must:
- Sign the The S.W.E.A.T. Pledge at the time of application
- Provide two references from a teacher, boss, superior or supervisor
- Write a persuasive essay about why you are a good scholarship candidate
- Provide attendance records (optional)
- Make a short video that mirrors what you talk about in your essay
Scholarship deadline: June 4, 2018
You can read the rest of the official rules and guidelines here.
And if you’re looking for even more scholarships to apply for, be sure to check out our list of 100 scholarships that will help you pay for college.
Lisa McGreevy is a staff writer at The Penny Hoarder.
This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.
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Survey Finds that 36% of College Students Aren’t Getting Enough to Eat
But in the midst of all those unknowns, there’s one unknown a student should never have to worry about: whether or not they’re going to eat that night.
According to a recent report published by Temple University and the Wisconsin HOPE Lab, researchers found a concerning number of college students across the U.S. are food insecure, meaning they have a “limited or uncertain availability of nutritionally adequate and safe foods, or the ability to acquire such foods in a socially acceptable manner.”
This doesn’t just mean students are skipping a meal here and there because they’re too busy studying in the library. Nine percent of community college students and 6% of university students surveyed said they had gone at least one full day without eating anything at all in the last month.
The Grim (and Growing) Food Insecurity Problem
The report is the largest and most comprehensive of its kind, including responses from more than 43,000 students at private and public two- and four-year colleges and universities in more than 20 states and Washington, D.C.
Among its most notable findings? In the 30 days preceding the survey, 36% of students said they were food insecure.
For community college students, that number jumps to 42%.
The survey also showed that basic needs insecurity disproportionately affected marginalized students. At two-year schools, 54% of black students surveyed said they had recently felt food insecure, while a slightly larger 55% of Native American students said the same thing.
At four-year schools, 10% more students who identified as homosexual reported food insecurity than those who identified as heterosexual. Additionally, 3 out of every 5 students who grew up in the foster care system reported food insecurity.
According to the report, several researchers agree that food insecurity is correlated with lower grades in college, while other researchers have found that basic needs insecurities can lead to poorer self-reports on physical health, along with higher reports of symptoms of depression and perceived stress.
While awareness of this problem is growing across the U.S., the lead author of the report and a professor of higher education policy at Temple University, Sara Goldrick-Rab, recently told The Washington Post that this is a systemic problem, one that is deeply rooted — and seems to be growing worse.
While some researchers do think those ever-rising college costs are partially to blame, they also note that inadequate financial aid and higher enrollment numbers among low-income students contribute to the rising numbers of food-insecure college students.
Additionally, and perhaps most importantly, researchers blame the fact that many colleges are unwilling to admit they even have a food insecurity problem.
“Prices have gone up over time. But the rising price is just a piece,” Goldrick-Rab explained.
What To Do If You’re a Student Facing Food Insecurity
The report notes that use of public assistance (such as a state SNAP program or local food pantry), is pretty uncommon among college students — mainly because of the social stigma surrounding them.
But listen, if you’re a student wondering where your next meal is coming from, know this: You aren’t the only one, and if you need to and can take advantage of a food assistance program, there’s no shame in that game.
Not all college students will qualify for a SNAP program, but it never hurts to check. You can find more info about qualifying for SNAP benefits as a student here.
You can search nearby food banks on the Feeding America website. If you need help with food today, Feeding America states that “food is available to anyone who needs it without obligation, regardless of circumstance,” and it will be both free and confidential.
Many schools have food pantries on campus. A Google search of “your school’s name + food pantry” should help you get started.
If you need to make your grocery budget stretch, we’ve got some tips to help you do that as well. Here’s how one person made $30 last for two weeks, and a list of dollar store groceries that actually taste good.
Also, keep your eyes peeled for free food being given away at meetings and events presented by on-campus organizations. Many on-campus religious organizations also offer a weekly free dinner.
If you’re a student who does not deal with food insecurity, there are ways you can help as well.
While not all schools participate in the program, Swipe Out Hunger is an organization that allows you to donate your unused meal plan “dollars” to other students or to campus food banks at the end of the semester or year.
Also, if you have a shareable meal plan (usually those with a limited number of swipes per day) and you’re not using your entire allotment, find out if you’re allowed to swipe guests in. You may find that you’re allowed to share your extra meal plan points with someone who could use them.
Grace Schweizer is a junior writer at The Penny Hoarder.
This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.
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Study Says We’ll Pay More for Food We Crave, Especially Junk Food
I hadn’t planned to do it, but once I spotted my favorite candy wedged in between the $9 Perrier and $7 Toblerone, I knew I had to have it.
Five bucks is an astronomical amount to pay for something I can pick up at a convenience store for $1.79, but there was no fighting my craving, so I gave in.
(Spoiler: It was delicious.)
Buying that candy bar wasn’t the smartest financial decision I ever made, but at least now I can blame science.
New research published in the scientific journal “Proceedings of the National Academy of Sciences” found people are willing to pay more for the unhealthy foods they’re craving, especially when the food is high in calories, fat or sugar.
“Our results indicate that even if people strive to eat healthier, craving could overshadow the importance of health by boosting the value of tempting, unhealthy foods relative to healthier options,” said Anna Konova, the paper’s lead author.
Of course, there’s nothing wrong with succumbing to the temptation of junk food once in a while. But when the food you’re craving costs an arm and a leg, it’s probably easier on your wallet if you don’t give in.
How to Conquer Cravings For Pricy Junk Food
There’s no magic bullet to stop food cravings, but there are a few things you can try when the urge for junk food hits.
Don’t Be A Fool for French Fries
Change up the way you make food that’s typically fried by throwing it in the oven instead.
Crush Crunchy Cravings
Curb your yen for crunchy food by swapping it for sliced sweet peppers or kale chips. (They’re great, I swear).
Pass Up the Pasta
Stop me if you’ve heard this before, but spiralized zucchini is a great stand-in for carb-heavy noodles.
Donut Give In To Sugar
Satisfy your sweet tooth with homemade Starbucks-inspired drinks where you control the amount of sugar.
Lisa McGreevy is a staff writer at The Penny Hoarder. Twix bars will do in a pinch.
This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.
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Got a Science Background? Work Remotely Writing MCAT Questions for Kaplan
But if you’re one of those people who did well on the MCAT and are looking to make some extra money the side, you’ve come to the right place.
Kaplan Test Prep, a provider of standardized test preparation, is currently looking for part-time writers willing to write and edit passages and questions for its Medical College Admissions Test prep programs.
The MCAT is a standardized, multiple-choice exam created by the Association of American Medical Colleges to help medical school admissions offices assess students applying for medical school. The test assesses the student’s problem solving, critical thinking and knowledge of natural, behavioral and social science concepts and principles.
To prepare students for the test, a large volume of high-quality questions is needed in the MCAT sciences (biology, biochemistry, general chemistry, organic chemistry, physics, psychology and sociology). If you feel you have the knowledge and are comfortable working in a fast-paced, remote team, then this job might be for you.
If writing MCAT practice questions for standardized medical exams isn’t your jam but you’re still interested in work-from-home jobs, don’t worry. Check out our Jobs page on Facebook. We post new jobs there all the time.
MCAT Question Writer at Kaplan Test Prep
Pay: Not Specified
Requirements include:
- Bachelor’s degree in a related field; an advanced degree is preferred
- Attention to detail
- Communication skills
- Strong writing skills with a focus on descriptive writing
- Ability to meet deadlines and regularly update progress with supervisors
- Comfortable using web collaboration tools (e.g., Google Docs, Hangouts/Skype, GChat/Slack)
- Background in education/instructional fields is preferred
- Experience taking the MCAT, with proven high scores, is preferred
Apply here for the MCAT Question Writer at Kaplan Test Prep. For any other questions regarding Kaplan Test Prep, click here.
Matt Reinstetle is a staff writer at The Penny Hoarder.
This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.
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China Slaps Back at US with $50B in Tariffs, Retaliating Against Trump
China is striking back at the United States by announcing a new round of tariffs on American products.
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Source CBNNews.com https://ift.tt/2GBT1rn
How to Convert Your Social Media Followers Into Customers Effectively
Social media marketing needs to be a priority for every business across all industries.
Get with the times and understand the latest trends. Your customers are active on social media platforms, so you need to establish a presence as well.
Some of you may have mastered this already. You’ve been getting tons of new followers on social media. But now what?
Your follower numbers are increasing, but sales have reached a plateau or possibly even declined. How is this possible?
If this sounds like your current situation, here’s what you need to know. Just because someone follows you on one of your social media profiles doesn’t mean they are a customer.
Successful businesses know how to turn their followers into customers. Sure, social media is great for brand awareness, but that’s useless if it’s not leading to conversions.
I can teach you how to leverage these social media platforms to get more customers.
How many followers do you have? Get ready to see that number translate into dollars. Here’s what you need to know to effectively turn followers into customers.
Expand your marketing channels
For starters, you need to have an active presence on as many social media platforms as possible.
Here’s a look at the monthly active users across the most popular social networks:
How many of these platforms do you have a presence on? If your answer is just one or two, you’re making a mistake and missing out on a huge opportunity.
I’ve consulted many businesses that have this theory. They’re active on Facebook, so they don’t need to have other social profiles.
Since Facebook has the most active users, why bother with anything else?
This kind of mentality is part of the reason why you’re not converting followers into customers.
Don’t get me wrong, Facebook is great. It will continue to be the king of social media marketing for years to come. But it’s not enough.
People use different social media platforms for a variety of reasons. Depending on your target audience, you may have more luck on one platform over another. We’ll discuss that concept in greater detail shortly.
Here’s an example to show you why people may use different social platforms, depending on their goals.
Someone may be following your page on Facebook, but they may primarily use Facebook to share photos with their family members. They might follow you on Twitter, but they might be using Twitter only to get news updates. See what I mean?
Diversifying your outreach on social platforms across as many networks as possible will increase the chances of your followers turning into customers.
Know your target audience
To be a successful social media marketer, you need to clearly identify your target market.
Conduct your research, and develop a customer persona to help you through this.
Take a look at how the usage of social media (by platform) differs depending on the age group of the users :
What’s the age range of your target market?
For example, let’s say you’ve identified that your target market is somewhere in the 18 to 29 group. You’ve got a Facebook, which is great since 86% of that audience has a Facebook profile as well.
But if you’re not using YouTube, Instagram, and Snapchat, you’re not utilizing your profiles effectively.
While it’s important to be active on as many platforms as possible, your target audience will dictate how much emphasis you need to put on each one.
For those of you who are strictly marketing to people over the age of 60, it would be ineffective to focus your marketing efforts on Snapchat and Tumblr.
But some of your businesses may have a wider range of products and services, which translates into a more diverse target market. You’ll need to use each social platform differently, based on the users you’re trying to reach.
For example, check out this post from the Kohl’s Instagram page:
It’s clear they are targeting a specific audience here. The model, clothing, and style are geared toward young adult females.
But Kohl’s sells a wide range of products to both genders across every age group. Identifying their target market for the products in the photo and understanding the way different demographics use social media helped them craft this specific post.
If they were trying to sell clothes to a 55-year-old man, Instagram probably wouldn’t be the platform to do it.
Make sure your promotions make sense for the social site you’re using.
Stay active
Once a user starts following you on social media, you want to do everything in your power to keep them as engaged as possible. The best way to do this is by staying active on all your platforms.
Managing your social media pages once a week isn’t going to cut it if you want to turn your followers into customers.
Staying active on a daily basis will create a more authentic interaction with your followers. Here’s an example to show you what I mean.
Take a look at this interaction from the Best Buy Facebook page:
A follower inquired about a discount. Best Buy’s social media marketing team did the right thing by instantly replying to the user.
Not only did they address the user’s question, but they even provided a link to a page with discounts. This simple strategy accomplishes several things.
First, it’s great customer service. The original user who posted the question should be satisfied with the answer.
Second, it shows other followers how serious BestBuy is about responding to comments. Someone else may have had the same question, but now they don’t need to ask because it’s been answered.
People know that if they have questions in the future, they can reach out to Best Buy on social media and get a quick response.
Fast and reliable customer service can really make your brand stand out on social media. Make sure you reply to all comments and messages as fast as possible.
If you do, your followers will be more likely to buy from you.
Use automation tools
While it’s important to stay active on social media, it’s not reasonable for all businesses to dedicate every second of their days to this.
Bigger companies have dedicated social media management teams. But if you’re running a small operation and can’t afford to hire someone to do this, it’s your responsibility to run all of these platforms simultaneously.
This is a tall order, especially considering you also have other obligations. You can use automation tools to help you save time and streamline the process.
Check out some online resources, such as Buffer, to get started in the right direction:
Logging in to each of your social sites every day to post content is tedious. Let’s say you want to have three posts per day on Facebook, Twitter, and Instagram.
That’s 63 posts per week in total.
But with automation tools such as Buffer, you can manage and schedule your posts on each profile from one platform. That way, you can dedicate only one day a week to scheduling posts and let the program do the rest for you.
You’ll still need to keep a close eye on all your social pages though, keeping in mind our earlier discussion about fast and effective customer service.
Tools such as Sprout Social can direct all the messages from your social platforms to one inbox. It allows you to respond to your followers’ messages in the order they were received.
Plus, you can do this all from one place, as opposed to bouncing from one platform to another.
Offer exclusive promotions
Now that you’ve established a presence on multiple social media platforms, identified your audience, and automated your posts, it’s time to talk about the type of content you should be posting.
You don’t want to spam your followers. Make sure each post adds value to them as well as helps you achieve your larger marketing goals.
Posting some random image on Instagram just because you haven’t posted all day is not effective.
You’ve got to give your social media followers a reason to follow you. Obviously, they are interested in your brand if they followed you initially. But if your posts aren’t adding any value to their lives, they could easily unfollow you.
That’s why you need to offer exclusive promotions to your social media followers. Give them something they can’t get on your website or anywhere else.
Here’s an example of how KAOHS used this strategy on their Instagram story:
It’s simple and effective. This promo code can’t be found by surfing the web or browsing through the website.
This was specifically designed for the brand’s Instagram followers. A user who followed the brand because they were interested but never actually purchased anything now has an incentive to become a customer.
The offer of 30% off is a great deal. It’s enough of a discount to help drive sales and increase your customer base.
Try to come up with ways to apply the same tactic to your social media marketing strategy.
Run contests
Social media sites are one of the best ways to run a profitable giveaway. That’s because it encourages user-generated content.
As a result, you’ll also increase your brand exposure. If you can get your followers to enter your contest by posting content on their own profiles, their followers will see it as well.
This will lead to more followers on your page, which will ultimately result in more customers.
Roughly 59% of people said they followed a brand on social media because they were interested in the promotions that brand was offering.
If you’re always running new contests and other promotions, you are increasing the chances of getting more followers. Plus, this type of content keeps your audience engaged.
Furthermore, more than 75% of consumers made a purchase because of social media. Users are 57.5% more likely to buy something from a brand they follow on a social network.
Come up with a simple contest. For example, ask your followers to post a picture with your products. Have them tag the post with a specific hashtag to enter the contest.
After a predetermined deadline, pick the most creative picture or the one with the most likes, and give them a prize. Just make sure the prize is worth it.
People won’t enter a contest if you’re giving away $5. It’s not worth their time and effort. But you’ll definitely get people interested if you’re offering a $250 gift card.
Leverage social influencers
Another way to get more customers from social media is by working with social influencers.
This strategy is a little bit different than the other methods I’ve discussed. That’s because with social influencers, you may be trying to convert people who aren’t following your brand into customers. But they are following your influencers.
Partnering with influencers is a successful strategy because their engagement is high. Micro influencers can increase buying conversions by more than 22 times your current rate.
Furthermore, followers trust these influencers: 94% say social media influencers are knowledgeable.
And 82% of people are more likely to follow recommendations made by influencers.
Here’s an example of how Labrada Nutrition partnered with a social media influencer on Instagram:
They used James Tollefson as a brand ambassador to promote their products on his personal profile. This allowed them to get customers from his followers, as opposed to their own.
Having the link to the promoted product in the influencer’s bio increases the chances of that product being bought. That’s because it’s easier for the customer.
Clicking a link on a page they’re already viewing is much easier than trying to search for the product online. Overall, this is a winning strategy.
Conclusion
Having lots of followers on social media is great. But you need to find ways to convert these followers into customers.
Start by establishing a presence on as many social platforms as possible. Then, research your target audience so you can appropriately market on each channel.
Stay active on a regular basis. Make sure you’re always responding to your followers, keeping them engaged.
Use automation tools to help save time when it comes to managing your content.
Offer exclusive discounts and promotions, and run contests. Partner with social media influencers to increase your brand awareness.
If you follow these tips, you’ll have more than just lots of followers. You’ll end up with an increase in sales revenue and cash in the bank.
How are you engaging with your followers on social media to convert them into customers?
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The Connoisseur Problem
A few days ago, I shared a meal with someone who truly loves wine. She brought a bottle to the meal with her, one that she described as “mid-priced” but “excellent,” and shared a small glass with everyone at the table.
I tasted it. It was good and accompanied the food well. I could recognize that it was “better” wine than the sub-$10 stuff I usually drink at the dinner table, but it didn’t really click with me as any sort of exceptional experience. I mean, I would probably choose it in a blind taste test against our usual white table wine, but I wouldn’t be running out to pay more than $10 for it.
Yet, as we sat there, she compared the wine to a bunch of different wines, expensive and otherwise, and pointed out a bunch of different details.
Being a polite conversationalist, I asked a few follow-up questions, as I usually do when I see someone’s enthusiasm. I actually love hearing people talk about something they’re enthusiastic about and they usually take me along for an interesting ride. By the end of it, she was practically wishing she had several different bottles of wine so I could try them and notice these huge differences between them.
As I noted above, my wine palate is an unsophisticated one. Sarah and I have a small number of sub-$10 wines that we like and we’re often willing to try others in that price range, but we rarely spend more than that for a bottle. I have a glass of wine with dinner perhaps once or twice a week, and that’s the sum total of my wine consumption.
Thus, my personal wine palate is basically on the spectrum of sub-$10 wines. My idea of a perfectly good wine is going to be far different than my guest’s idea of a perfectly good wine simply because I am a limited wine connoisseur. I simply don’t have the broad experience of drinking wine that my guest has.
What does that mean, though? For one, it means that there are some subtle differences between wines that I’m basically unaware of. I don’t have the capacity to really appreciate the quality difference between a $20 wine and a $75 wine; I can taste some differences, but the differences are subtle enough that they’re not deeply meaningful to me.
I call this the “connoisseur problem” or the “90% problem.” For someone who is a wine connoisseur, the difference between a “middle of the pack” wine and a top tier wine is a huge one. They’re seeking out subtle quality experiences when they drink wine.
For me, the thing that matters is, “does it taste good and pair well with my meal?” If the answer is yes, I’m perfectly content. I don’t feel the need to chase the subtle differences between good wines. A wine that I identify as “good” is good enough for my purposes, which is a glass to be consumed as a nice pairing with a meal.
The thing is, I am fully aware that I am missing out on appreciating some of the nuance and subtleties of fine wine. I am making a conscious choice to appreciate wine as a simple meal pairing rather than look deeper for subtle differences in quality.
There’s nothing inherently wrong with being a wine connoisseur. It’s just that attempting to be a connoisseur of anything that comes with a price tag is a very expensive proposition, and that expensive proposition better be returning a lot of value to me personally.
For me, the difference between the best under-$10 wines out there and the best wines of that type regardless of price is definitely there, but it’s small enough that it doesn’t make a world-breaking difference to me, certainly not a $20 or a $50 difference per bottle to me. A sub-$10 wine that’s 80% as “good” as a $50 wine is perfectly fine at my table.
There are a few catches here. First of all, if you approach things with this perspective, it is really hard to appreciate someone who shares something of the highest quality with you. If I went to a very fancy dinner party and someone poured a wine of a truly excellent vintage, I would honestly have no idea how it really compared to other wines. I’d enjoy it and probably recognize that it is an expensive wine, but I would miss out on the amazing subtleties of it.
So, what do I do in that situation? I ask the person who is a connoisseur to tell me about it! The person to whom the difference is important will likely have quite a bit of knowledge about wines, and people who are passionate about a subject are almost always excited to share that knowledge and joyful that someone expresses an interest as well, and as a listener and friend (or at least acquaintance), I love seeing and hearing the passion of others.
At home, however, I’m going to stick with my sub-$10 wines on the table.
But what about the fear of missing out? There is definitely a sense that I’m probably missing out on a higher quality wine experience and an extensive body of knowledge that others hold, but the question becomes how much is that “higher quality wine experience” really worth to me? How much am I gaining beyond the enjoyment I get of a glass of inexpensive wine shared with my wife and paired with a simple meal? And whatever that gain might be, is it worth an expensive price per bottle of wine consumed just to get there?
For me, for most things in life, it’s just not worth that cost. I’ll save my connoisseurship for a small handful of things that are really meaningful to me, and for the other things, I’ll just go along for the ride with passionate friends and acquaintances. I’ll listen and let them tell me about the things they’re most passionate about and save my own passion (and expense) for the things I care about most.
The thing to remember here is that wine can be pretty much anything in this story. It could be cars or cheeses or board games or clothing. It could be anything that someone is deeply passionate about and invests a lot of time and money becoming a connoisseur. In the end, it’s not worth investing that time or money unless it is something you deeply care about on your own. Doing it just to impress others or just because that’s what “classy” people do isn’t a good reason to buy the expensive wine or the expensive car or anything else.
For most things, enjoy the simplest pleasures or even do without them entirely. Save your connoisseurship for the one or two things that really matter to you and that you think about when you’re alone, and avoid the desire to be a connoisseur of something that you merely enjoy with friends every once in a while and scarcely think about when you’re alone.
Besides, if you try to be a connoisseur of everything, not only will it be an expensive journey, you’ll never really be able to dig deep and really appreciate any one thing. Strive to be a connoisseur of everything, and you wind up being a connoisseur of nothing.
Strive to be selective in your connoisseurship. Dig deep into just a thing or two you’re passionate about, and be okay with not being a connoisseur of anything else. Instead, just appreciate the connoisseurship of your friends and acquaintances and let their passion take the lead when that subject comes up. Ask questions and be appreciative and learn a little, but keep your wallet firmly in your pocket. Your friends will appreciate it, and you’ll save your time and money and thought for the things you most care about.
Good luck!
The post The Connoisseur Problem appeared first on The Simple Dollar.
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China Slaps Back at US with $50B in Tariffs, Retaliating Against Trump
China is striking back at the United States by announcing a new round of tariffs on American products.
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Source CBNNews.com https://ift.tt/2IpenZp
Yikes: Here’s How Long The Average Millennial Needs to Save to Buy a Home
The proportion of young adults ages 18 to 35 buying houses has been declining for a decade. Whether a millennial is looking to purchase beachfront property in Los Angeles or simply afford the rent payment for a Minneapolis apartment, it’s clear that all housing costs are a burden — especially for young people who want to own a home.
In 2005, 39.5% of young adults were homeowners, according to a recent analysis of U.S. Census data by apartment service ABODO. In 2015, that figure was down to just 32.1%.
Over that decade, the number of young adult homeowners only increased in two metropolitan statistical areas out of the 100 included in the report: Scranton–Wilkes-Barre–Hazleton, Pennsylvania and Buffalo–Cheektowaga–Niagara Falls, New York. Young adult ownership in those areas increased by 12.1% and 3.8%, respectively.
Meanwhile, it plummeted by more than 34% in New Haven–Milford, Connecticut and San Jose–Sunnyvale–Santa Clara, California.
So what gives?
The Homeowner Struggle is Real
Some erroneously choose to blame millennials’ love of avocado toast and lack of worth ethic for their inability to scrounge up a down payment, buy it is more accurate to note that millennials are earning 20% less than Boomers were at the same age, with 50% of them turning to “side hustles” to make ends meet.
And let’s not overlook the historically high student loan debt. A survey by the National Association of Realtors found millennials accrued a median of $41,200 in debt, which 76% of respondents cited as a factor in their home-buying decision.
With those financial pressures in play, it’s overcome the most common hurdle to homeownership: the down payment.
So now that we know why millennials are struggling to become homeowners, let’s look at where they’re fighting the toughest battle.
While paying rent, loan payments and other bills, ABODO assumed millennials would be able to save 15% of their incomes specifically for a down payment, then estimated how long millennials in metropolitan areas around the country would need to save to reach 20% of the median home price in their area.
If you’ve been struggling to buy a home, these results won’t surprise you.
Nationwide, millennials would need to save for an average of 15.6 years to put 20% down on a $278,337 house — the national average home value. In some areas, it’s a whole lot longer.
California accounts for five of the 10 cities with the longest down-payment saving times. Los Angeles–Long Beach–Anaheim tops the list— by a five-year margin — at 32.2 years. San Francisco–Oakland–Hayward comes in second place, with an estimated save-up time of 28.7 years.
Where It Takes Millennials Longest To Save For A Home
Here’s the full top 10:
- Los Angeles–Long Beach–Anaheim, California
32.2 years to save up $112,033 - San Francisco–Oakland–Hayward, California
28.7 years to save up $143,563 - San Jose–Sunnyvale–Santa Clara, California
27.9 years to save up $147,415 - Oxnard–Thousand Oaks–Ventura, California
26.1 years to save up $85,637 - San Diego–Carlsbad, California
25.3 years to save up $90,522 - Urban Honolulu, Hawaii
24.7 years to save up $98,823 - Bridgeport–Stamford–Norwalk, Connecticut
24.2 years to save up $91,982 - New York–Newark–Jersey City, New York–New Jersey
22 years to save up $96,021 - Provo–Orem, Utah
19.2 years to save up $48,699 - Boston–Cambridge–Newton, Massachusetts–New Hampshire
18.4 years to save up $85,943
Clearly, living in an extremely expensive market puts you at a distinct disadvantage. But in some cases, salaries can also compensate.
For example, San Jose homebuyers are dealing with the largest down payment, but millennials there would save up four years faster than those in LA. And millennials in Provo-Orem have the smallest down payment on the list by nearly $40,000, but it will still take them 19 years to afford it, given their salaries.
What We Can Learn
Firstly, if you know you want to buy a home, make it a financial priority and start saving sooner than later.
Secondly, the idea of a 20% down payment is likely outdated and might be completely unnecessary.
Many mortgage companies will accept a down payment as low as 3% — although that doesn’t mean you should rush into it worry-free. Remember that the lower your down payment is, the higher your monthly payments will be. And until you’ve reached 20% equity in the home (which is where the 20% down payment comes in handy) you’re subject to an additional monthly fee: private mortgage insurance.
It’s no wonder millennials, many of whom are first-time buyers, tend to buy cheaper homes. ABODO’s research also found millennial-owned homes are valued at about 78% of the average home price.
Katie Mohr is a contributing member of the marketing and communications team at ABODO Apartments, an online apartment marketplace. While leading the content team at ABODO, Katie oversees ideation and production of real estate and financial industry research reports and interactive content. ABODO was founded in 2013 in Madison, Wisconsin. And in just four years, the company has grown to more than 30 employees, raised over $8M in outside funding and helps more than half a million renters find a new home each month.
This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.
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Five Car Maintenance Tasks You Can Do Yourself to Save Money
By Richard Reina
It’s no secret that the cost of owning a vehicle can come at a steep price. According to the American Automobile Association, in 2017 the total cost of owning and operating a new car averaged about $8,469 a year, with maintenance and repairs costing drivers almost $1,200 annually. Our vehicles are important investments that should be maintained, but there are ways to save both valuable time and money doing some that work on your own.
While the jobs mentioned below are all easy to moderate in terms of difficulty, be sure to take extra precautions, watch demonstration videos beforehand, and consider working with a friend or family member for added support.
Changing your battery
The average car battery lasts about four to six years, but this lifespan depends on a variety of factors, including where you live (cold climates can be harsh on your vehicle), how often you start the car, and whether you typically are going on short or long drives.
When it comes to your battery, preventative maintenance is key. If you wait until it dies to replace it, you might be left stranded and forced to pay whatever price is given to you for parts, labor, and the service call. Drivers have the option of paying a nominal fee to have their battery tested once a year, but it’s just as easy (and cheaper) to be proactive and do the job yourself every four to five years.
When you’re ready to tackle this task, consider purchasing your new battery at a local discount store such as a Costco or Sam’s Club to save some extra cash. Once you have your replacement battery, grab a wrench kit and be sure to remove the black negative cable first when taking out the old battery, and replace the negative cable last once you’ve installed the new battery. Be careful when switching cables as a mistake could lead to a short circuit. Clean cable terminals with baking soda and water, and coat them with petroleum jelly (more savings).
- Average dealer price: $200
- DIY price: $80
- Total savings: $120
Mastering an oil change
For many years, the standard response to when to change your oil was every 3,000 miles, depending on who you asked. Some mechanics and dealerships may still advise an oil change this frequently, but changing the oil that often isn’t necessary as today’s oil is higher quality than it was even a decade ago. Many modern cars only need oil changes every 5,000 to 10,000 miles, but this of course depends on your vehicle. Consult your owner’s manual to find your vehicle manufacturer’s recommendations, and pay attention to any maintenance alerts on your dashboard.
Changing your car’s oil is quick and simple, but when doing this at home you must ensure the car is raised and stable before you get under it. Never get under a car supported only by a jack; use jack stands. Performing this maintenance task yourself not only saves money but ensures that you’re using the correct viscosity (thickness) oil. Again, check the owner’s manual for that information.
If your car is cold, run it for a few minutes to warm the oil, and if it is hot from recently being driven be sure to wait at least 30 minutes to avoid potentially getting burned. Be sure to have all of the items you need in one place, including appropriate wrenches, a drain pan, and a new filter. First, remove the drain plug and drain the old oil; reinstall the plug (a new washer is best); remove the old filter; install the new filter after coating its gasket with fresh oil; add the new oil and check the dipstick to ensure the level is correct.
- Average dealer price: $60
- DIY price: $25
- Total savings: $35
Swapping out your headlight/tail light bulbs
While this may seem like an obvious suggestion, one of the best things a car owner can do is regularly check that all outside bulbs are working. You’ll know when your headlights are out, but you most likely won’t know about the other bulbs unless you walk around your car while it’s running. To check your brake lights, you’ll need two people: one to step on the brake and the other behind the car checking the bulb.
The average repair shop today charges $100/hour, so a 15-minute bulb replacement will cost you about $25 in labor. However, changing your own bulbs is very easy. Before you go to the store, make sure to pull out the old bulb and bring it with you to ensure that you’re getting the correct bulb size. For headlight bulbs, never touch bulb glass with your bare hands. The grease from your fingers can cause the bulb to burn out early.
- Average dealer cost: $35 per bulb
- DIY cost: $5 per bulb
- Total savings: $30 per bulb
Checking and changing brake pads
It’s recommended to check your brake pad thickness every 10,000 miles, but be sure to look out for excess wear and tear that will depend on external factors such as frequent use and driving style. Preventative maintenance is important as your pads should never drop below 2mm to 3mm in thickness. If they wear further (“metal to metal”) you could damage your rotors and double your repair costs.
DIY brake pad maintenance isn’t difficult, but does require care. You need a wheel lug wrench, some basic wrenches, pliers, a jack, and a set of jack stands. Start by raising your car up as you did with the oil change and remove the wheel.
Next, unbolt the caliper (do NOT disconnect the brake line), and swing it out of the way. This gives you access to the pads. Remove the old ones and install the new pads (best practice: use special brake paste on the pad edges and caliper pins). Before reinstalling the caliper, push the piston back with a C-clamp. Reinstall the caliper, then the tire. Before driving, start the car and pump the brake pedal to restore pressure.
While you can save a significant amount of money changing your brake pads yourself, brakes are a big safety item, so approach this job with caution and make sure you’re especially vigilant each step of the way. (E.g., don’t put the pads on backwards – it happens!)
- Average dealer price: $250 per axle
- DIY cost: $40 per axle
- Total savings: $210
Basic tune-up: Change air filter
The traditional timeline of one tune-up per year isn’t necessary with today’s vehicles. Modern materials and advanced electronics have made the old-school tune-up a thing of the past.
First, always consult your manufacturer’s recommendations for replacement intervals. Some repair shops unnecessarily suggest more frequent service, which should be a red flag. If you do choose to get a ‘full tune-up’ at the shop, be sure to ask what exactly they’re doing to your vehicle.
Instead of focusing on a yearly tune-up, base this schedule on mileage and your manufacturer’s suggestions. For example, modern spark plugs should last about 100,000 miles on average.
A tune-up today consists of changing your oil, fuel filter, air filter, and spark plugs. To address just one of these items, replacing your air filter is probably the easiest maintenance job on your car. Why pay a big markup for someone else to do it? It’s recommended to replace your filter every 15,000 to 30,000 miles. Ignoring that can cause your fuel economy to suffer (more money down the drain), and can even lead to expensive engine repair.
A shop may charge up to $100 in labor and $50 in parts for an air filter job. In most cases, you simply open the hood, remove the top of the air filter housing (held in place with screws or clips), replace the filter, and reinstall the housing. All you’ll need is a screwdriver and a new filter, and you’re good to go.
- Average dealer cost: $150
- DIY cost: $25
- Total savings: $125
Of course, when thinking of approaching a DIY job, comfort is key. If you’ve never looked under the hood of a car before, don’t push yourself to do a job that might be more complex than just pulling out a new bulb and replacing it. As you gain confidence you can try more involved jobs, but be sure to always focus on your own safety first.
Richard Reina is the product training director at CARiD.com and has been an auto enthusiast since the age of two, when his dad taught him the difference between a Chevy and a Ford. Since then, it’s been cars all the time. He enjoys restoring and driving old cars, with a special love for anything Italian – he currently owns a 1967 Alfa Romeo.
Related Articles
- 11 Simple But Vital Home and Auto Maintenance Tasks That People Often Forget
- Nine Reasons to Ignore the New Car Ads and Buy a Used Vehicle Instead
- 15 Simple Driving Tactics That Will Save You Money and Time
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How to Take Time Off When Self-Employed
By Sarah Landrum Most people assume the self-employed professional can take off whenever they please or take work with them, combining business and pleasure as a luxury traditionally employed folks don’t have. That’s a myth. With time and technology at your fingertips, you’re busy trying to take advantage of every second you have to make […]
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