MAKE MONEY ONLINE POSTS: 12/30/19

الاثنين، 30 ديسمبر 2019

If You Live in Maine, Here’s an Easy Way to Get a Free $25 Amazon Gift Card

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Who couldn’t use an Amazon gift card? I mean, seriously, you can get everything on there.

Get this: A company called Arcadia Power is handing out a free $25 Amazon gift card when you try out its free service.

(It’ll help relieve some of your guilt about that lamp you decided you needed.)

How to Get a Free $25 Amazon Gift Card in 2 Minutes (Seriously!)

Energy-saving company Arcadia Power wants to help Maine residents use cleaner energy and save money on their electric bills.

All you have to do is connect your utility account, and Arcadia will tell you if it can lower your electric bill.

Financial services worker Rebecca Rindler signed up for Arcadia Power. She didn’t think much of it then, but about three months later, she got an email from Arcadia that it found her a better deal.

“Basically, I did nothing,” she says. She estimates she saved $120 on her electric bill in a year.

Even better? Right now, when you activate your free account, Arcadia Power will send you a free $25 Amazon gift card.

Hello, Wish List.

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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12 Tips for Negotiating the Best Deal on Your Car Lease

Many personal finance blogs will tell you leasing a car is a bad move, but that’s not to say it may never make sense for you.

Maybe you like the idea of not having to worry about increasing repair costs. Maybe you don’t want the hassle of selling a used car down the road. Heck, maybe you just like the idea of driving a shiny, new car every few years.

The whole point of managing your money smartly is so you can afford to live the lifestyle you want. If you’re willing to cut back in other areas to budget for an auto lease, that’s your prerogative.

That said, plenty of people have gotten themselves into financial trouble by negotiating a car lease without doing their research first.

12 Tips on How to Negotiate a Car Lease

From the fairly basic to the more advanced, these 12 tips can help you get the best deal. Here’s how to negotiate a car lease like a pro.

1. Know Your Numbers

A lease has more components than just the price of the car, so make sure you sit down ahead of time and figure out how much you’re able (and willing) to spend on:

The down payment
The total cost of the car (known as the “cap cost”)
The mileage limit (i.e. how many miles your lease allows you to drive per month before the lease company charges excess-mileage fees)
The buyout or purchase-option price (i.e. what you must pay at the end of the lease if you choose to purchase the car).

If you have a vehicle you plan to trade in, visit Kelley Blue Book to find out how much it’s really worth so the dealer doesn’t shortchange you.

2. Know What You Want

Showing up at a dealership without a particular car in mind is like showing up with a sign around your neck that reads, “I’m open to the priciest option you can sell me!”

Do your research ahead of time to find out what makes and models are the best for your needs, and also give some serious thought to the options you can’t live without and those you can.

Showing up knowing your stuff keeps you from getting pushed into more car than you need — and it also sets a solid first impression that you’re on top of things and not likely to be easily persuaded.

3. Get Quotes Ahead of Time

Try contacting a dealership’s internet sales department to get a quote before you visit the lot.

It’s pretty hard to let a salesperson lowball you when you already have a quote in hand from their dealership.

4. Test-Drive the Dealership (and the Salesperson)

Most of us check out online reviews before trying out a new restaurant. Why shouldn’t you do the same when you’re about to visit a place where your financial future will be up for debate?

Edmunds.com offers a dealer ratings and reviews page where you can read other customers’ experiences at area dealerships.

It also has this clever strategy for checking out potential salespeople. (Did you know you could do that?)

5. Check Dealership Inventory

If your ideal car is in stock (read: sitting on the lot taking up valuable space), you’ve got an immediate upper hand in negotiating a car lease.

If a salesperson has to get a car for you from another location, they can play the “I’m doing you a favor by going out of my way” card.

But if you’re offering to take a car off their hands, you can play the “I’m doing you a favor by helping you move this off your lot” card.

You can check local dealership inventory here.

6. Go on a Good Day

The old saying “Never shop on an empty stomach” doesn’t only hold true for grocery stores.

If you visit a dealership when you’re feeling off your game (hungry, sick, tired, etc.), you’ll be less clear-headed and easier to push into a bad deal because you’ll want to just get things over with.

Go when you’re feeling rested and ready to handle the stress of negotiations.

7. Bring Backup

Even if you feel fairly confident in your negotiating skills, it always helps to have someone along to keep you on track.

Whether it’s a friend, family member or a co-worker who’s good at looking intimidating, bring someone who can point out the pitfalls of a potential deal, remind you of your original budget goals and prevent you from falling for any sweet-talk trickery.

8. Keep Your Phone Out

Plenty of apps can give you real-time assistance with how to negotiate a car lease — even during the conversation.

TrueCar shows you what other customers have paid for similar cars at a dealership.

The Cars.com app (found in the iPhone App Store and on Google Play) lets you compare in-stock vehicles at several local dealerships side by side and also helps you calculate loan terms based on current negotiations or your budget.

The Kelley Blue Book app (for iOS, Android and Windows phones) can even show you all current sales, incentives and rebates in your area for a particular car.

Not only do these apps help you be armed and ready, but they send a clear signal to the salesperson that you’re not someone they can take for a ride.

9. Check the Date

Chances are, there’s one key bit of information you’ve likely been overlooking as you browse cars at the dealership, and it could give you extra leverage: the manufacture date.

We all look at a car’s window sticker, which tells us things like price and miles per gallon, but don’t forget to check out the manufacturer’s sticker (usually found on a vehicle’s driver’s side door). On the upper left-hand corner of the sticker, you’ll see a date and month, which tells you when the car rolled off the production line.

The further in the past that date is, the longer the car has been sitting on the lot — and the more the dealer has had to pay carrying costs on it. Meaning: They’re ready to get rid of this car.

10. Negotiate a Car Lease Like a Purchase

One of the easiest ways to get roped into agreeing to spend more than you want is by focusing only a lease’s monthly payment. This gives the dealer leverage to zing you on other lease terms. (See this diagram of the “cash flow shell game” to see how this works.)

To get the best deal, negotiate the cap cost first, as though you intend to purchase the car outright.

In fact, don’t even mention leasing until you and the dealer agree on a price. Once that’s settled, then you can bring up financing options (which include leasing).

11. Learn the Tricks of the Trade

We all know that when a salesperson says he has to go in the back to “check with his manager,” chances are he’s playing good cop/bad cop with an imaginary person to sweat you out. But that’s not the only sneaky tactic up his sleeve.

12. Be Ready to Walk Out

If you seem to be getting nowhere with a salesperson, don’t be afraid to simply leave.

One of two things will happen: The salesperson will panic and stop you halfway out the door to try sweetening the pot, or he’ll let you leave — in which case you can go find a dealership that is willing to work with you.

Kelly Gurnett is a contributor to The Penny Hoarder.

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Why Guaranteed Income for Life Might Not Be Such a Great Deal

Guaranteed income for life sounds like a great deal. That’s what many annuities promise, yet nothing is ever as good or as easy as it seems.

What is an annuity? An annuity is a contract between you and an insurance company where, in exchange for paying them a sum of money, they agree to provide a steady income stream.

The point of an annuity is to keep you from outliving your assets. The money coming in can act like a paycheck during retirement. In some ways, they are like pensions, providing a set amount of income in exchange for cash.

Annuities aren’t investments; they’re contracts. Like many contracts, they can get complicated.

“People say they’re confusing and they can be,” said Andrew Barnett, a certified financial planner with GFA Wealth Design based in Fort Myers, Florida. “They’re just not easy to understand and not easy for professionals to understand.”

What Is an Annuity and How Does It Work?

When you purchase an annuity, you either pay a lump sum or agree to make a series of payments over time. Disbursements can begin almost immediately or at some designated point in the future. The payouts often last the lifetime of the policy holder.

The funds accrue tax-deferred, so you pay taxes on the proceeds when you receive the payments. There is no contribution limit, but contributions do not reduce your taxable income. There is a penalty if you withdraw funds before age 59 ½.

The ability to defer the taxes is a benefit of annuities. Many people anticipate their tax brackets will be lower when they retire than they currently are.

“The big difference between saving and investing with a bank and doing it with an insurance company is with a bank, the interest is paid out and taxable every year,” Barnett said. “Even if you reinvest it and don’t take it, banks issue a 1099 at the end of the year and you get taxed on the interest. With an annuity, you don’t get taxed until you take the money out.”

Annuities became popular during the Great Depression from 1929 to 1933 when people worried about the volatility of the stock market and wanted guaranteed income. As traditional company pensions became less common, annuities gained traction.

Annuities are insurance policies. Like any other insurance policy, an annuity transfers risk from the owner of the policy, called the annuitant, to the insurance company. The amount of the payout depends on the life expectancy of the person buying the policy. The younger you are when you start receiving income from an annuity, the smaller the payments will be since the payout is usually for a lifetime.

When you buy an annuity, you decide if you want income for a guaranteed period of time (called a period certain annuity), a lifetime, or a combination of both.

Some lifetime annuities have a rider that allows a beneficiary to receive a payout for the remainder of their lives should the primary policy holder die first. These are called joint and survivor annuities and are popular for married couples.

Types of Annuities

There are many kinds of annuities, but most fall into several general categories based on how they pay out and how they earn their money. The methods of payout are either immediate or deferred, and the earnings are fixed, variable or indexed.

When Do Annuity Payments Start?

An immediate annuity begins paying out almost immediately after you pay the premium. Sometimes, the waiting period is about 30 days. Because of the quick payments, immediate annuities are popular with people who are either very close to retirement or already retired.

Deferred annuities begin paying out sometime in the future and accumulate funds, tax-deferred.

How Do Earnings Work?

In addition to choosing the payout time frame, people buying an annuity need to decide how it will grow and the amount of risk they are willing to take.

A fixed annuity pays a guaranteed amount based on a fixed rate and is relatively low risk. The returns are modest, and the insurance companies invest the funds in bonds and other high-quality fixed income investments.

Barnett compares a fixed annuity to a bank certificate of deposit, with a term and a set interest rate. “Instead of going to a bank, you go to an insurance company, and typically the insurance company might pay a little more than a bank,” he said.

Increasing the risk is a variable annuity where payouts are based on the performance of the investments. The policy holder can choose a variety of mutual funds to invest in, much like they would with a 401(k). Funds usually go into sub-accounts and the overall return is based on how all those sub-accounts perform.

Indexed annuities are a bit of a combination of both fixed and variable annuities with a mix of risk and reward.

With an indexed annuity, there is a possibility of a higher payout based on the performance of a market index, usually the S&P 500, but the gains are capped at a certain percentage.

“It’s not an unlimited upside, it’s always limited.The insurance company will tell you if you ask, for example this can only make 3% a year, if the market goes up 40%, you only get 3,” Barnett said. “So the insurance company is taking the risk for you and they’re taking some of the profits, and you have to be OK with that.”

No matter what type of annuity you have, the principal will be tied up for a period of time and you will not be able to access it. If you want to terminate the policy or get to the money, there are hefty surrender charges.

How Annuity Fees Work

In addition to being somewhat confusing, annuities are often panned because of their high and complex fee and cost structure.

There are usually no fees for fixed annuities. Companies often build fees into the other types of policies, so you won’t see them taken out or called fees like you may in other types of retirement accounts.

“It depends on how you think of a fee,” Barnett explained. “If they tell you the cap is 3% and the index goes up 6%, that’s basically a 3% fee.”

For every customization and add-on, like a guaranteed death benefit, guaranteed withdrawal benefit, addition of a spouse, etc., there is an extra cost, usually a percentage of the proceeds.

Is an Annuity Right for You?

In general, annuities are good for people with a family history of longevity who are concerned they might outlive their assets and want to guarantee income.

People who want to defer taxes might also like annuities.

“Any growth that you have is non-taxable until you take the money out, which is great,” Barnett said.

People who have accumulated substantial assets and aren’t concerned about running out of income aren’t good candidates for annuities, nor are people with health problems that could make it unlikely they will outlive their assets.

Losing out on possible wealth accumulation is also a downside. Insurance companies make their money by investing your money and often paying you less than if you were investing it on your own, reducing your potential wealth.

“If the market went up 10% a year, you could buy a mutual fund and get that 10%,” Barnett said. “But if you have your money in an annuity with 4% fees, now you only get 6% a year. That’s really going to end up reducing your wealth, in the long run.”

Barnett also warns that annuity salespeople earn high commissions selling annuities and often push their products hard, making everyone think they must have an annuity.

“I don’t have anything against paying for insurance if it’s something that you need or something that you feel strongly about, you’re willing to pay for it, and you understand what the cost is,” Barnett said. “Make sure you do your homework, and whether you engage a financial planner to help you or you do research on your own, don’t rush into anything.”

Tiffani Sherman is a Florida-based freelance reporter with more than 25 years of experience writing about finance, health, travel and other topics.

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5 Strategies That’ll Help You Beat Uber’s Surge Pricing on New Year’s Eve

After the ball drops and the bubbly pops to ring in the new year, the last thing you want to think about is how you’re getting home.

But New Year’s Eve is notorious for auto accidents, and about 36% of fatalities during the holiday period in 2017 involved drunken drivers, according to the National Highway Traffic Safety Administration.

I’m not going to tell you not to go out and have a great time with your friends. But New Year’s Eve is one of those events I call an “amateur night”; there’s a lot of alcohol and not a lot of thinking about your own tolerance levels. Everyone’s focused on celebrating. And that’s cool.

But since we know many people are going to get sloppy, it’s important to plan your New Year’s Eve travel before the big night.

You probably know that if you take Uber after the clock strikes midnight, you’ll likely have to deal with Uber New Year’s Eve surge pricing, the increase in standard ride fees that occurs during high-demand periods.

But is paying more the only way to get a safe ride home?

Use these tips to plan what could be the most inexpensive part of your night out — because, let’s be real, you paid way too much to go to that fancy New Year’s Eve party.

5 Ways to Avoid Uber Surge Pricing on New Year’s Eve

1. Play the System

Everyone has a friend who installs every ride-hailing and ride-sharing app imaginable on their phone and flips through them until they find a price they like.

Be that friend on New Year’s Eve.

Download Uber, Lyft, Via or whichever app floats your boat. Fill ’em up with your billing info so you’re ready to go on the big night, then start scanning the competition. By having multiple options, you increase your chances of avoiding surge pricing.

2. Stock Up on Promo Codes

Have a promo code for a discounted or free ride? Make sure it’s applied to your account before you start cracking open bottles of champagne.

Ride-hailing and ride-sharing companies may black out some referral codes or promo offers on their busiest nights of the year, but it’s always good to be prepared.

3. Plan Your Trips to Anticipate Costs

Historically, the cheapest times to take Uber early on New Year’s Day are right after the ball drops around midnight and again after 3 a.m.

Want to stay out late, but not that late? Wind down the night at a friend’s place so you don’t spend money at a bar until closing time.

4. Walk a Few Blocks

If you’re with a group or in a busy, well-lit area, it may be worth walking a few extra blocks to get a ride in a surge-free zone. Use an app like SurgeProtector to see the surge territory near you and whether it’s worth hoofing it a bit.

Be prepared for every zone to be a surge zone at some point on New Year’s Eve and early on New Year’s Day, though.

5. Take a Cab

Standing on the curb trying to flag a cab after midnight on Jan. 1 will be frustrating at best.

Before the festivities begin, find out if your local taxicab commission has an app of its own. You may not save money by hailing a regular ol’ cab from your phone, but you’ll be able to stay warm while you’re waiting — and you won’t have to shout over the crowd to call dispatch.

Lisa Rowan is a former senior writer and producer at The Penny Hoarder.

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What’s In Store for the Gig Economy in 2020? Here’s Our Take

We live in a curious time of record-setting stock market highs, job openings and employment numbers, yet wages are largely stagnant. Meanwhile, basic costs of living are soaring.

So what do we do? We take out our smartphones and download a side gig, duh.

As a staff writer at The Penny Hoarder, I keep up with the ever-changing nature of the gig economy. I track trends, vet new gig companies and apps and highlight unique side hustles. In my reporting, I’ve noticed that people seem to flock to gigs out of necessity and/or convenience.

As the gig economy roars into another decade, here’s what to what to watch for.

Gig Economy: A Trendy Phrase for an Age Old Concept…

The first printed usage of the term “gig,” in the moneymaking sense, is often attributed to a British music magazine Melody Maker, which used the word in 1926 to refer to a paid musical performance. It’s easy to see how the term was co-opted to describe short-term and temporary work in a broader way.

But the concept of “gigs” existed long before the century-old colloquialism.

“All over the world, and in parts of the world that don’t have a more formal economy, this is how everyone has been making a living for generations and centuries,” said author and podcaster Chris Guillebeau, who spoke to The Penny Hoarder ahead of his new book 100 Side Hustles. “All those people are entrepreneurs, whether they call themselves that or not.”

…But We’re Still Working Out the Definition

Here’s a fun exercise: Ask several friends to define “side gig” or “side hustle.” It’s likely all of them will come back to you with a different answer.

The problem plagues economic researchers, too. It’s hard to quantify a sector of the economy we don’t know how to define. Should it include second jobs? Is it any income outside of main employment? Wait a minute, you have no main employment, and your income stems from six different projects?

More inclusive definitions equate gig work with freelancing. According to a comprehensive annual study commissioned by the Freelancers Union and Upwork, more than 50 million Americans were a part of the freelance economy in 2019. The Federal Reserve released an economy well-being report in the summer that pegged the number closer to 80 million.

The real number is likely in between the two extremes. But one thing’s for sure: The gig economy is big — and it’s growing.

Yes, It’s Real Work, and You Should Put It on Your Resume

The resume as a chronological list of relevant job experience is becoming a thing of the past.

But you may not feel confident explaining your gig experience when applying to jobs in the traditional job market. You may wonder whether your experience dashing from restaurant to customer to restaurant counts as job experience at all.

It certainly feels like work. But do hiring managers view it the same way? I asked career experts from Goodwill, the Society of Human Resource Management and the University of South Florida to weigh in. They were loud and clear: include gig experience on your resume.

To better highlight your gig experience, drop the bolded job titles and employment dates. Instead, focus on your accomplishments. Tell exactly how you maintained that five-star driver status.

Describe your “transferable skills” on your resume and during job interviews. These are skills you picked up from your gig that are relevant to the position you’re seeking.

Gigs Are Going Digital, and It’s a ‘Wild West of Working’

Gig apps are often advertised as ways to break the 9-to-5 chains, allowing us to work whenever and wherever we want. The reality isn’t nearly so liberating.

I recently spoke to Dr. Alexandrea Ravenelle, a gig economy researcher, author and professor of sociology at the University of North Carolina, about hustle culture and the dark side of the gig economy.

“When we have gig workers going from one job to another job and constantly running around and hustling,” she said, “that’s a prime situation for burnout.”

According to federal reports, Americans are increasingly using money from gigs to cover basic necessities. That, too, is a recipe for disaster.

Pro Tip

To avoid the never-ending hustle, your side gig needs an exit plan.

As much as possible, Ravenelle says not to use money from gig work to cover bills like rent or food. If that’s where you’re at, a part-time job is likely a better option. At the very least, the pay is predictable and you’ll have basic rights if you get harassed or injured on the job.

“There are no protections for these workers because they’re [independent contractors], and they’re outside the protection of workers comp. They’re not protected by OSHA,” she said. “It’s very much a sort of Wild West of working.”

California’s New Law Could Define the Future of Gig Work

California is a microcosm of the pros and cons of gig work. It’s the most populous state with some of the highest living expenses. It’s also home to the most popular gig companies: Uber, Lyft, Doordash, Instacart, Caviar and several others are based out of San Francisco.

In 2019, debate engulfed the state regarding AB 5, a law that essentially reclassifies gig workers as employees of the hiring company if the worker meets certain criteria.

Under the law’s definition, a large portion of California gig workers are expected to become employees, meaning employers will soon have to pay Social Security taxes and provide workers comp and other basic workplace protections.

“It could be disastrous for their business plan,” Ravenelle said.

And the gig companies know this. Uber and Lyft together pledged to spend $90 million on advertising to oppose the bill.

I was in San Francisco on the evening California legislators passed AB 5. Several gig companies sent out emails that night and the following day, urging their drivers and couriers to call the governor and tell him not to sign the bill into law.

California Gov. Gavin Newsom signed AB 5 anyway. It’s slated to go into effect in January.

The major gig companies are already fighting it. Tony West, Uber’s Chief Legal Officer, said in a public phone call that he believes AB 5 doesn’t apply to Uber.

“Contrary to some of the rhetoric we’ve heard, AB 5 does not automatically reclassify any rideshare drivers from independent contractors to employees,” West said. “AB 5 does not provide drivers with benefits, nor does it give drivers the right to organize. In fact, the bill currently says nothing about rideshare drivers.”

Depending on how the law rolls out in 2020, other states could use AB 5 as a roadmap for similar regulations on gig work.

We’ll be keeping a close eye on it either way.

Adam Hardy is a staff writer at The Penny Hoarder. He specializes in ways to make money that don’t involve stuffy corporate offices. Read his latest articles here, or say hi on Twitter @hardyjournalism.

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Best Document Management Software

Document management software has become a crucial component of running a business in 2020. So many organizations are either going paperless, have remote employees, or both.

These new trends make it unrealistic to keep documents and paperwork in physical filing cabinets or boxes in an office.

Document management software allows you to declutter your office, improve security, and access files or data from anywhere. This software also enhances efficiency when sharing documents or collaborating with team members.

Are you ready to digitally upload, track, and securely archive your documents? You need document management software to achieve this.

Whether your company is going paperless, or you just want to digitize your records for improved organization, this guide has everything you need to know about DM software (DMS).

The 7 Best Document Management Software

There are hundreds, if not thousands, of document management solutions on the market today. Cloud storage tools like Google Drive or Dropbox could technically fall into this category as well.

But for the purpose of this guide, I focused on DMS for businesses. For this instance, there are really only seven solutions that I would recommend.

The reviews below include a brief summary, features, benefits, prices, and any potential drawbacks of each software. Use this as a resource to find the best document management software for your unique situation.

eFileCabinet

efilecabinet

eFileCabinet is one of the best document management solutions on the market today. Since 2001, this company has helped individuals, small business owners, and enterprise-level companies organize data and files online.

The software makes it easy for you to stay organized and find a document, regardless of how many you have on file.

You can search for documents or locate them based on folder templates or pre-defined file names. eFileCabinet also keeps a portfolio of your most used documents for quick access.

The eFileCabinet solution does all of the hard work for you. Simply upload a document, and the software will file it for you. The automated workflow streamlines your time-consuming tasks to improve efficiency in the office.

All of your documents can be accessed from anywhere with a web browser or mobile app. You can upload documents directly from your phone using the camera on your device. eFileCabinet also allows you to sign contracts.

One of the biggest standouts for this solution is the collaboration features. The system allows you to create different levels of security, so only certain people can access data.

eFileCabinet has encrypted file sharing and requests, two-factor authentication, and role-based permissions. You can even set IP or location-based authentication.

The software integrates with popular third-party services like DocuSign, Salesforce, and Microsoft Office.

Here’s an overview of the plans and price points for eFileCabinet:

Starter — Starting at $15 per month (25 GB of storage)
Advantage — Starting at $55 per month (1 TB of storage)
Business — Starting at $99 per month (5 TB of storage)
Unlimited — Starting at $199 per month (Unlimited storage)

All prices are listed per user and billed on an annual basis. Once you upgrade from the Starter plan to Advantage, you’ll need to pay for a minimum of three users.

I’d only recommend the Starter plan to individuals. Sole proprietors or very small businesses can probably get away with the Advantage plan, but the Business package will likely be the best for the majority of you.

With eFileCabinet, you get to choose if you want your storage either on-site or on the cloud. Personally, I prefer the cloud storage. But there are advantages to on-premises as well.

M-Files

mfiles

M-Files represents the future of document management. The software leverages AI technology to automate your organizing process.

When you upload content to M-Files, the platform automatically organizes the data based on what it is, as opposed to just where you want to store it.

You even have the ability to connect M-Files to your existing network and systems to protect your information and categorize everything with AI, automatically and securely.

Another top benefit of M-Files is that they offer industry-specific solutions. Some popular industries that they service include:

Financial services
Construction and engineering
Oil and gas
Real estate
Manufacturing
Professional services

M-Files is great for larger teams that need to access documents at different times. If someone on your staff needs a file that was uploaded and saved by another colleague, they won’t need to search through different folders to see what the document was saved as.

With AI technology, all you need to know is what type of document you’re looking for. Then you can organize the content based on criteria like project title, author, customer, or expiration date.

M-Files will automatically detect duplicate content. Rather than having multiple versions of the same or slightly different documents on your storage system, it will automatically update the latest document to one singular file. This way you always know that you’re viewing or working with the latest version.

With M-Files, you can store a wide range of document types, including emails. The software also allows you to collaborate with external users who don’t have M-Files. That content can be shared as a secure link.

M-Files offers cloud storage, on-site storage, and hybrid storage solutions as well.

You can try M-Files free for 30-days by filling out a form on their website. Pricing for M-Files is not listed on their website. You need to contact their sales team to inquire about a custom solution.

Templafy

templafy

Templafy is a relatively new DMS. After launching in 2014, they have been providing all-in-one document management solutions for enterprises all over the world. It’s designed specifically for large businesses and helps streamline tasks to save time when it comes to storing and accessing files.

More than 300 enterprises across 80+ countries use Templafy for document management. This translates to more than one million users.

Using intelligence software, Templafy will automatically show the most relevant content to each employee based on their usage and position.

Your marketing team doesn’t need to see accounting documents, and vice versa.

One of the biggest pain points with DMS, in general, is having to create new documents using another platform. Templafy eliminates this pain point by giving users the ability to create and edit new content directly within the system.

Both new and uploaded content can all be managed in a simple and singular feed on your dashboard.

Templafy’s cloud storage software means you can access documents from anywhere, including on your smartphones and tablets.

You can integrate Templafy with Microsoft Office 365, G-Suite, and other platforms that you’re using to run your business on a daily basis. You can even integrate Templafy with CRM solutions like Salesforce or Microsoft Dynamics.

Big brands like Pandora and IKEA trust Templafy to manage their documents with enterprise-grade software.

In addition to managing documents and files, Templafy has solutions for maximizing employee productivity and creating an evergreen IT infrastructure.

Security is another top benefit of using Templafy. You and your team can securely store and access content from anywhere, using any device, whether you’re online or not.

Like most enterprise software, Templafy provides custom solutions for each unique company. So they don’t list any prices online. You can try Templafy for free before you commit to a contract by reaching out to their sales team.

DocuWare

docuware

For those of you who are looking for a high-quality cloud-based solution for document management, look no further than DocuWare.

This DMS is unique because it has specific solutions for tasks within your business processes:

Document management
Invoice processing
Employee management
Sales
Marketing

DocuWare has everything you need for digital transformation and going paperless using cloud technology.

This is another software that’s used by large businesses and enterprises. Sony, Toshiba, Levi’s, and Kellog’s are just a handful of their most well-recognized customers.

But with that said, DocuWare stands out as a top option for small and medium-sized businesses as well.

Small business owners can use DocuWare to automate their digital workflow, securely organize and store documents, and automate certain tedious tasks.

DocuWare allows you and your staff to edit or annotate documents directly on the platform. Not every DMS on our list gives you this capability.

I like DocuWare because it has features designed to connect remote employees and your deskless workforce. Anyone can easily access content at home or on the go from any device.

More than 12,000 businesses in 90+ countries trust DocuWare for document management. So you know that the company is legitimate with a track record like that.

It has specific use cases for things like contract proposals, finance processes, and HR tasks as well.

The pricing for DocuWare follows a common theme in this guide. They offer a free trial, but you need to contact their customer support team directly for a custom quote.

Hightail

hightail

Hightail is a document management solution with a specific purpose—sharing and collaboration.

Other DMS on the market have features for file sharing as well, but Hightail takes this to the next level.

I recommend Hightail to businesses that need the ability to send large files securely.

Sharing is simple. Just drag or upload a file from your device or cloud storage solution into your Hightail account. Enter the information for who you want to share it with, and automatically send an email notification to the recipient.

With Hightail, you’ll be able to track the delivery and downloads of content you shared. So you know exactly who opened it and when.

Hightail lets you send files of up to 500 GB. You can add password protection to files and set expiration dates as well.

Here’s an overview of the plans and pricing for Hightail:

Lite — Free

100 MB file send limit
7 day file expiration
Comments for feedback enabled
Sync from third-party integrations

Pro — $12 per month per user

25 GB file send limit
Configurable file expiration
File previews enabled
Send tracking and delivery notifications
Password protection
Phone and live chat support

Teams — $24 per month per user

50 GB file send limit
Custom branding
Organization and archiving tools
Version control with side by side comparisons
Real-time discussions for collaboration
Members management

Business — $36 per user

500 GB file send limit
Enterprise-grade security
Dedicated customer support team
Organizational level permissions
Admin reports

As you can see, the pricing is largely based on the file sending limits. But the features get significantly better with each plan as well.

The free option is actually pretty good if you don’t need to send huge files, and even the entry-level Pro plan is suitable for a number of individuals.

If you’re interested in a paid plan, you can try Hightail free for 14 days.

MasterControl

mastercontrol

MasterControl is a DMS made for businesses where security is a top priority and concern. Certain industries have strict regulations for companies to comply with.

MasterControl understands those compliance concerns and created a document management solution that meets any security requirements.

One of the top features of MasterControl is its ability to track changes and revisions. If a document needs to be reviewed by a particular person, you can schedule a time and send out reminders as well.

MasterControl can also limit revisions based on access. You have complete control over who can make changes to a document.

You can also create custom watermarks, sequential numbering, and location tracking to control copies of your files.

MasterControl is 21 CFR Part 11 compliant. This means that documents have a time-stamped audit trail, as well as e-sign functionality that complies with federal regulations.

Another unique standout of MasterControl is its learning center. You’ll have access to tons of free videos, documents, and other resources to educate you about the platform and security compliance in general.

If you need enterprise-grade security for document management in a strict industry, MasterControl will be a top option for you to consider. Contact their sales team for a custom quote.

PaperTracer

papertracer

PaperTracer has solutions for small, medium, and enterprise-level businesses. It’s a simple solution for document management.

With PaperTracer, you’ll have the ability to automate your contracts and digitize all of your documents in a centralized database. PaperTracer has tracking and reporting capabilities and HIPPA compliant solutions as well.

Your document management solution is completely customized. You can benefit from a cloud-based implementation with end-to-end workflow solutions.

E-signature capability is also available with PaperTracer.

PaperTracer is a top solution for businesses in healthcare and legal industries.

Here’s a brief overview of the available plans, although all pricing is customized.

Small

Up to 10 users
Electronic signing
Searchable database
Upload and scan to PDF
Advanced reports and dashboards
Input forms

Mid Size

Up to 100 users
Contract authorizing
Custom fields
Custom workflows
Implementation

Enterprise

Unlimited users
Unlimited input forms
Single sign-on

Demos and free trials are available for all three plans. I’d recommend PaperTracer for small and medium-sized businesses. While they do have an enterprise-grade solution, there are better options for that on our list.

How to Find the Best Document Management Software

Choosing a document storage solution can be challenging if you don’t know what to look for. There are certain features and benefits that you need to keep an eye on when you’re evaluating a prospective software.

I’ll show you the methodology that we used to come up with the choices in this guide. You can use the same system to help narrow your search.

Storage Location

In most cases, document management solutions are either cloud-based or on-site. Some companies offer just one, while others let you choose which one you prefer.

For example, eFileCabinet offers both on-premises and cloud-based storage. M-Files has both as well, and also has a hybrid solution. Other solutions, like DocuWare are completely cloud-based.

I personally prefer cloud solutions because you can access content from anywhere. But for security reasons, some companies want files stored locally on their network.

File Sharing and Collaboration

What can you do with your files once they are uploaded and stored? While organizing files is obviously important, it’s useless for some companies if the documents can’t be shared with teams or external users.

Look for a DMS that accommodates your internal needs for editing or collaborating on files. Features like automated version updates and in-platform editing capabilities are crucial here.

The size of your files will also depend on which solution is best for your business. If you need to share large files, Hightail is the best choice.

Security

Most business-related files and data are sensitive. So it’s important to have a document management solution that can securely store information.

Some solutions offer access permissions based on individual clearance levels or even location.

Other platforms specialize in compliance for unique industries, like healthcare, legal, or government businesses.

Price

Pricing for DMS is usually based on storage limits and users. At each price tier, you can expect the plan to have additional features and benefits.

The majority of the solutions on this list offer custom plans and pricing. So to get a better idea of how much your document management software will cost, you’ll need to consult with a sales representative.

For those of you who are looking for a cost-effective solution and instant sign-ups, eFileCabinet will be a top choice for you to consider.

Integrations

Ideally, you want to find document management software that works with the platforms you’re already using. Whether it’s CRM like Salesforce, or document editing and creation software like Microsoft Office 365, certain platforms have a wide range of integrations for you to choose from.

However, other solutions that are niche-specific are a bit more limited. So make sure you use software that will actually benefit your workflow process.

Conclusion

Document management software is extremely diverse. Each solution offers unique benefits for businesses based on size, industry, or specific needs.

What’s the best document management software? It’s impossible to say since every option is so different. Here’s a quick recap of the platforms reviewed above:

eFileCabinet — Best administrative controls and third-party integrations.
M-Files — Best document management software for automated organizing with AI.
Templafy — Best enterprise-grade document management software.
DocuWare — Best cloud-based DMS for small to medium-sized businesses.
Hightail — Best document management software for sending large files.
MasterControl — Best DMS for strict security and compliance standards.
PaperTracer — Best for small or medium-sized legal and healthcare companies.

If you’re looking for a basic all-in-one document management solution, eFileCabinet will probably be your best bet.

But for those of you with unique circumstances and needs, you can find custom software from one of the providers on our list.

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Mailbag: Questions About Job Switching, Sharing a House, Tea, Roth IRAs, and More!

What’s inside? Here are the questions answered in today’s reader mailbag, boiled down to summaries of five or fewer words. Click on the number to jump straight down to the question.
1. Quitting my job
2. Used electrical items
3. Telling family about illness
4. Group living to save money
5. Resolution of better family communication
6. Library book sale question
7. Making tea cheaper
8. Roth end of year contribution?
9. Window scraping solution
10. Weird scam
11. Extra candy around the house
12. Speaking engagements

Each year during winter break, Sarah and I usually plan out our family’s summer vacation for the following year. Where will we go? What will we do there? How do we get there?

Usually, our trips are planned with a destination, some lodging, one or two big things we want to do that we kind of lock in with tickets, a bunch of random ideas and no set itinerary.

While we haven’t firmly decided on a location yet, New York City, Glacier National Park, Grand Canyon and Washington, D.C, are on our shortlist. Our children are very pro-NYC, but Sarah and I are probably more in favor of a national park this year.

It’s fun to plan and dream. On with the questions!

Q1: Quitting my job

Over the last few months the stress and pressure at my job has led me to decide to quit after the start of the year. I am a systems analyst. I have tapped my professional network for some quiet job leads and have some interviews coming up very soon. Some questions:

At what point should I tell my current job that I’m going to be moving on? Should I wait until I have an offer in hand?

What should I be preparing financially for this transition? This is my first job change after getting married and having a child which happened in fast succession in 2017 and 2018.

In general, how large should my emergency fund be?
– Bart

These are great questions and a strong sign that you are taking your responsibility to your new family seriously. Good work.

At your current job, I wouldn’t tell them about your job hunt until you’ve signed an agreement to work elsewhere. At that point, submit your notice at your current job. There’s no reason to tell them earlier if you’re leaving because you’re unhappy.

You should aim to make sure that there is no gap in your benefits as you move from one job to the next. As soon as you’ve got a job offer in hand, talk to your new employer about this to make sure there is no benefits gap.

I don’t really believe in saying that you should have a certain dollar amount in an emergency fund. Rather, I think you should aim to have a month of living expenses for each person dependent on you, including yourself. To fund that, I would set up an automatic transfer from checking to a savings account somewhere, transferring a little each week, and never turn it off. To get it going, you can definitely add more cash, but after that, just forget about it until you need it.

Q2: Used electrical items

I’m surprised that you recommend buying used electric items like toasters and slow cookers. I wouldn’t allow such fire hazards into my home.
– Erica

I don’t believe that there is significant additional risk in using used electrical items, no more than using an item you’ve used many times in your own kitchen. Most used electrical items are things that people used a few times, put in the closet for a few years, and then donated to free up space. That doesn’t constitute a fire hazard.

I probably would avoid any electrical item that looked old or heavily used at a secondhand store or a yard sale, but I rarely see items like that anyway. Sure, they turn up, but most of the stuff I’d actually pick up is more along the lines of “used a few times, then stored away, then sold.”

The wiring of most small appliances is so simple that unless I see a frayed cord, I don’t worry about them being a fire hazard. Most of them will throw a breaker rather than causing an actual fire hazard.

In short, the risk is so small that it’s just not worth worrying about it to me. It is a good practice to leave small electrical appliances unplugged when not in use, though, whether they’re new or used.

Q3: Telling family about illness

I was diagnosed with stage 3 renal cell carcinoma in mid-December. My doctor believes that it is treatable and I am to have two surgeries in January. I have decided not to tell my family until at least after the surgery and have been getting my affairs in order in case the surgery doesn’t work.

My lawyer is helping with the estate plans and has encouraged me to think carefully about when to tell everyone. I have read The Simple Dollar for many years and loved your honest advice to so many. I would love to hear your thoughts on this.
– Mary

Thank you for your kind words.

My opinion is that it really depends on the relationship you have with your children and what kind of people they are. Since this is not a terminal diagnosis, I think you don’t need to tell them at all if you don’t want to. You can also simply tell them that you’re having a minor surgery, too.

To be honest, I’d probably be much like you if I were in that situation. I strongly suspect I’m going to be very hesitant to tell my children about my medical concerns unless those concerns are very life-threatening. I wouldn’t want to worry them. If that’s where you’re coming from, and it does sound like what you’re thinking, it’s a completely acceptable and normal response.

I will say that if you do tell them, it’s probably a good idea to tell them (at least the ones you’re on good terms with) all at once or in very rapid succession. If you need a break between telling each child, ask the first ones you tell to not say anything for a day or two to give you time to do it. Telling one child and not another can end up causing other family conflicts, even if you don’t directly see them.

I guess, all I can say is what I would do in your shoes, with what I think my kids are going to be like as adults. I probably wouldn’t tell them of this unless it appeared to be life-threatening. I might tell them of the surgery, but I would downplay the severity of it.

If it turned out to be a terminal diagnosis, I would tell them sooner rather than later so they would have time to adjust, time to understand the estate planning and time to do anything with me that they wanted to do before I passed. I’d probably try to do something meaningful with each of them after that point.

Q4: Group living to save money

What do you think about the idea of “group living”? Basically my sister’s family and my family have been talking about the idea of living in the same house to save money. How would that be set up?
– Anthony

All involved adults can jointly own the house and can all be named on the mortgage. That way, the risk is spread out and you all have actual ownership of the house.

I would guess that some interpersonal problems would eventually pop up, but if you talk them out and you have a strong underlying relationship, they can work themselves out.

You may want to have some kind of agreement between all of you as to what happens if one family wants out of the arrangement. Likely, this would involve “selling” their half of the property to the others and having the house refinanced. I’d probably advise having a contract amongst you that specifies something like this, so no one feels “ripped off” in that kind of situation. This is basically just to guard everyone involved against something messy happening down the road.

Q5: Resolution of better family communication

My big goal in 2020 is better communication with my family. I feel that as my kids have gotten older and my own career has taken some twists that we don’t communicate as well as we used to. I am having a hard time turning that idea into something meaningful or practical. Hoping you’ll have some good goal advice.
– Barry

My belief is that changes like this boil down to daily effort. There are a couple of different things you can do to address this kind of personal change.

One thing you can do is give yourself a daily task of having a meaningful, good conversation with each member of your family. Simply add them to your to-do list or put a reminder in your phone until it becomes a normal habit.

Another approach, one that I follow for more nebulous things like “communicate better,” is to remind yourself of the change in behavior a few times a day and then score yourself on how well you did at the end of each day. This is the system proposed in the book Triggers and it’s been really successful with me. When I’m trying to change a particular behavior, I remind myself of the behavior I’m trying to change a few times during the day.

I’d give one of these two systems a try, depending on what you’re specifically aiming for and what works best with how you get things done.

Q6: Library book sale question

Our library has a “winter book sale” each January. The way it usually works is that on the first day, you have to pay a fee to get in and then all books are $1. On the second day, there’s no fee, but all books are still $1. On the third day, you can bring in a canvas bag and fill it for $1. In past years I have always gone on the first day to get a few books and then on the third day to fill up a bag with the remnants. What would you do?
– Carla

Are there still a lot of good books available on the third day? If so, I’d just go on the third day. However, if most of the books I would be interested in were gone after the first day, I’d go on the first day.

If I didn’t know anything about the library, I’d probably do as you have done in the past. I’d go on the first day and buy anything that really stood out to me. Then, I’d go again on the third day and fill up a bag with books. However, I’d be watching the selection carefully on both days and I’d use that to figure out my future behavior.

I don’t think I’d stop on the second day in either case. It seems like a “worst of both worlds” — you’re getting a picked-over selection, but it’s still $1 per used book.

If you easily fill up a bag with books you’re excited to read on the third day, then I’d just go on the third day. If you easily find good books on the first day, but the third day is pretty dull, then I’d go on the first and then maybe stop by again on the third.

Q7: Making tea cheaper

I am addicted to a certain brand of bottled iced tea. I buy it by the case at Costco and go through it in about a week. Even by the case, it is pretty expensive, more than $1 a bottle. That seems too expensive. I am trying to come up with a system that isn’t too much work to do it myself.
– Ana

If I were in your situation, I’d start by saving a bunch of the tea bottles I was using. In the long run, I’d aim to replace them with wide mouth dishwasher safe reusable water bottles because they’re much easier to clean, but this will do for a start.

I’d get a big pot and start brewing tea a gallon or more at a time. Figure out what flavors you like, find a homemade tea recipe that matches it, and make it in large quantities. When it’s brewed, pour it into bottles with a pourable measuring cup.

Then, just keep those refilled bottles in the fridge, drink them as you like, save the bottles and wash them (that’s why reusable dishwasher safe wide mouth bottles are good), and make another batch once or twice a week.

Trust me, making a gallon or so of tea doesn’t take all that long. You fill up a pot with water, get it to boiling, add the tea, let it boil for a little while, kill the heat, add the sugar, let it cool, and bottle it. It’s the kind of task you can mostly do while doing other things, because most of the time there is merely waiting (waiting for it to boil, waiting for the tea to boil, then waiting for it to cool). The actual tasks take maybe five or ten minutes, and it’s way cheaper than buying bottled tea by the case.

Plus, you have the freedom to dial down the sweetness or adjust the strength of the tea to your desire.

Q8: Roth end of year contribution?

Each year, Grandpa gives my sister and I (his only grandkids) $1,000 each as a Christmas gift. We usually spend it on something fun but this year I think I want to put it in a Roth IRA for retirement. I already have one that I contributed to a little a few years ago. Should I contribute the $1,000 right away so it counts for 2019 or wait for 2020?
– Dan

If you haven’t already contributed up to the max ($6,000) for this year, then you should put it in and have it count for this year! That way, when the window closes on this year (when you file your taxes), you’ve still got the full contribution window for next year.

This is always true with contributions with annual limits. If you can contribute immediately under the current annual limit, you should do it now so that you leave the next annual limit wide open for whatever may come.

Get that money into your Roth right away!

Q9: Window scraping solution

What do you use to scrape ice off of car windows? This is a new problem for me as I live about 500 miles further north than I ever have before. So far I’ve been using the defroster but there is ice on the window almost every morning. A neighbor gave me a cheap little ice scraper but it takes forever. Gotta be a better solution!
– Bart

I use this one and dearly love it. The only problem is that it really doesn’t work well unless you’re fairly tall. My wife hates the thing as it’s difficult for her to remove ice near the middle of her windshield.

So, for a more general recommendation, I’d point to this one in terms of bang for the buck, or else one similar to it in design. It costs about ten bucks, has a long arm, and doesn’t require much special leverage.

Although I don’t do this myself, I have friends that keep spray bottles of rubbing alcohol in their car and spray down their windows before scraping. This seems to reduce their scraping time by quite a bit, but I’m not convinced it reduces the total time you’re dealing with icy windows (you could be scraping when you’re spraying).

Whatever you do, don’t use a hairdryer or pour hot water on your windshield, and I’d probably avoid any ice scrapers with metal blades. Stick with plastic here. A good ice scraper will last many, many years.

Q10: Weird scam

The other day I got an email that appeared to be from my brother. It was just before Christmas. It said that he wanted me to pick up a few gift cards for him for Christmas gifts and to email the gift card numbers back to him. He wanted codes for Amazon gift cards. I didn’t think much of it but then when I hit the button to reply to send him the codes, the email address wasn’t his, something with a lot of weird characters in it instead. It turns out that the email was fake somehow, looking like it came from his address, but if you hit reply it was a different address. I would have been out a couple hundred dollars in gift card codes. Sneaky scam.
– Denise

I’ve heard about this email scam recently. Usually, what happens is that some bad agent has gained access to someone’s email or to a mailing list of people associated with a person and then the bad agent sends a fake email like that to everyone on that target person’s contacts list.

So, if someone managed to get access to your email, they’d just scoop out all of the contacts and send a bunch of automated emails that look like personal emails from a friend.

They always ask for gift card codes in the versions of this I’ve seen.

In short, if someone you know emails you and asks for gift card codes, give them a text or a ring to make sure it’s the real deal. It might be a scam.

Q11: Extra candy around the house

We have a lot of leftover loose holiday candy around the house and I really don’t want it around because I’ll just eat it and I don’t need it. What is a good thing to do with a bunch of loose candy?
– Abby

There are a lot of charities that would love to have your candy.

One place to start is with a charity that gives care packages to people in need, sick children, or overseas troops. Although this list is Halloween-themed, most of these charities will accept extra candy all throughout the year and many have places to give in most large cities.

You can also simply box up what you have and donate it to a Boys and Girls Club or a local nursing home or a local food pantry. Be sure to call them first and ask if they’d like such a donation.

Basically, I’d just donate it if I had extra candy laying around. However, everyone else besides me in my family seems to have a massive sweet tooth, so candy doesn’t last long here.

Q12: Speaking engagements

Do you accept speaking engagements? I’d love to have you speak at our library.
– Nicole

I have done many speaking engagements throughout Iowa, mostly at libraries and community centers. I don’t actively seek them out, but will definitely accept invitations from interested libraries.

I generally don’t travel for speaking engagements as my family life and responsibilities are rather complex, though I would be willing to do so in the right situation and with enough notice.

I have a very nice prepared slide deck for a half-hour long talk and an hour-long talk. Both cover my own story and some of the key principles I talk about on The Simple Dollar.

If you’re interested, just shoot me a message on Facebook using the link below.

Got any questions? The best way to ask is to follow me on Facebook and ask questions directly there. I’ll attempt to answer them in a future mailbag (which, by way of full disclosure, may also get re-posted on other websites that pick up my blog). However, I do receive many, many questions per week, so I may not necessarily be able to answer yours.

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