M&G Recovery was a long-time darling of the Investment Association's UK all companies sector, but its fall from grace has been rapid - and brutal for manager Tom Dobell.
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الاثنين، 26 سبتمبر 2016
Is dog fund M&G Recovery worth holding onto, or is it time to sell?
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Effort recycling center gets a boost
Chestnuthill Township’s recycling efforts have collected a big haul.The Pennsylvania Department of Environmental Protection awarded the township $144,912 to improve its operations. Chestnuthill has earmarked the money for upgrades to its Effort operation.The Chestnuthill Township supervisors approved the purchase of equipment and materials from the grant and matching funds to replace aging machinery, automate some operations and provide residents with [...]
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Plans for whitewater kayaking park on Delaware River move slowly forward
Mussel concern slowing down kayaking park project
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From Barista to Shop Owner: How 3 Coffee Bosses Worked Their Way Up
Alan Tolson was in college when he became a barista at Carpe Diem Coffee & Tea Co. in Mobile, Alabama.
He worked part time while going to school at the University of South Alabama, making minimum wage plus tips.
Now, 17 years later, he’s the proud owner of the shop.
“When I started school, I didn’t have a particular endpoint in mind,” Tolson said. “I knew I wanted to run a business, but exactly which field that would be in, I hadn’t quite nailed down yet. But the deeper I got into coffee, the more I realized I enjoyed about it. There’s so much science behind it but you can also be artistic at the same time.”
From Barista to Business Owner
Samantha Dunscombe – The Penny Hoarder
So, how did he go from being a barista to a coffee shop owner?
Lots of hard work.
After working as a barista, Tolson became a shift manager, then a coffee roaster. After that, the shop’s former owner made him a salaried employee and put him in charge of managing the shop’s wholesale coffee business. He tracked down and secured new clients, filled orders and made sure everyone got their coffee on time.
That perseverance paid off. In 2013 when the shop’s owner decided to retire, she asked Tolson if he wanted to buy the shop.
“Being a small business, we have to wear a lot of hats and I’m incredibly thankful that I was able to do that,” Tolson said. “It gave me exposure to a lot of different elements of the business that are required to keep everything running.”
Tolson said the business makes a profit and has seen double-digit percentage revenue growth in each of the last three years. Carpe Diem was also named the best coffeehouse in Mobile for the second straight year by readers of Mobile’s weekly newspaper.
“While I would describe the overall flow as steady throughout the day, you can count on a line out the door for the morning rush, after school time and all weekend mornings,” he said.
Though he wouldn’t share how much money he makes today as the shop’s owner, Tolson said he still pays himself the salary he earned as a coffee roaster. Instead of giving himself a raise, he chose to reinvest the profits into improving the business and paying down the debt he incurred when he bought it.
“This decision is based on my belief that investing in the betterment of the business and our employees will return benefits down the road,” he said.
Tolson was upfront about the challenges of being a business owner. Some owners are able to keep the lights on, while others aren’t, he said.
“Business owners are the last to get paid, after all other payroll, taxes, inventory costs, overhead, etc.,” he said.
“I’ve seen coffee shop owners’ income range from not making ends meet and having to close their business to shop owners that are extremely successful and everything in between.”
Know Your Business Inside Out
Samantha Dunscombe – The Penny Hoarder
The trick to any successful business is to know it inside and out, according to Jim Hilson, co-owner of Saxbys Coffee in Georgetown, a Washington, D.C. neighborhood.
“I’m able to manage Saxbys because I spent two years learning to be a barista, serve customers, run the cash register and lead other employees,” Hilson wrote in The Hoya, Georgetown University’s student newspaper.
Hilson was a barista earning minimum wage at Saxbys Coffee during his junior and senior years of college. Four years after graduating from Georgetown, Hilson and his friends Eric Rodawig and Ken Martin bought the shop.
Another key to his success was partnering with people who had diverse strengths. His two business partners are experts in accounting, budgeting and business management, he explained.
“Together we’ve formed a team with the right collective knowledge to operate a coffee shop successfully,” Hilson wrote.
Hilson highlights one more key ingredient: passion.
“I enjoy pouring every coffee I pour, slicing every bagel I slice and becoming friendly with every coworker and customer that I meet; that’s what keeps me happy to keep putting my time, energy and focus into Saxbys,” he wrote.
Hilson wouldn’t say how much money he makes today as one of the co-owners of the shop, but he described the business as a “total success,” plus he gets to work in an environment that he loves.
“I’m grateful I did choose to come back to the cafe I knew and the community of Georgetown,” he said in an interview.
The shop is busiest in the spring and fall, when it’s not as hot in D.C. as it is during the summer months. Because the shop is located near Georgetown University and several other schools, it also tends to do better when school is in session, Hilson said.
Customer Service is Key
Samantha Dunscombe – The Penny Hoarder
Tulsa Sturmey began working at Second Cup Coffee Co. in Prince George, British Columbia, 19 years ago when she was just 21. She worked her way up from being a barista making $6 an hour, what she called a “coffee agent,” to becoming the shop manager.
She had only intended to work at Second Cup until she found a job in the tourism industry, which is what she went to school for. But at the time — in the late 1990s — no one was hiring in Prince George and she had a hard time finding work.
“After a while I stopped looking because I actually liked what I was doing, so why leave?” she said.
Eventually she had the chance to buy a Second Cup franchise, and in November, she became a coffee shop owner. Since then, she’s renovated the business and is trying to bring new faces through the door. Her current salary is around $60,000 per year.
Guests keep coming back to Second Cup because they like the friendly baristas and delicious coffee. Roughly three-fourths of all daily sales are from regular customers, Sturmey said.
“What makes us popular against Starbucks and Tim Hortons is our customer service,” Sturmey said.
Sturmey said she jumped at the chance to buy the coffee shop because she wanted to be her own boss and because she didn’t want anyone else to buy it — after working at Second Cup for so long, she felt invested.
Sturmey said her employees are the key to her success as a business owner. Without them, people wouldn’t keep coming back to Second Cup.
Though she knows several successful coffee shop owners who’ve never worked as baristas, Sturmey believes working her way from the bottom to the top has helped shape her into a better business owner.
“I honestly believe I’m a better owner of my location because I worked my way up through the store,” she said. “I have a policy that I don’t ask my employees to do something that I wouldn’t do.”
Your Turn: Do you think there’s a benefit to working in a business before you own it?
Sarah Kuta is an education reporter in Boulder, Colorado, with a penchant for weekend thrifting, furniture refurbishment and good deals. Find her on Twitter: @sarahkuta.
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More than half of UK adults don't have a will
The majority of UK adults do not have a will in place, according to the latest research from Prudential and Unbiased.co.uk, the IFA and solicitor search engine.
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AXA PPP healthcare members can access 50% off PureGym membership
All members – whether new or existing – who have private medical insurance with AXA PPP healthcare can take advantage of 50% off an annual membership with Britain’s largest gym chain, PureGym.
The firm has over 150 gyms across the UK and is open 24 hours a day all year round.
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What is Your Biggest ‘Savings Win’ So Far This Year?
With the fall season in full swing, it’s only natural to take a closer look at our financial goals for this year. There are only a few short months left, after all, and those months include the busy – and expensive – holiday season. With a brand new year on its heels, it’s smart to take stock: Did you accomplish everything you hoped?
If not, don’t despair. If I’ve realized anything about money over the years, it’s this: Success – and especially financial success – is never a straight line.
Most of the time, it’s more like three steps forward, two steps back – a huge savings win here, and a loss over there. So, if you haven’t had the type of financial year you hoped for, your big “win” might still be on its way.
Big Savings ‘Wins’ to Shoot for This Year
To find out what other “big wins” are out there, we surveyed the financial community to see how they’ve been saving so far in 2016. If you’re still struggling for a win this year, you can lean on these stories for inspiration:
Savings Win #1: Saving enough to cover maternity leave
We all know that parental leave benefits are paltry in the United States, which is why many of us are forced to save for maternity or paternity leave on our own. That’s exactly what Jon Dulin of Money Smart Guides and his wife did in anticipation of their newborn child.
“My wife and I were able to put aside enough savings for when our daughter was born so that my wife is able to take some more unpaid maternity leave to be with our daughter,” says Dulin. “It has be interesting surviving on one source of income, especially when hers is the majority of our income, but you never get this time back.”
Sacrifice or not, Dulin is right. Babies are only babies for a short while, and once that time is over, it’s over.
Savings Win #2: The end of daycare
Jim Wang of Wallet Hacks is experiencing a “savings win” on the other side of the spectrum. Instead of a new baby, he has a brand new kindergartner. You know what that means – no more daycare or preschool, and a monthly savings of $1,300 in Wang’s case. No matter how much you earn, $1,300 in monthly savings is huge – especially if you put it to good use.
“We aim to use that extra money to help save for his college education and sock away a little more for our retirement,” says Wang. “We’ve gotten so used to paying that each month, it’ll feel like we won the lottery!”
Savings Win #3: Paying for a car in cash
David Auten, half of the couple known as the “Debt Free Guys,” has been making a “double car payment” into a savings account so he can pay cash for a new-to-him car.
“We’re finally in the market to buy a new-to-us Audi,” says John Schneider, the other half of the money-saving duo. “This money has been direct deposited to a bank with which we have no other relation, so we don’t see the money on a month-to-month basis.”
Considering the fact that the average new car payment was $503 in the first quarter of 2016, this is a huge win. Without a car payment ruining their cash flow and stifling their savings, this couple can work on achieving their other financial goals.
- Related: Should You Always Buy a Used Car?
Savings Win #4: Avoiding student loan debt like the plague
The student loan crisis is absolutely real for those who experience it, which is why some people will do anything to avoid getting sucked into a lifetime of student debt. For Nick True of True Tightwad and his wife, this means paying for school as they go so they can avoid student loans altogether.
So far in 2016, the couple has paid cash for around $16,000 worth of graduate school bills. And with another $4,000 bill on its way in December, the couple must continue to scrimp and save for a while longer.
“Intense frugality combined with lots of overtime hours has allowed us to put her through school debt-free,” says True. In the end, his wife will have a graduate degree and the better job prospects that come with it.
Savings Win #5: Adding a full-time employee to the ranks
After years of hard work, San Diego Financial Planner Taylor Schulte says he took on his first full-time employee this year. Not only has hiring someone given him more “free time,” but the added help has allowed him to focus on building his business, too.
“It’s given me the ability to delegate tasks that were consuming my day, and it’s allowing me to focus on other areas of my business that I was neglecting,” says Schulte.
“It’s true – sometimes you do have to spend money to make it.”
Savings Win #6: Slaying debt for a cause
When Chris Peach of Money Peach and his wife started digging their way out of debt, they had several goals in mind. Not only did they want to save their family from a lifetime of credit card interest and struggle, but they wanted to be more charitable, too. And now that they’re debt-free, Peach and his wife have stepped up their efforts.
“This year, we have been fanatical about our tithing and our giving,” says Peach. While saving, investing, and buying stuff has always been fun, being charitable with causes they care about is much more rewarding, he says.
Savings Win #7: Paying off student loans for good
Andrew Josuweit of Student Loan Hero built an entire website and business around his $107,000+ student loan debt. After years of ups and downs, this was his year to pay off those loans once and for all.
“I finally paid off my student loan debt,” said Josuweit. “After far too long in forbearance, heart-breaking defaults, and penalties that led my student loan balance to balloon from $74,000 to $107,000, I made my last payment this summer.”
With more than six figures in student loan debt behind him, Josuweit can finally move on with his life and continue helping others do the same.
Savings Win #8: Lowering living expenses FTW!
Living expenses can get out of hand when you have a house and everything that goes with it, but is there any other way?
This year, Michelle Schroeder-Gardner of Making Sense of Cents, found out that, yes, there is another way to live that costs considerably less – moving into an RV.
This move won’t work for everyone, but it can work for some. And if you don’t mind a little hassle, the savings can be huge. In addition to unloading their home, Schroeder says they got rid of a storage unit filled with stuff as well. That saved them $2,000 per year on the spot, she says.
And since they are no longer paying a mortgage or utilities, they’re saving around 90% of their income.
Savings Win #9: Charging more rent and pocketing the difference
Being a landlord isn’t for the faint of heart, yet big and steady profits can be made if you know what you’re doing. Part of the equation involves finding good tenants of course, but it also involves knowing when to raise the rent – and when not to.
Philip Taylor of PTMoney.com came out ahead this year by timing a renal increase perfectly.
“Our biggest financial win of 2016 was having our rental property tenant move out, allowing us to reset our monthly rent to more closely align with the really strong rental market,” said Taylor. “We rented it out again almost immediately, and we’ve increased our annual cash flow by $3,600.”
This just goes to show what a booming housing market can do for sellers and landlords alike. If you time things right, you can truly come out ahead.
Final Thoughts
If getting ahead financially was easy, everyone would do it. Unfortunately, the path towards wealth and financial freedom is filled with so many hurdles it’s not even funny. Not only do you have to make all the best financial moves, but you have to avoid huge money drains and financial mistakes in the process. And even then, there are years where nothing seems to go right regardless of what you do.
All any of us can do is keep on trying. For every savings “win,” there are bound to be a few losses. But with enough responsible financial decisions, most of us should make real progress towards our goals over time.
So: What are your biggest “savings wins” so far this year? What goals do you still have to reach this year? Let us know in the comments.
Holly Johnson is an award-winning personal finance writer who is obsessed with frugality, budgeting, and travel. She blogs at ClubThrifty.com and teaches others how to write online at EarnMoreWriting.com.
Related Articles:
- 10 Ways to Trick Yourself Into Saving Money
- The Best High-Interest Savings Accounts Online
- ‘Phantom Savings’ and Other White Lies We Tell Ourselves
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8 On-Campus Jobs You’ve Probably Never Considered — and How to Get Them
You’ve just moved into your college dorm, and the parentals have finally left.
Or maybe you’re a seasoned college professional headed to the bars to “study.”
Either way — if you’re anything like I was — you’re strapped for money and resisting the urge to ask Mom and Dad for “a raise.”
Sure, you could become a barista, living off the tip jar. You could even work at the campus bookstore or don a hairnet and work in the dining hall.
Those are all jobs worth looking into, and ones many of us Penny Hoarders have held.
But we’re going to encourage you to think outside the box this semester. There are plenty of nontraditional, on-campus gigs to be had.
Disclaimer: These jobs will be unique to your campus. But I hope this post gives you some inspiration to scope out the scene yourself. Chances are, if you simply Google *name of college* + jobs, you’ll find something good.
8 Outside-The-Box, On-Campus Jobs For College Students
Working on campus is underrated.
During my senior year, I had two paid, on-campus gigs: I was editor of the yearbook and a tutor.
These positions allowed me to set my own hours around my class schedule. Plus, I could work between classes and the commute was, well, nonexistent.
So here are eight on-campus positions that aren’t your average college jobs.
1.Work Outside
Lifeguard Jackson Battle keeps a careful watch over swimmers at USFSP’s pool, St. Petersburg, FL, Sept. 15, 2016. Samantha Dunscombe – The Penny Hoarder
If you miss being active and your Mother (Nature)…
Head over to your campus recreation center.
Oftentimes, campuses have rentable recreation equipment. Think: canoes, bikes, sailboats or skis. You could be responsible for renting these items out and might even get some sweet perks.
There also are the more hands-on jobs like lifeguarding at the lake or pool, reffing intramural sports games or teaching fitness classes.
2. Become Your College Mascot
Shirley, the unofficial name of USFSP’s mascot statue, sports attire in honor of Latino Heritage Month in St. Petersburg, FL, Sept. 15, 2016. Samantha Dunscombe – The Penny Hoarder
If you like to play dress up…
Nope. We aren’t going to suggest you visit the theater department, but that might be an option, too.
Instead, try on your school’s mascot uniform. Yes, you could get paid to be the beloved mascot.
One of my best friends in college was Clemson’s tiger cub. She took after her sister, who was a cougar for the College of Charleston. She auditioned and worked football, basketball and baseball games, as well as on-campus events.
Although she didn’t get paid for those activities, she did get paid a good amount to attend weddings and birthday parties.
What a legacy.
3. Become a Tutor
Tutor, David Sidorenko, assists students in the Student Success Center at USFSP in St. Petersburg, FL, Sept. 15, 2016. Samantha Dunscombe – The Penny Hoarder
If you’re a high scorer in the academic arena…
You likely know about tutoring gigs, but if your campus is all about sports, it likely has some type of “student athlete enrichment” program.
That’s just a fancy saying for tutoring student athletes.
This was actually one of my jobs. I set my own hours — about 12 per week — and tutored athletes in English. The job could be difficult (not everyone liked English as much as I did), but it was rewarding and paid decently.
4. Work with Computers
Kayla Peterson, Career Peer Advisor, assists student Jill Medrano with resume building at USFSP, St. Petersburg, FL, Sept.15, 2016. Samantha Dunscombe – The Penny Hoarder
If you’re a computer whisperer…
Because computers always crash during exam week.
Many campuses have IT centers where you can take your sad laptop for repairs. It could also be considered a therapy center for those frantic students who lost a 10-page paper.
You should probably know how to say, “Did you try turning it off and back on?”
If that doesn’t work, you might report the problem or troubleshoot the issue and resolve it before moving on to the next anxiety-riddled student. Or break the news that, well, the computer is just too darn old.
Chances are, you know where your school’s IT department is. Just stop in and ask about a job, or go on your computer for more information.
5. Drive for Work
Vincent Crews, a member of USFSP’s boathouse staff, drives across campus, St. Petersburg, FL, Sept. 15, 2016. Samantha Dunscombe – The Penny Hoarder
If your friends trust you behind the wheel…
That’s a good sign because I tend to make my friends carsick.
Drive on over to your school’s transit services and ask about driving gigs. Some schools have buses from remote parking lots to campus. Others have buses and vans that run after hours. Sometimes there are even university-sponsored, late-night cabs.
These gigs tend to pay well. Oh, and I’ve heard you also get to pick the radio station. Job perks, am I right?
You’ll want to contact your school’s parking and transportation services department. You probably already dealt with them when you had to pick up your parking permit — or fight the pesky ticket you got for using a faculty spot when you were running late for that exam.
6. Work with Food
Alexandria Dibello blends a drink at The Reef, USFSP’s Student Center Cafeteria in St. Petersburg, FL, Sept.15, 2016. Samantha Dunscombe – The Penny Hoarder
If you know your way around a cocktail party…
Sure, college campuses are full of musty classrooms and old buildings. But they’re often full of history and laced with perfectly manicured gardens.
That’s why your campus probably has an event center or hosts weddings and large parties. Many campus dining services offer catering for big events and need servers.
Hey, you might even get to rub elbows with fancy alums (#networking).
7. Work and Study Abroad
franckreporter/Getty Images
If you wish you were traveling the world instead…
Study abroad programs are a large part of college life. Remember those statistics thrown at you during your campus tour? “Over 49% of our students spend a semester abroad.”
Well, these students can’t coordinate their own trips across the world. Many campuses have large study abroad departments in need of assistants, graphic designers, social media gurus and even writers.
Get your foot in the plane early. Your school probably has a study abroad office on campus. If not, stop by the student affairs office. Those folks will be able to help!
8. Work in the Library
Zoghanno Richardson, library assistant, shelves books at the USFSP Nelson Pointer Memorial Library in St. Petersburg, FL, Sept. 15, 2016. Samantha Dunscombe – The Penny Hoarder
If you’re a bookworm…
Good news. You don’t have to know the Dewey Decimal system nowadays to work in a library.
Ideally, the library is the center of your campus and your life… right? You could work there as a desk assistant, archivist or even an “intralibrary loan packer.” One of our editors did that, packing and shipping requested books to other schools.
The idea here is to always think outside the box. Don’t assume you have to scoop up globs of macaroni or steam milk to make or save money in college. There are plenty of jobs on campus worth looking into — even online.
Your Turn: Did you have an interesting on-campus job in college?
Carson Kohler (@CarsonKohler) is a junior writer at The Penny Hoarder. After recently completing graduate school, she focuses on saving money — and surviving the move back in with her parents.
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Where to Exchange Currency Without Getting Fleeced
As a former professional basketball player who had to buy things in Israel, the Czech Republic, Bulgaria, Russia, and Germany, I became quite familiar with how hard it can be to find a good deal when exchanging currency. I’m pretty sure I’d be retired right now if I hadn’t been taken for a ride in so many airports exchanging my Shekels for Euros. But when you’re young and dumb, using the high-priced airport exchange kiosks seems like the best option.
What’s the Best Way to Exchange Currency?
Over time, I learned that there are much better ways to exchange money than to simply land in a new country and hope for the best. If you’re wondering how and where to exchange currency without paying through the nose, here’s how to do it.
Know What You Should Be Paying
Exchanging money is a financial service, which means it’s usually going to cost you at least something, even if it’s just a few cents. But you should know how much you’re being charged for the convenience. Before you exchange money, check the business news or a currency website such as XE.com to find today’s actual exchange rate. The rate you pay when exchanging cash in person will almost always be higher — but now at least you have a baseline to compare it to, and you’ll know whether you’re getting ripped off or not.
For example, Travelex, the ubiquitous money exchange kiosk found in many international airports, was advertising sell rates on euros and British pounds that were about 9% higher than what we found on XE.com at the time of publication. That’s a pretty steep surcharge.
Use a Credit Card
For a long time, I was so in fear of going into credit card debt that I didn’t want to own a credit card, no matter how much money it would save me while traveling. My intentions were noble, but this strategy cost me in the long run.
Many credit cards — especially the best travel credit cards — allow you to pay for things all over the world in local currency without paying a dime in transaction or exchange fees. They also offer benefits like fraud protection. Find a travel card you like, and take advantage of it.
Using a credit card for most transactions means you’ll still earn rewards points and won’t have to carry around wads of cash, reducing the impact of theft. It’s simpler to get a new bank card than to try to chase down the pickpocket who just got the best of you on the subway — and also way less dangerous.
See What Your Local Bank Offers
If you’re wondering where to exchange currency in person, start before your trip at your local bank. Not only does dealing with your hometown bank ensure there’s no language barrier, but they can also offer better deals to their customers because, as a financial institution, they have access to the best rates.
This takes a little planning ahead — it won’t help you after touching down at Heathrow, obviously — but it’s definitely worth it. It’s not uncommon to pay 10% to 26% above the normal exchange rate when using a typical airport exchange kiosk due to their exorbitant fees. Avoid Travelex like the plague.
Use a Foreign ATM
While many banks will charge you a fee of $3 to $5 for using any out-of-network ATM, plus a 1% to 3% foreign transaction fee for an international withdrawal, taking out money from a local ATM once you arrive at your destination is still probably the best way to exchange currency abroad.
To minimize the impact of those ATM fees, take out as much cash at once as you’re comfortable walking around with — and keep it in a money belt for added security. And if you’ll be traveling extensively, consider opening a checking account with a global bank such as Citibank, which has in-network ATMs all over the world, or a bank like Capital One, which doesn’t charge for out-of-network withdrawals.
Avoid These Money-Exchange Mistakes
Here are some common ways people end up paying too much for currency exchange services — avoid them if you can.
Traveler’s Checks Aren’t a Great Option…
Much like snail mail and the Polaroid camera, traveler’s checks are not faring too well post-digital revolution. There are simply much more efficient options. Buying traveler’s checks will mean high transaction fees and poor exchange rates. They’re also not nearly as secure as a credit card, diminishing what was once their main selling point.
…and Neither Is Ordering Cash Online
While you probably won’t get fleeced as bad as you will with traveler’s checks, ordering cash online is still inefficient. The rates won’t be as good as at your local bank or a foreign ATM, and there are also fees associated with delivering you the money. To test out this method, I placed a hypothetical order from Travelex.com and I was charged 9% more than the current exchange rate.
Prepaid Travel Debit Cards Aren’t Ideal, Either
If you don’t have the credit score needed to qualify for a traditional credit card, you may be tempted to use a prepaid travel debit card. But they’re really not a great option.
Simply put, these cards offer less protection than credit cards and carry higher fees. In going through the hypothetical process of signing up for a prepaid MasterCard for international travel, I learned that there are ATM fees, foreign transaction fees, fees to see your statement, and delivery fees. There’s even a monthly (not yearly!) maintenance fee.
Still, for those who can’t qualify for a traditional credit card, a good prepaid debit card can be a decent, if pricier than necessary, alternative to traveling with wads of cash and exchanging it at the airport.
- Related: Best Prepaid Debit Cards
Don’t Forget to Inform Your Bank That You’re Traveling
Before you leave for any international trip, make sure you notify your bank and credit card issuers that you’ll be traveling and where to. Otherwise, they might freeze your account (fearing fraud) once they see an international withdrawal or transaction.
If your card is frozen because your bank thinks it’s stolen, that can be a big hassle. It can take hours or days to clear up such a mistake across time zones, in which time you’ll be missing out on your vacation and potentially unable to access your money. Let them know ahead of time where you plan to be, and it will save you a lot of trouble.
Traveling With Only U.S. Dollars Will Cost You
Many Americans think the world revolves around the United States, but unless you only plan on buying trinkets off the street at a tremendous markup, don’t expect to rely exclusively on U.S. dollars abroad. Any respectable business will charge you a hefty fee for doing so, or worse, they won’t accept them at all. However, a $100 bill tucked away somewhere safe makes a good travel emergency fund, because you’ll at least be able to exchange it somewhere in a pinch.
Related Articles:
- Best International Credit Cards With No Foreign Transaction Fees
- How to Protect Your Money While Studying Abroad
- Why I’ll Never Regret My Vacation Spending
- The Best Travel Credit Cards
- An International Adventure Is Closer – and Cheaper – Than You Think
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10 Ideas For Subscription Box Businesses That Can Be Run From Home
Sponsored by Cratejoy Subscription boxes are a perfect business to run out of the house. Most of your time will be spent sourcing products, packing boxes, responding to customers, and marketing- all of which can be done from a spare room or home office. Starting your business doesn’t require a lot of technical know-how, and […]
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الأحد، 25 سبتمبر 2016
Landowners angry over dwindling royalties
WYALUSING, Pa. (AP) — Jan Brown pores over his royalty statement and wonders where all [...]
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Ask GFC 012 – Retirement Planning on Your First Job
When people who are just starting out in their careers recognize the importance of getting their retirement savings under way, they’re heading in the right direction.
But how to do it mechanically is where the questions come into play.
Daniil asks:
“Hi Jeff,
I am a recent college graduate and am starting a new job next week. This will be my first real full-time job. The company offers a 6% match on a 401k. My question is: what would you recommend for me to really jump-start my savings for retirement?
Thanks,
Daniil S.”
Good for you in deciding to initiate your retirement savings immediately Daniil! Congratulations – you’ve already taken that all important first step by deciding to make it happen now.
Trust me, one of the biggest mistakes with retirement planning is when young adults put off retirement savings for a someday that never arrives – or arrives too late in the game.
Daniil is asking specifically what would really jump-start her retirement savings? I have some suggestions, Daniil, and they go in a few different directions. I’m going to make recommendations that take a holistic view of your financial situation, rather than limiting it to retirement savings alone. And believe it or not, it’s all related! But then, that’s what financial planning is all about.
Take a Retirement Detour – Create a Financial Buffer
“Life is what happens to you while you’re busy making other plans.” – John Lennon
This applies to your finances as much as it does to life in general. While you’re saving money for retirement, other situations will arise that will require funding. By anticipating these future needs, you will enable yourself to continue funding your retirement, as well as removing the need to tap your retirement savings early.
In addition to contributing to your 401(k) in a sufficient amount to max out your employer matching contribution, you should also do the following:
Set up an emergency fund. You should have enough money in liquid savings to cover cash emergencies or even a temporary job loss. This should generally be an amount equal to at least three months of living expenses. Your emergency fund will provide you with ready cash so that you don’t have to dip into retirement money early.
Get out of debt. The debt treadmill often starts early in life! People start borrowing money when they’re young, and it gradually becomes a lifestyle. For that reason, you should work to reduce your debts while you’re saving for retirement. This is especially true if you have credit card debt. Not only do they charge very high interest rates, but by eliminating them you’ll have more money for everything else, including more retirement savings.
Save up for major purchases. When you’re young, there’s usually a long list of major purchases in front of you. Those purchases could include vacations, a car, furniture for an apartment, the down payment on a house, or even an upcoming wedding. You should start saving for any of these as soon as you see them on the horizon. That will keep you from either borrowing or taking money out of retirement to pay for them.
Why am I recommending that you take the steps? As money begins to accumulate in retirement savings, people sometimes raid those savings early to cover any of the contingencies above. That’s an almost natural outcome when most or all of your money is in retirement savings alone.
The problem with that strategy is that it is very expensive! You not only have to pay regular income tax on the withdrawals, but you’re also subject to an early withdrawal penalty tax equal to 10% of the distribution. That means that early withdrawals from retirement can cost you 30%, 40%, or even 50% in taxes.
The purpose of setting up these additional strategies is to prevent that from happening. Think of it as part of your overall retirement plan.
Set Up a Roth IRA
With all of the above covered, the next best step is to set up a Roth IRA. Unlike your 401(k) contributions, your contributions into the Roth will not be tax-deductible. But the investment earnings within the account will be tax-deferred. And when you begin taking withdrawals from the account the money will be fully tax-free.
That alone should be sufficient reason to add a Roth IRA to your retirement mix. But there’s even more.
The contributions that you make the plan can be withdrawn tax-free for just about any purpose. In this way, a Roth IRA can also function as a backdoor emergency savings account (though I don’t recommend it for that purpose!). But equally important is the fact that Roth IRAs, being self-directed, typically have more investment options than the average 401(k) plan.
You can contribute up to $5,500 per year to a Roth IRA. I strongly recommend that you work this into your overall financial plan – especially once you have an emergency fund fully stocked, and your credit card debts paid off.
Invest Up to the 401(k) Maximum Allowed
If all of the above steps have been completed, any extra savings that you have should be directed into your 401(k) plan, up to the maximum amount allowed.
The IRS allows you to contribute up to $18,000 to your 401(k) plan each year. In combination with your employer matching contribution, this is a powerful way to accumulate a large retirement plan very early on.
For example, let’s say that over the next 10 years your average income is $75,000. You contribute the maximum of $18,000 each year. In doing so, you also get the maximum employer matching contribution of $4,500 ($75,000 X 6%). That means that $22,500 is going into your plan each year, on average, for a total contribution of $225,000 over the decade.
Assuming an average annual rate of return on your investment of 7%, the account would grow to $344,000 after 10 years. At that point, you could even stop making contributions to the plan. And in another 30 years – still assuming a 7% average annual rate of return on the plan – the balance would grow to over $2.6 million! You’d be able to retire comfortably even if you don’t make any additional contributions.
If Daniil is say, 25 right now, that would be an awesome position to be in at age 35!
I hope this helps you to reach your financial goals Daniil, and anyone else who’s right out of school and taking their first job. How well you start has a lot to do with how well you finish, so now is the time to ask questions and take action. So ask away, and I’ll try to answer as many questions as possible.
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Plans for whitewater kayaking park move at a snail's pace
Mussel concern slowing down kayaking park project
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CHOP, Comcast founders announce $50 million genetics initiative
Children’s Hospital of Philadelphia on Friday announced that the founding family of Comcast Corp. has given $25 million toward a new $50 million initiative designed to put CHOP at the forefront of pediatric genetics research and development.The Roberts Collaborative for Genetics and Individualized Medicine will unite and accelerate the cutting-edge research already going on at CHOP in fields including inherited disorders, mitochondrial disease, cancer, and autism.Through [...]
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Whitewater kayaking park plans move at snail's pace
Mussel concern slowing down kayaking park project
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State grant a boost to Effort recycling center
Chestnuthill Township’s recycling efforts have collected a big haul.The Pennsylvania Department of Environmental Protection awarded the township $144,912 to improve its operations. Chestnuthill has earmarked the money for upgrades to its Effort operation.The Chestnuthill Township supervisors approved the purchase of equipment and materials from the grant and matching funds to replace aging machinery, automate some operations and provide residents with [...]
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Officials discuss ways to improve county's financial climate
State legislators gathered at the Stroud Township municipal building recently to discuss the state of Monroe County’s tax rates, real estate, property values and future economy.In a series of discussions, various local leaders shared their diagnosis of the region while fielding questions from a panel. The first pair to discuss the state of the county, Commissioner John Moyer and ESSA Bank & Trust Chief Executive Officer Gary Olson, painted a picture of the local [...]
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Nine Employers That Will Help You Pay Off Your Student Loans
When searching for a new employer, most people look at the full package of benefits they’ll get in return. How much will your new salary or hourly rate be, and will you have paid vacation, health insurance, and dental? After those considerations, things like company culture, long-term career objectives, and your daily commute come into play.
But, what about other benefits? With private pensions going the way of the dinosaur, employees typically look for a 401(k) – and a company match – to help in that respect. Beyond retirement help, however, a new study has concluded that many workers – and especially young people – are looking for help paying down their student debt.
The new study from Student Loan Hero, which surveyed 1,763 adults, found that, out of adults with student loan debt, more than 50% considered student loan debt repayment an important workplace benefit. Further, 46% of adults with debt revealed that, if given the option, they would choose student loan repayment assistance over a 401(k) match.
While student loan repayment assistance isn’t the norm yet, many employers – and especially firms who hire young people – have heeded the call for this extra layer of help. That includes Student Loan Hero itself, a company that was created to help young people navigate their student loan issues and pay down debt faster. As of last year, the company began offering student loan repayment assistance to employees who need help and chose to opt in.
Eight More Companies that Help Employees Pay Down Student Loans
This type of help may be growing in popularity, but it’s not widely offered quite yet. According to the Society of Human Resources Management, only 3% of U.S. firms offered student loan repayment as a workplace perk in 2015. Still, 3% is something – and it’s definitely better than nothing. If you’re struggling with student loan debt and looking for help, consider an employer that offers this up-and-coming workplace benefit. Here are eight more businesses whose loan repayment programs are already up and running:
Chegg
Textbook behemoth Chegg announced a student loan repayment assistance benefit for employees back in 2015. Created for both employees with existing student loans and lifelong learners who want to head back to school, this benefit is extended annually and based on employment, position, and hours worked. The company also plans to roll out an online loan management tool to help employees optimize payments and pay down loans faster.
Chegg hopes to get the word out and increase the prevalence of this benefit nationwide. “We will continue to speak out publicly and nationally on this subject,” said Chegg CEO Dan Rosensweig in a press release. “But we also want to start helping our own employees now and start a new trend in business benefits. With any luck, other companies will soon follow our lead.”
CommonBond
Another student loan refinance firm, CommonBond, claims to offer the most comprehensive student loan repayment assistance program in existence. With their new program, which was announced late in 2015, employees can receive up to $1,200 in loan repayment assistance annually. The big difference is, this benefit lasts as long as the employee has loans and remains employed by CommonBond.
Why so generous? Here’s what they said about it in a press release: “Half of our team is currently paying off student loans, so we decided to launch this benefit to help our team reduce their monthly student loan payments,” said CommonBond CEO and Co-Founder David Klein. “Our team members are very excited about it, and so am I.”
Fidelity
Fidelity may be better known for its 401(k) offerings, but the mutual fund giant deserves some praise for its own workplace benefits as well. Not only does Fidelity offer an adoption benefit, they offer backup dependent care, a commuter benefit, and yes, student loan repayment assistance. With their new “Step Ahead Student Loan Assistance” program, employees can receive up to $2,000 per year in student loan assistance with a lifetime cap of $10,000. These funds are paid directly to your loan servicer on your behalf.
Kronos
Workplace innovation firm Kronos offers its own form of student loan repayment assistance along with tuition reimbursement assistance for continued learning. The annual benefit is capped at around $500, but can extend as long as you have loans and work for the firm. As far as tuition reimbursement goes, Kronos offers generous coverage of pre-approved continuing education or degree-seeking courses related to employment.
LendEDU
Earlier this year, student loan repayment experts at LendEDU announced a new program meant to help their employees pay down student loan debt faster. One of the largest benefits available, this program ponies up an amount that can reach $2,400 per year – or $200 per month – towards eligible employee’s student loans. Not only will this benefit help LendEDU employees tremendously, but it aligns with the firm’s goal of helping its clients eliminate student loans on a grander scale.
“Rapidly rising costs of higher education has left seven out of ten graduates with some form of student loan debt. It has gotten so bad that the average graduate leaving campus with about $35,000 in debt.” said Nate Matherson, co-founder and CEO, on the company website. “At LendEDU, we work to help graduates better manage their debt. We created this benefit to help our current employees pay off their debt sooner. And we believe this benefit will be an attractive recruiting and retention tool for new employees.”
Natixis Global Asset Management
Although a student loan repayment benefit existed before, Natixis Global Asset Management enhanced this perk in early 2016. Starting this year, the $1,000 annual payment is available to all Natixis employees who have private or federal student loans. That works out to around $83 per month paid directly to your loan provider while you remain employed with the firm. A cap of $10,000 in total repayment applies.
“Helping people achieve their financial goals is at the heart of our business and our industry, so we knew that leading by example was the right thing to do,” said John Hailer, CEO of Natixis Global Asset Management in a press release. “Today’s student loan burden is tomorrow’s underfunded retirement problem, so it is imperative for companies to join with policymakers, educators and employees to address this critical issue.”
Powertex Group
Wisconsin-based Powertex Group started offering their own student loan repayment program earlier this year, mostly as a means to gain and retain top-notch workers in their niche. According to Gray Powers, the company’s vice president of sales, it’s a win-win. “Based on that ability to help those folks who come in and engage with our organization and that will also provide benefits to the organization as well as we help them achieve their goals,” said Powers in an interview with Eau Claire-based WEAU News.
Their Student Loan Paydown Plan, which should be used by around a quarter of the firm’s employees, provides around $100 in monthly student loan repayment assistance.
PricewaterhouseCoopers
Pricewaterhouse Coopers (PwC) offers an array of benefits that make working there lucrative, and that includes the Student Loan Paydown program. Employees who choose this option can receive up to $1,200 per year in loan repayment assistance with a total cap of $10,000.
Why offer this benefit? Here’s what PwC had to say: “We see student loan debt as a major societal issue. The current state of student loans is troubling—$1.3 trillion of outstanding student loans, a $35,000 average loan balance for the class of 2015, and 40 million Americans with student debt—we need to start somewhere to help alleviate the burden.”
Student Loan Repayment Assistance: What to Watch Out For
If you think student loan repayment assistance sounds like a dream come true, make sure you know what you’re getting into. First, it’s important to note that some companies offer tuition assistance and not loan repayment assistance. While tuition assistance can help you pay if you choose to go back to school, it won’t help with your existing loans. All of the companies on this list offer student loan repayment assistance, however, which is a distinction we want to make.
Second, depending on the program, you may be required to pay income taxes on any assistance you receive. It all depends on how the program is set up and how your repayment assistance is reported. Check with your employer or potential employer for more details before you make assumptions about getting off scot-free.
Another factor to consider is what you may be giving up. Where student loan repayment assistance may be available to you, it’s possible you’re giving up another perk to receive this help. Make sure you know the whole picture before you commit to one workplace benefit over another. The math may work in favor of student loan repayment assistance, but it doesn’t hurt to ask questions and run the numbers, either.
Still, student loan repayment assistance can be a huge boon to your finances if you need help paying down loans and find an employer willing to help. All things considered, this is one employee benefit you don’t want to overlook.
Holly Johnson is an award-winning personal finance writer who is obsessed with frugality, budgeting, and travel. She blogs at ClubThrifty.com and teaches others how to write online at EarnMoreWriting.com.
Related Articles:
- Federal Student Loan Forgiveness: Four Ways to Wipe Out Your Debt
- Student Loan Deferment and Forbearance: What They Mean and When to Use Them
- 15 Ways to Deal with Student Loan Debt
- Student Loan Forgiveness: Jobs and Careers That Pay Off the Debt
Does your employer offer student loan repayment assistance? Would you accept this benefit? Why or why not?
The post Nine Employers That Will Help You Pay Off Your Student Loans appeared first on The Simple Dollar.
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5 Reasons to Always Check I Heart Kroger Before You Buy Groceries
Everyone knows a Michelle: the fanatic who deeply loves a few retail chains or local shops and wants to share everything she loves about them.
After all, why keep the good news to yourself? Especially when you can save big.
Michelle is the mostly anonymous blogger behind some of the biggest store-based couponing sites, including I Heart the Mart and I Heart Publix. If you already know about those, get ready to add I Heart Kroger to your reading list.
The site’s simplicity and directness make it easy to pick up on some of Michelle’s saving skills. The stay-at-home mom has two hungry boys, and she is a super organized couponer.
Do you shop at Kroger? Check out these five reasons to “heart” it!
1. Catalina Deals
Image from Kroger/Instagram
Those coupons that you receive along with your checkout receipt — and probably jam into your shopping bag without looking at them — come from a machine called a Catalina.
I Heart Kroger keeps track of Catalina coupons spotted by shoppers, and lists them with their expiration dates.
There’s a whole science to what purchases earn you which Catalina coupons at which stores, but the details are pretty overwhelming.
If you simply want to know what might pop out next time you’re at the register, I Heart Kroger offers a simple method for staying informed.
2. Sweepstakes Reminders
Image from Kroger/Instagram
Ever skipped entering a sweepstakes, figuring you’d never win? This site will convince you to stop being lazy and enter every time.
Each time Kroger offers a seasonal sweepstakes, I Heart Kroger lists the available prizes and the number of winners for each prize.
If you knew 2,000 people were going to win a 2-liter bottle of soda or a free bag of candy, you’d want in on it too, right?
So if you like getting free food for little effort, it’s worth keeping up with this site and entering when the time comes.
3. Printable Shopping List
Image from Kroger/Instagram
I Heart Kroger knows that making a list helps you save money at the grocery store. The site makes it even easier to stay focused by allowing you to make, save and print grocery lists right on the site.
It’s easy to add sale items to your list, which automatically tallies the prices and discounts. All you have to do is save your list and print it before you head to the store.
4. Weekly Deals
Image from Kroger/Instagram
Michelle offers a weekly deals post that neatly lists all the sale items at Kroger. It’s all sorted by store section (beauty products, produce, etc.), and you can simply click to add the products of your choice to your shopping list.
If there’s a special promotion, such as a What a Deal Mega Sale, she’ll have all the info for you.
5. Giveaways and Freebie Friday
Image from Kroger/Instagram
Michelle occasionally posts sponsored giveaways. But while some blogs go over the top to make products sound enticing, Michelle’s commentary is straightforward and family-focused.
Entering a giveaway usually requires only a simple task, such as commenting on a Facebook post.
Need a fix in between giveaways? You’ll never miss another Kroger Free Friday coupon if you check I Heart Kroger on Fridays.
A new free-product coupon is posted each Friday, but you have to act fast — the coupon disappears at midnight. You do, however, have two weeks to use your coupon in store before it expires.
Your Turn: Do you read I Heart Kroger? How does it help you save money?
Lisa Rowan is a writer, editor and podcaster living in Washington, D.C., a land not blessed with Kroger locations.
The post 5 Reasons to Always Check I Heart Kroger Before You Buy Groceries appeared first on The Penny Hoarder.
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HUGE List of Direct Sales Companies That Sell Jewelry
By Holly Reisem Hanna Do you love jewelry? Would you like to have your own online jewelry store, but don’t have the funds to invest in an e-commerce website? No problem. The direct sales industry has made it easier than ever to have your very own home-based business within the fashion industry. Not only are […]
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