Thousands of courses for $10 728x90

الخميس، 26 أكتوبر 2017

11 Strategies for Low-Cost Professional Development

Monique wrote in with a good question that quickly grew far beyond the boundaries of the reader mailbag (as good questions often do):

What do you do as an independent writer/content creator for professional growth? And how do you do it inexpensively?

First of all, it’s worth noting that, because of the niche that my writing tends to occupy, a lot of my professional development overlaps with personal development. This is somewhat true in every field, but it is stronger for someone who (tries to) work professionally on things that have personal impact.

Here are the big things I do myself for professional development.

I read, constantly. I’m pretty much always reading a book on personal finance or some aspect of personal growth. I read books about money, books about time management, books about investing, books about philosophy, books about psychology, books about writing, and so on. I try to read them deeply, too; I take notes on what I read and try to come up with ways to start using the things I learn about as soon as possible.

I listen to podcasts and audiobooks whenever I’m driving anywhere alone or when I’m walking or exercising. This is just an extension of the reading strategy, mentioned above.

I have a list of longer-term career goals that I’m working toward, and I put some effort most days toward achieving at least one of them. I have a few really big ideas for what I want to do in the future, so I take time each day to work toward those things. Those ideas stretch me beyond what my normal day-to-day efforts are like. Sometimes, those long-term ideas don’t pan out, but I’m always glad I worked toward them because I virtually always see some benefit for having put in the effort.

I talk to other people who do similar things. I know two people locally who are freelance writers and I communicate with them quite often, meeting them for coffee on occasion and pinging them online on what seems like several times a day. They’ve gone from being acquaintances to professional associates to friends over the course of the last several years. I also communicate online with other people who are freelance writers who work from home. In all of those cases, we are constantly swapping ideas and strategies.

Those are strategies I use pretty much every day in my current role as a self-employed writer. However, in my previous role as a research assistant, I used quite a few additional strategies that worked well in the environment of a large organization, which I’ll get into in a moment. Professional development and growth has always been important to me.

Here’s the catch, though: a lot of professional development and growth strategies are expensive. It’s not cheap to go to conferences and conventions. It’s not cheap to constantly buy books. It’s not cheap to attend seminars. It’s not cheap to work toward a college degree in your spare time.

The reality is that cost is an extremely important factor in making professional growth and development decisions, especially early in a career where income may be lower and expenses such as student loans and expensive rent are draining away what little money you do have.

So, what avenues does one have for professional development and professional growth when money is tight? Here are 11 strategies I used, both in my early career when I worked in a more traditional environment and money was very tight and today when I work independently at home and I choose to be very mindful of my dollars.

Set some longer-term career goals so that you can see what you’re working toward. Spend some time to evaluate where exactly you want to go in your career. Are you on a career path you’re happy with? If you are, where do you want to be in five years or 10 years, and what can you do to start going there? If you’re not on a career path you’re happy with, what’s your path to get to where you want to be and how can you leverage your current opportunities to help you get there?

Those are questions you should be asking yourself frequently. Not every single day, mind you, but frequently enough that your plan changes based on what kind of progress you’re making and how your actual life and goals are changing over time.

I tend to do it about once every three months – I sit down for a thorough professional and personal assessment of my life and think about what I want to achieve in the next three months, the next year, the next several years, and the rest of my life. Doing that kind of deep, reflective thinking virtually always points me toward setting really meaningful goals that I’m excited to work toward, and that provides the motivation for me to actually do the extra steps I need to do in personal and professional development.

In other words, professional and personal development is much easier to do when you’re motivated, and thinking about your future and setting goals you’re excited about is a powerful motivator that costs you nothing more than a few hours every few months.

Request professional feedback at work and use that feedback as a checklist to improve. If you have any sort of employer, whether it’s an actual boss in your office environment or someone you’re contracted to work for, it never hurts to ask that person for honest feedback on your performance. What do you do well? What do you do not so well?

(Remember, when you’re asking those questions, you’re asking for a mix of positive and negative feedback, so you should expect that kind of feedback with the understanding that the person giving that feedback is not trying to be cruel. They’re trying to be helpful.)

Take that feedback and use it. Don’t dwell too much on the positive stuff – just use it as a reminder that you’re probably in a solid place. Instead, focus on the criticisms. What things can you take from those criticisms to improve your performance without undermining the things you’re already good at?

Those items, along with the deep thinking about your future career, should give you lots of pointers toward areas where you should be working on your professional development. Now, how do you actually do that work?

Make a daily commitment to reading (and taking notes) on material related to your field and to better professional performance. This should be a standard part of professional development in almost any career path. There are always areas in which you can be improving, and there’s a very good chance that there are books and/or papers out there that can help you improve in those areas.

Make a daily commitment to reading something related to the areas where you want to improve. Read an article in a respected publication. Read a chapter or a section of a book. Whatever it is, read it slowly, reflect on what you’re learning, and stop and look up terms and phrases and ideas you don’t know as you go so you’re not lost.

Keep a notebook near you so that if you read something interesting that you can take action on or something that merits further thought or something you’d like to come back to, you can quickly write it down. When you’re done reading, write down a sentence or two (or more, if you feel it’s necessary) summarizing what you read and what the important parts were. If you have some specific things you can take away and use, write them down as well.

The cost here is minimal, since you can get almost unlimited books from your local library and the cost of a pen and a simple notebook is trivial.

If you prefer listening, find high-quality podcasts and course lectures related to your field, listen to them, and make note of the key ideas. Reading is incredibly useful because of the convenience of taking notes, but sometimes you’re in a position where sitting down with a book isn’t convenient. Maybe you’re exercising, or you’re driving somewhere.

In those cases, make an effort to listen to things that are meaningful to your professional development: podcasts related to your field, audiobooks related to your field, and so on.

It can be difficult to take notes when doing this. Whenever I hear something noteworthy, I usually stop the audiobook or podcast and use the voice recording app on my phone to take a verbal note, and then I copy them down later in my notebook. It works well for me.

Again, this has very little cost. You likely already have a smartphone, which likely has a free podcast discovery and listening app on there. You just need to find podcasts related to the areas you want to develop. Your local library likely offers audiobooks, both digitally and in physical format, which you can transfer to your phone and listen at your leisure.

Form or join a professional learning community, locally or online. Some people find it particularly effective to learn material together, through discussion and face-to-face interaction. One way to facilitate that is to join a professional learning community, one dedicated to professional growth in the area or areas you’re interested in.

Once you’ve identified some areas in which you want to develop professionally, look for some groups that you might be able to join that are focused on those areas. You can look online for Facebook groups to participate in, for example; if you’re looking for offline groups, I suggest taking a look at the offerings at meetup.com.

What if you can’t find such a group? Consider starting one yourself. Look for a small number of people that you know professionally that might be interested and just start a small group where you meet up either face-to-face or online to talk about professional development ideas. Perhaps you could facilitate a “book club” where you all read the same book and talk about the different takeaways you had, or maybe you could take turns leading a discussion on a particular topic. Just find something that you’re comfortable with that others would find useful and engaging.

Put those new ideas you’re learning into practice as often as you can, as soon as you can. When you’re reading and listening to material related to professional or personal development, you’re going to be bombarded with ideas. While it’s great to have those ideas in your head, the magic happens when you actually use those ideas in some productive fashion.

If you’ve followed the above two strategies, you’ve probably dotted down some specific actions you can take in order to improve your professional performance. Make a point of actually carrying out those actions – transform something you’ve noted into something you’re doing.

For example, if you’re learning about a new programming methodology, try to use that methodology on a small project at work. If you’re learning about techniques for effective communicating, put them to work during a meeting or during water cooler talk at work.

If you’re not taking those ideas and transforming them into action, you’re just reading and not growing.

Use new skills and ideas to build things in your spare time that you’ll actually use. You don’t have to limit the use of your new skills and ideas to the workplace, either. Don’t be afraid to look outside of your primary employment to find ways to utilize the professional skills and ideas that you’re learning.

Perhaps you can use your newfound communication skills within the service of a community group. Maybe you can use your web development skills in the service of a civic festival. Perhaps you can use IT skills to help out a local nonprofit.

The advantage of this approach is that it allows you to cultivate skills that you might not be able to directly use at work. You’re solving new problems in new ways, and there’s often less of a drawback if you don’t produce perfect results (due to using and refining new skills).

Join a professional organization related to your career path and try to get maximum value from the benefits. Many professional organizations provide great opportunities for professional growth. They offer publications and other resources that make it easy for you to continue to grow within your field.

The only catch, of course, is that many professional organizations can be pretty expensive. Many professional organizations have a rather significant annual cost in order to be a member, though that membership does afford access to publications, resources, meetings, and other tools.

One way to reduce that cost is to look into membership through your workplace. Perhaps your workplace offers a group discount, or even subsidizes the membership of employees.

Another avenue to examine is whether or not the discounts that you might get from professional organization membership might provide enough savings for you to justify the cost of membership.

In either case, if you can find a low-cost avenue for participation in a professional organization, do so.

Of course, if you are a member, it’s well worth it to make sure you’re taking advantage of the benefits. Make sure you’re receiving and reviewing the publications, taking advantage of online resources, participating in forums, going to conferences and other meetings when you can, and simply squeezing every ounce of value from your membership.

Evaluate what workplace resources are available to you in terms of furthering your education or earning new certifications. Many workplaces offer at least some tools for the professional development of their employees. This might take the form of a stipend for additional education, groups within the workplace geared toward professional development, cheap or free memberships in professional groups, cheap or free admissions and travel to professional meetings, and so on.

Take the time to talk to your supervisor as well as to the human resources department about the availability of any such resources and then take advantage of them. If your workplace subsidizes your participation in professional meetings, then participate in those meetings. If they subsidize further education, then grab that additional education. If they’ll pay for a certification, get that certification.

The thing to remember is that it’s up to you to take advantage of these things. They’re generally not laid out there like a buffet – you usually have to seek out benefits like this, because they’re usually benefits intended for the type of top performers who would seek them out.

It never hurts to ask!

Intentionally choose challenging projects at work as they will push you to learn more and build more skills. As you’re building all of these skills and professional relationships and new ideas, it’s useful to make sure that you’re applying them in the workplace. While you may find ways to apply some of them in your day to day activities, one of the prime ways to ensure that you’re really using your new skills is to put yourself out there for projects that really tap into the new skills and ideas that you’ve been building.

Not only will these new projects provide a great way to show off your increased capabilities at work, they also become a way for you to really hone new skills and make them natural.

For example, if you’ve been working on your public speaking and presentation skills, you should look for opportunities at work to speak to groups and present what your employer is doing. If you’ve been working on your social skills, you should seek out opportunities to represent your organization at larger meetings. If you’ve learned a particular new skill that’s related to your career, look for projects that will put that skill directly to work.

Choices like this will force you to really use those new skills, which can be intimidating. However, the rewards are tremendous – it’s taking risks and digging into new projects like these that help set you up for the type of career advancement you might be dreaming of.

Keep track of the skills you’ve built and applied as well as the things you’ve achieved as a result of those new skills. As you’re building these skills and finding new ways to apply them, make sure you’re keeping track of them.

The easiest way to do this is to make sure that you’re keeping your resume updated. I recommend making this a part of your three month professional review, discussed earlier in this article. As part of that review, go through your resume and ask yourself whether there are significant new projects and new skills that can be added to each section of the resume.

Do you have a new certification? Add it. Have you taken significant coursework? Add it. Have you added a significant new skill? Add it.

Doing this ensures that your resume continues to look good to people who may be interested in hiring you.

If you think you’ve done enough, you haven’t – never stop growing. Professional development isn’t just something you do every once in a while when someone suggests that you do it. It is a key component of growing in value in your professional career. It is a key to achieving the big things you want from your career – raises, promotions, and even career changes as they’re warranted.

Never, ever stop growing and developing, personally or professionally. The more you grow, the more valuable you become as a person and as an employee, and that value will be rewarded.

Good luck!

Related Articles:

The post 11 Strategies for Low-Cost Professional Development appeared first on The Simple Dollar.



Source The Simple Dollar http://ift.tt/2gKX1Og

Could it Be… Seitan?! These Heavenly Vegan Recipes Taste Like Real Meat

We Booked a Mediterranean Cruise — and It’s a Better Value Than You Might Think

Earlier this year, my husband and I took our two kids – ages 6 and 8 – for an extended trip through Germany, Italy, and Switzerland. Our journey was meticulously planned and lasted nearly three weeks from beginning to end.

We saw jaw-dropping sights including the buried the city of Pompeii, the Amalfi Coast, and the towering Swiss Alps while enjoying some of the world’s most decadent food. We climbed actual mountains, laughed and played, and ate so much gelato it just isn’t right. I would also say the trip was somewhat educational since my kids saw many major attractions they’ll eventually study in world history classes, from the Roman Colosseum to the masterful works of art in the Uffizi and Accademia galleries of Florence.

Our kids had a blast, and so did we. And, thanks to our long-term planning strategy, this trip wasn’t too expensive, either. While the retail price would have been over $20,000, we paid around $3,500 out-of-pocket for the entire trip thanks to credit card rewards and some creative planning.

Next summer, we plan to do something similar… but with a twist. While last year’s Europe trip was largely land-based, we decided that, next time, we want to throw in a Mediterranean cruise. While that probably sounds luxurious and overpriced, I was actually surprised to find that this could be one of the most affordable components of our trip.

Let me explain.

Planning Our Europe Trip for Summer 2018

Before I get into why this is such a good option for us and other families, let’s start at the beginning. As you probably know, the biggest component of any trip to Europe from the U.S. is airfare – the cost of just getting there and back.

I started planning early for this part, racking up several signup bonuses through American Express and earning even more Membership Rewards points through regular spending.

So, just like last year, we’re transferring 200,000 American Express Membership Rewards points to Air France/Flying Blue good for four round-trip flights from Indianapolis to European cities of our choosing. In addition to the airline miles, we’ll need to pay around $150 per person in airline taxes and fees.

Initially, we wanted to go to Croatia and possibly Greece, and then finish up our trip with a week on the Amalfi Coast. I loved mainland Greece when we went a few years ago, so I really wanted to see a few Greek islands this time. But, would it be possible to pull this off?

As anyone who’s traveled in this region knows, getting around Europe is pretty easy! But, that doesn’t mean it’s always fast.

Once I mapped out the train and bus routes for the various cities we wanted to visit, I realized we would spend several days on train travel alone. With young kids especially, this isn’t the ideal way to spend our time.

Greece is just plain huge, spread out, and out of the way. Croatia is long and skinny and not that ideal for train travel. Getting to Italy from either of these countries would be a pain – unless we wanted to fly. But, once again, I didn’t want to invest the time or money into too much transportation.

Eventually, I stumbled onto the idea of taking a Mediterranean cruise. We’re not really cruise people per se, but it seemed like a smart way to accomplish our travel goals without too much hassle or expense. And now that I’m ready to book, I’m finding it’s easily one of the smartest – and most affordable – options available for our family.

Our Experience Booking a Mediterranean Cruise

While Mediterranean cruises range from budget to luxury, we really needed a “no frills” option that would fit with our travel budget and make it fun for the kids. We considered a few different cruise lines, but we ultimately chose to go with MSC Cruises due to their overall affordability and selection of itineraries.

With the specific itinerary we were considering, we could check off all the “musts” on our wish list without spending a crazy amount. The specific cruise we chose departs from Alcona, Italy before visiting Venice, Split, Santorini, Mykonos for two days, and Dubrovnik. This itinerary worked rather well for us since I was also able to find Flying Blue/Air France availability into Bologna, Italy, and home from Naples. This way, we could spend a few days in nearby Bologna before the cruise, and then spend a week on the Amalfi Coast before flying home from Naples.

Cruise Itinerary

If you think the cruise component of this trip sounds crazy-expensive, you’re not alone. I absolutely thought it would be more than I wanted to spend — until I actually priced it out.

But really, it’s not so bad – especially for a family with young kids. For the particular cruise we chose, which takes place during peak travel season, it works out to $989 per adult for an ocean view room.

Cruise Details

This includes the “Fantastica” cruise experience with:

  • Upgraded stateroom location
  • Free breakfast in bed
  • Additional kid’s classes
  • Kid’s club
  • 12 free drink vouchers per person
  • Flexible, inclusive dining

The best part is the fact that kids 12 and under are free on our particular cruise, as they are on many MSC cruise itineraries. So, that brings our grand cruise total to $2,150.64 for two adults and two kids.

Stateroom with taxes

This price includes the cruise fare itself, but also government taxes and fees. In addition to this amount, we’ll owe 30 euros per night as our service charge in place of traditional tips. This adds another 210 euros – or $250 USD – to our grand total, bringing it to about $2,400. While you can have this removed from your account if you don’t receive good service, I am more than happy to tip the people who work so hard on the ship.

Either way, this brings us to a grand total of $2,400 — or $600 per person for an eight-day, seven-night Mediterranean cruise.

How and Why This Is a Smart Deal for Us

Handing over $2,400 for eight days and seven nights doesn’t sound particularly cheap, and it’s not. But it’s actually a really good value when you consider everything a cruise includes.

We’ll get breakfast and most dinners on the boat for free, for example. That leaves us covering lunch only in our ports, which should be easy to handle on the cheap with some planning and budgeting.

MSC Cruises also offers kid’s clubs on their ship, which means we’ll have an on-hand babysitter if we need a break. And of course, our ship will have the usual cruise amenities: nightly entertainment, on-board activities, swimming pools, a gym to work out in, and an on-board casino. Here’s the full list of what is included:

What’s included in the cruise fare:

  • Onboard activities
  • Kids and teens clubs
  • 24-hour room service
  • Fitness center
  • Library and card room
  • Casino
  • Nightclubs and disco
  • Broadway-style shows
  • Dining

What’s not included:

  • Shore excursions
  • Spa visits and treatments
  • Internet cafe
  • Beauty salon
  • Personal trainer
  • Exercise classes
  • Shopping
  • Drinks (soda and alcohol)

We’ll want to do some excursions, but I’ve already found quite a few I would consider through Chase Ultimate Rewards. Since we have around 70,000 Chase Ultimate Rewards points leftover to burn, we’ll be able to book a few excursions and get them entirely for free. For the most part though, we like to get out on our own and explore cities without the help of guides.

When you consider the fact that we could easily pay $300 per night for a hotel alone in high season (or more since you typically need two rooms for a large family in Europe), it’s a pretty great deal to get a floating hotel, transportation all around Croatia and the Greek islands, most of our food, and intermittent babysitting for $300 per day.

But, it was the convenience factor that really got me. Instead of visiting a spot for a day, staying in a hotel for one or two nights, riding in a train, unpacking and doing it all over again, we can pack and unpack in our cruise cabin once. Each day we’ll get off the ship with the kids in a new place, yet we won’t have to endure many of the pitfalls of traveling with luggage and children.

The Bottom Line

While we’re not the biggest cruise enthusiasts in the world, this particular itinerary makes a ton of sense for us, and a Mediterranean cruise can offer a surprising amount of value to the average family. It’s inexpensive when you consider all that’s included — lodging, food, and transportation between countries — and it will be downright convenient since we only have to pack and unpack once. Most importantly, it will let us see some cool sights with our children without worrying about the intricacies of getting from one place to another.

Is $2,400 for a week of cruising cheap? Absolutely not. But, it is a good value. And, no matter what, I know the memories I make with my kids will be absolutely priceless.

Holly Johnson is an award-winning personal finance writer and the author of Zero Down Your Debt. Johnson shares her obsession with frugality, budgeting, and travel at ClubThrifty.com.

Related Articles:

Do you think cruising is an affordable family vacation option? Why or why not?

The post We Booked a Mediterranean Cruise — and It’s a Better Value Than You Might Think appeared first on The Simple Dollar.



Source The Simple Dollar http://ift.tt/2z8OEnt

Give something back this Christmas: Take the foodbank Advent challenge

Give something back this Christmas: Take the foodbank Advent challenge

I like Christmas. It was magical when my children were small and I’m still looking forward to it this year when they will both be ‘coming home for Christmas’. I like the decorations, the long meals, the games and the presents… I even like the John Lewis adverts.

But the commercial emphasis on buying seems to start earlier and get louder every year. Now, some parents don’t just produce stocking and tree presents for their children, but a Christmas Eve box of goodies as well. 

And the little Advent calendars that used to have a tiny picture behind each window are now even targeted at adults, containing crisps, craft beers or beauty products.

This year, however, I’m taking part in the UK Money Bloggers’ Christmas campaign – creating a 'reverse Advent calendar' for my local foodbank.

With an Advent calendar, you open a window each day from 1 December to Christmas Day (25 December) and get a reward.

In a reverse Advent calendar, you pick one item a day to donate to your local foodbank and put it into a box.

You could do this for 25 days before Christmas to mirror the Advent calendar. If you have children, get them to choose the food bank donation before they open their own Advent calendar.

However, the reason I’m telling you about this initiative now, is because I am going to be collecting during November. I can then donate the box in the first week of December when it will be most needed for Christmas.

What are foodbanks?

Trussell Trust is a charity, which run most of Britain’s foodbanks. People are referred to it for help by Citizens Advice, GPs and social services. They are then given a voucher for three days of food for their family.

More than 90% of the food that is distributed is donated by the public. Local foodbanks also use money they are given to buy items they are very short of in order to give everyone a balanced diet. 

Find your local Trussell Trust foodbank using the tool on its website. This tool provides a link to your local website so you can check where to take your food box to and when.

What goes in a foodbank parcel?

The most important thing to remember is that food has to be long life as it may take days to be distributed and it can’t be kept in fridges.

A typical parcel for a family of four people may include:

  • a large box of cereal 
  • six tins of beans 
  • six tins of soup 
  • a jar of pasta sauce 
  • six tins of spaghetti 
  • five tins of vegetables/tomatoes 
  • three tins of meat or meat pies 
  • three tins of fish 
  • two tins of fruit 
  • two tins of rice or sponge puddings 
  • a large packet biscuits
  • 2kg of rice or pasta 
  • tea bags or coffee
  • a large bag of sugar 
  • two cartons of UHT milk or powdered milk 
  • one carton of fruit juice

Items such as jam, lentils, and porridge will be added by the foodbank team depending on what is available, plus nappies, baby wipes, and baby food if needed.

Many foodbanks also have boxes of extra products where people in need can select a couple of items including toiletries, sanitary towels and tampons, and household cleaning products.

Why should I create a reverse advent calendar?

Christmas is meant to be for everyone, and collecting a box to donate to a foodbank is a great way to show your children, grandchildren or other family members that it is a time for giving, not just for getting presents. 

Children may also like to decorate the box or include a home-made Christmas card.

There are tens of thousands of parents who are worried about how they can feed their children over Christmas. So will you join me in creating a reverse Advent calendar?

Sara Williams writes about debt, savings, and credit ratings on her award-winning blog, Debt Camel. An adviser at charity Citizens Advice, she wishes she didn’t have to give out so many food bank vouchers to her clients.

Section

Free Tag

Related stories

Twitter



Source Moneywise http://ift.tt/2zEzBOz

They Paid Off $218K of Debt—Without Windfalls or Six-Figure Salaries

الأربعاء، 25 أكتوبر 2017

Liztech to close after decades of business

EAST STROUDSBURG — A landmark business on Crystal Street is closing its doors after 33 years. Liztech Studios and Gallery will cease production early next year.“We expect to run out of most of our inventory by January,” said owner Jill Elizabeth. “We’ll still be making some jewelry, but the gallery will begin to shut down at that point.”Liztech, short for Elizabeth Technologies, has operated out of the same facility at 95 Crystal street [...]

Source Business - poconorecord.com http://ift.tt/2y59ZOD

Too Many of Us are Ignoring Our 401(k)s. Here’s Why That’s Really Bad

With the stock market going like gangbusters, Americans’ retirement savings are growing as steadily as grass in the summertime.

Yessiree, the balances in our 401(k) accounts are hitting all-time highs. The average account holds nearly $100,000, almost a 10% increase from last year.

But a couple of new reports about 401(k) accounts suggest it’s probably time you give yours a checkup.

Here’s what these studies found:

  • Most people pretty much ignore their 401(k) plans after they sign up.
  • A lot of people have too much of their 401(k) savings in stocks, not bonds.

Wait, didn’t we just say that stocks are doing great?

Well, it’s complicated, but here goes …

Ignore Your 401(k) Plans at Your Peril

These days, a full-time job usually comes with a 401(k) retirement plan you and your employer contribute to.

Here’s a good Penny Hoarder article on 401(k) basics.

Here’s a longer one explaining everything about a 401(k).

Most people put their accounts on autopilot and rarely make any changes. In 2016, only 8% of 401(k) holders adjusted their mix of investments to be more aggressive or more conservative, according to a recent Vanguard study.

It’s one thing to stay on cruise control when you’re just starting to save for retirement. But you should be prepared to make periodic adjustments as your retirement funds grow.

One way to do this is with a robo-adviser. One we recommend is Blooom, an online investment advisory firm that’ll optimize and monitor your 401(k) for you. It gives you an initial checkup for free and tells you if you’re paying too many fees, have enough invested in stocks versus bonds, etc.

Consumer Reports also has a primer on how to give your 401(k) plan a checkup. Be prepared to boost your contributions and adjust your asset mix.

Stocks and Bonds and Risk, Oh My!

The stock market has been going up for eight years now — and hey, that’s good! Yaaaay, stock market! Whoo-HOO!

But the rising value of stocks also means this: If you haven’t been adjusting your stock-and-bond allocations, you’re probably holding way more money in stocks than you originally meant to.

That means more risk of losses when the stock market inevitably hits another rough patch.

And as the stock market continues to rally, 401(k) participants are getting more aggressive in their investing strategy.

Mutual fund giant Fidelity Investments tells USA Today that a whopping 40% of savers who are managing their own 401(k) plans are keeping more of their money in stocks than Fidelity recommends.

The crazy thing is, that’s up from 38% a year earlier. Not only that, but nearly 9% of male investors and 6% of female investors have their accounts only in stocks.

So, how much should you keep in stocks versus bonds? That depends on your age and your tolerance for risk.

Again, a service like Blooom can help you strike the right balance. The $10-per-month service — cheaper than a financial adviser — will figure out if you’re getting the most bang for your buck.

Mike Brassfield (mike@thepennyhoarder.com) is a senior writer at The Penny Hoarder. He looks forward to spending his 401(k) money on denture adhesives and Bengay when he’s 90.

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



source The Penny Hoarder http://ift.tt/2ixOgYq

Senate Just Said No to Making it Easier for Consumers to Sue Banks

Have you heard of a mandatory arbitration clause? Many credit card companies and banks use them in their contracts to prevent consumers from banding together and suing them for unfair practices. In other words, the fine print makes it impossible to go after a crooked bank or credit card company with a class-action lawsuit.

In July 2017, the Consumer Financial Protection Bureau issued a rule banning companies from using mandatory arbitration clauses in their contracts. Nice, right? This rule gave power to consumers to fight back against companies that take advantage of them.

Seems fair, right? Congress doesn’t think so.

Mandatory Arbitration Supporters, Opponents Say They’re Helping Consumers

On Tuesday night, the Senate passed a measure to repeal the consumer agency’s rule by a 51-50 vote, with Vice President Mike Pence casting the deciding vote.

That means banks and credit card companies can continue to include fine print in contracts that requires disputes to be resolved outside of the court system, giving the financial companies the upper hand.

Supporters of the repeal claim that the consumer agency’s ruling left financial companies vulnerable to an overwhelming number of frivolous lawsuits.

The White House issued this statement: “By repealing this rule, Congress is standing up for everyday consumers and community banks and credit unions, instead of trial lawyers, who would have benefitted the most from the CFPB’s uninformed and ineffective policy.”

But not everyone agrees.

Massachusetts Sen. Elizabeth Warren said on the Senate floor: “This bill is a giant wet kiss to Wall Street. Bank lobbyists are crawling all over this place, begging Congress to vote and make it easier for them to cheat customers.”

President Donald Trump is expected to sign the bill.

It’s a classic case of both sides claiming that they are looking out for the American people. Who is right? It’s hard to tell, but for now, it looks like mandatory arbitration clauses are here to stay.

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

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



source The Penny Hoarder http://ift.tt/2y4xw27

Planning on Retiring in Your 70s? Here’s Why That Might Not Actually Happen

Are you one of those people who says, “I’m never going to retire!”

If so, you may want to work on your backup plan.

The U.S. mortality rate has shifted, and the number of deaths per year rose 1.2% between 2014 and 2015, Bloomberg reported on new data from the Society of Actuaries Mortality Improvement Scale. It’s the largest change to the death rate since 1980.

What does that have to do with your retirement savings? Everything.

Americans are feeling the pressure to work well into their late 60s and 70s, and the age at which you can claim full Social Security benefits is slowly climbing.

But at the same time, more middle-age Americans are struggling with health problems that may take them out of the workplace sooner than expected.

A study by University of Michigan economists measured middle-aged Americans’ health by looking at “activity of daily living,” (ADL) or how easily someone can complete routine tasks.

“The study showed the number of middle-age Americans with ADL limitations has jumped: 12.5 percent of Americans at the current retirement age of 66 had an ADL limitation in their late 50s, up from 8.8 percent for people with a retirement age of 65,” Bloomberg’s Ben Steverman explained.

So trying to work into your 70s is a great plan, until it isn’t. Health limitations can dictate when you retire — possibly much sooner than you would prefer.

How to Kickstart Your Retirement Savings Right Now

Feeling the pressure to get your retirement savings on track? Remember, the recommended savings amount is six times your salary by the time you’re 50.

Giving up on your 401(k) and burying your head in the sand isn’t recommended if you don’t have anywhere near that amount.

Careful budgeting to prioritize your retirement savings can help you add a considerable amount of cash to your nest egg.

Starting in 2018, the yearly cap on your personal 401(k) contribution rises from $18,000 to $18,500. If you’re over 50, you can set aside a one-time “catch-up payment” of up to $6,000, bringing the total max contribution in the year to $24,500.

Real talk about your retirement lifestyle can help you get a clearer picture, too. And let’s face it, it’s way more fun to talk about your retirement plans than it is to talk about death.

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

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



source The Penny Hoarder http://ift.tt/2zDQNDM

Nordstrom to Fill Over 13K Jobs Ahead of the Holidays (Discount Included!)

Fashion retailer Nordstrom is hiring over 13,600 part-time and full-time seasonal and permanent workers across the U.S. and Canada right now.

Candidates can apply online from anywhere, but if you happen to live near a location where the company is hosting a hiring event, you can apply in person to snag a job that same day.

Benefits include a merchandise discount at Nordstrom, Nordstrom.com, Nordstrom Rack and HauteLook.

If these jobs aren’t the kind of work you’re looking for, check out our Jobs page on Facebook — we post new opportunities there all the time.

Types of Jobs

Nordstrom is filling a wide range of positions, including:

  • Customer care
  • Photo studio
  • Retail sales
  • Retail stock and fulfillment
  • Restaurant cashier
  • Barista

Where You’ll Work

The company is filling positions at:

  • Nordstrom
  • Nordstrom Rack
  • HauteLook
  • Trunk Club
  • Nordstrom, Inc. fulfillment and distribution centers

How to Apply in Person

Nordstrom is holding dozens of hiring events in seven states.

Oct. 27 from 11 a.m. to 6 p.m.

  • Massachusetts
  • New Jersey
  • New York
  • Connecticut
  • Rhode Island

Oct. 30 from 10 a.m. to 6 p.m.

  • California

Nov. 3 from 10 a.m. to 6 p.m.

  • Washington

Check Nordstrom’s job announcement for details on a hiring event near you.

How to Apply Online

Navigate to Nordstrom’s online career page. Enter your country, state or province to learn what jobs are available in your area.

Lisa McGreevy is a staff writer at The Penny Hoarder. She loves telling readers about new job opportunities so look her up on Twitter @lisah if you’ve got a tip to share.

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



source The Penny Hoarder http://ift.tt/2yReag8

All the Single Ladies… Are Way Less Likely Than Single Men to Own a Home

When is having more debt actually a good thing?

That’s a trick question. The answer is never. But it’s a slightly different story when that debt is in the form of a mortgage.

According to a recent GOBankingRates study of 2,500 adults, men have three times more debt than women do.

But that’s not exactly good news for women. Having less debt is generally a plus, but it may indicate the gender gap in homeownership.

When GOBankingRates asked respondents about their mortgages, among other debts, men were more likely than women to report having a mortgage.

Women were only more likely than men to have a mortgage when it was for less than $100,000 or between $150,000 and $200,000.

Considering women have been able to seek their own credit without a male co-signer — including mortgages — since 1974, why are women buying homes at lower rates than men?

Women: Not Winning, Even When They’re Breadwinning

GOBankingRates looked to a recent Credit Sesame study to make sense of the difference. According to that study of 1,000 people, 42% of women renters said they couldn’t afford a down payment, while 38% of men said the same.

Twenty-two percent of women said they were “extremely concerned with housing affordability,” while only 19% of men felt the same.

Credit Sesame also noted that, on average, women have lower credit scores than men, so perhaps it’s not surprising that 21% of women who said they were delaying buying a home due to low credit scores.

Women may still be feeling the pressure to buy despite their concerns about housing affordability. Redfin examined down payments of men and women and discovered that while the median down payment was around 20%, single men were more likely to make a 20% down payment. On the other hand, single women were more likely to make a down payment of less than 5%.  

If you think the wage gap is a culprit here, don’t expect change anytime soon. The gender wage gap is closing, but it won’t be even-steven until 2119, the American Association of University Women predicts.

How to Be a Woman Trying to Buy a Home

There really aren’t tips for women who want to purchase a home; there are just general tips for everyone. But they’re worth considering well before you start going to open houses.

Consider the Responsibility

Buying a home isn’t just about getting a good rate on your mortgage and then resting easy for 30 years. There’s maintenance, unexpected expenses and homeowner association meetings that can stretch on for hours but accomplish little (trust me on this one).

Owning a home has to be a part of your lifestyle, and if you’re not excited about the prospect of constantly tinkering to keep your home running smoothly, it may not be worth the daydreaming (yet).

Think About the Costs of Buying a Home

Do this before you start looking at homes. Credit Sesame’s mortgage map feature helps you figure out what you might be able to afford based on your location and income.  

Save Now to Save on Your Mortgage Later

While a 20% down payment on a home is no longer the norm, a low down payment usually requires private mortgage insurance (PMI). You pay PMI — usually 0.5% or 1% of the home loan value — each year until you’ve paid off about 20% of the home’s value.  

There is a win here, when you look at housing outcomes. When the Urban Institute analyzed solo female and male borrowers, it found that single white, African-American and Hispanic solo female borrowers consistently default less than their male counterparts.

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

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



source The Penny Hoarder http://ift.tt/2iAJyJn

Halloween Just Got Better: Chipotle’s $3 Boorito is Back

All geared up for Halloween? Listen up, because this most-loved holiday just got a little bit better.

 

Chipotle’s bringing back its Boorito deal, offering $3 entrees to customers who show up in costume.

 

No tricks. Just delicious, corn salsa-filled treats.

How to Get a $3 Chipotle Boorito This Halloween

It’s super easy (and fun): Just show up to Chipotle in costume from 3 p.m. to close Oct. 31.

You’ll be rewarded with a cheap, delicious dish — and since Chipotle’s meals usually cost more than $7, this price is actually better than a BOGO deal!

Yes, Halloween falls on a Tuesday this year… but who doesn’t wear their costume to the office? And if you’re taking the kids trick-or-treating, this deal is a perfect, easy dinner.

Despite the promotion’s name, the Chipotle Boorito deal isn’t limited to burritos. Guests can get a bowl, salad or order of tacos for $3, too.

It excludes online, smartphone, fax (lol) and catering orders, so you’ve got to actually walk your costumed self into the store.

The only scary part? You’ll probably still have to pay extra for guac.

No big deal, though, since you totally DIY’d your costume and decorations.

That’s why we hoard pennies, after all: Some things are just worth the splurge.

Jamie Cattanach’s writing has also been featured at The Write Life, Word Riot, Nashville Review and elsewhere. Find @JamieCattanach on Twitter to wave hello.

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



source The Penny Hoarder http://ift.tt/2lg2Tka

Shutterstock is Looking for Work-From-Home Photo and Illustration Reviewers

Like looking at photos?

Mountain landscapes? Cats? Food? Funky illustrations?

Me too. In fact, I could get swept up in it all day. If you’re the same way, you could actually get paid to do this.

Shutterstock — a website that offers millions of royalty-free photos, illustrations and videos — is hiring work-from-home editorial image and illustration reviewers.

What Does a Shutterstock Image Reviewer Do?

As an editorial image reviewer, you’ll check images to be sure they meet Shutterstock’s guidelines before hitting the online stock image catalog.

You’ll act as an authority, making sure photos meet technical standards and restriction expectations, detect fraud and ensure editorial integrity. You’ll look at a high volume of images in a short amount of time with keen eyeballs.

If something doesn’t hit a threshold, you’ll provide feedback to the contributors. In addition, you’ll monitor keywords and editorial captions for accuracy.

As an illustration reviewer, your responsibilities will be similar — only with illustrations.

Either way, you’ll do this all from home on a freelance basis. As an image reviewer, you’ll work for about 25 to 30 hours per week, including between five and eight hours on the weekends.

Hours aren’t listed for the illustration editor, but we’ve reached out to the company to get more information.

Am I Qualified To Work For Shutterstock?

You need some experience to snap — I mean snag — one of these gigs.

As an editorial image reviewer, you need two or more years of photography experience (think: photographer, stock agency contributor, photo editor, photo researcher).

So, you’ll likely have knowledge of editorial events (in the realm of news, entertainment and sports), industry trends and styles.

You’ll also need high-speed wired broadband internet access connected to your own PC or Mac that has accurate color display (none of that f.lux color-change on).

You should be organized, analytical, authoritative and confident in your judgements. You should also be fluent in English and be able to participate in business meetings.

On the illustration side, requirements are nearly the same, except the company’s looking for someone with two or more years of illustration/vector experience (think: graphic designer, stock agency contributor, art buyer).

You also must own a license for Adobe Illustrator and know your way around Photoshop, Google Docs and Microsoft Office Suite.

Feeling qualified? (I wish I was…) Find more job postings in all available time zones on Shutterstock’s career page. Seriously, it’s hiring a ton of people right now.

Want to find more work-from-home job opportunities? Visit our Facebook Jobs page.

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.

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



source The Penny Hoarder http://ift.tt/2i3vHrb

How to Write a Double Opt-in Landing Page That Converts Well

It’s always great news for a business when their subscriber list starts to grow.

The growing list of subscribers implies that people are interested in your company and you have the opportunity to increase your revenue.

But that’s not always the case.

People ask me all the time why their bottom line hasn’t improved as their subscriber rates increase.

It’s because they don’t have active subscribers.

How do you stay connected and make sure your customers are actively engaged with your content?

Take a step back, and assess your current opt-in process.

It may have some flaws.

Sure, you may see your number of subscribers grow.

But that’s useless if these people aren’t actually interested in your company.

Switching to a double opt-in strategy may be the solution.

I’ll show you how to use a double opt-in landing page to increase conversion rates.

What’s wrong with the single opt-in landing process?

If you don’t know the difference between these two types of landing pages, it’s safe to assume you’re currently using a single opt-in form.

A single opt-in is simple for both you and the subscriber.

They enter their email address and automatically get added to your subscription list.

Here’s an example from Lowe’s Home Improvement:

image6 2

All they ask for is your email address and zip code so that they can send you relevant promotions based on your location.

Once you click “Save Today,” you’ll instantly join the email list.

It’s easy for users, and it’s a great tactic to increase the number of newsletter subscribers fast.

However, there are some problems with this strategy as well.

You may end up with some invalid or useless email addresses on your list.

Here are a few scenarios.

  1. The customer mistyped their email address.
  2. The customer intentionally submitted a fake email address.
  3. Someone signed up for your list by mistake.

People make mistakes when they are typing.

So it’s not uncommon for someone who wants to join your subscriber list to incorrectly enter their email address.

This person may eventually realize the error if they don’t receive any messages from you.

Hopefully, they will go back and submit the correct information.

However, their invalid address will remain on your list.

Sometimes a customer could purposely enter a fake email address if it means they can receive a discount on their order.

To prevent this, you should always email the sign-up promotion instead of automatically applying it to their checkout page.

Here’s an example from Topshop:

image14 1

It’s also possible that someone entered their email address by accident.

Sometimes people may get confused and think they needed to submit an email address to continue, especially if you have a popup form.

Here’s another possibility.

Let’s say you’re an ecommerce store that requires an email address during the checkout process.

The customer may want to get shipping details and an order receipt sent to their email address, but that doesn’t mean they want to join your newsletter.

Here’s an example:

image13 1

If that box is checked off by default, you may get subscribers who don’t actually want to be on your list.

Depending on your email marketing service provider, you may be paying a monthly, quarterly, or annual fee based on the number of subscribers on your list.

You’ll happily pay if all those subscribers are active and engaged.

But if you have fake emails, invalid names, and people who signed up by mistake, you’re wasting money.

Plus, all of your analytics will be thrown off.

You can’t effectively analyze the success of your campaign without accurate data.

Double opt-in landing pages are more efficient

The double opt-in strategy can eliminate some of the problems we just discussed.

Your company may be experiencing some of those issues if you’re currently using a single opt-in strategy.

So, what’s a double opt-in?

It’s a form that appears after the visitor clicks your call-to-action button.

Here’s what Khol’s double opt-in page looks like:

image11 2

Basically, it’s a two-step verification process.

Sending a confirmation email is another great way to accomplish this.

Look at the impact double opt-ins can have on your unique open rates:

image5 2

Here are some more top benefits of a double opt-in email:

  • increased user engagement
  • no spam or fake email addresses on your list
  • more accurate analytics
  • a great way to start a drip campaign

Let’s continue to break down the double opt-in email.

The subscriber has to verify their email address before they get added to your list.

Earlier I mentioned that incorrect or fake email addresses could be plaguing your single opt-in strategy.

This won’t be an issue if you send the prospective subscriber a confirmation message.

Don’t get me wrong.

This isn’t a perfect system either.

Since it requires more steps, some users may not complete the process.

Some people may think the double opt-in emails could be too much.

This is especially true if you’re sending a confirmation message and then a welcome message after their address is verified.

So, here’s what you can do.

Combine your verification email with the welcome message.

image10 2

That’s how nearly 80% of email marketers are handling their double opt-in emails.

Otherwise, it can be an overload of messages, which the subscriber could mark as spam.

  1. Confirmation email
  2. Welcome message
  3. Newsletter
  4. Promotion or discount

That’s potential four messages your subscriber could receive within the first few days of signing up.

It’s too many.

Yes, once they are added to your list, it makes sense to send out a drip campaign.

Just don’t do it all at once.

Space the messages out over a longer period of time so you aren’t perceived as a spammer.

How to create a double opt-in email

Now you understand the basic differences between a single and double opt-in landing page.

It’s time to learn the step-by-step process for your double opt-in email.

Depending on your email service provider, the wording on each page may be slightly different.

In this example, I’ll show you how to set up a double opt-in email on HubSpot’s platform.

Step #1: Select “Double Opt-In” under the “Email” section of “Content Settings”:

image4 2

Navigate to the “Content Settings” tab.

Next, click on “Email.”

You’ll see the “Double Opt-in” option about halfway down this menu.

Step #2: Customize the double opt-in message:

image2 2

From the double opt-in page, click “Edit email.”

This will be the message your prospective subscribers receive after they complete the first step of your opt-in process.

The message should be delivered immediately so the user can proceed and officially join your list.

Step #3: Create a confirmation page and follow-up email:

image1 1

Once the subscriber verifies their email address and completes the second opt-in phase, they will receive a confirmation.

There are two types of confirmations:

  1. confirmation landing page
  2. email confirmation

The landing page will open in their Internet browsing window after the subscriber confirms the first message.

At the same time, they can receive a follow-up message that also confirms their subscription.

If you don’t want your new subscribers to receive too many messages in a short period of time, simply uncheck the “Include follow-up email” box.

I would recommend using this opportunity to send a welcome message to your newest subscribers.

It’s much more practical than another confirmation email.

Step #4: Review the “Enable” options:

image3 2

The enable section allows you to choose when to put the double opt-in option on your website.

By default, this option is marked as disabled.

I recommend enabling this option for all your pages.

This will increase the chances of getting higher conversions.

But it’s not required. You can enable your double opt-in on specific pages only.

If you want to include the opt-in on most of your pages, but not all of them, check off the “Disabled for some pages only” box.

It’s pretty straightforward.

Step #5: Manually send an opt-in (optional):

image7 2

Here’s a scenario.

Let’s say you forgot to change the default enable options in our previous step.

If a user subscribes, they won’t receive your opt-in email verification when the page is disabled.

In this case, you can manually send a new subscriber an opt-in message.

Just navigate to your contacts page and click on the user.

Click “Actions” under their name, and select “Send opt-in email.”

That will ensure that your new subscriber receives the message you customized in the second step.

HubSpot’s platform is really easy to navigate and understand.

So if your current email marketing software doesn’t have this feature, you may want to consider signing up for an alternative.

Additional tips for getting sky-high conversions

Before you can send out your double opt-in email, you’ll need the user to click on your CTA button in the first place.

Otherwise, they will never have the opportunity to receive a confirmation message.

One of the first things you should consider is the placement of your opt-in button.

image9 2

The majority of companies are putting their opt-in CTAs in the footers of their websites.

Just make sure it’s big, bold, and clear so that the visitors can’t miss it.

Your page should also have:

  • a strong headline
  • a clear call to action
  • value and benefits
  • social proof of concept

All of these factors can help increase your chances of getting customers to proceed with your double opt-in.

Here’s something else you want to consider.

Timing.

It may sound silly, but it’s one of the most important components if you’re sending a double opt-in email.

image8 2

Don’t leave your subscribers in the dark.

Especially if you’re putting them through a two-step verification process.

Making the customer wait could lower their interest and engagement.

Maybe they wanted to join your list to receive a promotion or a discount.

If the customer doesn’t get that offer right away, they may be more inclined to make their purchase elsewhere.

Conclusion

If your email list is growing without benefiting your business, you may want to consider changing your opt-in strategy.

While single opt-in forms are simple and a fast way to grow your email list, they are not always effective.

You’ll get some incorrect email addresses that will:

  • cost you more money
  • increase your bounce rate
  • give you incorrect analytics for each campaign

Instead, you can create a double opt-in landing page to increase engagement.

Consider the components of an opt-in email:

image12 2

Make sure your message is active.

This will get the subscriber to complete the two-step process and join your list.

A double opt-in also ensures that your subscribers are legitimately interested in your brand, products, and content.

Ultimately, this will increase your conversions.

If your current email marketing software doesn’t allow you to write double opt-in messages, you may want to consider changing platforms.

Then you can follow the step-by-step guide outlined above for creating the perfect double opt-in email.

Make sure your initial opt-in button on your website has a clear CTA. Otherwise, visitors won’t be able to start the two-step process.

How will your offer entice website visitors to confirm their email addresses before officially joining the subscriber list?



Source Quick Sprout http://ift.tt/2gGlZhM

The Power of ‘Good Enough’

Over the last few years, one of the biggest principles I’ve found in personal finance – and in any flavor of self-improvement – is that the perfect is always the enemy of the good. If you set yourself up so that the only acceptable result is perfection, you’re setting up a house of cards for yourself. Things are going to inevitably collapse. You will fail if perfection is your only possible outcome.

I once thought that the principle of dangerous perfection (as I like to call it) only really applied to setting goals. If you set a goal that could only be achieved by perfect or near-perfect outcomes, that goal was going to be a failure, and that a much better approach to goal setting is to focus on somewhat improving your performance each day. Thus, by focusing on my daily performance, I would gradually get better and better and better outcomes and thus achieve most reasonable goals that way. I don’t expect all perfect days, but I do expect “good enough” performances most days, performances that are noticeably better than how I used to do things.

That type of success by little positive steps and of tolerating little setbacks works incredibly well for me. It’s an implicit understanding that little improvements work incredibly well over time, like drops wearing down a rock, and that if I shoot for “good enough” most days – meeting a daily goal that’s a realistic improvement over how I used to do things – I’m going to have better outcomes.

What I’ve come to realize recently is that “good enough” pops up over and over again in good personal finance and good life habits. This was illustrated really clearly for me in a recent article in The Atlantic by Olga Khazan, entitled The Power of “Good Enough”.

In that article, Khazan makes a great case for a different type of “good enough,” one not associated at all with setting goals. She does this by looking back at the work of Barry Schwartz, who published a book about 10 years ago called The Paradox of Choice: Why More Is Less. In that book, Schwartz makes the argument that, when faced with an abundance of choices, we add a ton of stress to our lives by trying to find the “perfect” choice instead of finding the “good enough” choice. Khazan followed up with Schwartz to find out if his advice still holds true. A few good quotes:

If you ever aren’t sure if you attended the very best party or bought the very best computer, just settle for “good enough.” People who do this are called “satisficers,” and they’re consistently happier, he’s found, than are “maximizers,” people who feel that they must choose the very best possible option. Maximizers earn more, Schwartz has found, but they’re also less satisfied with their jobs. In fact, they’re more likely to be clinically depressed in general.

and

As people have contact with items of high quality, they begin to suffer from “the curse of discernment.” The lower quality items that used to be perfectly acceptable are no longer good enough. The hedonic zero point keeps rising, and expectations and aspirations rise with it. As a result, the rising quality of experience is met with rising expectations, and people are just running in place. As long as expectations keep pace with realizations, people may live better, but they won’t feel better about how they live.

and

Whenever you need a new laptop, call up one of your maximizer friends and say, “What laptop did you buy?” And you buy that laptop. Is it going to be the perfect laptop for you? Probably not. Is it going to be a good enough laptop for you? Absolutely. It takes you five minutes to make a decision instead of five weeks and it’s a “good enough” decision.

and, finally

In a Q&A session on Reddit last year, Schwartz said people can generalize this concept by arbitrarily limiting the number of choices they’ll consider—five colleges, not 25—and “decide that all you need is a good enough X, not the best X,” he said. “‘Good enough’ is almost always good enough.” It’s helpful information to keep in mind right after, say, the debut of a dizzying array of shiny, new iterations of a popular consumer tech product.

It can be hard, in our culture, to force yourself to settle for “good enough.” But when it comes to happiness and satisfaction, “good enough” isn’t just good—it’s perfect.

So, let’s unpack this a little bit.

First of all, seeking out the “perfect” option in a universe where we have tons and tons of options at our disposal for almost every choice is almost always a poor move. It almost always leads to analysis paralysis – we invest way too much time in a decision – and we’re almost always left feeling that the choice we made wasn’t really the perfect one after all. In other words, even though we might have made a truly excellent choice, it’s still tinged with negative feelings because we suspect that it wasn’t truly the perfect one.

A much better approach, then, is to seek out the “good enough” option. The idea isn’t that you’re finding the perfect thing, but finding one that’s merely “good enough” – it takes care of your need quite well without investing tons of effort into digging through mountains of choices.

This intersects incredibly well with living a financially sensible life. Often, the “good enough” option is just a low cost option that takes care of what you need – for example, a store brand bottle of hand soap. It’s “good enough” – it gets your hands clean and it doesn’t cost very much. The “good enough” principle steers me right toward store brands for many everyday items, unless the store brand demonstrates that it’s not “good enough.”

Is the store brand “the best”? Usually, no. Is it “good enough”? Absolutely. I pick it up and don’t think twice about it, and I’m rewarded with less headache when buying almost all household supplies and many food staples. I almost always save money, too.

What if the store brand turns out to not meet my expectations? Yep, it happens sometimes. For example, I generally don’t like store brand garbage bags, as they often seem to rip out right in the middle of my kitchen floor. In those cases, I turn to Consumer Reports. I just look up their top-rated “best buy” for that type of product and start buying that instead. I don’t worry about the latest and greatest unless, for some reason, the product I already buy isn’t meeting my needs somehow, which almost never happens.

Another example is pens. I’ve had cheap pens blow up on me far too often, so now I just buy boxes of Uniball pens, which I can get for about $0.50 a pop. They were recommended by a friend as a really good reliable pen. Are there better pens? I’m sure there are. Is it “good enough” for my use? Absolutely. So, I just buy them.

(Another nice advantage of this strategy is that it makes flipping through coupon sections really easy. I just flip through and see if I see a coupon for one of the handful of things I buy that aren’t store brands, and if I do, I’ll snag that coupon because it’s as good as money and I’ll put it in my wallet. If not, I don’t clip anything.)

What about bigger purchases? You can find the “good enough” option by simply throwing out the question of what your friends use to your social network, collecting the positive answers, and picking up the lowest cost option that matches what you need. I have used this exact technique to find things like the North Face backpack that I currently use as a “portable office,” for example.

Is that cheapest recommended item from friends “the best”? Usually, no. Is it “good enough”? Absolutely. I can just buy it by default without really thinking twice about it, and I’m rewarded with less headache and less time invested in the choice. I usually save money, too – sometimes, a lot of money.

What’s the consistent theme here? When I buy the “good enough” item, I almost always save a ton of time and a ton of decision making. The funny part is, I’m usually happy with the product, too. It does what I want it to do, and I didn’t spend a lot of time thinking about whether or not that item really is “the best” or not. Honestly, I don’t even really care if it’s “the best.” I just care if it’s “good enough” and it has a good price on it.

I reduce the time invested in the decision. I reduce cognitive load, saving my focus for other important things. I save money. I’m also almost always happier with the outcome, too.

That’s the power of “good enough.” Do I buy the best coffee? No, but what I buy is good enough – I really like my morning coffee. Do I buy the best toothpaste? Probably not, but no one in my family has cavities with any regularity. Do I buy the best laptop when I need a replacement? No, but I have one that does everything I need it to do.

In each and every case, I didn’t have to spend much time on research, I didn’t have to think a lot about the purchase, and I’m pretty happy with what I have. If I did research it extensively, I’d wind up less happy about my decision after having spent a ton of time on it and probably spending more money on it. Would that product be “better”? Probably… but would it be that much better, considering I already have something that’s “good enough”? Probably not.

When considering your buying decisions going forward, consider simply shooting for “good enough.” It’ll get the job done, save you a lot of thinking, save you some time, save you a little money, and you’ll probably be happier with the outcome to boot. If that’s not a frugal victory, I don’t know what is!

Related Articles:

The post The Power of ‘Good Enough’ appeared first on The Simple Dollar.



Source The Simple Dollar http://ift.tt/2y7kf3W

4 Common Obstacles to Making a Useful Budget — and How You Can Beat Them

How to get 3.22% interest on your £10,000 savings – the Moneywise model savings portfolio

How to get 3.24% interest on your £10,000 savings – the Moneywise model savings portfolio

Cash savers continue to battle against low interest rates and poor returns across the market, but there are ways to get more out of your savings pot.

With the effect of high inflation also whittling away the real value of cash, savers are looking for new ways to beat the savings market.

Moneywise and Savings Champion have created a model savings portfolio which helps savers get the best return possible return on their cash.

The rules

Our portfolio is based on using high interest current accounts, regular savers and one-year bonds in order to maximise your total return.

Money will be drip fed through the accounts in order to achieve the best returns. There is some legwork involved in setting up this portfolio, but we think the returns make it worthwhile.

There are ways in which you can earn slightly more interest, but this will require multiple current accounts. We have limited our portfolio to two current accounts for simplicity.

Many current accounts have requirements such as minimum pay-ins each month and need a number of active direct debits. Make sure you have ‘float money’ on top of the figures listed below so that you can pay your direct debits each month.

Also ensure that by the end of the year you do not go overdrawn on any of your current accounts, as this is likely to incur fees and charges. We’re looking at a one-year timeframe in our analysis and will not include accounts that charge a fee.

Depending on how much you’re saving, we have two model portfolios for you to use.

£10,000 savings portfolio

For a £10,000 cash pot you will be able to maximise your savings by using a pair of current accounts, a linked regular saver and a fixed rate one-year bond.

To start, you need to open the following four accounts;

Over the course of the year £10,000 saved in the model portfolio will generate £321.62 - an effective return of 3.22%. This compares to just £1 in a typical high street savings account, the NatWest Instant Saver paying 0.01%.

This mean a saver has made an additional £320.62 by using the model savings portfolio.

Existing savings accounts

  Amount AER % Gross interest per annum Notes
NatWest Instant Saver £10,000 0.01% £1.00 Easy access
Total savings £10,000 0.01% £1.00  

Recommended savings accounts

  Amount AER % Gross interest per annum Notes
High interest current accounts        
Nationwide Building Society FlexDirect current account £2,500.00 5.00% £125.00 Bonus ends after 12 months
Tesco Bank Current Account (feeder account) £2,750.00 3.00% £34.37 Diminishing balance to fund regular saver
Regular savers        
Nationwide Building Society Flexclusive Regular Saver (Issue 2) £250 pm 5.00% £81.25 12 month term
Fixed term bonds        
Hodge Bank One Year Fixed Rate Account £4,500 1.8% £81.00 12 month term
Total savings £10,000 3.24% £321.62  
Maximise the interest you can earn Increase in gross returns of £320.62 in year one      


You will be required to move money between your accounts in order to meet the minimum monthly pay-in requirements, but these can be set up as standing orders. Leave a couple of days between these money transfers to ensure the money has cleared in your account and you don’t go overdrawn.

For the Tesco Bank Current Account you will need to pay in at least £750 and pay at least three direct debits each statement month. The Nationwide FlexDirect does not require any direct debits, but you will have to pay in £1,000 a month or more. Here’s how to do it.

Month 1

Day 1

Open and deposit £4,500 in Hodge Bank One Year Fixed Rate Account

Open and deposit £2,500 in Nationwide FlexDirect

Open and deposit £2,750 in Tesco Bank Current Account

Open and deposit £250 in Nationwide Flexclusive Regular Saver

Final balances:

£4,500 Hodge Bank One Year Fixed Rate Account

£2,500 Nationwide FlexDirect

£2,750 Tesco Bank Current Account

£250 Nationwide Flexclusive Regular Saver

Month 2

Day 1

Transfer £250 from Tesco Bank Current Account to Nationwide Flexclusive Regular Saver

Transfer £1,000 from Nationwide FlexDirect to Tesco Bank Current Account – meets funding requirement

Day 4

Transfer £1,000 from Tesco Bank Current Account to Nationwide FlexDirect – meets funding requirement

Final balances:

£4,500 Hodge Bank One Year Fixed Rate Account

£2,500 Nationwide Current Account

£2,500 Tesco Bank Current Account

£500 Nationwide Flexclusive Regular Saver

Month 3

Day 1

Transfer £250 from Tesco Bank Current Account to Nationwide Flexclusive Regular Saver

Transfer £1,000 from Nationwide FlexDirect to Tesco Bank Current Account – meets funding requirement

Day 4

Transfer £1,000 from Tesco Bank Current Account to Nationwide FlexDirect – meets funding requirement

Final balances:

£4,500 Hodge Bank One Year Fixed Rate Account

£2,500 Nationwide FlexDirect

£2,250 Tesco Bank Current Account

£750 Nationwide Flexclusive Regular Saver

Month 4

Day 1

Transfer £250 from Tesco Bank Current Account to Nationwide Flexclusive Regular Saver

Transfer £1,000 from Nationwide FlexDirect to Tesco Bank Current Account – meets funding requirement

Day 4

Transfer £1,000 from Tesco Bank Current Account to Nationwide FlexDirect – meets funding requirement

Final balances:

£4,500 Hodge Bank One Year Fixed Rate Account

£2,500 Nationwide FlexDirect

£2,000 Tesco Bank Current Account

£1,000 Nationwide Flexclusive Regular Saver

Month 5

Day 1

Transfer £250 from Tesco Bank Current Account to Nationwide Flexclusive Regular Saver

Transfer £1,000 from Nationwide FlexDirect to Tesco Bank Current Account – meets funding requirement

Day 4

Transfer £1,000 from Tesco Bank Current Account to Nationwide FlexDirect – meets funding requirement

Final balances:

£4,500 Hodge Bank One Year Fixed Rate Account

£2,500 Nationwide FlexDirect

£1,750 Tesco Bank Current Account

£1,250 Nationwide Flexclusive Regular Saver

Month 6

Day 1

Transfer £250 from Tesco Bank Current Account to Nationwide Flexclusive Regular Saver

Transfer £1,000 from Nationwide FlexDirect to Tesco Bank Current Account – meets funding requirement

Day 4

Transfer £1,000 from Tesco Bank Current Account to Nationwide FlexDirect – meets funding requirement

Final balances:

£4,500 Hodge Bank One Year Fixed Rate Account

£2,500 Nationwide FlexDirect

£1,500 Tesco Bank Current Account

£1,500 Nationwide Flexclusive Regular Saver

Month 7

Day 1

Transfer £250 from Tesco Bank Current Account to Nationwide Flexclusive Regular Saver

Transfer £1,000 from Nationwide FlexDirect to Tesco Bank Current Account – meets funding requirement

Day 4

Transfer £1,000 from Tesco Bank Current Account to Nationwide FlexDirect – meets funding requirement

Final balances:

£4,500 Hodge Bank One Year Fixed Rate Account

£2,500 Nationwide FlexDirect

£1,250 Tesco Bank Current Account

£1,750 Nationwide Flexclusive Regular Saver

Month 8

Day 1

Transfer £250 from Tesco Bank Current Account to Nationwide Flexclusive Regular Saver

Transfer £1,000 from Nationwide FlexDirect to Tesco Bank Current Account – meets funding requirement

Day 4

Transfer £1,000 from Tesco Bank Current Account to Nationwide FlexDirect – meets funding requirement

Final balances:

£4,500 Hodge Bank One Year Fixed Rate Account

£2,500 Nationwide FlexDirect

£1,000 Tesco Bank Current Account

£2,000 Nationwide Flexclusive Regular Saver

Month 9

Day 1

Transfer £250 from Tesco Bank Current Account to Nationwide Flexclusive Regular Saver

Transfer £1,000 from Nationwide FlexDirect to Tesco Bank Current Account – meets funding requirement

Day 4

Transfer £1,000 from Tesco Bank Current Account to Nationwide FlexDirect – meets funding requirement

Final balances:

£4,500 Hodge Bank One Year Fixed Rate Account

£2,500 Nationwide FlexDirect

£750 Tesco Bank Current Account

£2,250 Nationwide Flexclusive Regular Saver 

Month 10

Day 1

Transfer £250 from Tesco Bank Current Account to Nationwide Flexclusive Regular Saver

Transfer £1,000 from Nationwide FlexDirect to Tesco Bank Current Account – meets funding requirement

Day 4

Transfer £1,000 from Tesco Bank Current Account to Nationwide FlexDirect – meets funding requirement

Final balances:

£4,500 Hodge Bank One Year Fixed Rate Account

£2,500 Nationwide FlexDirect

£500 Tesco Bank Current Account

£2,500 Nationwide Flexclusive Regular Saver

Month 11

Day 1

Transfer £250 from Tesco Bank Current Account to Nationwide Flexclusive Regular Saver

Transfer £1,000 from Nationwide FlexDirect to Tesco Bank Current Account – meets funding requirement

Day 4

Transfer £1,000 from Tesco Bank Current Account to Nationwide FlexDirect – meets funding requirement

Final balances:

£4,500 Hodge Bank One Year Fixed Rate Account

£2,500 Nationwide FlexDirect

£250 Tesco Bank Current Account – cancel DD so next month you don’t go overdrawn.

£2,750 Nationwide Flexclusive Regular Saver

Month 12

Day 1

Transfer £250 from Tesco Bank Current Account to Nationwide Flexclusive Regular Saver

Transfer £1,000 from Nationwide FlexDirect to Tesco Bank Current Account – meets funding requirement

Day 4

Transfer £1,000 from Tesco Bank Current Account to Nationwide FlexDirect – meets funding requirement

Final balances:

£4,500 Hodge Bank One Year Fixed Rate Account

£2,500 Nationwide FlexDirect

£0 Tesco Bank Current Account – make sure you’re not overdrawn.

£3,000 Nationwide Flexclusive Regular Saver

After the twelfth month the Nationwide Current Account bonus ends and the Nationwide Flexclusive Regular Saver matures. Transfer your cash out of these accounts and start the process again.

Over the year this will have generated £321.62, an effective return of 3.22%. £10,000 cash saved in a typical high street easy access saver would have generated just £1, based on an interest rate of 0.01%.

This mean a saver has made an additional £320.62 by using the model savings portfolio. 

Section

Free Tag

Related stories

Twitter



Source Moneywise http://ift.tt/2h7HdCr