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الاثنين، 25 نوفمبر 2019

How the Shovler App Will Help You Make Money Shoveling Snow This Winter

Some people find shoveling snow a real pain — a job happily pawned off to any willing being.

On the other hand, what if you’re that willing being? You might be able to make some good money from a hearty dusting.

Even 50 Cent has shoveled snow.

And so has Daniel Miller, CEO of an app called Shovler.

It’s kind of like Uber — but for snow shoveling — and since its release in December 2016, more than 100,000 people have registered to become snow shovelers, according to Miller.

How Did the Shovler App Get Started?

Miller shoveled snow as a teenager and always thought it was the perfect gig: People are appreciative, you get a good workout in and it’s actually kind of fun.

Plus: The pay ain’t too shabby.

Miller came up with the idea for Shovler in the winter of 2015 when his parents were hanging out in Florida and wanted a clear driveway upon returning home to New Jersey. A full-on plow service wasn’t necessary, and, other than that, they had a hard time finding someone.

“It just dawned on me that there are lots of people in similar situations, especially the elderly, that just want to hire a snow shoveler on demand for the days they need one or want to take a break from shoveling themselves,” Miller writes in an email.

He’d always seen those apps about solving what he calls “minor problems” — like delivering food a few blocks away. “But nobody has fixed this major logistical nightmare that people have every year,” he says.

For him, the app seemed obvious. Why hadn’t it been invented years ago?

How Much Money Can You Make Shoveling Snow?

Enter: Shovler.

Those who are in need of shoveling services enter their requests into the app. The registered shovelers get pinged when a job’s available nearby.

Pay is calculated by an algorithm that takes the depth of snow and the size of the property, as well as other factors, into consideration. In general, though, typical rates range from:

  • $30 to $40 for a car parked on a city street.
  • $35 to $75 for up to a two-car driveway that fits three cars in length, an average walkway and an average sidewalk in front of a house
  • 50 cents to $2 per square feet for a city sidewalk or small parking lots (for businesses)

The Shovler app takes 20% of each job, and the human shoveler gets the rest.

Miller says shovelers have made up to $200 per gig and “up to several thousand dollars during snow storms.” He says the app also hosts customers who tip generously, some tacking on a 50% tip (the average tip is $10 to $20).

“Shovelers love the app because they get paid by the job, not the hour,” Miller says. “That really gives them the ability to earn $50 in an hour if they are quick.”

Shovelers get paid after the user rates the job or within 13 hours — whichever is faster.

The app is available across the U.S. and in parts of Canada, but its most popular cities are Boston, Chicago, Cleveland, Denver, Detroit, Milwaukee, Minneapolis and New York.

Signing up is easy — and a lot easier than awkwardly knocking on your neighbors’ doors or giving them a ring. So why not make some money off the most recent dumping of the devil’s dandruff?

Carson Kohler (carson@thepennyhoarder.com) is a staff writer at The Penny Hoarder.

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.



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Your Kid Needs a Bank Account. Here Are 6 Good Ones

Do you remember how old you were when you had your first bank account?

Money management should start early for kids. Make trips to the bank with them — and make them a big deal — beginning at age 6. Help them open a savings account, and use that experience to introduce different money concepts, like how they’ll earn interest by leaving their money in the bank.

Good news: Many big-name banks offer accounts for kids, and lots of them are low- or no-fee.

How to Open a Bank Account for Someone Under 18

While a minor can have a bank account in their name, an adult must open the account. So a parent or guardian can open a joint checking or savings account with their child. 

Some accounts cater to young children, while others focus on teens. Different banks and states may also have rules about the age of a minor on an account, so you’ll want to do your due diligence.

For the most part, you can open accounts online or in person. Bank requirements will vary, but you typically need your child’s Social Security number, passport or birth certificate, in addition to your own identifying information.

What You Should Look for in a Bank Account for Kids

Before deciding on an account, you’ll want to consider the following:

  • Is there an initial deposit required?
  • Is there a monthly fee?
  • Is there a daily balance requirement?
  • Is there a service fee?
  • What is the interest rate for the savings account?
  • Are add-ons (checks, debit cards, etc.) available?

Other features may be important to you — say, the ability to transfer money into your child’s account as often as you want.

6 of the Best Bank Accounts for Kids

We stuck to checking and savings accounts at big banks with plenty of locations around the United States. Some accounts are known as UTMAs, which stands for Uniform Transfers to Minors Act. In these types of accounts, gifts of high value (money, real estate, etc.) “can be transferred to a custodian for the benefit of a minor,” according to the U.S. Social Security Administration, until the child becomes a legal adult. The savings are tax-free for the minor until they assume the account. But the assets are considered part of the custodian’s estate and are taxed accordingly.

Here are six accounts for those in the 17-and-under crowd.

1. Bank of America Child Savings Accounts

Bank of America offers two options for kids: a Minor Savings Account and a Custodial (UTMA) Savings Account.

With a Minor Savings Account, members under 18 have full access to their money and can set up automatic transfers. The account is FDIC insured.

In a Custodial Savings Account, minors do not have access to funds before they’re 18. However, automatic transfers can still be arranged and this account is also FDIC insured.

Minor Savings Account

Account ownership: Jointly owned by child and their parent or guardian

Minimum initial deposit: $25

Minimum daily balance: $0

Monthly service fee: No fee for a child under 18 (After they turn 18, the account is converted into a BoA Advantage Savings Account, where fees do apply.)

Custodial Savings Account

Account ownership: The parent or guardian acts as a custodian for the minor’s account

Minimum initial deposit: $100

Minimum daily balance: $500

Monthly service fee: $8/month if there’s no minimum daily balance of $500 (if there is, the fee is waived)

2. Chase High School Checking

Chase offers a checking account for kids in high school. While there aren’t many extras available — no overdraft protection or debit card options — this is a great, no-fee account for those just getting started. You can sign up for a general savings account, too.

Chase High School Checking

Account ownership: Jointly owned by child (13 to 17 years old) and their parent or guardian, and the account must be linked to their parent/guardian’s Chase account. At age 19, the account becomes a Chase Total Checking account.

Minimum initial deposit: $0

Minimum daily balance: N/A

Monthly service fee: $0

Additionally, if your minor is at least 17 and heading to college, Chase is offering a $100 bonus for opening a new Chase College Checking account. Your teen can redeem the offer online and they’ll receive the money after following a couple of easy steps. (Psst, mom and dad — this is another teachable moment for your teens since they have to be organized and follow the required steps to earn this money.)

3. PNC Bank “S” is for Savings Account

This PNC savings account is a UTMA account, and it aims to help children learn about finances through “Sesame Street.” The “Sesame Street”-themed learning center is an interactive experience for kids, who can learn about goal-setting; saving, sharing and spending; and even receive money tips from Elmo and gang. 

You can set up automated savings with this account, and it’s also no-fee after the initial deposit.

PNC Savings Account

Account ownership: The parent or guardian acts as a custodian for the minor’s account

Minimum initial deposit: $25

Minimum daily balance: $0

Monthly service fee: $0 if the account holder is under 18

4. Wells Fargo Way2Save Savings Account

The kids savings account offers free online transfers between Wells Fargo accounts and free online statements to help teach minors about money management.

Wells Fargo Way2Save

Account ownership: Joint ownership, “minor by” or UTMA/UGMA (Uniform Gifts to Minors Act)

Minimum initial deposit: $25

Minimum daily balance: $0

Monthly service fee: $0 for members under 18 (19 in Alabama)

5. TD Student Checking

TD Bank offers a checking account for those ages 17 through 23. Members can take advantage of instant-issue debit cards, and parents can order a TD Go Reloadable Prepaid Visa Card to help their student-age kids spend responsibly. 

TD also offers a number of online guides for personal finance education, from building your credit to using a budget worksheet.

TD Student Checking

Account ownership: Jointly owned by child and their parent or guardian

Minimum initial deposit: $0

Minimum daily balance: $0

Monthly service fee: $0 if you’re under 18

6. Capital One Kids Savings Account

This straightforward, no-fee account from Capital One offers a 1% APY. You can establish automatic savings plans and savings goals so your kids can watch their balance grow.

Capital One Kids Savings

Account ownership: Jointly owned by child and their parent or guardian

Minimum initial deposit: $0

Minimum daily balance: $0

Monthly service fee: $0

Bonus: Your Local Credit Union

It’s always worth checking out your local credit union to see what they offer for minors. They may be able to offer more personalized service, an account with a higher APY or other perks.

Why You Should Open a Bank Account for a Kid

It may be tempting to hold on to your children’s money for them in your own account or let them keep it in a piggy bank. But it’s a good idea to open up a bank account for them for several reasons. Opening a bank account can:

  1. Help kids learn the value of money, from saving to spending it.
  2. Help them understand compound interest and how it makes their money grow.
  3. Help them learn to delay instant gratification by saving toward a goal.

Opening an account is also a great way to teach, or reinforce, good budgeting habits

Kathleen Garvin (@itskgarvin) is a writer and editor whose work has appeared in U.S. News, Clark.com and Well Kept Wallet.

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.



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What the party manifestos will mean for your money

What the party manifestos will mean for your money

The major political parties have unveiled their manifestos, but how will they affect your finances?

Stephen Little Mon, 11/25/2019 - 12:39
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All of the major political parties have now unveiled their manifestos.

Labour and the Liberal Democrats have both come in for criticism for promises that could cost the UK tens of billions of pounds a year.

Meanwhile, the Conservative manifesto, which promises to “get Brexit done” has instead played it safe with spending commitments.

We take a look at how they will affect your personal finances.

Income tax

Boris Johnson has ditched planned income tax cuts of £8 billion for Britain’s highest earners. The Conservatives had previously pledged to move the point at which someone becomes a higher rate taxpayer from £50,000 to £80,000.

The Conservative Party has said it will not raise the rate of income tax, VAT or national insurance if it wins the election. From next year the party says it will increase the national insurance threshold to £9,500 next year from £8,424. This could mean a saving of around £100 a year for 31 million workers.

It says its “ultimate ambition” is to ensure that the first £12,500 people earn is completely tax free.

The Labour Party plans to increase tax for the highest earners while the majority will see no change.

It plans to tax people earning over £80,000 on 45% of earnings, while those earning above £125,000 will pay tax at a rate of 50%.

The party’s manifesto pledges a freeze on national insurance for everyone.

The Labour Party has also pledged to reverse inheritance tax cuts bought in under previous Conservative governments.

The Lib Dems have said they will add 1p to income tax to help fund the NHS and and social care.

Pensions

The Labour Party has pledged to pay back £58 million to women born in the 1950s hit by changes to the state pension age.

Individual payouts to women could be as high as £31,300. Nearly four million women have been affected by the government’s decision to raise the state pension age from 60 to 66.

Campaign groups such as BackTo60 and Women Against State Pension Inequality (Waspi) argue that many women born in the 1950s were not sufficiently warned of the changes and have suffered financial hardship as a result.

The Liberal Democrats have also pledged to compensate women born in the 1950s over state pension increases.

Labour has also promised to freeze the state pension age at 66 and not raise it in the future.

All three major political parties have pledged to keep the triple lock. This will guarantee that the new state pension increases by either 2.5%, average wage growth or inflation.

The Conservatives have also pledged to review the pension tax of low paid workers.

Those who earn between £10,000 and £12,500 - mainly women - have been missing out on pension tax relief depending how their employer has set up their pension scheme.

No mention was made about pension age changes was made, suggesting the current timetable to raise the state pension age will go ahead as planned.

Capital gains tax

The Labour manifesto has outlined plans to increase the amount of tax paid on capital gains (CGT) and dividend payments.

For workers currently earning more than £12,000, basic-rate income taxpayers pay lower CGT rates of 10% on gains from most assets and 18% on residential property, while higher-rate taxpayers pay 20% and 28% respectively.

As for dividends, currently investors receive a £2,000 dividend tax allowance before any tax is paid. Once that is used up, the rate of tax you pay depends on your income tax band.

Dividends are taxed at a lower rate than for earned income, with the basic rate of 7.5%, higher rate of 32.5%, and additional rate of 38.1% kicking in above the £150,000 income level.

Those separate dividend tax brackets will be abolished, with both dividends and capital gains instead taxed in line with the broader income tax brackets of 20%, 40%, 45% and 50%.

CGT will also likely see an increase under the Lib Dems, with the manifesto committing to ending the current separate CGT-free allowance and taxing capital gains and income through a single allowance.

Social care

With social care costs skyrocketing, there is a lot of pressure on each party to offer solutions. Labour’s is to create a National Care Service for England, intended to provide free personal care for older people.

At the same time, the party has committed to implement a care cap of £100,000 payable by individuals for so-called “catastrophic costs” and an unspecified lifetime cap on personal costs.

The Liberal Democrats have promised to invest and extra £35 billion in health and social care over the next five years.

The party says it plans to raise £7 billion for the NHS and social care funded through a 1p on income tax in England which will be ring-fenced.

Despite the current crisis in social care, the Conservative manifesto failed to provide any concrete proposals.

The party says it will provide £1 billion of extra funding a year for social care, as well as a commitment to seek cross-party consensus for long-term reform. It also promised to introduce a system which means no one will have to sell their home to fund long-term care, but details of this were vague.

Housing

Labour has proposed a radical shake-up of the housing system with plans to deliver a new social housing programme of more than one million homes a decade.

The party says it will build 100,000 council homes and 50,000 affordable social homes each year.

There will also be a levy on overseas companies buying housing, while giving local people ‘first dibs’ on new homes built in their area.

Runaway rents will capped with inflation, and cities will be given powers to cap rents further.

It has also pledged to bring in a new national levy on second homes used as holiday homes to help deal with the homelessness crisis.

The Conservative Party says it will bring forward a social housing white paper to “set out further measures to empower tenants and support the continued supply of social homes”.

It will also commit to renewing the Affordable Homes Programme, in order to support the delivery of hundreds of thousands of affordable homes.

The Liberal Democrats have pledged to build 300,000 new homes by 2024, including 100,000 social homes. The party also revealed measures for tackling empty properties, including powers for local authorities to increase council tax by up to 500% on second homes.

Childcare

Labour has pledged to provide 30 hours of free childcare to all pre-school children within five years of coming to power.

It says it will also work to extend childcare provision for one-year-olds and that childcare provision accommodates the working patterns of all parents.

The Lib Dems have also promised to provide 35 hours of free childcare once babies turns nine-months-old.

Currently, childcare is free for all three to four-year-olds with both parents working for 15 hours a week for 38 weeks of the year.

The Conservative Party says it will establish a new £1 billion fund to help create more high quality, affordable childcare, including before and after school and during the school holidays.



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This Company is Looking for Clinical Trial Participants (And Will Pay up to $12,000)

Some of the links in this post are from our sponsors. We provide you with accurate, reliable information. Learn more about how we make money and select our advertising partners.

Taking part in a clinical research study is a great way to help find treatments for common illnesses… 

…and, we’re not going to lie, it’s also a great way to potentially earn some extra money. 

Wait! Before your imagination runs wild, know that clinical trials really aren’t that scary. You just have to find legit opportunities that are worth your time.

We suggest starting with a contract research organization called Parexel, which has been around since 1982. It conducts clinical trials in Baltimore, Los Angeles and London — and it’s willing to pay you up to $12,000 per study.

Sooo… Tell Me More About These Trials

These research organizations spend years testing new medications and devices in hopes of treating common illnesses.

After all that research, they move to the next step — these clinical trials — so the Food and Drug Administration will give its stamp of approval. It’s the last stop before something is offered to the public.

And that’s where you can help. You don’t necessarily have to have an illness, either; Parexel is looking for healthy participants, as well. The first phases of Parexel studies typically focus on healthy volunteers, and these studies tend to pay more.  

Here’s how to get started:

  1. Go to Parexel’s website, and scroll through its available studies in Baltimore, Los Angeles and London.
  2. Take note of each study’s dates, requirements and compensation.
  3. If you find a match, apply for the study online by filling out some basic information.

If you don’t find a match? Join Parexel’s mailing list, and it’ll email you when new trials become available.

Are There Any Major Requirements?

Hop over to Parexel’s list of available studies. It outlines any specific requirements upfront so you won’t waste your time. For example, one study, available at the time of writing this article, simply needed healthy volunteers who don’t smoke. Others will be more specific — like those with arthritis or non-childbearing women.

As a general rule of thumb, Parexel is looking for participants who:

  • Are ages 18 to 55.
  • Live anywhere in the U.S. and can travel to Baltimore, Los Angeles and London.
  • Generally have a body mass index (BMI) of 32 or less. (You can calculate your BMI on Parexel’s site.) For healthy volunteers, Parexel is looking for people in overall good health, who are not diagnosed with any major medical conditions and don’t consistently require prescription medications. 

Some trials will require you to stay on site for up to 20 nights (those pay more), and others simply require you to stop in for flexible tests and screenings. Generally, you’ll get paid per visit — with Parexel, the average is $300 to $350.

So if you’re looking for some extra money and want to help find treatments to common diseases, sign up for a clinical research study.

Carson Kohler (carson@thepennyhoarder.com) is a staff writer at The Penny Hoarder.

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.



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200,000 parents face a smaller state pension because the wrong person is claiming child benefit

200,000 parents face a smaller state pension because the wrong person is claiming child benefit

Thousands of women could see their pensions reduced because child credits are in the name of their spouse

Stephen Little Sat, 11/23/2019 - 08:00
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Thousands of women could see their state pension reduced in retirement because their claim for child benefit is in the name of their partner.

A Freedom of Information (FOI) request put in by Royal London to HM Revenue and Customs has revealed that around 200,000 couples are making the wrong choice about who claims child benefit, potentially costing them thousands of pounds.

To qualify for the full state pension, you need a total of 35 qualifying years of national insurance contributions or credits (NICs).

However, as women are still more likely to take time out from work to raise children or become carers, they are at greater risk of having gaps in their NICs.

Parents with children under the age of 12 claiming child benefit will get NICs. As a result, in the years they are not employed and looking after their children their state pension record will not suffer.

A year of NICs builds up the same amount of state pension as a year in paid work paying NI contributions. 

Given that 35 years of contributions are needed for a full state pension, just one year of credits can be worth 1/35 of a pension – this is roughly £250 per year on the pension at retirement or £5,000 over a typical 20-year retirement.

The credit will only go to one parent, usually the lower earner or one that is not working. This is because the higher earner will most likely be in paid work and therefore already paying NICs so does not need the credit.

The FOI shows that in around 200,000 couples there is a non-earner - or very low earner - who could benefit from a credit but is not doing so because the child benefit is in the name of their spouse.

Steve Webb, director of policy at Royal London, says: “It is quite right that parents who are looking after children get protection for their state pension record if they are out of paid work.  But this protection only works if the ‘right’ parent claims child benefit.

“It is very worrying that in around 200,000 families one partner is potentially missing out on the state pension protection that is rightfully theirs.”

How you can claim

The good news that this problem can be easily fixed by completing a form, even if you want to back date the claim.

This CF411a form can be downloaded here.

Royal London warns that parents who are not aware of this could find their state pension reduced by hundreds or even thousands of pounds a year in retirement if they do not take action.

Mr Webb says: “Whilst this can be fixed by filling in the relevant form, many people will be unaware of this. HM Revenue and Customs should do much more to alert people who might be affected in order to make sure that many thousands of parents do not end up being penalised in retirement.”



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الأحد، 24 نوفمبر 2019

What’s the Perfect Job Type for Your Enneagram?

If you are feeling a bit lost when it comes to choosing the perfect career, try studying your enneagram. Knowing your enneagram can help you narrow down your job search considerably. Plus, once you find the perfect job type for your enneagram, you will have so much more job satisfaction too. You'll discover what motivates […]

The post What’s the Perfect Job Type for Your Enneagram? appeared first on The Work at Home Woman | Legit Work From Home Jobs.



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Opinion: Five myths about the stock market

Americans have become increasingly responsible for their own financial destinies. The certitude of Social Security has been evaporating for younger people, while 401(k)s have displaced pensions across corporate America, leaving more investment decisions in the hands of individual workers. Those decisions should be based on facts, yet myths abound when it comes to the stock market. Here are five I hear constantly in my conversations with investors.Myth No. 1: The stock market is a [...]

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These Banks Offer Free Checking Accounts With No Minimum Balance

Everyone needs a basic checking account. It’s the account you use to pay the bills, go to lunch and the other expenditures of everyday life. 

What you don’t need are random fees just for having that account. A monthly maintenance fee? Your checking account doesn’t need an oil change. What is that fee really even for? 

The other thing you don’t need is a minimum balance requirement. That basically means you have a set amount of money that you don’t get to use. Ever. At least not until you close the account. Or, if you do dip into that balance, you get more fees. Ugh.

Keep it simple with a bank that offers a free checking account with no minimum balance. Luckily, there are plenty of good options.

1. Capital One 360 Free Checking

Why you want it: It’s as simple as it gets. 

Features: Capital One 360 Free Checking has an easy-to-use app that lets you pay bills, move money and deposit checks anytime just by using your phone. On top of the fact that it’s free and has no minimum balance requirement, you’ll earn interest on the money in the account starting at .2% for balances under $50,000. 

2. Ally Interest Checking Account

Why you want it: You keep a higher balance in your account.

Features: Ally’s Interest Checking has most of the standard features like:

  • No maintenance fees
  • No minimum balance requirement
  • No minimum opening deposit
  • Easy online access

As its name suggests, you’ll earn interest with this account. For balances under $15,000 you’ll earn .1%, which isn’t all that remarkable. But, if you tend to have $15,000 or more on hand, you can earn .5%.

Another nice perk is that Ally will reimburse you for up to $10 worth of ATM fees charged by other banks per statement cycle. 

3. Schwab Bank High Yield Investor Checking Account

Why you want it: You already invest with Charles Schwab.

Features: Okay, when you think Charles Schwab, you probably don’t think about checking accounts. That could change. Their High Yield Investor Checking is a free account with .15% APY on your balance. It also features unlimited ATM fee rebates worldwide. That’s pretty cool if you travel a lot. 

There is one little catch. You need to have a Schwab One brokerage account linked to your checking to avoid the maintenance fees. It may not be for everybody, but if you already invest, why not take advantage of it?

4. NBKC Personal Checking Account

Why you want it: You are all about that interest rate.

Features: The NBKC Personal Checking Account gives you all the basics plus a $12 per month allowance for those pesky ATM fees. Where this account sets itself apart is with a 1.01% interest on all balances with no minimum. That’s a pretty sweet deal. It also features $0 overdraft and non-sufficient funds charges, so if you tend to overextend your money, you won’t get dinged.

This account has a minimum opening deposit of $5, but you can probably swing that, right?

5. Discover Cashback Debit

Why you want it: You like the sound of “cash back.”

Features: The Discover Cashback Debit account boasts no fees ever, for anything. Its real selling feature is 1% cash back on up to $3,000 debit card purchases each month. Think about it. If you pay your mortgage, insurance payments and car payments with your card each month, you could be getting $30 back. 

If that doesn’t seem like much, just think of it as free Netflix and HBO Go every month. Sounds good now, right?

6. Chime Bank Account

Why you want it: You want your paycheck to show up early.

Features: This online bank is slick and streamlined. No fees, no minimums and no overdraft penalties. Where the Chime Bank Account separates itself from the pack is with its feature that gives you your paycheck two days early. When you sign up for direct deposit, Chime will put the money in your account as soon as they receive notice of the payment. No waiting for it to clear. That means you’ll have the money available to use up to two days sooner than your coworkers. 

While everyone else is waiting for Friday, you could be living it up on hump day.

7. Simple Checking Account

Why you want it: You need a checking account, but need help saving too.

Features: If you’re looking for a free checking account with no minimum balance that will help you start saving, Simple’s Checking Account is your new BFF. When you open this account you can start a Savings Goal (which is a part of their Protected Savings Accounts). From there you’ll get tips on how much you can save each month based on your typical spending with their Safe-to-Spend feature. Money will get stashed automatically to your Savings Goal account where it will earn a very nice 2.01% APY. 

Trying to save up for something big with your partner? Open a Shared Account and you can both add into the Savings Goal to get there twice as fast. 

8. USAA Free Checking

Why you want it: You appreciate customer service

Features: You know that USAA offers auto insurance to eligible members, but did you know it does banking as well? You don’t have to be an active or former military member, either. If your parent was in the military and a USAA member, you’re eligible. Once you sign up for a free checking account, your spouse and kids become eligible, too. This account comes with all the bells and whistles including early paydays for new recruits and a Quick Balance Widget that lets you check your balance without logging on. 

It does require a $25 minimum opening deposit.

9. T-Mobile Money

Why you want it: It could pay for your phone bill.

Features: Wait, isn’t T-Mobile a phone company? Yes, but they also offer their customers a pretty sweet banking deal with T-Mobile Money. This no-fee, no minimum bank account comes with a whopping 4% APY for account balances up to $3,000 and 1% after that. That’s $120 per year for a $3,000 balance. If you carry a significant balance in your account, you may just earn enough interest to pay your cell phone bill — and you don’t even have to have your cellular through T-Mobile to get a bank account.

Plus, they’ll spot you $50 if you accidentally overdraft without any penalty. 

Tyler Omoth is a freelance writer covering topics from personal finance to career advice and even lawn care. His work has been featured on TopResume.com, Writersweekly.com and more. He is also the author of over 70 educational books for children and a proud parent of twin toddlers.

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.



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السبت، 23 نوفمبر 2019

Over 50 and Still Owe on Student Loans? Here’s How to Get Debt Free

Student loan debt isn’t reserved for the young.

In fact, it’s becoming a bigger problem for those well beyond the traditional campus quad years.

Of the $1.5 trillion student debt Americans owe, people age 50 and older owe 20% of it — $289.5 billion. And borrowers 62 and older held $72.9 billion in outstanding federal student loans, up $10.4 billion from the previous year, according to the U.S. Department of Education.

Why so much? The majority of the loans are for children’s and grandchildren’s education, although some of it is also for career changers taking out later-in-life loans for their own education.

Unfortunately, with the prospect of retirement on the horizon, there’s a lot less time to pay off those student loans, and there can be painful consequences if you don’t — including having your Social Security wages garnished.

If you’re among those who are closer to retirement than the legal drinking age, we have solutions for dealing with student loan debt when you’re over 50.

Paying Off Student Loan Debt After Age 50

Everyone has their own reasons for staring down student loans when they’re on the verge of retirement. And while we have plenty of strategies for paying off student loans in general, we’re here to address some of the most common scenarios that lead to student loan debt after 50 and offer tips on how to pay them off.

1. You Took Out Federal Student Loans 

You may have heard this before: Your kids can borrow for college, but you can’t take out loans to retire.

Regardless of whether you took out federal loans for your own education or your kid’s, saving for retirement should still be a priority. In fact, it could potentially save you thousands on student loan repayments. 

If you have federal student loans, you can qualify for an income-driven repayment plan, which calculates your monthly student loan payments based on your income. But your contributions to a 401(k) or IRA are pre-tax dollars, which reduce your salary in the eyes of the federal government. And a smaller salary reduces your monthly student loan payment.

Depending on the repayment plan, after 20 to 25 years of on-time payments, the remaining balance will be forgiven, although that amount will be counted as taxable income.

“If that’s the case, you’re in your 70s — your income traditionally is lower,” said Amy Irvine, a Certified Financial Planner and founder of Rooted Planning Group. “So you may end up paying less income tax on the amount that’s forgiven with the income-driven plan than you would have if you had made the full payment.”

Pro Tip

If you’re 50 or older in 2020, you can contribute up to $26,000 to your 401(k) and up to $7,000 to your IRAs.

Another option for socking away money to lower your taxable income: a Health Savings Account. In 2020, you can contribute up to $3,550 as an individual or $7,100 as family to an HSA if you have a high-deductible health plan. And as a bonus, you’ll probably appreciate the extra money for health care as you continue to get older.

“One of the biggest reasons that a financial plan ‘fails’ in retirement is because of medical expenses,” Irvine said.

2. You Took Out (or Co-Signed) Private Student Loans

If you have a private student loan staring you down — either ones you took out or that you cosigned for your student — you’ll need to get a little more creative when it comes to paying it back.

Because it isn’t a federal loan, you typically do not have the income-driven options that the federal loans offer. However, it doesn’t hurt to call your lender and ask about extended payment plans.

Other options: Consider refinancing the loan or taking out a personal loan with a lower interest rate, which can save you money over the life of your loan. 

Pro Tip

If you’re married and one partner earns significantly more, ask your tax adviser whether filing your taxes as “married filing separately” could help you qualify for an income-driven plan.

If you own your home and car, consider using a home equity loan rather than taking out a loan against your vehicle, Irvine advised.

 “[Your home] is a more stable asset than a car that’s depreciating,” she said.

Regardless of the strategy you choose, the ultimate goal should be to get the payment low enough so the student can take over the payments — and eventually the loan — themselves.

3. You Have Multiple Loans With High Interest

If you have federal and private loans, you may be looking for a one-stop solution, like consolidation. However, that could negate some of the benefits you get with federal loans.

“Federal loans are dischargeable if the borrower is permanently disabled or dies,” said Joseph Valenti, senior policy advisor with the AARP Public Policy Institute. “Doing the private refinancing means losing some of those rights and options.”

However, that doesn’t always mean holding onto high-interest loans for death and disability benefits is the best option financially, Irvine noted.

“Let’s say you’re paying 7% on those direct loans, and you can go out and refinance those into a private loan for 3%,” she said. “Then you may want to up your disability policy so that you know you have the money to repay that loan or take out a life insurance policy so that if something happens to you, the loan can be paid off.” 

4. You’re Paying Your Child’s Federal Student Loans

So there’s the obvious answer to this one: Tell your kid to start footing the bill for their own student loans.

But you’re a parent (or grandparent), not some heartless thug. You want to help your kids if they can’t afford those astronomical student loan payments. But your offspring can still do their part to help by getting themselves on an income-driven repayment plan.

“Even if the parent or grandparent has to make that minimum payment, it’s still much better than the full payment,” Irvine said.

FROM THE DEBT FORUM

5. Your Kids Are Heading to College and You Still Owe on Your Own Student Loans

If your kids have dreams of campus life, but you’re still paying for your own college years, it’s best to come up with a strategy before they start applying.

Scholarships and part-time jobs during the school year and summer jobs can help your child put a dent in their debt, giving them a better chance to manage their repayment without your help.

But your strategy for paying off loans could also require a little creativity — and working with your kid’s prospective school.

“One of my clients had a really high interest rate student loan that they were repaying,” Irvine said. “We actually used the Plus loan to pay off their loan, and then figured out how to do an installment payment to the college to get the student’s tuition covered.” 

6. You’re Ignoring the Problem

This one is on you.

It’s stressful, it’s confusing and sometimes unfair, but ignoring the debt is the worst mistake Irvine said she sees clients make.

“They don’t know what the solution is, so they don’t pay attention to it,” she said. “They don’t know what steps to take, so they don’t take any step.

“Inaction is action. If you don’t pay attention to this, you will suffer the consequences.” 

Those consequences begin with your Federal Family Education Loan (FFEL) or direct student loan becoming delinquent the first day after you miss a payment. Miss payments on your loans for 270 days and they enter default.

If student loans in your name end up in default, those loans could be sent to collections, and your wages, tax returns and Social Security benefits can be garnished up to 15% for repayment

If you’re depending on Social Security benefits to cover medical expenses and your retirement, that doesn’t leave much money — if any — to live on. And federal student loans are among the debts that can be collected until death, so there’s no escaping them.

If you’re not sure where to start, talking to the financial aid offices at the colleges you or your child attended is an option, as is investing the money in a financial planner or coach who can talk you through your options as well as first steps.

Whatever route you take, tackling your student loan debt rather than ignoring the problem is the best way to protect your financial future. After all, you’re old enough to know better, right?

Tiffany Wendeln Connors is a staff writer/editor at The Penny Hoarder. Read her bio and other work here, then catch her on Twitter @TiffanyWendeln.

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.



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Make Your Smartphone a Productivity Tool — Not a Distraction

Like a lot of people, I have a love-hate relationship with my smartphone. It does so many things so well. Yet, in the end, it often results in time use that I’m not happy with and sometimes money spent that I’m not at all happy with.

What I’ve realized over the last year or so is that given that I use it so often, it makes sense to sit down and optimize the thing so that it’s geared toward what I most want it to do and it’s geared away from the things I don’t want from it. In other words, I had to think seriously about what I wanted my smartphone to do and what I really didn’t want it to do. What things does a smartphone provide that bring value into my life? What things does it provide that doesn’t bring value into my life?

I want to get the maximum value out of my smartphone given the money I spent on it and for the ongoing cellular plan. I want to maximize what it does well for my life and minimize what it doesn’t.

So, here’s what I’ve done over the last year. I hope you’ll find some of it valuable. Note that I use an iPhone of 2- to 3-year-old vintage most of the time, though everything here should work well on newer iPhones, Android phones and other smart devices.

Figure out what you really want it to do.

Here’s an interesting question: what are the five things you actually want your smartphone to do for you? And another one: what are five things that your smartphone does that cost you money, focus, time, and positivity without giving you much in return?

Those are tricky questions, but after some careful thought, I was able to come up with lists for myself. I strongly encourage you to come up with your own lists, because most of the tips that follow come from trying to accentuate the positives on my positive list and minimize the negatives on my negative list. By knowing what you want and don’t want, it’ll be easier for you to pull out the strategies that work well for you.

Here’s what I want it to do:

  • I want it to help me communicate meaningfully with people I care about.
  • I want it to be able to look up the answers to questions when I have them.
  • I want it to help me navigate.
  • I want it to monitor my to-do list and calendar and personal notes.
  • I want it to entertain me, but in a way that lifts me up and isn’t merely burning time.

Here’s what I don’t want it to do:

  • I don’t want it to interrupt whatever it is I’m doing unless it’s really urgent.
  • I don’t want it to eat up time without a purpose, or convince me to do not-important-and-not-urgent things.
  • I don’t want it to convince me to buy things I don’t really need.
  • I don’t want it to bring down my happiness.

I found that my phone did the positives somewhat well while also putting the negatives on my plate. What I wanted to do was to really accentuate the positives while doing my best to cut down the negatives.

#1. I turned off virtually all notifications.

I went into the notifications menu (on iPhones, this is found inside the settings app) and went through every single app, turning notifications completely off unless there was an extremely good reason to do so.

I turned off notifications from almost everything — my email program, my social media apps, news apps, all of it. Unless there was a very specific reason why I would want to be notified of something, I turned off notifications. Right now, the only apps that can send me notifications are a pair of direct one-on-one messaging apps, my calendar and my to-do list. Nothing else notifies me of anything, period. I turned it all off.

In some specific apps, I wanted to only allow notifications from a very limited subset of people, mostly my immediate family. For example, I went into the Messages app and tapped on every person that I didn’t want to be interrupted by, and turned on “Hide Alerts.” I’d still see that they had sent me texts, but receiving a text from that person doesn’t interrupt anything. So, the only people that will cause me to nave a notification of a new message from them is basically my immediate family plus one or two more people.

Right there, because of those changes, my phone almost never vibrates, and when it does, I know it’s something well worth paying attention to. Even more interesting, because my phone doesn’t vibrate very often anymore, I pick it up less and less frequently than I once did.

#2. I deleted several social media apps and strongly cut down who and what I follow on the ones I kept.

For each and every social media app on my phone (that’s not strictly work-related), I asked myself this: am I coming away from the uses of this app as a happier and better person? Or is the content I see within it mostly making me sad or angry? I was deeply honest with myself about each one and the truth of the matter is that I ended up deleting many of them.

Ask yourself this: when you open up that social media app, do you often scroll through and feel angry? Do you feel envy? Do you want to immediately start arguing with someone? None of that brings anything of value into your life — nothing. Get rid of it. It wastes your time. It grabs your focus. It makes you feel a lot of negative emotions. Toss it.

With the ones I kept, I went into that app and intentionally unfollowed or muted every person that wasn’t either bringing me genuinely actionable or useful information or wasn’t extremely close to me personally. I cut the number of people I was following on Twitter by a huge percentage, and I cut my Facebook folks down by about 90%. Almost everything that was making me feel sad and negative from those apps was gone in a flash.

#3. I intentionally filled my home screen with the 24 apps that brought the most positive value in my life and either deleted or relegated everything else to a folder on the second screen.

The reason here is simple: if I want to do something that’s not immediately available on my home screen, is it really worth doing?

I put some thought into those 24 apps. Which ones do I actually use for positive things? Those should stay. Which ones tend to distract me? Those should go. Which ones tend to make me feel worse? Those should go. Which apps serve as time-wasters without bringing me any positive value in life? Those absolutely should go.

For the most part, I just deleted everything that didn’t fit. If I really wasn’t sure about deleting an app, I stuck it in a folder on the second page, putting it out of sight and out of mind.

Here are some of the apps that stuck around on my home screen:

  • Evernote
  • Fantastical (for calendars)
  • Things 3 (to-do lists)
  • Slack
  • Messages
  • Pokemon Go
  • Audible
  • Calm
  • Brain.fm
  • ESPN Fantasy Sports
  • Seconds (for exercise routines)
  • Pocket

There are a few other apps that made the cut, like Timery and Google Maps, but you get the point. I keep a rotating slot on the home screen for apps that I’m trying out, like V for Wiki or Geocaching.

Notice what’s not on the home screen. There are no games other than Pokemon Go (which encourages me to go outside and walk) and Geocaching (which encourages me to go outside and walk) and ESPN Fantasy Sports (which is basically a way to connect with real-life friends in a positive way). There is no web browser because I don’t want to buy stuff on my phone. There are no news apps, because I don’t want to be interrupted by the latest 24-hour news fluff. The two true social media apps still around — Instagram and Twitter — are very carefully curated in terms of who I follow to bring me a lot of personal value.

The second screen has some other apps in folders that I basically never look at unless there’s a need, mostly customer rewards apps for specific places, and apps I might need in specific situations but not for general use, like my auto insurance app or my children’s school app.

There is basically nothing on my phone — and certainly nothing on the home screen — that I can tap on for purposeless distraction or negativity. It’s all either productivity stuff or meaningful positive entertainment. Most of the apps left on the home screen are either extremely curated social media that’s actually positive and useful to me or else curated reading (Kindle and Pocket) and listening (Audible and Overcast and Spotify) apps geared toward learning new and useful things I’m actually interested in.

#4. I use “Do Not Disturb” mode aggressively and sometimes leave my phone in other parts of the house.

Although my phone doesn’t give me many notifications at all these days, sometimes I want nothing to come through except for absolute emergencies. In those cases, I turn on “Do Not Disturb” mode, which you can activate in settings on the iPhone.

“Do Not Disturb” offers a lot of different options. For me, the most important one is that it allows me to block all calls except those from a select group, and that group is my wife, my oldest child (the only one with a cell phone), my parents and my children’s schools. Nothing else triggers any sort of notification, and everything else is blocked.

I use this constantly. I use it whenever I need to focus on a task. I use it when I want to really dive deep into something, like a book or a hobby project.

Another strategy I use is that I will sometimes just leave my phone in another room, which is an even deeper “Do Not Disturb” mode. When I do that, I can’t even instinctively grab my phone to look at it — it’s just not around. I usually don’t do this on school days, but I’ll often do it on weekends when I know where my kids are and I want to really focus on something.

The truth is that there is very little in life that is so urgent that it should interrupt your “flow state” when you’re engaged with something you care about. Ninety-nine percent of what my phone used to show me were needless interruptions of my concentration, which would take me out of a state of focus. I just don’t need that.

#5. I turned off the “Raise to Wake” feature.

Another thing I noticed is that whenever my phone would move much at all, the screen would light up and I’d immediately see some notifications waiting for me, most of which were really unimportant and all of which could wait. Yet, somehow, knowing those notifications were there would compel me to look at my phone and waste time and break concentration.

My solution to that problem was to simply deactivate the “Raise to Wake” feature so that if I moved my phone a little, it didn’t immediately show me notifications. This is another setting that’s easy to change in the settings app. Just go into the “Display & Brightness” sub-menu and tap on the button next to “Raise to Wake” to turn it off.

Now, my phone only wakes up if I tap on the screen or press a button, which means it’s a lot less likely that I’ll inadvertently wake it up and distract myself with it.

#6. I set up several very useful shortcuts.

The shortcuts app for iOS has been invaluable to me. I’ve used it to set up several shortcuts that I can activate with just a tap. When I swipe right on the home screen, my phone moves to Control Center and right at the top there are ten or so shortcuts that do really useful things with a tap.

I have one that puts my phone in “Do Not Disturb” mode and sets a 5:30 a.m. alarm, which is usually what I want before I go to bed. I have another that calculates my ETA to home and then texts that information to my wife (saying “I’m at XX location and should be home in Y minutes.”), which I often use when she’s expecting me or when the weather is inclement. I have one that sets a two-hour-long “Do Not Disturb” timer. I have one that lets me set a reminder that will pop up when I arrive home, and another that sets a reminder that will pop up when I go to the library. You can find all of these by searching through the suggested shortcuts in the shortcuts app, and within the app you can choose to add them to widgets (meaning they’re available if you swipe right on your home screen) or as an actual icon on your home screen.

These shortcuts save me lots of fumbling around for common things I do on my phone. For example, getting an ETA estimate and texting it to Sarah might take a little while, but I can do it with just a quick tap. It saves me a few seconds there and a minute here and it makes my phone feel genuinely more useful.

#7. I charge my phone away from my bedside table (still working on this transition).

This is something I’m gradually adjusting to, but it already feels like a real positive change when I remember to do it.

If I still want to do something outside of sleeping, whether it’s on my phone or not, I stay out of bed. Part of my bedtime routine is to plug in my phone on the far side of the bedroom, then go to sleep.

Basically, I’m migrating to charging my phone across the room from where I sleep so that, when I’m in bed, I’m not tempted to look at it. If I’m still awake enough to want to play with my phone, then I shouldn’t be in bed yet. I want to have a standard bedtime routine where I get in bed and fall asleep rather than dawdling with my phone for an hour when I should be resting.

These changes add up to my phone being a much less intrusive but positive presence in my life, rather than an intrusive and often negative presence that it used to be.

Given the expense of a smartphone and an accompanying data plan, I want my phone to be a tool to make my life better, not one that distracts me, takes me out of the moment and brings down my mood. Those uses had crept into far too much of my cellular phone usage, and thus for me to get enough value out of my smartphone to keep paying for it, I needed to rethink entirely how I was using it.

These seven steps have made an enormous difference in my use of my smartphone. I use it far less than I used to. When I use it now, I feel like the time I spent on it was useful and positive, and I usually walk away in a better mood, not a worse one. I don’t feel anger or frustration or negative feelings. I don’t feel like I wasted time.

If you want to feel more like this about your smartphone, follow the steps in the article above. Turn off virtually all of your notifications. Ditch most of your social media apps, and if you really want to keep one or two, pare them down to feeds that bring positive emotions into your life, not anger and sadness. Delete all of the time-wasting apps from your phone and fill your home screen with stuff that nudges you to be your best self. Use “Do Not Disturb” mode aggressively. Don’t use your phone in bed. Turn off “Raise to Wake” so that you’re not attracted to your phone if you bump it.

Make those changes and you’ll feel a lot better about your social media usage.

Good luck!

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