الأربعاء، 19 أبريل 2017
Six Money Lessons I Learned From My Kids
While my husband and I have always worked hard, we didn’t really care about money until our late 20s. We felt the money we earned was there to spend, so we happily spent our paychecks and then some. And it never bothered us to make minimum payments on student loans, car loans, or credit card debt, either.
But then it happened: We got pregnant with our first child. In an instant, we started viewing the money we earned in a different light. Instead of thinking of money as a tool for pleasure, my pregnancy instilled a strong sense of duty. It wasn’t just me and my husband against the world anymore; it was us. And if we wanted a brighter future for our new family, we had to make our money count.
Money Lessons My Kids Taught Me
In a few short weeks, my oldest child turns eight years old… and what a journey it’s been. Both of my girls have taught this Type-A mom so much about life, including the importance of having fun and letting go.
But they’ve also taught me a lot about money – and not just how to spend, but why saving is more important than I realized. Let’s face it, some lessons can only be learned by doing – and there are a handful of lessons I only learned once I had children myself.
Here are a few money lessons parenthood taught me:
Lesson #1: Emergency funds become more important than ever.
Before we had kids, we never had a fully-funded emergency fund. We had savings, but our emergency fund was more of a “spending fund” since we used it as we wished. And when we had a real “emergency,” we just charged it on a credit card and paid it later. It wasn’t the most efficient method for handling life’s surprises, but we handled it fairly well.
These days, I can’t imagine not having three to six months of expenses designated for emergencies. And it’s just not about bills; it’s about peace of mind. Our kids are extremely healthy, but the medical bills constantly catch me off guard. For heaven’s sake, my daughter’s ordeal with swimmer’s ear cost us $300 in visits and prescriptions just last month!
Then there are all the other surprise expenses parenting requires – the birthday parties you forgot to buy for, the last-minute school supplies, and the dress clothes for fancy occasions. Plus, you still have the regular emergencies to plan for – the leaky roofs, surprise car repairs, dental work, and vet bills.
Now that I’m a parent, I rest easy knowing we have savings to cover practically any expense we couldn’t anticipate or plan for in our monthly zero-sum budget. Because, life happens… and kids just add one more element of surprise.
Lesson #2: You can’t ignore the future.
When we were in our 20s, we barely looked ahead more than a year. We planned vacations and halfheartedly planned to retire one day, but never took the time to envision what our lives would be like five, 10, or 20 years down the line.
But once we had kids, we started to think about the future all the time. And now that our children are ages 6 and 8, we realize that college is only 10 years away, and that so much will happen between now and then – expensive stuff, like sporting events, school outings and trips, and even prom.
We can’t start planning for everything, but we do plan to remain debt-free. And without the drag of debt, we should be able to afford most of the expenses that come our way.
And when it comes to college, we aren’t burying our heads in the sand there, either. When each of our children were born, we started saving tiny sums of money in individual 529 accounts. It started at just $25 per month, then grew to $50 per month… then $100. These days, we save around $5,000 per year to take advantage of our state’s (Indiana) generous 20% tax credit.
It may not add up to enough to cover all of their college bills, but I know saving for the inevitability of higher education is better than simply hoping for the best.
Lesson #3: Splurging can be a lot of fun.
Our initial plunge into frugality came with a ton of rigid rules. Because we focused on paying off debt for so long, we barely spent a dime on fun.
But having kids taught me to loosen up – and of course, it helps that we’re now debt-free. While we plan the bulk of our spending with a zero-sum budget every month, becoming a parent has taught me to live a little, too.
So yeah, we occasionally splurge on ice cream at the park or a few hours at our local Jump-N-Play. And yes, we travel quite a bit and take plenty of vacations with our kids – all with zero guilt.
Parenting taught us to put the important stuff first, which is why we max out our retirement accounts, save for college, and stick to a budget and spending plan every month. But with kids, you have to have fun sometimes – and fun isn’t always free.
Lesson #4: Our financial decisions can impact their futures, too.
Having kids not only made me focus on their future, but on our future as well. Over time, we’ve realized the decisions we make during their childhood can affect how they live as adults.
If we don’t save for retirement, for example, we could easily burden our children in the future. And if we don’t take care of our health, we have a better chance of relying on them to take care of us.
Having kids made us realize something important: that our savings and investing goals aren’t just for us – the effort is for them, too. So, we save for retirement like our future depends on it. Because it does. We also exercise, eat healthy, and do our best to take care of the only bodies we’ll ever have – not just for us, but for our kids.
Lesson #5: Money isn’t everything.
As someone who thinks saving and investing is “fun,” I tend to focus a lot of time and energy on our finances. My husband and I are the type of people who play around with retirement calculators instead of watching TV. We know the financial decisions we make more are important, and that the steps we take today can help us enjoy even more freedom and security in the future.
But, parenthood also introduced me to the other side of the coin. Even though money is important, it isn’t everything. Becoming a parent gave me a higher purpose; it gave me something to plan for – to live for. Most importantly, becoming a parent taught me to stop and smell the roses. It taught me to stare deeply into my children’s eyes for no reason at all – to grasp at the straws of their innocence and hold them close while I still can.
Becoming a parent helped me realize that money is nothing more than a tool, one that makes it easier to buy the life we want. We need money to survive, but we don’t need it to live. And when I’m with my kids, I want to live in the moment as much as I can.
Lesson #6: True happiness doesn’t come from ‘stuff.’
Here’s something I already knew, but it really sank in once I had kids: Money can’t buy happiness or love, and it can’t fill an empty heart.
My husband and I spent our early 20s spending with no purpose at all. We traded in our cars for the sudden rush of excitement we felt from buying something new. We constantly spent money on our house, trying desperately to make it a home. We bought clothes, toys, and “stuff,” hoping we would feel something – anything. And none of it worked.
Having kids reminded us that life is precious, and that the most important thing we had was each other. And there’s no greater reminder of how pointless “stuff” is than a smiling baby held snugly in your arms. Kids don’t need stuff; they need us.
Final Thoughts
People always say that children are expensive, and I totally agree. But I still believe – with all my heart – that having kids is the best money we’ve ever spent. Whether we’re forking over cash to take them to the dentist, pay for school supplies, or plan a fun vacation, it’s all the same to me. Every dollar I spend on them comes back to me tenfold in terms of happiness, contentment, and purpose.
And maybe that’s the biggest lesson of all – that some life experiences are worth having, no matter how much they cost. So, I’ll keep budgeting and saving and planning for their future and mine; I don’t regret anything since I chose to bring life into this world – or a single cent.
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:
- How and Why to Tell Your Kids ‘No’
- Fancy Vacations? What Your Kids Really Want is Time
- The Financial Decision of a Lifetime: Should I Have Children?
What money lessons did you learn from parenthood? What would you add to this list?
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OPENING BELL: US stocks start to bounce back, led by gains for banks
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Are Fast-Food Prices Cheaper Than Cooking at Home?
You’re tired, broke and hungry, and someone asks “what’s for dinner?” Pulling into the nearest fast food drive-thru window is probably a no-brainer.
After all, you’ll save yourself the trouble of going to the grocery store and cooking a meal, and it’s cheap, right? Well, maybe not.
Fast food is often the go-to option for a quick and cheap meal, but over the years it seems like it’s quietly become less and less affordable. While it’s likely still less expensive than a typical sit-down restaurant meal with a tip, fast food can actually be comparatively costly and isn’t usually very filling.
As part of my New Year’s Resolution, I wanted to make sure I was spending responsibly in all areas of my life, including my food. So I decided to find out: Was I really saving money by eating fast food?
Are Fast-Food Prices Cheaper Than Cooking at Home?
To find out, I planned to replicate meals from McDonald’s, Burger King, Taco Bell, Subway and Wendy’s. Each recipe below makes one serving, but I needed to feed two people (my fiance and me), and I went for variety, so we wouldn’t have to eat burgers for five days in a row.
I also limited myself to meals I could make relatively quickly, since one of the biggest draws of fast food is the time you don’t have to spend over a stove.
Keeping in mind that some ingredients last for multiple meals, I compared the cost of buying items at the grocery store to ordering the finished product at a fast-food restaurant. Note: These prices are pre-tax and can vary by region.
Here are the fast-food recipes I tried:
1. McDonald’s Quarter Pounder With Cheese Meal
Ingredients:
1 sesame seed bun ($1.43 per package of 8; 18 cents per serving)
¼ pound ground beef ($4.58 per pound; $1.15 per ¼ pound)
2 slices cheddar cheese ($1.98 per package of 12 slices; 33 cents for 2 slices)
2 ounces ketchup (82 cents for a 20-ounce bottle; 8 cents for 2 ounces)
2 ounces mustard (58 cents for a 14-ounce bottle; 8 cents for 2 ounces)
⅛ onion (50 cents for a whole onion; 6 cents for ⅛ )
4 pickle slices ($1.98 per jar with 10 servings; 20 cents per serving)
1 serving fries ($2.98 per bag with 9 servings; 33 cents per serving)
20 fluid ounces soda ($1.56 for 67 fluid ounces of Coke Zero; 47 cents per 20 fluid ounces)
Fast-food price: $6.69
Initial ingredient investment: $16.41
Per-serving price: $2.88
Per-serving savings: $3.81
Prep:
When I buy a pound of meat, I typically break any I won’t use immediately into quarter-pound portions. I wrap them in plastic wrap and aluminum foil, then toss them in the freezer. That way, I’ve already measured out my portions, which saves me time when I start cooking.
So to prepare this meal, I just had to cook the hamburger patty, cut and saute the onion, and bake the fries for 20-25 minutes.
For about 25 cents more per serving, I could have bought beef that was already formed into patties, and for about 35 cents more per serving, I could have used frozen, pre-cooked hamburgers to save even more time. Either way, it took about 25 minutes to prepare the meal; for most of that time I wasn’t actively cooking, but staring at the oven waiting for the fries to bake.
To assemble my burgers in the perfect McDonald’s way, I layered cheese/burger/cheese before adding the condiments, onions, and pickles. I salted the fries to my liking, and we were ready to eat.
2. Burger King Grilled Chicken Sandwich Meal
Ingredients:
1 sesame seed bun ($1.43 per package of 8; 18 cents per serving)
1 chicken breast ($6.46 per package of 8; 81 cents per breast)
1 slice tomato ($1.18 per tomato; 20 cents per slice assuming 6 slices per tomato)
2 ounces mayonnaise ($2.98 per 22-ounce bottle; 27 cents for 2 ounces)
⅛ head lettuce (93 cents for a head of lettuce; 12 cents per ⅛ )
1 serving fries ($2.98 per bag with 9 servings; 33 cents per serving)
20 fluid ounces soda ($1.56 for 67 fluid ounces of Coke Zero; 47 cents per 20 fluid ounces)
Fast-food price: $6.59
Initial ingredient investment: $17.52
Per-serving price: $2.38
Per-serving savings: $4.21
Prep:
The chicken breasts I chose were precooked and frozen, so they only required about 25 minutes to bake in the oven, which was conveniently the same amount of time as the fries. There was very little actual cooking required here.
3. Taco Bell Three-Taco Combo
Ingredients:
3 flour tortillas ($1.78 for a 16-piece package; 33 cents for 3 tortillas)
¼ pound ground beef ($4.58 per pound; $1.15 per ¼ pound)
¼ cup shredded cheese ($1.98 for 8-ounce bag; 50 cents per ¼ cup)
¼ head lettuce (93 cents for head of lettuce; 23 cents per ¼ )
1 ounce taco seasoning (67 cents for a packet of Taco Bell seasoning)
20 fluid ounces soda ($1.56 for 67 fluid ounces of Coke Zero; 47 cents per 20 fluid ounces)
Fast-food price: $5.39
Initial ingredient investment: $11.50
Per-serving price: $3.35
Per-serving savings: $2.04
Prep:
Taco Bell is one of the great loves of my life, but looking at these numbers tells me I need to work on my addiction.
As I said before, I pre-portion and freeze meat, so to cook this meal, I pulled out one of my ¼-pound portions. After browning the meat in a pan, I added the taco seasoning.
I warmed my tortillas in the oven for about 10-15 minutes at 350 degrees. If I had been pressed for time or extra hungry, I could also have wrapped them in a paper towel and microwaved them for about 30 seconds.
With the cooking done, it was just a matter of assembling the tacos however we wanted.
I’ll probably still indulge in a Taco Bell bean burrito every once in a while, but it’s easy to see that making my own version at home is a much better idea.
4. Subway 6-Inch Chicken and Bacon Ranch Combo
Ingredients:
1 6-inch sub roll ($2.74 for a 6-pack; 46 cents per roll)
1 chicken breast ($6.46 per 8-pack; 81 cents per breast)
2 slices of cheese ($1.98 per package of 12 slices; 33 cents for 2 slices)
2 bacon slices ($2.74 for a package of 16 slices; 34 cents for 2 slices)
¼ head lettuce (93 cents for a head of lettuce; 23 cents per ¼ )
2 slices of tomato ($1.18 per tomato; 40 cents for 2 slices)
¼ onion (50 cents per onion; 13 cents for ¼ )
2 ounces ranch dressing ($1.32 for a 16-ounce bottle; 17 cents for 2 ounces)
1 ounce chips ($2.98 for a 10.25-ounce bag; 29 cents per ounce)
20 fluid ounces soda ($1.56 for 67 fluid ounces of Coke Zero; 47 cents per 20 fluid ounces)
Fast-food price: $7.15
Initial ingredient investment: $22.39
Per-serving price: $3.63
Per-serving savings: $3.52
Prep:
The chicken would take about 20-25 minutes in the oven.
I cut corners wherever I can to reduce cooking time, so I decided to get a pack of fully cooked bacon. I wrapped the slices in a paper towel and microwaved them for about 45 seconds, though I could also have pan fried them like regular bacon for a little more crispness.
As soon as the chicken was done, I put it on the sub and let the cheese melt on top. Then I added the rest of the ingredients, and it was ready to eat.
This cooking-at-home thing was getting easier and easier!
5. Wendy’s BBQ Ranch Chicken Salad Meal
Ingredients:
½ bag salad mix ($3.96 for a Romaine salad mix; $1.98 for ½ bag)
¼ can fire-roasted corn ($1.38 per can; 35 cents per ¼ can)
2 slices tomato ($1.18 per tomato; 40 cents for 2 slices)
¼ cup shredded cheese ($1.98 for an 8-ounce bag; 50 cents per ¼ cup)
2 ounces BBQ sauce ($1.06 for a 16-ounce bottle; 13 cents for 2 ounces)
2 ounces ranch dressing ($1.32 for a 16-ounce bottle; 17 cents for 2 ounces)
1 chicken breast ($6.46 per 8-pack; 81 cents per breast)
2 slices of bacon ($2.74 for a package of 16 slices; 34 cents for 2 slices)
20 fluid ounces soda ($1.56 for 67 fluid ounces of Coke Zero; 47 cents per 20 fluid ounces)
Fast-food price: $6.29
Initial ingredient investment: $21.64
Per-serving price: $5.15
Per-serving savings: $1.14
Prep:
Once again, the chicken took about 20-25 minutes in the oven. I was shocked to find a can of corn that was already fire-roasted, and I doubt I could find it in every store. But if I hadn’t found it, I could have warmed the corn on the stove.
I tossed the bacon in the microwave, wrapped in a paper towel, for about 45 seconds. Then I cut the tomato, bacon and chicken into smaller strips and mixed all the ingredients together to enjoy a delicious, homemade salad.
Making Fast Food Recipes at Home: The Verdict
In every case I tried, it worked out cheaper per serving to buy ingredients at the grocery store and make my own version of these meals. However, several factors could have changed the outcome.
For example, I based my experiment on combo meals; if I hadn’t included the drink and side of fries, the costs would have been different.
Also, using more or fewer toppings could affect the results either way. I like minimal condiments, so in the future, I might cut down on those while maybe adding an extra slice (or three) of cheese. This ability to customize my meal is one benefit of eating at home, though I’d have to be careful not to add too many extras (and extra costs).
If we’d bought the meals at their respective restaurants, my fiance and I would have spent about $64.
Buying groceries to make these meals cost about $60. It also meant we had many leftovers to use for other meals, which helped us save money later in the week. And that number included buying new condiments, when we generally always have ketchup and mustard in our fridge.
Not everyone is able to make dinner at home every night and stop hitting the drive-thru altogether. When I was growing up, my mom waited tables, and we often lived shift-to-shift rather than paycheck-to-paycheck. When you’re working on a daily budget rather than a weekly or monthly one, fast food can seem like the best option.
Knowing that real ingredients ultimately cost less, though, has helped my fiance and I make different decisions about the way we buy and eat food. I still find comfort in my old standby fast-food meals, and to be honest, sometimes it’s nice to have someone else make you dinner after a long day.
But we’ve made an effort to make fast food a much smaller part of our diet. Make-ahead meals and leftovers are our best friends when we’re too tired to cook, and as I’ve learned, making our favorite fast-food meals isn’t so hard.
And if someone who has (literally) burned water and set the stove on fire (three times!) frying okra can make these meals, you likely can, too.
Your Turn: Have you ever tried to recreate your favorite fast-food meal? How did it go?
Stephanie Ashe is a freelance writer and spreadsheet connoisseur, who spends way more money than she should at theme parks. Read her (sometimes) funny jokes and ramblings on Twitter @StephanieAshe_
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/2orDLmV
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Who Knew Your Car Could Help You Pay Off Your Student Loans?
Like many young professionals, I graduated from college with big dreams, a lot of ambition, and five figures of student loan debt.
I wondered if I could save money by refinancing this debt and reducing my interest rates, so I decided to explore my options.
First, I contacted a few dedicated student loan refinancing companies. But the quoted rates were only about a percentage point better than the one on my government loans, and I didn’t think the savings were worth the loss of my government loans’ flexibility, like the ability to defer payments and change payment plans. This made me look elsewhere for other refinancing strategies.
While at a free “Credit Scores 101” presentation at my credit union, I learned about another refinancing option that might help me dramatically reduce my student loan rates… using my car.
Here’s what I found out.
What is a Car Equity Loan?
There are two types of car loans. The first, which most of us are likely more familiar with, is taking out a loan to acquire a car.
The second, which I discuss in this post, is an option if you already own a vehicle with positive equity — the car is worth more than the outstanding debt on it. If this is the case, you are able to take out a loan equal to that equity.
For example, if you own a car worth $10,000, but you have an outstanding loan on it for $4,000, then you have positive equity of $6,000. Thus, you can take out a car equity loan up to $6,000.
You can use this loan for any purpose, including refinancing your student loans — essentially switching from a higher interest debt to a lower interest debt.
The Pros of Car Equity Loans
Now the moment you have been waiting for: What are the benefits of this strategy?
Car loans can have a significantly lower interest rate than student loans, especially if you have good credit. Someone with good credit can get a car equity loan in the 3-5% range, according to Karen Bauer, Executive Vice President of 360 Federal Credit Union in Connecticut, which is where I received my loan.
I was offered a $20,000 car equity loan with an interest rate of 2.49%, based on the appraised value of my 2015 Chrysler and my good credit, to refinance my student loan debt. That interest rate is significantly less than the 6.5% rate on my government loan, and refinancing in this way will save me more than $5,000 in interest.
I will also pay off the car equity loan in six years — three years sooner than I would have paid off the government student loan.
To me, that $5,000 in savings and shortened repayment term were worth the loss of certain government loan benefits, which I’ll discuss in the next section.
Your results will vary depending on your circumstances, such as your credit score and your car’s value. The better your credit score, the lower your rates will be. Your monthly payments will depend on your financial institution’s terms and interest rate. For instance, my credit union provided a term of repayment of up to six years.
The Cons of Car Equity Loans
However, getting a car equity loan does come with some risks.
Financial institutions set interest rates based on perceived level of risk, explained Bauer. Unsecured loans, like many student loans, don’t have any asset tied to them, so they’re generally considered riskier for the institution. That means they often get higher interest rates.
Car equity loans have a lower interest rate, Bauer said, because your car acts as collateral. That means if you don’t pay back your loan, the financial institution has the right to take your car!
Refinancing your government student loan also means you lose the protections and flexibility they afford you, such as debt forgiveness programs and repayment plans that develop monthly bills based on time, income, and other factors. With a government loan, you may qualify for loan deferment, a temporary time where you don’t have to make payments for principal and interest, or forbearance, where you can don’t have to make payments but interest still accrues.
If you refinance with a car equity loan, you’ll lose access to these benefits. Unlike a government student loan, you probably could not postpone car payments for very long!
Another consideration: If the car depreciates faster than you can repay the debt, Bauer noted, you could end up owing more than it’s actually worth.
Finally, if the payment terms on your car equity loan are shorter than those on your student loan, you may have higher monthly payments. For example, I pay about $315 a month for the car equity loan, compared to the $260 a month I used to pay toward my student loan before refinancing.
Is Refinancing With a Car Equity Loan Right for You?
So is this the right option for you? That depends on your circumstances.
First, I would suggest comparing your credit score to Experian’s ratings. While these ratings can vary depending on which credit model your financial institution uses and its internal classifications, Experian calls FICO scores of 800-850 exceptional, 740-799 very good, 670-739 good, 580-669 fair and 300-579 very poor.
Having a credit score on the higher end would likely increase your chance of receiving a low-interest car equity loan. However, if your credit score is in the lower range, you may not receive an interest rate that makes taking a car equity loan more attractive than your student loans.
Second, only pursue this strategy if you have enough car equity to significantly reduce your student loan debt. Do you own your car outright or have a low remaining balance on a loan? Did your family give you a car? If so, you may have a lot of equity to tap.
If you’re not sure, ask the bank or credit union how they would value your car. Bauer explained that 360 Federal Credit Union, where I received my car equity loan, determined the value of my 2015 Chrysler by using data from the National Automobile Dealer Association (NADA). I checked the Kelley Blue Book and it showed a similar appraisal.
Finally, ensure you’re ready to be highly disciplined and can make the payments faithfully.
Other Tips for Getting a Car Equity Loan
Only apply for a car equity loan through a reputable financial institution, like a bank or credit union. Do not go to a sketchy loan shark who might use deceptive advertising and charge higher rates.
Shop around at a few different banks or credit unions to see who will offer you the best rates and terms.
Finally, Bauer recommended avoiding hidden fees and prepayment penalties. She also suggested getting guaranteed asset protection, which is coverage in the event something happens to your car (like an accident) that creates shortfall between what you owe and what your car is worth.
Your Turn: Have you used a car equity loan to help you refinance your student loans? Tell us about your experience!
Luis Valdez-Jimenez, J.D., M.B.A., is a legal and business professional in the aerospace/defense industry with extensive experience in compliance, auditing, negotiations and contracts. He is active in various community organizations that promote financial literacy, like the United Way, and briefly served on the Board of Finance of a town in Connecticut.
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/2pR49rx
Work-at-Home Jobs for Sports Enthusiasts
By Emily Belcher When I think of sports, and that’s any sport in general, I immediately think of passion. Whether you play them currently, played them in the past, or have never even played at all, we can all share a passion and enthusiasm for the game. Maybe you never personally made it to the […]
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الثلاثاء، 18 أبريل 2017
How Does Compound Interest Work? We Explain in Plain English
Would you rather have $10,000 today, or a penny a day that doubles in value every day for the next 30 days?
You’ve heard this one before. It’s the fun, sneaky question we ask kids — and sometimes, adults — to make a point about compound interest.
“Interest” tends to be a word we take for granted. It’s what makes money (or debt) grow.
But… what does that mean, exactly? How on earth does it work?
What is Compound Interest?
On the positive side: Interest is what a bank pays you to keep your money there. The longer your money stays in the bank, the more you earn in interest.
“Compound interest” means you get paid interest on interest.
It works like this: An interest payment is added to your balance. When the next interest is calculated, you get paid for that full balance, instead of just the amount you initially contributed.
So your bank is actually paying you to keep the money it already paid you there. Good deal.
Many people, faced with the option above, choose $10,000 now over the pennies with 100% interest.
At that unbelievable rate, after 30 days, your pennies would grow into more than $5.3 million. By day 31, you’d have $10 million! For a contribution of 30 cents.
This level of growth isn’t at all likely, but it helps make the point. Interest makes the world go ‘round.
How Compound Interest Works
How does a penny turn into $5 million in 30 days? We like to call it magic, but it’s really just math.
Start with 1 cent on day one.
On day two, you earn 100% of the balance and add another cent. Now you have 3 cents.
On day three, you earn 100% again and add another cent. Now you have 7 cents — seven times your original balance in just three days.
Your pennies gather interest like a snowball rolling downhill.
That’s how your retirement account grows and why it’s important to start saving early, even if you can only contribute a small amount. With compound interest, your greatest asset is time.
Compound Interest and Debt
Unfortunately, we can’t ignore the negative side of compound interest: paying it.
When you don’t pay bills on time, companies charge interest. Banks also charge interest while you pay back a big loan — now you’re holding their money, and the tables are turned.
You should understand this before taking out your first loan or opening your first credit card.
The more debt you sit on, the more interest will accrue each month, because it’s a percentage of your balance.
In the same way your pennies grew into millions above, your credit card debt can tumble out of control if you lollygag while paying it back.
Imagine if you owed a penny today, how much you could owe in 30 days…
Yikes. There’s a reason we don’t play this game in reverse.
Your Turn: Think you could you explain compound interest to a 5-year-old?
Dana Sitar (@danasitar) is a senior writer at The Penny Hoarder. She’s written for Huffington Post, Entrepreneur.com, Writer’s Digest and more, attempting humor wherever it’s allowed (and sometimes where it’s not).
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/2o0Oyce
Would You Rent a Car By the Hour? AAA’s New Service Will Let You Do That
I remember my first car.
It was a used 1999 Lexus RX 300 that I brought to campus my second year of college. I was the first of my friends to have a car on campus, and I loved the freedom that having a car provided.
Now, about a decade removed from those college days, I question if a car is even worth it. It’s just one more thing to be responsible for and sink money into. If I could catch a ride where I need to go or borrow a car short-term, I’d be fine.
Apparently others have the same mindset, and AAA is taking note.
At the end of April, the auto association’s branch covering Northern California, Nevada and Utah (NCNU) will launch a new one-way car-sharing service, Gig.
The service will start with a fleet of 250 cars in Oakland and Berkeley, California, according to The Mercury News.
The service was created from AAA NCNU’s new innovation lab, A3 Ventures, which seeks to find new ways to serve the organization as transportation options change and evolve.
Here’s how Gig works:
- Download the app on your smartphone or mobile device
- Use the app to locate a car near you
- Unlock the vehicle using your phone (or with a card they’ll send you after your first use)
- Return the car to almost any public parking spot in the designated “HomeZone” within the two cities (
To register for Gig, the app will need to scan your driver’s license and credit card, but there are no registration fees.
The rates are $2.50 per mile, $15 per hour or $85 per day for the service. The service will charge you the lowest rate option that applies. For example, if you’ve driven 10 miles and returned the car in less than an hour, you’d be charged $15 for the hour instead of the $25 that would be calculated by price per mile.
Also, if you park the car somewhere (like if you’re running into a store to grab groceries), just select the “Park and Come Back” option in the app and it will change the rate to $0.30 per minute.
What’s Included?
You don’t have to worry about the cost of gas, insurance or parking in the HomeZone because that’s all covered by the service. Plus drivers can take advantage of free AAA roadside assistance.
Gig will use a fleet of Toyota Prius c hybrids, so a tank of gas goes pretty far. A 2016 model gets an average of 50 miles per gallon combining city and highway driving, according to Fuel Economy.
With the Gig app, you can check the fuel gauge before you get your vehicle. If you end up needing to refuel, you just contact Gig and they’ll give you a code to unlock a fuel card in the glove compartment.
Now, while Gig provides third party liability insurance, you are responsible if the car is damaged, lost or stolen. The service’s insurance does cover: bodily injury liability up to $100,000 per person or $300,000 per accident, property damage liability up to $50,000 and uninsured motorist/under-insured motorist bodily injury up to $15,000 per person or $30,000 per accident.
Drivers have to pay for tolls and any traffic or parking tickets they incur.
How Do You Use the Service?
Though AAA is a member-based service — with membership fees ranging from $56 to $119 in northern California — you don’t have to be a member to use Gig. Members will, however, get a 10% discount on rates.
Bonus: If you get the Gig app before the April 30 launch of the service, you can use the promo code HEYGIG and get an $85 credit — equal to a free day.
Will the Service Expand to Other Cities?
I’ve reached out to A3 Ventures to find out if and when Gig would expand to other cities. I’ll update this story as soon as I get a response!
Mike Hetke, AAA NCNU’s executive vice president and chief innovation officer, told Fast Company there’s a challenge in getting cities on board.
“It requires participation and partnership with the municipalities to create the super permits that enable this model,” he said. “And so you have to convince municipalities, and there’s a number of competing factors for municipalities to consider.”
While Gig will be new for the Bay Area, it certainly isn’t the only car sharing service out there. Zipcar, Enterprise CarShare and Car2Go offer similar services at locations across the country.
And If you don’t feel like driving yourself, there’s always Uber or Lyft.
Your Turn: Would you like Gig to expand to your city?
Disclosure: This post contains affiliate links. By checking out this featured content, you help us bring you more ways to save!
Nicole Dow is a staff writer at The Penny Hoarder.
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Here’s Why You Could Pay an Extra 35 Cents for Your Chipotle Burrito
If you’ve finally gotten on good terms with Chipotle Mexican Grill again (that E. Coli outbreak in 2015 was scary!), I have terrible news:
Guac is extra extra now. **sad emoji**
Why? Chipotle Mexican Grill is implementing its first price increase in three years.
I know — the horror.
Why Chipotle Prices are Going Up
Chipotle will raise its prices in 440 of its 2,200-plus restaurants, which equals around 20% of its locations.
The increase will amount to about 25 to 35 cents for an entree.
Chris Arnold, Chipotle’s communications director, told The Penny Hoarder in a statement that the price increase is due to higher food and labor costs.
And, although prices are increasing in some places, he indicates the increase won’t be enough to knock Chipotle off its fast-food throne.
“Even with the new prices, our pricing remains very competitive across the category, particularly if you factor in our ingredient quality,” Arnold said.
Arnold didn’t respond to our request for specifics about what locations will see price increases.
Will Chipotle’s Price Hike Change Your Burrito-Eating Habits?
So, will customers be willing to pay an extra 25 to 35 cents for their burritos? Here’s what Penny Hoarder readers had to say on Facebook.
“With Chipotle coming off of a year of bad press and trying to get people to come back to its stores, it seems like a pretty bad idea to raise prices right now,” wrote Faith Goodwin.
Rob Kryzzie had a similar outlook.
“I think they should concentrate on winning back customers after the repeated E. Coli debacle,” he wrote in The Penny Hoarder’s Facebook Community Group. “Raising prices is not the way to do that. There needs to be more time between bad news from Chipotle.”
But Carrie Nowlin, web producer at The Penny Hoarder, said she doesn’t mind the price increase.
“Chipotle is notorious for being willing to give a little extra if you ask for it nicely,” she said. “Even with a $0.25 increase, you can still get a heck of a deal on a burrito bowl if you are nice about it. My bowl overfloweth.”
No matter how you feel about the price change, there’s a light at the end of this tunnel: Check out our six ways to get a bigger burrito for the same price.
Your Turn: Would you pay an extra 25 to 35 cents for a Chipotle burrito?
Kelly Smith is a junior writer and engagement specialist at The Penny Hoarder. Catch her on Twitter at @keywordkelly.
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Millions Suffer from Psychological Distress — and Many Can’t Afford Help
As if being middle-aged isn’t stressful enough, now I have a something else to be concerned about.
Adults between the ages of 45 and 50 (that’s me!) are the newest group to be considered at high risk for mental illness and suicide, according to a survey published earlier this month in medical journal Psychiatric Services.
We Gen Xers and baby boomers aren’t alone in our unhappiness, either.
More than 8.3 million American adults suffer from serious psychological distress (SPD). That’s more than 3% of the U.S. population.
“Based on our data, we estimate that millions of Americans have a level of emotional functioning that leads to lower quality of life and life expectancy,” says lead study investigator Judith Weissman. “Our study may also help explain why the U.S. suicide rate is up to 43,000 people each year.”
It’s Hard To Find Good Help
Even more distressing is that access to mental health care is becoming more difficult every day.
The survey indicates more than 10% of people aren’t getting the treatment they need because they don’t have adequate mental health coverage. Almost 10% also say they can’t afford to pay for their psychiatric medicines.
“Until we begin to provide the resources and the mental health care providers, as well as screening and treatment, we won’t curtail the tide of mental illness,” Weissman told The Huffington Post.
Where to Find Free or Cheap Mental Health Services
If you’re suffering from SPD or any other mental health issues, you know getting the treatment you need can be difficult and expensive.
- Check out our list of resources that cover everything from where to find a training clinic to how to negotiate a discount on your medical bill.
- There are several mental health apps on the market to help you get by between appointments with your mental health professional.
Managing SPD, mental illness, stress and anxiety can be a challenge, but it’s important to seek treatment to help you live life to its fullest.
Remember, you aren’t alone in the struggle — there are over 8.3 million other people walking a similar path.
Your turn: What free or low cost mental health services are available in your area?
Lisa McGreevy is a staff writer at The Penny Hoarder. She’s always looking for fresh tips on health and wellness resources to share with readers. Look her up on Twitter @lisah to share yours.
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/2pwHaFt
A Guide to Rucking, My Favorite Low-Cost Exercise Activity
Over the last few years, I’ve become more and more interested in improving my physical fitness. The reasons are simple. I want to live longer. I want to be able to participate in more active things with my children as they grow older, helping them to practice their sports and other activities without passing out in a heap. I want to feel better and more energetic.
I’ve tried a lot of different tactics with varying success. I’ve joined a couple of different gyms and gradually grew bored with each of them and stopped going. I’ve tried lots of different bodyweight exercises at home. I’ve tried some fitness videos such as P90X. Most things just didn’t click at all. I even tried hiring a personal trainer for a while. It was ridiculously expensive, and although it was somewhat helpful, I really couldn’t continue to justify the expense of it.
I felt stuck and frustrated. The only thing that worked well for me at all (other than shelling out a lot of money for that trainer for a short while) was a simple bodyweight “fitness ladder,” which was basically just a handful of exercises I could do rather quickly and then keep improving at them. Even with that, I would stick with it for a while and then back off. I also enjoyed walks – I always have.
So, what did I do?
I stepped back, looked at the course of my life, and asked myself, “At what point was I in the best shape of my life?” It was pretty obvious to me. My physical fitness peak was in my first two years of college. What was I doing during those first two years in college? The biggest thing that I did was walk between three and five miles each and every day with a loaded backpack, one that usually contained multiple notebooks and a couple of college textbooks.
I lived in a dorm in those years, and the dorm I happened to live in was about a mile and a half from the two buildings where many of my classes were. I intentionally scheduled classes over there so I would have all of my classes in that area back-to-back – or at least as close together as I could get with minimal gaps – to reduce my walk over there. In between any gaps, I’d go to the library and study, which was about half a mile from those classes.
So, on most days, I’d walk about a mile and a half to those classes, half a mile to the library, half a mile back to my classes, and another mile and a half back to my dorm. On top of that, I would often do some walking to other classes nearer to my dorm with a less-loaded backpack.
In other words, I was walking somewhere between 10,000 and 15,000 steps a day with some weight on my back. How much weight? I wasn’t sure, so I found a couple of old textbooks that were similar to the ones I had in college and I concluded that I was typically carrying somewhere around 20 to 25 pounds on my back on those walks, sometimes a bit more, sometimes a bit less.
So, what was I doing a lot of during the period in my life when I was in the best shape? I was walking a lot with weight on my back.
So, why not do the same thing today to get in better shape?
As I started to look into the concept (remember, I’m not 18 any more – I didn’t want to just throw 30 pounds on my back and walk for several miles without having some idea of doing things safely and correctly for maximum benefit), I quickly learned that exercising by carrying weight on your back is known as rucking. It’s a significant component of basic training in the military (often with very heavy backpacks), but it can definitely be used by anyone for fitness.
Why Rucking?
It turns out that rucking has become my favorite method of exercise, for several reasons.
First, it just builds upon something I already enjoy doing – going on walks and hikes. I go on walks almost every day around my neighborhood, and I go to parks a couple of times a week to walk on trails and do some light hiking. I get a great deal of enjoyment out of this, as it seems to clear my head and leaves me feeling really good when I’m finished.
Second, it’s incredibly inexpensive. I use an old backpack and a few objects of known weight along with some good shoes. That’s all I need. I’ve basically purchased nothing for this form of exercise. You likely already have this stuff in your home.
Third, it’s incredibly flexible. If I want easy exercise, I put just a few pounds of weight in the backpack and it’s barely noticeable, then I’ll walk on flat ground. If I want really challenging exercise, I’ll load that backpack down with weight and go to a very hilly area. I can adjust my pace as well, making it harder if I go faster and easier if I slow down. I can essentially do interval training by going really fast for short periods with a heavy pack, or I can do endurance-style training by going for several miles with moderate weight in my pack at a moderate pace. I can come home with just the gentle “feel good” of going on a nice walk or I can come home with a soaked shirt and that post-exercise cooldown feeling. It’s all about what I want that day. I can also do it whenever I want – at five in the morning or at three in the afternoon or at seven in the evening. I can do it for as long as I want – an intense 10 minutes or a gentle hour and a half or anything else. It’s just super flexible.
Fourth, it targets the fitness areas I want to target. I want to be in good cardio shape. I want a strong core. I want a strong lower back. Those are the things that rucking is good at. It won’t make my arms look super muscular, but I don’t care. It will build muscle in my abdomen and on my back and a bit on my upper legs, and that’s where a lot of my strength for day-to-day things comes from.
Finally, it gets me outside. I’m a firm believer in the power of getting plenty of fresh air every day and getting at least a little sunshine on your skin for the vitamin D benefits, if nothing else. I get hit hard with seasonal affective disorder in the winter and sunlight is the single most effective cure I’ve found. I feel better and sleep better with some significant outdoor time each day. Rucking gives me that.
It’s inexpensive, flexible, matches what I already like to do, and gets me outside. In other words, it’s just about perfect for me.
Getting Started: Your First Ruck
As I noted earlier, the only equipment you need for rucking is an old backpack, some heavy items, and some decent shoes for walking. There are a couple of optional things, too. Here’s what I use.
Good shoes: This is the foundation of walking or lightly jogging for exercise, regardless of whether you’ve got weight on your back or not.
A sturdy backpack, old or new: Your backpack is going to be carrying some weight, so you want one that’s sturdy, but there’s no reason to go buy a new one. If you have a reliable backpack around your home, just grab that one and put it to good use. If you don’t have one, shop around for a used one that has good stitching. I have a well-made canvas backpack that I use exclusively for rucking so I can leave weights in it (it’s different than my bag that I essentially use as a portable office).
You’ll want to adjust the straps so that it carries the weight of the pack as high on your back as possible without being uncomfortable. This usually means shortening the straps a bit from where people typically adjust them. Play around with the straps until they’re right for you.
Some weighted items: You’re going to want to put some weight in your pack. There are a lot of things that work really well here.
A great way to start out is to simply use water bottles, especially if you have a bunch in your pantry. A single 16-ounce water bottle weighs a pound, so you can put as few or as many as you’d like into your bag before you head out. The advantage of water bottles is that they’re so microadjustable in terms of their weight. The disadvantage, though, is that if you don’t stack them right, they can all bunch up in the bottom of the bag and throw off the weight distribution. In general, you don’t want all of the weight bundled up in the bottom of the bag. (I’ll give a tip to help with this in a bit.)
Another option is to use bricks. Rucking is a great use for a few leftover bricks from a home improvement project. A typical brick weighs around five pounds and is fairly dense, which is a good thing for rucking weights, and they obviously stack well for weight distribution. The biggest disadvantage of bricks is that they can have rough edges which can damage your pack, but that’s another disadvantage that can be mitigated (again, a tip for this is incoming).
A third option is to use old textbooks. You could literally pull out that old calculus textbook from college and toss it in there. They’re actually proportioned really well for rucking if you stand them vertically in your pack, as the weight is distributed vertically across your back instead of bunching up at the bottom. However, if you get sweaty and the sweat seeps into your backpack, you can really do a number on textbooks. The last thing you want is a sweat-soaked textbook!
If you want an expensive option, you can always buy a steel plate made for rucking. They make steel plates in standard sizes with the rough edges worn down to smooth angles. They basically solve all of the difficulties of the options above, but they’re definitely expensive.
Who wants expensive, though? There are a couple of simple things you can do to eliminate the disadvantages of those various items.
One thing you can do is to use duct tape to arrange small items into larger shapes. For example, you can take several water bottles, lay them flat, and then duct tape them together firmly into a flat “plate” that fits into your backpack quite well. If you take eight 16 oz. water bottles and lay them out in a flat shape that’s just a bit smaller than your backpack, you can simply tape them all together firmly and you’ll have an eight pound weight that’s distributed very well for your back. You can make multiples of these, too, or you can make them larger if you have a larger pack. You can always cut the tape later and use them for drinking.
To keep an item like an old textbook safe from sweat, wrap it in plastic grocery bags and then tape those bags with some duct tape. Just put a couple of layers of grocery bags around the book, then add several bands of duct tape to keep the bags secure. This will keep them free of sweat while maintaining the nice weight distribution of a textbook.
What about rough items, like bricks? Just stack them, duct tape them together thoroughly, cover them with bubble wrap, then duct tape the wrap. So, for example, you might take four bricks and make a stack of them, duct tape all of the bricks together (I recommend completely covering them in a couple of layers of tape to ensure that the rough edges don’t get through), then wrapping that stack in bubble wrap and taping the bubble wrap securely. This would create a weight that’s slightly more than 20 pounds and would sit very well in a backpack.
Strategies for Rucking for Exercise
So, you have a weighted backpack. Now what? Here’s what I do to take advantage of this weighted backpack for fitness.
First, figure out your paths. I’d suggest starting by figuring out some places that you enjoy walking without weights at all. Find several good routes that you’ll want to consistently walk and measure out their distance. Outside my front door, for example, I have a one-mile walk, a two-mile walk, a three-mile walk, and a five-mile walk, and I have a few consistent walks I like to take at some nearby parks, too. Some changes in incline and elevation are great for fitness.
I recommend your first ruck be with a low weight on a shorter path. Keep the weight around five or 10 pounds and don’t go on an exceptionally long trek with that weight on your back. It’s not that you won’t be able to handle it, but that understanding how rucking makes you feel and alters your pace with that added weight is important to understand.
What you’ll find (if you’re like me) is that rucking definitely impacts some muscle groups in surprising ways and the intensity of that impact (and the muscle groups affected) change based on the weight and distance of rucking. I found that with light weights at first, I felt the impact on my lower and middle back, but as the weights got heavier, I felt the impact on my abdomen and thighs. I also definitely found that the longer the distance, the greater the impact on my muscles.
What has worked well for me is shooting for a target distance first with a very light weight, then gradually upping the weight while continuing at the target distance. For me, that distance is three miles with some minor inclines throughout. When I significantly change things up (by going to a park with a lot of incline, for example), I reduce the weight rather than the distance.
So, here’s an approach you might take. Start off with just five or 10 pounds in your backpack and go on a one-mile walk or even a half-mile walk. Once that seems easy, bump it up by half a mile. Keep bumping it up until you’re going the distance you want to go without stopping.
Then, again, with that same relatively small weight, start working on your pace. I recommend shooting for a healthy walking pace. I shoot for about 15-minute miles. I’m definitely not running, but I’m not dawdling with my walking, either.
Once you can walk your target distance at your target pace without feeling miserable – for me, that’s a three-mile walk in 45 minutes – then slowly start increasing the weight.
I highly recommend bumping up the weight a pound at a time by adding 16-ounce water bottles to your pack. So, if you’re starting at 10 pounds, add a 16-ounce water bottle to your next ruck so that you’re now carrying eleven pounds.
Don’t increase your weight until you’re finding it pretty easy to ruck your target distance at your target pace. When you find that exercise to be pretty easy, then add a little more weight to your pack.
The nice thing about adding it a pound at a time is that when you reach a new round number for the weight you’re carrying, you can make yourself a larger, more standardized weight. For example, if you’re carrying 10 pounds, you can take two bricks, tape them together with a couple layers of tape, then wrap them in bubble wrap and tape it, as described above, then that’s your new standard 10-pound weight. You can just grab it and use it without thinking much about it.
Then, when you want to add just a pound to that, toss in a water bottle. You might find yourself carrying a 10-pound brick bundle and four water bottles, getting you real close to 14 pounds. Then, when you’re ready to add another bottle, you could just turn that two brick bundle into a three brick bundle and stop carrying the water bottles.
Or, for example, you might have a few old college textbooks that weigh 10 pounds each and another one that weighs five pounds. At first, you might just be carrying that single lighter book and a couple of water bottles, but you’ll reach a point where you toss the bottles and the light book and use one heavy book. Then you start adding a few bottles to that. Then eventually you replace the bottles and find yourself carrying a heavy book and a light book.
In my experience, you eventually start leveling out in terms of additional weight. You’ll start hitting a point where it is consistently challenging but not overly so, but you’re also not feeling like you should be adding more weight to the mix. Trust your body. Don’t add any weight or distance unless you’re dead sure that this is the right move, and make changes slowly.
At first, I found myself adding weight pretty steadily, but then the weight additions started coming more and more and more and more slowly, until I basically reached a point where I was feeling like the exercise was great without ever adding more weight. Since then – and it was a long while ago – I’ve added weight once.
What about the winter? I’ll fully admit that I don’t do this during the coldest parts of the winter. I don’t like going on long walks or jogs or much of anything outside when it is bitterly cold. What I did this winter to somewhat stay in shape for this was to do step-ups. Basically, I’d turn on something to listen to, then I’d find something that I could step up onto that would cause my upper leg to form a 90 degree angle with my stomach when I was stepping up. I’d do that a bunch on one leg, then the other leg, for a few steps. I’d do this with light weights on my back, too.
Doing this made it very easy to return to rucking in the spring, although I didn’t carry my full weight from the fall when starting again.
Final Thoughts
Rucking is, hands down, my favorite frugal solo exercise (playing soccer with my kids tops it, but that’s not exactly something I can do solo whenever I have a spare half hour). It costs basically nothing, gets me outside, and works cardio and the muscles I’m most concerned about without bulking up. It’s also super flexible – I can adjust it to whatever my goals happen to be. If I know I’m going to be hiking up hills a lot, I can ruck with a lighter weight up some hills to get in shape for it. Not only that, it gives me a chance to relax my mind while I’m doing it, with a podcast or an audiobook usually playing in my ear.
Give it a shot. Grab an old backpack, toss a few water bottles in there, and go for a brisk walk. See how you feel at the end of it – it’s like a little healthy bonus on top of a nice walk.
Good luck!
Related Articles:
- Achieving Health and Fitness Without Breaking the Bank
- Five Ways to Get Your Workout Without a Pricey Gym Membership
- An Introduction to Geocaching, Our Family’s Favorite Frugal Activity
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A New Credit Score Is Coming: What You Need to Know About VantageScore 4.0
A new credit score will be finding its way to a credit bureau near you very soon.
VantageScore Solutions, a joint venture of the three credit reporting agencies (CRAs), announced that the fourth generation of its credit scoring software will be released in the fall of 2017. The new score has been aptly named VantageScore 4.0.
Why should consumers and lenders get excited about another new credit score — one that will stick to its existing range of 300 to 850?
For starters, this new credit scoring model is slated to get some very meaningful enhancements. New features include consumer friendly treatment of medical collection accounts, less reliance on tax liens and judgments, and the ability to consider trended data in the calculation of credit scores.
The Biggest Enhancement: Trended Data
As mentioned above, there are several meaningful changes being introduced with the release of VantageScore 4.0. Arguably the biggest breakthrough featured in the new scoring model, though, is the consideration of trended data and its influence over your scores. This marks the first time a tri-bureau credit score (one available from all three credit reporting agencies) will measure trended data.
What is trended data? Several years ago the CRAs began to include historical information about your credit card accounts on credit reports, and this information has been named trended data. Prior to the inclusion of this information, it was impossible to discern whether a consumer paid off their credit cards each month and used them again, or whether a consumer rolled an outstanding balance from one month to the next.
It was also impossible to know what someone’s balances and credit limits were in prior months. Once trended data was included on credit reports, lenders and credit scoring models could now access a consumer’s historical information for the previous 24 months.
VantageScore 4.0 is a big deal because it will be the first credit scoring model to harness the predictive power of trended data. Although trended data has been included on credit reports for several years, there have been no credit scoring models that considered the information.
Trended data is so predictive, in fact, that that consumers who do not pay off their balances in full each month are reported to be three to five times riskier than consumers who pay in full each month.
When and Where Will VantageScore 4.0 Be Used?
VantageScore’s newest model will not be commercially available until fall of 2017. However, even once the score is officially released, that doesn’t mean you’ll immediately begin to see VantageScore 4.0 whenever a lender pulls your credit in a few months.
It can take time for a new score version to permeate the lending environment. This is true for any scoring system, including FICO scores.
Although many lenders are certain to be interested in VantageScore 4.0’s improved predictive ability, it will still likely take some time before the model is adopted by lenders.
It’s extremely costly for lenders, not to mention time consuming, to convert to a new credit scoring model. Add to these obstacles the fact that the government-sponsored enterprises (GSEs) – Fannie Mae and Freddie Mac – currently mandate the use of a much older version of the FICO credit scoring model in mortgage loan applications.
Consumers, however, may be able to access the new VantageScore credit scores much sooner, even if lenders don’t adopt the new scoring model right away. Many online credit score providers such as Credit Sesame and Credit Karma have partnerships with credit bureaus that allow them to give away free VantageScore credit scores. And while I have no insider information on this topic, I do believe the new VantageScore 4.0 credit score will be available for consumers to see via one of these websites some time during 2017.
Related Articles:
- Comparing Your Many Credit Scores
- Three Things Nobody Tells You About Your Credit
- Why Your Credit Score Could Get a Big Boost This July
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Regulator to investigate interest-only mortgage market
The interest-only mortgage market is to come under the spotlight once again as the regulator investigates whether lenders are acing in the best interests of consumers.
The Financial Conduct Authority (FCA) has today outlined which areas of the market it plans to focus on in the 2017/18 business year.
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