Don’t Let Debt Ruin the Holidays: Proactive Steps

January 13, 2021 by Russell Henderson Posted in Money Tips Tagged All, Amalgamated Bank of Chicago Platinum Rewards Mastercard, balance transfer credit card, big, Blue Cash Preferred Card from American Express, Budget, Buy, Cash Back, Coronavirus, COVID-19, CRC, Credit, credit card, Credit Card Debt, Credit Cards, credit report, Debt, debt consolidation, ExtraCredit, Financial Wize, FinancialWize, Groceries, holiday, holidays, home, Make, Managing Debt, money, More, Personal, personal loan, Planning, Popular, Rewards, Spending, Travel

According to numbers for the 2018 holiday shopping season, American shoppers incurred an average debt of just over $1,000. And not everyone could pay that debt off quickly, leading to expensive, long-term credit card debt for some.

But holiday shopping debt isnât the only financial burden people face. Many enter the season with other debt. If thatâs you, donât let debt ruin the holidays. Instead, consider some of these tips to manage debt before the holidays so you can enjoy the festivities with reduced stress.

1. Find Out Exactly Where You Stand Financially

Before you create a plan to tackle your debt, ensure youâre accounting for all of it. According to a 2019 study, around one in five adult Americans werenât sure if they had credit card debt when asked.

Even if you think you have a handle on your debt, itâs a good idea to give your reports a once-over. This lets you ensure you didnât miss something important and that no one has used your identity to run up debt in your name. That could come as a nasty surprise if you try to use or obtain credit for holiday shopping.

You can get a free copy of your credit reports from AnnualCreditReport.com. Normally, you can get one per year from each of the three major credit bureaus. But because of assistance measures put in place for COVID-19, you can get a free copy from each bureau every week through April 2021. You can also get a free Credit Report Card from Credit.com, which includes your Experian VantageScore 3.0 and regular updates on what is affecting your scores.

2. Create a Monthly Budget

Once you know everything you owe, sit down and take a look at your monthly budget. List all of your regular expenses and decide where you can cut to help put more money toward your debt.

Use tools such as credit card debt calculators to determine how much you should pay every month on debt to reduce it in a certain amount of time. This helps you understand how much money you should be putting toward debt to pay it off before the holidays arrive.

3. Choose a Method for Paying Down Debt

Every situation is different, so the way you pay down debt depends on what might work best for your situation. Here are a few tips to consider.

Go with a Basic Snowball Method

The Snowball Method means you line up all your debts by total balance. You make a minimum payment on each while throwing anything extra at the debt with the smallest balance. You do so because youâll be able to pay off that one the fastest.

Once you pay off the first debt, you take everything you were putting on it each month and add it to what youâre paying on the next-smallest balance. As you pay off each debt, you have more money to put toward the next one. By the time you reach the biggest debt, you can pay it off fairly quickly.

Make Use of Balance Transfer Cards

If itâs not realistic to pay down all of your debt before the holidays, you might want to concentrate on getting your finances in order and ensuring your debt costs as little as possible. One way to do that is to make use of a balance transfer card.

These cards let you transfer existing high-interest credit card debt to a card that has 0% APR for a period of time. If you can pay the debt off within that timeâwhich can range from a year to two years on averageâyou can save a lot in interest.

Consider Taking Out a Personal Loan to Consolidate Debt

If youâre dealing with high-interest debt or payments that simply add up to more than you can handle every month, you might consider a personal loan to consolidate debt. A debt consolidation loan doesnât get rid of your debt, but it might make it more manageable. You might end up with a single monthly payment that reduces how much you must worry about during the holidays.

4. Set a Holiday Budget and Stick to It

Once you have a plan for dealing with your existing debt, ensure you donât re-create it with your holiday spending this year. Spend smart during the holidays. Make a list of what you want to do, the meals and treats you want to make, and the gifts you want to buy.

Assign everything on your list a dollar amount, and then take another look. Can you realistically afford all of this? You might need to make some priority decisions and reduce your list to fit a holiday budget you can afford without racking up too much debt this season.

5. Use Credit to Your Advantage

If you donât let debt ruin the holidays, you might be able to use credit as a financial tool to your advantage as you shop or participate in festivities. The right rewards credit cards help you earn points or miles as you spendâand you can earn even more points for spending in certain categories.

For example, you might have a cash-back credit card that gives you more cash back in the final quarter of the year on travel or grocery shopping. You could use that card to fund expenses as you go visit relatives or prepare a feast when they come to your home.

If you spend on your card only what you were going to spend with cash anyway, you can pay your balances off immediately. That means you get those rewards without any interest cost for doing so. If you donât have a rewards credit card, you can find options to consider in the Credit.com credit card marketplace. Here are a couple to start with.

Blue Cash Preferred Card from American Express

Blue Cash PreferredÂ® Card from American Express

Apply Now

on American Express’s secure website

Card Details

Intro Apr:

0% for 12 months on purchases

Ongoing Apr:

13.99%-23.99% Variable

Balance Transfer:

N/A

Annual Fee:

$95

Credit Needed:

Excellent-Good

Rates and Fees

Snapshot of Card Features

Earn a $250 statement credit after you spend $1,000 in purchases on your new Card within the first 3 months.
6% Cash Back at U.S. supermarkets on up to $6,000 per year in purchases (then 1%).
6% Cash Back on select U.S. streaming subscriptions.
3% Cash Back at U.S. gas stations and on transit (including taxis/rideshare, parking, tolls, trains, buses and more).
1% Cash Back on other purchases.
Low intro APR: 0% for 12 months on purchases from the date of account opening, then a variable rate, 13.99% to 23.99%.
Plan ItÂ® gives the option to select purchases of $100 or more to split up into monthly payments with a fixed fee.
Cash Back is received in the form of Reward Dollars that can be redeemed as a statement credit.
$95 Annual Fee.
Terms Apply.

Card Details +

This card gives you 6% cash back at U.S. supermarkets, up to $6,000 per year in purchases. You can also get 3% cash back at U.S. gas stations and transit, making it a potentially good card to use when youâre traveling. The Blue Cash PreferredÂ® card allows you to earn a $250 statement credit after you spend $1,000 in purchases on your new card within the first 3 months.

Amalgamated Bank of Chicago Platinum Rewards Mastercard

Amalgamated Bank of Chicago Platinum Rewards MastercardÂ® Credit Card

Apply Now

on Amalgamated Bank of Chicago’s secure website

Card Details

Intro Apr:

0% on Purchases for 12 months

Ongoing Apr:

12.90% – 22.90% Variable APR on purchases

Balance Transfer:

12.90% – 22.90% Variable APR on balance transfers

Annual Fee:

Credit Needed:

Excellent

Rates and Fees

Snapshot of Card Features

0% Intro APR on Purchases for 12 months; after that the variable APR will be 12.90% â 22.90% (V), based on your creditworthiness
Earn $150 Statement Credit after you spend $1,200 on purchases within the first 90 days from account opening
Earn 5x rewards on up to $1,500 in combined purchases each quarter in popular categories such as dining, groceries, travel, and automotive
No upper limit on the points you can accumulate, and since points never expire, you can save up for a big award!
Earn Points on Every Purchase! Itâs simple: $1 = 1 Point
No Annual Fee or Foreign Transaction Fee
Select Your Rewards Your Way
No Foreign Transaction Fee

Card Details +

The Amalgamated Bank of Chicago Platinum Rewards MastercardÂ® allows you to earn 5X rewards up to $1,500 in combined purchases each quarter in popular categories. Categories include dining, groceries, fuel, travel, and other popular spending areas. If youâll be spending in a certain category during the holidays, you could earn extra rewards points to redeem on travel or other purchases.

Reward Yourself

Itâs never too early or too late to start planning financially for big seasons such as the holidays. If youâre ready to take a step toward that plan today, consider signing up for ExtraCredit. Reward It from ExtraCredit connects you with personalized offers and offers cashback rewards when you sign up and are approved for them.

Reward Yourself This Holiday Season

The post Don’t Let Debt Ruin the Holidays: Proactive Steps appeared first on Credit.com.

Source: credit.com

I taught English in China to pay off my student loans

January 13, 2021 by Russell Henderson Posted in Debt, DIY Tagged affordable, All, big, Blog, Budget, Buying, Children, Cities, Debt, Education, environment, Extra Money, Financial Wize, FinancialWize, frugal, Groceries, guest post, holidays, home, How To, income, Insurance, interview, Life, Lifestyle, Loans, Main, Make, money, More, Moving, News, Popular, Salary, Save Money, Saving, savings, School, second, Spending, Student Loans, Summer, Taxes, Travel, under

Hello! Here’s a guest post from a reader, Nick. Nick was feeling stuck a few years ago and wasn’t making progress on his student loans. He ended up researching a lot about salaries and the cost of living for English teachers in China and realized that he would be able to save far more money in China than back home. Even without teaching experience, and still living very comfortably, including taking vacations, it has been easy for him to save $20,000 in a year. For him, it had a huge impact on his life and financial freedom. Enjoy his story on how to teach English in China below!

I taught English in China to pay off my student loans #teachenglish #movetochina #makeextramoney It must have been about 4.5 years ago. I remember walking out of an interview in Chicago feeling completely dejected.

The interviewer mentioned the salary, and along with it, how most new hires take on a second job during the weekend.

I wasn’t expecting to find an amazing job, but this was just too much. None of my past decisions looked particularly good on a resume. I had just returned from a 3.5-year stint traveling around Latin America while earning a very modest living playing online poker.

But, I was burnt out, making no progress on my student loans, and realizing it was time to get a normal job. I was actually really excited to do so but job hunting was incredibly frustrating and when I realized how little money I’d be earning, I began looking for alternative options.

Somewhere along the way, I had heard about teachers in Asia making good money and motivated by the frustration of the job search, I began looking into it more seriously.

After spending countless hours reading online, I ended up settling on China as that seemed to be where it’d be easiest to save the most money.

I’ve since been in China for four years, paid off my student loans, and finally feel comfortable with my finances.

Without a doubt, moving to China isn’t for everyone or even most people. However, for those that are a little bit adventurous, not opposed to working as a teacher, and want to save money fast, it’s an option worth considering.

It’s not at all difficult to save $20,000 per year, without needing to be particularly frugal, and still have plenty of vacation time.

Related articles on how to make extra money:

12 Work From Home Jobs That Can Earn You $1,000+ Each Month
30+ Ways To Save Money Each Month
The Best Online Tutoring Jobs

How to start teaching English in China.

The demand for teachers in China

Chinese parents spend an average of $17,400 per year on extracurricular tutoring for their children.

More than 60% of students receive tutoring outside of school at an average of six hours per week and English is among the most popular subjects for after school tutoring.

While these numbers look insanely high from my Midwestern American point of view, it barely scratches the surface for the demand for English tutoring in China.

In fact, English is a required subject in Chinese schools. Private schools often take this a step further, with many classes and programs taught exclusively in English. Meanwhile, the online tutoring industry has created lots of opportunities to teach English online.

Chinese parents are obviously willing to pay for English education. This demand for English teachers becomes even more apparent when you consider just how huge of a country it is. With a population of over 1.3 billion people, there are 32 cities with more people than Chicago.

The requirements to be an English teacher

It’s not difficult to become an English teacher in China. The huge demand has made for relatively lax requirements. These are…

A bachelor’s degree
Two years of work experience
120 hour TEFL certificate
Clear criminal background check
Pass a health check
Native English speaker

The bachelor’s degree doesn’t need to be in any specific subject, nor do the two years of work experience. The 120-hour TEFL is easy and pretty cheap to do online.

Of course, having these doesn’t necessarily mean you’ll be able to get a great job right off the bat. Some of the best schools will have a very rigorous hiring process. However, even a standard first job in China can allow you to save a lot of money.

The types of English teaching jobs in China

Most foreign teachers in China come to teach English. However, there are other opportunities as well, such as with teaching sports, a specific subject, or as a homeroom teacher who teaches a variety of subjects.

There’s a wide range of salaries and teaching environments, with the main positions being in kindergartens, public schools, international schools, training centers, and universities. Salaries, working hours, and work environment can vary quite a bit depending on the type of school.

Additionally, the chosen city will have a large impact on your life with bigger cities paying more but also having a higher cost of living. ESL Authority has a good breakdown of the different salary ranges for different school types and locations.

My teaching experience in China has exclusively been in Beijing at two public schools and one international school. I’ll share a bit about my experiences and salary at these schools.

Teaching at a public school in China

Public school teaching jobs typically focus on oral English, meaning you’ll help students with their speaking and listening comprehension. The class sizes tend to be quite large. I often had 30-40 students in a class and would see each class only a couple of times per week, while often teaching multiple classes and different grade levels. In a given week I’d see 200-300 students.

At the public schools I taught, I earned around $1,600 per month, which included a round-trip plane ticket to America, and housing. A typical schedule for public schools would be Monday-Friday, from 8 am – 4 pm, with 16-20 classes per week, with each one lasting around 45 minutes. There would be a lot of down-time during the day which I used to study Chinese.

Many public schools, but not all, will let foreign teachers leave if they don’t have classes. Both public schools I taught at while in Beijing allowed me to leave when my classes were finished, which meant I’d often be done for the day around 2 pm.

Vacation time is very generous, exceeding 3 months for summer and winter vacation, plus all of the national holidays during the year. Both public schools I’ve taught at allowed foreigners to finish the semester earlier and start later than their Chinese counterparts which makes sense as foreign teachers aren’t usually responsible for grading homework or preparing exams.

The salary at public schools is more than enough to live comfortably and save quite a bit of money. Still, many teachers use their substantial free time to teach extra on the side with private students or at training centers. Doing so can be quite lucrative with an average rate of around $30 per hour.

Having said that, it’s not exactly legal to teach with a different school than the one that sponsored your visa. If you got caught, it could get you in trouble and you could have your visa canceled and your time in China cut short. But, it’s one of those things that nearly everyone does and almost nobody gets in trouble for. So, if you choose to teach on the side, you should be aware of the risks.

It isn’t difficult to teach an extra six hours per week during the ~8 months of the school year. This would earn an extra $5,760. Teaching 20 hours per week during 2 months of the summer/winter vacation would earn an extra $4,800. Combining these with the public school salary would make your yearly after-tax income $29,760 – with housing already paid for.

Plus, you’d still have close to two months’ vacation throughout the year.

While I didn’t keep good track of my earnings and expenses while teaching at the public schools, these numbers are very close to my own experience.

My experience teaching at an international school in China

If you’re more interested in teaching a subject like history or math, as opposed to English, an international school would be your best bet.

These are the schools where wealthy Chinese and expats typically send their children to study. Teaching positions at some of the better schools can be very competitive, often requiring a teaching license, graduate degree, and a number of years of experience. Of course, those who qualify for these positions will earn higher salaries.

However, a large number of international schools don’t have any additional requirements for teachers above the bare minimum required to teach in China.

The work at these schools can be very demanding, much like teaching in America would be, requiring things like communicating with parents, creating exams, giving and grading homework, and plenty of meetings. Vacation periods are typically shorter than those for public school teachers. Likewise, working hours may be from 8 am – 5 pm, but most international school teachers will find themselves with very little downtime throughout the day.

On the plus side, class sizes are generally much smaller and salaries higher. While teaching at an international school, I earned around $2,800 per month or $33,600 per year after taxes, with housing and a round-trip plane ticket included.

However, due to the shorter vacations and more tiring day-to-day work, I didn’t have any interest in tutoring on the side.

What does a typical budget look like for an English teacher?

This can be hard to say as everyone has a different lifestyle and things they’re willing or not willing to spend money on. I’ll share my budget below.

Housing and Healthcare – $0/mo – In China, especially in the bigger cities, rent would make up the largest portion of a budget. Fortunately for foreign teachers, most schools include housing or a housing allowance. Housing would typically be a one-bedroom apartment, which may be on or off-campus, depending on the school. Some teachers may choose to add some of their own money to the housing allowance so that they can stay in a nicer place. But, I’ve been happy with the provided accommodation and didn’t pay any extra. Health insurance is also provided and many schools have gyms on campus that you can use for free.

Food – $350/mo – You can spend a lot of money on food or not much at all, depending on your preferences. Cheaper meals can be had for under $3 but you could easily spend $30 on a meal if you choose to go to fancier places. It also depends on how much you cook vs eat out and whether you like buying imported groceries. Most schools will offer free lunch to their teachers. Even so, I tend to spend quite a bit on food but am cheaper in other areas, so my food budget would be something like:

Groceries: $150

Restaurants: $200

Entertainment – $100/mo – Being the old man I am, I rarely go out for drinks at bars and my preferred entertainment is also the cheaper kind – hanging out, eating, and playing games with friends. Still, my wife and I will go to the occasional show.

Transportation – $60/mo – Public transportation in China is fantastic and a single trip on the subway or in a bus can cost less than 50 cents. Shared bikes are everywhere and extremely cheap. Even using Didi, the Chinese version of Uber, is very affordable. This is another area where I spend more than necessary, often taking a Didi out of laziness when there are cheaper options.

Utilities – $15/mo – I think most schools typically pay for household utilities, like electricity and water. At least, the schools I worked at did. So, the only expense here is my phone which is on a pay as you go plan.

Travel – $250/mo – Living in China and working as a teacher opens up lots of travel opportunities, both within China and around Asia. Unfortunately, although plentiful, teacher’s vacation time is usually during national holidays when the cost of tickets is a bit higher. Still, I tend to go on at least one international trip a year and also like to travel within China. Plus, almost every school also provides a round-trip ticket to your home country. If I were to guess, I probably spend around $3,000 per year on travel. I know people who spend much more and others who spend much less, so this cost will depend a lot on each individual’s preferences.

Miscellaneous – $50/mo – These are other expenses such as buying household appliances, clothes, and other random things. I’m not a big shopper, but random things do come up.

Total Expenses – $825/mo or $9,900/year

Although I’m conscious of my spending, I wouldn’t say that I’m especially frugal while in China. Far much less than I’d be if I were still living in Michigan.

Some people might consider my spending extravagant while others might think I’m cheap. For me, it’s a good balance of comfort and enjoying my lifestyle with saving for the future.

How much money can you save teaching English in China?

In my experience, I earned between $29,760 and $33,600 per year with expenses around $9,900 per year. This led to savings between $19,860 and $23,700 per year. Unfortunately, I didn’t track my exact earnings and spending each year, but these ballpark numbers are pretty accurate.

It’s not particularly difficult to save $20,000 in a year of teaching in China while still living comfortably, traveling, and leaving yourself with enough free time to pursue other interests.

Plenty of people save more than this each year. There are also opportunities to increase your earnings as you gain more experience.

However, like most places, life can be as expensive as you make it. If you’re bad with money back home, it’s unlikely you’ll suddenly become good with money by moving abroad. In fact, the money may disappear even faster than it would back home as there are lots of exciting ‘once in a lifetime’ opportunities.

But, if you’re somewhat frugal and work fairly hard, you’ll have no problem saving a lot of money.

How to find a job teaching English in China

There are tons of websites with job listings for English teachers in China. I can’t comment on most sites as all the jobs I found started with a search on the eChinacities job board.

The start of your job search can be a bit overwhelming, especially if you’re still not sure where you’d like to live in China. This isn’t helped by the fact that a lot of recruiters will earn more money if they can get a teacher to accept a lower salary.

I’ve known teachers that came to China and received terrible salary packages, earning less than half of what a typical salary would be and with an apartment far from the school. These people tended to not do enough research beforehand and accepted the first offer they received.

I would strongly recommend talking with lots of recruiters before accepting any position. Be sure to ask tons of questions, and be willing to say no to a jobs that don’t fit your criteria. There is no shortage of opportunities, so be patient when looking for your ideal position.

Before accepting any position, be sure to do your due diligence on the school.

Most schools are fine and professional, but there are some sketchy ones. You won’t always find much information online about the school, but if they’ve done shady things in the past, you’ll probably see people talking about it.

Asking to speak with any current or former teachers can give you a bit more insight into the school as well.

Final thoughts on teaching English in China

Not everyone will be excited to live in China and I can understand that. It’s far from home, the language is difficult, and many people have a negative perception of the country.

However, I’ve really enjoyed my life here and the experience has been exceptionally positive. Sure, there are small annoyances, but these will happen anywhere. Plenty of people worry about air quality, and while still not great, it has been improving every year.

Beijing is extremely modern with no shortage of interesting and unique things to do. Moving here has been one of the best decisions I’ve made.

I came here with only a few thousand dollars in the bank and what felt like an endless pit of student loan debt. In only a few years, I’ve been able to completely turn around my finances, pay off my loans, and save up a nice nest egg.

I know that it’s not for everyone, but if you’re open to new experiences, can see yourself enjoying teaching, and want to save a lot of money, moving to China to teach English is an option worth considering.

Nick Dahlhoff is an English teacher living in Beijing. Since moving there in 2016, he’s paid off his student loans, studied Chinese, gotten married and started a blog. At All Language Resources, he tests out lots of language learning resources to help language learners figure out which resources are worth using and which ones are better off avoiding.

Would you take a job in another country to pay off your debt? Would you start teaching English in China?

The post I taught English in China to pay off my student loans appeared first on Making Sense Of Cents.

Source: makingsenseofcents.com

You CAN Reach Retirement! Avoid These Top 5 Retirement Mistakes

January 13, 2021 by Russell Henderson Posted in Debt, Mortgage Tips, Retirement Tagged All, Bank Accounts, Budget, Business, college, Credit, credit card, Debt, Education, Emergency Fund, Financial Wize, FinancialWize, frugal, home, Investing, investment, Learn, Life, Lifestyle, Loans, Make, minimalist, Minimalist Lifestyle, money, More, Mortgage, Planning, property, Rates, Retirement, Retirement mistakes, Save Money, Saving, Saving for Retirement, savings, School, social security, Spending, Student Loans, Taxes, Travel

Wondering what retirement mistakes will ruin your retirement? Here are the biggest retirement mistakes we all make.

Have you ever checked in to see if you are on track for retirement? I know this can feel like a daunting task, but preparing yourself for retirement can help you save more and avoid common retirement mistakes.

For some, retirement means quitting their job after 40+ years, but it can also mean working towards early retirement, in your 20’s, 30’s, 40’s, and so on.

I know that’s not for the “average” American, but by avoiding some of the retirement mistakes I will talk about today, you can start preparing for retirement at any age.

Related: How To Save For Retirement

The thing about retirement is that sadly many out there are not saving enough money. In fact, according to Zacks Investment Research, 72% do not save enough for retirement each month.

Also, according to surveys done by Bankrate, 20% of people aren’t saving any money, and 61% of Americans have no idea what they will need to save for retirement.

These numbers are very alarming.

Saving money in general is an important thing to do, but if you don’t want to work for the rest of your life, saving for retirement should be something that you are thinking about. And, I believe that saving for retirement is possible if you start working towards it and avoid retirement mistakes when it comes to planning and saving.

While many believe the economy ruins their chances for retirement, in reality most retirement mistakes come from specific beliefs people have about retirement. Some of these beliefs come from expectations of what their budget will be during retirement, that they can rely on their pension or social security, and more.

There are many reasons for why a person might not be saving for retirement, and by looking at the various retirement mistakes you might be making, I feel that more people can be aware of and overcome their retirement preparation problems.

Here are five retirement mistakes and how they might be hurting your chances for retirement:

1. You ignore saving for retirement altogether.

Many people skip out on saving for retirement for several reasons, including:

Believing you don’t have enough money to save for retirement.
Thinking that you’re too young to care about retirement or that it’s too late to start.
Relying too much on pensions and social security.

No matter how young or how old you are, you should be saving and preparing for retirement. You never know when you will need it, and I am all for a person being in charge of their own retirement plan instead of relying too much on other sources of retirement (such as relying on social security 100%).

Millennials are especially at risk and according to an article by Business Insider, a shocking 40% of millennials have nothing saved for retirement. This is a scary number because these people will all have to retire one day and I’m not sure what they will do when the time comes.

But, it isn’t just young people who aren’t saving for retirement. Bankrate found that only 60% of people aged 45-54 have some type of retirement savings. You can read more crazy retirement statistics here.

It is important to realize that part of the reason for these low savings rates is that many are currently living paycheck to paycheck, which makes it hard to even approach saving for retirement. Fortunately, you can start investing with very little money, and you can learn how to start investing for beginners if you are wanting to start planning for retirement.

There is never a bad time to start saving for retirement, and you can correct this retirement mistake by starting today.

Side note: I highly recommend that you check out Personal Capital if you are interested in gaining control of your financial situation. Personal Capital allows you to aggregate your financial accounts so that you can easily see your financial situation. You can connect your mortgage, bank accounts, credit card accounts, investment accounts, retirement accounts, and more. And, it’s FREE!

2. You take on debt for others and don’t think about your future.

I talked about this topic in the post Should I Ruin My Retirement By Helping My Child Through College? This is a hard thing for a lot of parents especially as student loans are out of control, and I am hearing from parents nearly every week saying that they cannot afford to retire because they are paying for their child to go to college.

If this is your situation, I want you to STOP making this one of your retirement mistakes. Unless you are on track for retirement, I honestly think you need to seriously start prioritizing your future. Your child will be fine without your monetary support.

There are lots of ways to support your child through school that don’t involve leveraging your future for their education. You can help them find a job, find scholarships, be an emotional support, and more.

You can take out loans for college, but you cannot take out loans for retirement.

3. You think you’ll never have to retire.

Recently, I read an article about someone who made hundreds of thousands of dollars a year, had a monthly budget of around $30,000 (yes, MONTHLY!), and yet hardly saved anything. This person said they didn’t really feel the need to save for retirement because they enjoyed their job so much. That’s just crazy!

See, even wealthy people make retirement mistakes.

Assuming you will love your job forever can be a huge mistake. While it’s great that you love your job now, it’s hard to judge what you will love decades down the line.

Also, you never know if something will come up in the future that will completely prevent you from working, such as a medical issue or some sort of major life change. Beyond realizing that you will need to prepare for retirement, an emergency fund should be something you already have or are working on – emergency funds are there to protect you from the what-ifs.

Related articles:

Everything You Need To Know About Emergency Funds
Is A Credit Card Emergency Fund A Smart Idea?

4. You miscalculate how much money you’ll spend in retirement.

For some reason, many people just assume they will spend less money in retirement, but that is not always the case.

While you might find some ways to save money on things like commuting expenses, work clothes, lunch if you weren’t bringing it, you will probably experience a very similar budget to the one you had while working.

You are still going to spend money on housing (even if you pay off your home completely, you will still need to pay property taxes, utility bills, etc.), food, clothing, entertainment, and so on.

Many retirees also take up new hobbies or activities. And, some retirees just have more time to pursue things they’ve already been doing, which can add up to a lot of extra expenses.

Plus, medical expenses may come up, you might decide to travel more, and like I said, the truth is that retirement spending is not usually much different than what you are currently spending.

Some make plans to become super frugal after they enter retirement, but life doesn’t always work out so perfectly. To make sure this isn’t one of the retirement mistakes you are making, I recommend starting to cut down your budget now.

By living frugally before you retire, you will be able to save more, will have less expenses going into retirement (the less money you spend, the less you need in the future), and you might even reach retirement sooner. Really, if you cut your spending now and become more frugal, you will be used to living with less. I’ve been living a more frugal and minimalist lifestyle since we moved onto our boat, and it can be a life changing thing.

5. You use your retirement funds for expenses other than retirement.

This is one of the worst money mistakes out there, and unfortunately many young people are making it. I’ve actually heard far too many stories about people taking money out of their retirement funds in order to pay for a vacation, a timeshare, pay off low interest debt, and more.

When preparing for retirement, this is a HUGE mistake.

While I don’t know everything about taking money out of retirement funds, I do know that this can usually hurt you more in the long run. Taking funds out of a retirement account can lead to large penalties and paying extra towards taxes.

The other thing about saving for retirement is that the longer you have funds invested, the more you will have for retirement. Compound interest is a powerful thing, and if you are taking money out of your retirement account it means that you don’t get the full benefit of it.

You should always just use your retirement funds purely for retirement. If you are struggling with debt or need help differentiating between wants and needs, it’s time to make a change. Don’t wreck your future by making this huge retirement mistake.

What retirement mistakes have you seen? Do you think you will have enough money to retire and how are you preparing for retirement? What age do you expect to retire?

The post You CAN Reach Retirement! Avoid These Top 5 Retirement Mistakes appeared first on Making Sense Of Cents.

Source: makingsenseofcents.com

3 reasons I loved my Marriott Platinum status last year â get yours now with a credit card

January 13, 2021 by Russell Henderson Posted in Life Hacks Tagged Credit, credit card, Financial Wize, FinancialWize, second, Travel, trust

Having elite status levels in the various airline and hotel programs may not mean as much for most travelers right this second as it usually does. Itâs been understandably hard to care about that triple-diamond-platinum-zinc-oxide level elite status card when you havenât used it in almost a year. But, I trust that travel will return â¦

Source: thepointsguy.com

Money-Saving Hacks to Implement Now

January 13, 2021 by Russell Henderson Posted in Moving Guide Tagged All, Budget, Buying, car, Convenience, Credit, credit card, Credit Cards, Deals, Debt, Education, Family, Financial Wize, FinancialWize, Groceries, home, Make, money, More, oldest, Original, Personal, Planning, refinancing, Save Money, savings, Spending, Summer, Travel

Redo your monthly budget (and stick to it)

You can do plenty of things to improve your budget, and it's not all about pain and suffering, as many would have you believe. Everyone has a few things they overspend on. The challenge lies in identifying those particular items and weeding them out. A good place to begin is with restaurant spending, grocery bills, and impulse buying. A wise general philosophy is to assign a destination for every dollar you earn and place that category on your budget. Try cutting restaurant expenditures in half, reducing impulse buys at convenience stores, and shopping for groceries just once each week to regulate what goes toward food items.

Refinance your education debt

If you have any education debt still hanging around after all these years, refinancing student loans through a private lender is a way to lessen your monthly expenses. Not only can you get a longer repayment period, but have the chance to snag a favorable interest rate. But the clincher for money-saving enthusiasts is that your monthly payments can instantly go way down. That means extra cash for whatever you want. Use the excess to fatten savings or IRA accounts, or pay off high-interest credit card debt.

Install a programmable thermostat

For less than $20, it's possible to chop at least three percent off your utility bills and perhaps much more than that.

Programmable thermostats are easy to install. You don't need special tools or advanced skills. Be sensible about summer and winter settings and you'll see a difference in your electric bill almost immediately, especially during the hottest months of the year. Don't forget to program the device to go into low-use mode while you're away for long weekends or longer vacations.

Join a shopping club

Although shopping clubs come with annual membership fees, the savings on groceries, household items, and gasoline usually offset them within a month or two of actively using the membership. That leaves the other months of the year for you to save money on household necessities.

For people who drive a lot, shopping clubs with on-site gas stations offer one of the best deals going. Not only do the clubs offer gasoline for about 10 cents off the regular price, but some also offer free car washes and coupons for repair work at participating shops. Although shopping clubs are a win for most anyone, a family of three or more can log thousands per year in savings.

Refinance your home or car

If you have owned your home or car long enough to ride the interest rate waves, you likely qualify for a refinancing agreement. This strategy is excellent for consumers who have better credit now than when they made the original purchase.

Young couples are perfectly positioned to refinance a home after several years of making payments on it. Likewise, anyone who still owes on a vehicle and can get a lower interest rate should look into a car or truck refi. Not only can you get additional months to pay off the obligation, but with a lower rate, you stand to save a nice chunk of money.

Take bagged lunches to work

One of the oldest, more reliable ways to instantly cut personal expenses is to prepare and take your own lunch to work each day. Not only do you save money by not eating out or buying lunch in the company cafeteria, but you also have added control over what you eat. That means you're doing a favor for your wallet and your health at the same time.

Don't fall into the rut of eating at your desk. Consider taking your bagged meal outside and enjoying the scenery, taking a walk after eating, or joining friends in the cafeteria to socialize.

Use public transportation as often as possible

If you live on or near a bus or light-rail route, do the logistical planning necessary to travel to work at least a few times each week by public transit instead of by car.

Unless you reside in a small town, chances are you have access to buses and trains for commuting purposes. Once you get into a habit of using the public transit system, consider buying a one-month or annual pass, which can represent a major discount on one-time fare prices. Public transportation can take a bit longer to get you to your destination, but it's easy enough to make use of the time reading, catching up on work, or just relaxing.

Use credit cards wisely

If you use credit cards to make purchases you can't afford, you're headed for trouble. But if you use your plastic wisely, you can reap real benefits.

If you have a good credit rating, you'll likely qualify for cashback cards that give a percentage of your money back on some or all of your purchases. You can use that cash to pay for a portion of your monthly credit card bill. You could also let your cashback savings accumulate and use it to pay for larger purchases in the future.

Just make sure not to outspend your monthly budget so you're able to pay your credit card balance off in full each month. Keeping a balance on your cards is counterproductive because you'll also be paying interest fees.

Source: quickanddirtytips.com

How to Maximize Credit Card Rewards and Earn Cash and Perks

January 13, 2021 by Russell Henderson Posted in Insurance Tagged All, Buying, Cash Back, chase, Credit, credit card, Credit Cards, credit score, evergreen, Financial Wize, FinancialWize, freelancers, How To, income, Main, Make, Make Money, money, More, Personal, Quick Money, Rewards, Save Money, Spending, Travel

If youâre looking for ways to put some extra cash in your pocket, make sure to take advantage of credit card rewards programs.

Credit card companies and banks make some of their money from the merchant interchange fees that are charged when you use your card.

As an incentive for you to use their cards, many credit card issuers pass some of those funds on to the consumer in the form of credit card rewards.

If you have good credit and the ability and discipline to pay off your credit cards in full each month, you should try to maximize your credit card rewards. Otherwise you may be leaving a lot of money on the table.

But it can be challenging to navigate the world of credit card rewards. Hundreds, if not thousands, of different credit cards exist, and the type and amount of rewards vary with each card.

There are three main kinds of rewards card offers available:

Bank and credit card points: Chase Ultimate Rewards, American Express Membership Rewards, etc.
Airline miles and hotel points: Delta SkyMiles, Hilton Honors points, etc.
Cash back: Straight cash that can be redeemed either as statement credits or checks mailed to you.

How to Maximize Your Credit Card Rewards

You have three different ways to maximize any credit card rewards program:

The sign-up bonus or welcome offer: Many cards offer a large number of miles or points as a welcome bonus for signing up and using the card to make purchases totaling a specific amount within a specified time period.
Rewards for spending: Most rewards credit cards offer between one and five points for every dollar you spend on the card. Some cards offer the same rewards on every purchase, while others offer a greater reward for buying certain products.
Perks: Simply having certain credit cards can get you perks like free checked bags on certain airlines, hotel elite status or membership with airline lounge clubs and other retail partners.

Usually, the rewards for signing up are much higher than the rewards you get from ongoing spending, so you may want to pursue sign-up bonuses on multiple credit cards as a way of racking up rewards.

Consider a card like the Chase Sapphire Preferred, where you can get 60,000 Ultimate Rewards points for spending $4,000 in the first three months of having the card. That means that while youâre meeting that minimum spending requirement, youâre earning 15 Ultimate Rewards points per dollar. Compare that to the one or two points youâll earn with each dollar of spending after meeting the minimum spending. You can see the difference.

Other than getting the welcome bonus offers for signing up for new credit cards, another great way to maximize your rewards is by paying attention to bonus categories on your cards. Some cards offer a flat 1 or 2 points for every dollar you spend.

How Applying for Credit Cards Affects Your Credit Score

Itâs important to be aware of how applying for new credit cards affects your credit score.

Your credit score consists of five factors, and one of the largest factors is your credit utilization.

Credit utilization is the percentage of your total available credit that youâre currently using. If you have one credit card with a $10,000 credit limit and you charge $2,000 to that card, then your utilization percentage is 20%. But if you have 10 different cards, each with $10,000 credit limits, then that your credit utilization percentage is only 2%.

Since a lower credit utilization is better, having multiple credit cards can actually help this part of your credit score.

New credit â how recently youâve applied for new credit cards â accounts for about 10% of your credit score. When you apply for a new credit card, your credit score usually will dip 3-5 points. However, if youâre conscientious with your credit card usage, your score will come back up in a few months.

What to Watch Out for When Using Credit Card Rewards

While itâs true that careful use of credit cards can be a boon, you should watch out for pitfalls.

The first thing is to make sure that you have the financial ability, discipline and organization to manage all of your credit cards. Missing payments and paying credit card interest and fees will quickly sap up any rewards you might earn.

Another thing to be aware of is the psychology of credit card rewards. It can be easy to justify additional spending because youâre getting rewards or cash back, but remember that buying something that you donât need in order to get 2% cash back is a waste of 98% of your money.

Pro Tip

Credit card rewards are alluring, but what do they really cost? Hereâs what you should know about the dark side of credit card rewards.

The Best Credit Cards to Get Started

Before signing up for a new credit card, itâs best to pay off your existing cards first â otherwise the fees and interest will quickly outweigh any rewards you earn.

If youâre ready to start shopping rewards offers, here are five credit cards to consider. Note that these introductory offers are subject to change:

Chase Sapphire Preferred â The Sapphire Preferred card earns valuable Chase Ultimate Rewards and currently offers 60,000 Ultimate Rewards if you spend $4,000 in the first three months. It comes with a $95 annual fee.
Capital One Venture Rewards â The Capital One Venture Rewards is offering 100,000 Venture miles, which can be used on any airline or at any hotel. It also comes with a $95 annual fee.
Barclays American AAdvantage Aviator Red â With the AAdvantage Aviator Red card, youâll get 50,000 American Airlines miles after paying the $99 annual fee and making only one purchase.
American Express Hilton Honors â If youâre looking for a hotel card, consider the no-fee Hilton Honors card, which comes with a signup bonus of 80,000 Hilton Honors points after spending $1,000 in three months. There is no annual fee.
Bank of America Premium Rewards â The Bank of America Premium Rewards card comes with a bonus of 50,000 Preferred Rewards points (worth $500) after spending $3,000 in the first three months. The card has a $95 annual fee.

The Bottom Line

The best credit card is the one that gets you the rewards that help you do what is most important to you.

If youâre looking to maximize travel credit, then pick an upcoming trip and figure out what airline miles and hotel chain points youâll need. Then pick the credit cards that give those miles and points. If you want to maximize your cash back, look for a card with a good signup bonus that either offers cash back or bank points that can be converted into cash.

Dan Miller is a contributor to 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.

Source: thepennyhoarder.com

Experimenting with ultra-light packing: How I packed light for 20 days on the road

January 13, 2021 by Russell Henderson Posted in Podcasts, Travel Tagged All, Business, Buy, Europe, Financial Wize, FinancialWize, fun, home, Make, minimalist, More, packing, Personal, Portugal, Retirement, second, Summer, Travel, ultralight packing, under

Hello from Portugal!

Last Thursday, I returned to Europe for the fourth time in the past ten months. This time, I’m here for work. I’m speaking at yet-another chautauqua about financial independence and early retirement. As always, it’s fascinating — and the people attending the event are amazing.

For this trip, I decided to experiment with ultra-light packing. I am not a minimalist, but I like minimalist travel. I wanted to see if I could carry everything I needed for 20 days of travel in a single small backpack.

After traveling to thirty countries in the past twelve years, I’ve learned that “more is less” when it comes to packing. It’s senseless to carry things you’re not going to use. And most of the time, you don’t need to pack items you’ll find (or can buy) at your destination.

It costs less — physically, mentally, and financially — to travel light.

Here’s a quick look at my current ultra-light packing experiment (and how my packing habits have changed over the past decade).

Packing for Africa

Since my first overseas trip to England and Ireland in 2007, my packing has…evolved. Twelve years ago, I carried far too much. I brought along anything I thought I could possibly want or need. It was crazy. Then, to make matters worse, I bought a ton of stuff as the trip went along.

By the time I flew home, I was overloaded.

Trip by trip, I’ve learned to pack lighter. By February 2011, this is what I packed for three weeks of travel to southern Africa.

Holy cats! years earlier, I was still carrying all sorts of stuff I didn’t need. My mind is boggled. A radio? Binoculars? $500 cash? Tons of books? What was I thinking?

By the Africa trip, though, I was starting to pack for function rather than form. I still carried some items (including my bags) that I thought looked cool, but in the back of my mind, I’d begun to grasp the concept that fun, efficient travel has little to do with what you pack and everything to do with your experience in the moment. And when you’re burdened by baggage, it’s tough to be in the moment.

Packing Light for Ecuador

Fast-forward three years. Here’s what I packed for fifteen days in Ecuador during late summer 2014. Although I still carried items that went unused, my choices were mostly functional by this point and had little to do with form.

The system I show in this video is still my standard system. In fact, for our trip to Italy and Washington D.C. last month, I used these exact bags. And the items I packed inside the bags were similar to what I was carrying five years ago. (The major difference? I rarely use zip-off pants anymore. I’m not nearly as paranoid as I used to be.)

For my current trip to Portugal, I decided I wanted to experiment with ultra-light packing. Could I compress everything for 20 days of travel into a single “personal item” that fits under an airplane seat? Would I regret taking so little?

Ultra-Light Packing for Portugal

Here’s what my ultra-light packing attempt looks like for my current trip to Portugal and California.

My bag for this trip is a Synapse 19 from Tom Bihn. It’s roughly 11-1/2 x 8 x 16 inches tall. As the name implies, it holds 19 liters of stuff. What kind of stuff?

For this trip, I’m carrying:

My laptop (a 13″ MacBook Pro) with associated cables and adapters.
My phone (an iPhone X) with associated cables and adapters.
A small notebook with pens and pencils.
An envelope containing various travel documents.
Two ziploc bags with travel-sized toiletries. (One bag contains liquid items for TSA.)
A packing cube containing one wool t-shirt, one button-down travel shirt, three pairs of underwear, two pairs of socks, and a pair of shorts. (I’m also wearing similar socks, underwear, a pair of pants, a wool t-shirt, and another button-down shirt.)
A pair of sweats that I rolled up and secured with a rubber band. This was a last-minute addition, but I’m glad I brought them.
Three “pouches”: one with electronic stuff, one with sleep stuff, and one with outdoor stuff (like mosquito repellant and sunscreen).
A few miscellaneous items, such as gum, my European power adapter, my retainer, my Kindle, and my reading glasses.
A ziploc bag for my cash and change, plus a ziploc bag with my passport and other travel info.

I’ve been on the road for five days day now. It’s been very easy. My biggest complaint is that I don’t have a second pair of footwear. I like to have flip-flops or Birkenstocks with me, and I don’t have those for this trip. (Plus, I had to wash my underwear last night because I’m only traveling with four pairs. Only a minor inconvenience, though.)

My bag is full, but there’s still a little room for me to pick up stuff along the way. That’s good, because I’ve already been given two t-shirts!

Whereas there are often items that go unused in my luggage, this time I’ve used almost everything. I haven’t used my collapsible chopsticks yet (I rarely do, but they don’t take much room) and, surprisingly, I haven’t used my reading glasses. I haven’t used my Kindle yet either, but I suspect I will during the latter half of the trip.

Final Thoughts

So, that’s my experiment with ultra-light packing. Will I do this again in the future? Yes, I think I will. But only selectively. Ultra-light packing is a terrific option for trips where my environment is relatively constant (I’m mostly in hotels, for instance) and I have no companions.

But on last month’s vacation to Italy, Kim and I had to pack for hot and humid weather, for air-conditioned hotels, for hiking, for business meetings, etcetera. There’s no way I could have fit everything in one small bag. Besides, when I’m traveling with other people, the advantages of packing light are reduced somewhat.

Ultra-light packing is a terrific tool to have at my disposal. It’s easier than you might think. After five days, I’m certain this system will work for the entire twenty-day trip. And I’ll bet nearly anyone could make this work for a weekend.

Source: getrichslowly.org

By the numbers: My spending for March 2019

January 13, 2021 by Russell Henderson Posted in Budgeting, Loans Tagged $1000, big, Budget, Budgeting, Buying, chase, Credit, credit card, Financial Wize, FinancialWize, Groceries, investment, Make, money, More, Real Life, Spending, spending report, stock market, surgery, Taxes, Travel

March was a mixed month in my financial world. I ended March with a slightly higher net worth (up 0.6%) but my spending was the highest it’s been this year: $5989.10. Yet, that spending was mostly mindful. I wasn’t frittering away money on silly things.

If I wasn’t buying dumb stuff, then where did my money go? A few worthwhile places:

I spent $653.31 on the yard and garden. Specifically, Kim and I tore out a big cedar tree in the corner of the yard, then converted that space to a small orchard. I use the word “orchard” loosely here. We planted three fruit trees, four blueberries, four grape vines, and a bunch of strawberries. I hope to write about this more in the near future.
I spent $625.72 on health and fitness. In the middle of the month, I had quite a scare. Out of nowhere, I had chest pains, so I visited the local hospital ER. My co-pays and prescriptions are reflected in March’s spending — and there’s more to come. (We’re about to have a l-o-n-g article on the $6800 hospital bill I received in the mail yesterday. That’ll happen in April or May.) Meanwhile, Kim had knee surgery at the end of the month. I paid for some of her stuff out of my pocket.
I spent $579.36 on gifts in March, which is very very unusual.
I paid the $450 annual fee on my Chase Sapphire Reserve credit card. (Yes, I know this seems like a lot. But remember the card comes with a $300 travel credit, which means my effective annual fee is $150. I believe I receive $150 in value from the card’s other benefits.)

I don’t consider any of that spending frivolous although I recognize that some of it isn’t necessary. (Do we need an orchard? Do I need to give gifts?)

That said, I did have some weak spots in my spending. I bought several movies on iTunes. In fact, I spent $72.63 on iTunes in March. I need to be careful lest I return to my former profligate ways. No more looking in the iTunes store! I also spent $230.15 on alcohol during the month (most of which was beer).

How did I do with groceries? As you know, my food spending had grown out of control, which is one of the primary reasons I’m tracking my spending in detail this year. Last year, I spent over $1000 per month in food. This year, I’m spending less than $700 per month.

I was very proud of my food spending for most of March. I spent a total of $658.21 during the month: $468.27 on groceries and $184.24 on dining out. That’s my lowest monthly food total in two years (excepting months during which I’ve been on the road).

Going into the last week of March, I’d only spent $241.87 on groceries. That’s amazing! Things fell apart, however, when I stocked up on food for Kim’s convalescence. Meanwhile, we only had three restaurant meals during the month. For one of those, I paid for two guests. Not bad. Not bad.

Quarterly Spending

Now that we’ve made it through the first three months of 2019, I was curious how my quarterly spending compared to last year. Monthly spending can fluctuate quite a bit. You can get a better idea of your actual habits by looking at a bigger picture.

Here are some highlights:

I spent $116.56 at the iTunes store during the first quarter of 2019. That’s less than I spent on movies and TV shows during any single month last year, so that’s a win.
I spent $2076.54 on food for the quarter, which is lower than any quarter in 2018. I spent $1179.53 on groceries, $323.52 on HelloFresh, and $542.29 on dining out. That restaurant spending is another big win. The grocery spending was good — better than any quarter in 2018 — but I feel like I can do better.
I spent a lot on health and fitness during the first three months of the year: $1752.60. And the thing is, it’s not going to get much better.
This year, I decided to separate hot tub expenses into its own category. I spent $151.88 on hot tub stuff (chemicals, etc.) during the first three months of the year. And, no, that doesn’t include electricity.
Our zoo — three cats and a dog — cost us $447.54 during the first quarter of 2019.
You know where I could save big bucks? By drinking less. I spent $586.36 on alcohol during the first three months of the year (and that includes four weeks during which I didn’t drink a drop!). That’s $6.44 per day. Time for me to cut back on my craft beer obsession…

I spent a total of $15,364.85 during the first quarter of 2019, an average of $5121.62 per month. That’s not a great number, to be honest. It’s pretty much what I was spending last year. Still, I’m trying not to get too stressed about things…yet.

The whole point of this exercise is for me to figure out where I’m spending my money and why. Once I have a clear picture, I can make some course corrections.

April is the Cruelest Month

Unfortunately, April is going to have some crazy, crazy spending numbers. My accountant called yesterday to give me my tax bill. I owe $20,000. (I’m not joking.) The hospital called too. They wanted to let me know that I owe them $6800 for the ER visit in the middle of March. To cap things off, payment is due on the vacation that Kim and I booked a year ago. We’ll be headed to Greece and Italy in August — but we’re paying for it today.

Fortunately, I knew that some of these expenses were looming, so I have cash set aside to pay for taxes and our trip. (The ER visit was a surprise, obviously, and I don’t have money set aside for that.) That doesn’t change the fact that April’s expenses are going to be insane, though. It just means I’m somewhat prepared for the insanity.

The upside to having a $6800 hospital bill so early in the year? It gives me a chance to make maximum use of my health insurance! My max “out of pocket” is $7900 annually. Since it looks like I’m going to hit that, it makes sense to address all medical issues that are bugging me in 2019.

At the end of 2018, I had a net worth of $1,334,227.20. At the end of March, my net worth was $1,397,545.18. That’s a leap of more than $63,000 (or 4.75%). That’s great! In reality, this simply reflects a hot stock market. My investment accounts are up $77,933.04 this year (11.45%).

A hot stock market can cover a multitude of sins…

Source: getrichslowly.org

20 Of The Best Entry Level Work From Home Jobs

January 13, 2021 by Russell Henderson Posted in Extra Income, Home Repair Tagged All, Blog, Blogging, Business, Buy, Career, Credit, Debt, entry level work from home jobs, Extra Income, Extra Money, Family, Finance, Financial Wize, FinancialWize, freelancers, Grow, home, How To, income, interview, kids, Life, Make, Make Money, making money, money, More, Personal, Personal Finance, Popular, project, School, Side Hustle, Spending, Travel

Looking for entry level work from home jobs?

Are you wondering, “How can I work from home with no experience?”

I know it may seem like every job out there today requires several years of experience. This makes it very difficult to find a job, especially if you are brand new to the field and trying to get your start.

It can be difficult to find a way to make money from home when you are brand new, but it’s not impossible to find entry level work from home jobs.

Everyone has to start somewhere, and if you want to start working from home, then I have a great list of no experience work from home jobs for you to look into.

Now, just because these jobs, businesses, and ways to make extra money don’t require experience, it does not mean that they will be easy! Remember, good things don’t come easy.

You may have to learn a new skill, take a course, and so on.

Also, please remember that entry level means you are starting from the bottom and working up. That means it may take a while to establish yourself. Still, there is room to grow in many of these jobs.

What you’ll find in this list of entry level work from home jobs are new careers and businesses you can start without having a college degree or years of experience.

There are many ideas on this list that involve starting a freelance career by using existing skills, like if you have a good eye for spotting grammar and punctuation errors, then you may be interested in proofreading.

There are other ideas on this list that will require you to learn some new skills – all ones you can easily pick up online.

The most important part is that all of these jobs are 100% work from home ideas. Yes, these are all jobs you can work from the comfort of your own home, while you travel, etc.

Finding a work from home job can be a great way to make money.

After all, it’s what I do, and I love it!

And, there are so many different options depending on what you are looking for. You may be able to find entry level work from home jobs that are part time, full time, that work while you are traveling, and so on.

Plus, many of the entry level jobs from home on my list allow you to have a more flexible schedule, where you may be able to choose the days you work, your hours, and more.

So, if you are looking to start making extra money or if you want a new career path that lets you earn money from home, this list is especially for you.

Before you’re scared off by any of these ideas, please remember that you don’t need to be an expert in any of them right now. As with any new job, you learn as you go and can find training as well.

Related content on entry level work from home jobs:

12 Passive Income Ideas That Will Let You Enjoy Life More
15 Of My Best Working From Home Tips So You Can Succeed
15 Outdoor Jobs For People Who Love Being Outside
15 Home Business Ideas & The Free Courses You Need To Get Started

Below are 20 entry level work from home jobs.

1. Create a blog to earn an income.

If you’re looking to work from home, I recommend that you think about starting a blog.

You don’t need previous experience, and most bloggers are brand new to blogging anyways!

I was brand new when I started my blog many years ago, and I learned everything I know along the way.

I read lots of online articles written by other bloggers who were once in the same spot I was, and I have also taken several great courses to help me improve my blog over the years.

I created Making Sense of Cents in 2011, and since then, I have earned over $5,000,000 from my blog.

Blogging allows me to travel full-time, have a flexible schedule, and I earn a great income doing it.

My blog was created on a whim as a way to track my own personal finance progress. When I first started my blog, I honestly had no clue what I was doing. I didn’t even know that people could make money blogging!

One of the reasons that blogging is one of the best entry level work from home jobs is because blogging is quite affordable to start.

You can easily learn how to start a blog with my free How To Start a Blog Course.

Here’s a quick outline of what you will learn:

Day 1: Reasons you should start a blog
Day 2: How to determine what to blog about
Day 3: How to create your blog (in this lesson, you will learn how to start a blog on WordPress – my tutorial makes it very easy to start a blog)
Day 4: How to make money blogging
Day 5: My tips for making passive income from blogging
Day 6: How to grow your traffic and followers
Day 7: Miscellaneous blogging tips that will help you be successful

2. Sell items through Amazon.

Yes, you read that correctly. You can sell items on Amazon while working from home.

Even if you have no experience, you can earn money selling all kinds of items on Amazon, from books, work out equipment, electronics, and more.

Amazon has many people who sell items and earn money from home. Most have no experience selling things online or have ever worked at Amazon.

Jessica Larrew, of The Selling Family, is a friend of mine, and she and her family started selling things on Amazon FBA a few years ago without any experience – they made over $100,000 profit in their first year! And, they were working less than 20 hours a week total.

Jessica now has a FREE 7 day course that will teach you everything you need to know in order to start selling on Amazon. I recommend signing up for it now!

I interviewed Jessica in How To Work From Home Selling On Amazon FBA, and we talk about:

How Jessica started selling on Amazon FBA
What exactly Amazon FBA is
How to choose what to buy and sell
How much a person can expect to earn
The positives of selling on Amazon, and more

3. Teach English online.

This one will probably surprise you, but there are entry level work from home jobs where you teach English to kids in other countries. You don’t need to have been a teacher or speak a language other than English.

The requirements are that you have experience working with kids. That can include mentoring, tutoring, coaching, babysitting, or being a parent.

That’s a pretty easy requirement, though!

You can typically earn around $14 to $22 per hour by teaching English online.

Learning how to teach English online has become extremely popular, making it one of the best online jobs from home for many good reasons – it’s flexible, there’s a high need for teachers, and it pays pretty well.

My top three picks are ones my readers have recommended and ones I have researched:

VIPKID
Qkids
Education First

Learn more at Make Extra Money By Learning How To Teach English Online.

4. Tutor from home.

To go along with the above, you can also work from home as an online tutor.

Course Hero is a website that has entry level work from home jobs where you help high school and college students with course-specific questions.

Course Hero was founded in 2007 and is an online learning website where students can find tutors and search by their specific school to find study guides, videos, practice problems, class notes, and step-by-step explanations.

Using the website, students connect with Course Hero tutors on a wide range of subjects and classes, which makes this a great option for people with different educational backgrounds and experience.

What might surprise you to learn is that you don’t need to have experience as a tutor, professor, or teacher in order to become a Course Hero tutor.

However, you will need to share information that proves you have expertise in the subjects you would like to help students with, such as degrees or previous work history.

Tutors earn an average of $3 for each question they answer on Course Hero. Earning between $12-$20 per hour, Course Hero tutors earn an average of $300 a week.

Here’s how this online tutoring job work:

You apply here to become a Course Hero tutor
When you are available to answer questions, you do so on the Course Hero website
You get paid

Learn more at How To Make $300+ Weekly As An Online Tutor With Course Hero.

5. Become a virtual assistant.

Several years ago, I was a virtual assistant.

I had no previous experience, and I simply learned skills as I worked.

Virtual assisting is a field that is growing a lot, and there are lots of entry level work from home jobs as a virtual assistant.

Virtual assistant (VA) tasks may include social media management, formatting and editing content, scheduling appointments or travel, email management, and more. Basically, you can get paid to do any task that needs to be done in someone’s business, but doesn’t need to be done by them.

My friend Kayla is a full-time blogger, virtual assistant, and project manager who earns over $10,000 per month while working from home. She is also the founder of $10K VA, a course where she teaches exactly how you can make a consistent $10,000 per month as a virtual assistant!

Kayla used to work a full-time job as a credit analyst, earning about $2,000 per month. She was struggling to make ends meet while paying off debt, so she started a side hustle as a virtual assistant.

I interviewed her at How Kayla Earns $10K/Month From Home as a Virtual Assistant, and we talk about:

The amount of money a beginner virtual assistant can expect to earn
How to find your first virtual assistant job
The steps to become a virtual assistant without previous experience
Her best tips for being a virtual assistant

And more!

6. Evaluate Google’s search engine results.

A Search Engine Evaluator (also known as a Google Rater) is where you rate websites based on their quality and usefulness.

You are rating websites to help Google improve their search engine results.

This is one of the entry level work from home jobs that almost anyone can do – you don’t need to be a technical person in order to make money as a search engine evaluator.

Another great positive is that you can work in the language of your country, as Google operates in nearly every country around the world.

Learn more at How To Become a Search Engine Evaluator.

7. Manage Facebook advertising for small businesses.

Did you know that you can make a living from Facebook? With Facebook advertising, you can help businesses expand their reach.

And, yes, this is a skill that you can learn!

Last year, business owners spent over $88,000,000 per day on Facebook ads. This is expected to continue to grow, and it is one of the largest advertising spaces that exists.

My blogging friend Bobby Hoyt knows a lot about this topic. Bobby is a former high school teacher who paid off $40,000 of student loan debt in a year and a half. He learned how to run Facebook ads on his own to earn extra money. Bobby now runs the personal finance blog Millennial Money Man full-time, as well as a digital marketing agency for local businesses that he started in 2015.

I interviewed Bobby about entry level work from home jobs running Facebook ads, and in our interview, you will learn:

How he started earning income through running Facebook ads
Why small businesses want Facebook ads
How a person can find their first Facebook ads client
How much you can make doing this type of work – the average is around $1,000 extra a month per client

Also, Bobby has a free webinar on this topic too. His webinar (you can sign up here) will teach you how to start this business even if you’re brand new, how to find paying clients, and more.

8. Get paid to share your opinion.

This isn’t exactly a job, but it is a way to make extra money.

And, you don’t need any previous experience.

Yes, you can get paid to share your opinion!

Companies use surveys all the time to learn what their current and potential customers think of their products, services, and company. With the surveys you take, companies get valuable opinions on how to improve their products, and that’s what they are paying you for.

Below are the survey companies I recommend:

American Consumer Opinion
Survey Junkie
Swagbucks
InboxDollars
Opinion Outpost
OneOpinion
Pinecone Research
Prize Rebel
Product Report Card
Survey Club

9. Create an online store of your own.

This is one of the entry level work from home jobs that many people are surprised to hear about. But yes, you can start your own online store, and you don’t need to have tons of experience or a lot of money to do so. Many people start with absolutely no background.

I had the opportunity to interview Jenn Leach of E-commerce and Prosper, who explains exactly how to start an online store.

Jenn is a corporate mom turned e-commerce store owner and blogger.

She started her online business a little over three years ago, and since then, she has developed and grown three successful online e-commerce stores earning an average of $19,000 per month.

She is super successful despite only spending around 5-10 hours per week on her e-commerce business.

You can read our interview at How Jenn Makes Over $10,000 A Month With Her Online Store In Less Than 10 Hours Per Week.

10. Start a bookkeeping business.

I’m sure you’re surprised to hear that bookkeeping is an area with entry level work from home jobs, but it definitely is.

A bookkeeper is someone who tracks the finances of a business, handles billing and payments, making spreadsheets, etc., but that doesn’t mean you need to be an accountant or have any related experience.

Ben, from Bookkeeper Launch, helps people get started as bookkeepers even when they don’t have any experience. Ben is a CPA who founded his business after realizing that many businesses needed better bookkeepers.

In our interview, we talk about:

What a bookkeeper is
The typical clients a bookkeeper has
How much new bookkeepers earn
How to become a bookkeeper
The positives and negatives of bookkeeping

You can read all of his answers and more in our interview Make Money At Home By Becoming A Bookkeeper.

Also, you can sign up here for a free series that will teach you more about running your own virtual bookkeeping business.

11. Find stuff to resell.

This is one another one of the entry level work from home jobs that anyone can start. That’s because we all have lots of stuff in our house that we can probably sell online.

Have you ever found something that you thought you may be able to resell and actually make some money?

Melissa’s family earned $133,000 in one year through buy and sell flipping, and they were working only 10-20 hours per week.

Yes, just 10-20 hours a week!

Some of the best flipped items that they’ve sold include:

An item that they bought for $10 and flipped for $200 just 6 minutes later
A security tower they bought for $6,200 and flipped for $25,000 just one month later
A prosthetic leg that they bought for $30 at a flea market and sold for $1,000 on eBay the next day

You can learn more at How Melissa Made $40,000 In One Year Flipping Items.

12. Write online as a freelancer.

I know so many people who have found entry level freelance writing jobs. You don’t need a background in writing or a degree in English or creative writing.

A freelance writer is someone who writes for a number of different clients, such as websites, blogs, magazines, advertising companies, books, and more. They don’t work for one specific company, rather they work for themselves and contract out their writing.

My friend Holly from EarnMoreWriting.com (as well as the popular personal finance blog Club Thrifty) is a very successful freelance writer and has earned over $200,000 writing online!

Her freelance writing course includes nine video modules, several printable worksheets, and awesome add-ons, too. Here are some of the things you can expect to learn if you take her freelance writing course:

Discover the #1 most important thing you can do to get paid writing jobs
Learn how to find entry level work from home jobs as a writer and move up over time
Learn how price affects the amount of work you get
Learn which types of jobs help Holly earn the most pay, and where you can find them
Find out which online platforms work best for finding paid work, and how to use them
Learn how to structure your work day to earn six figures or more

Learn more at How I Earn $200,000+ Writing Online Content.

13. Transcribe audio or video into text.

Transcription is the art of turning any audio or video content into a text document.

There are many businesses looking for transcriptionists too – since general transcriptionists convert audio and video to text for virtually any industry, there really isn’t a typical client. Some examples include marketers, authors, filmmakers, academics, speakers, and conferences of all types.

Beginning transcriptionists earn around $15 an hour to start.

There are many transcriptionist jobs that don’t require experience, and most transcriptionists learn more and improve their skills as they work.

You can learn more about becoming a transcriptionist in the interview Make Money At Home By Becoming A Transcriptionist. The interview explains:

What a transcriptionist is
How you can get started as a transcriptionist
What kind of money you can expect to make
The type of training you need, and more

14. Find proofreading jobs online.

Finding entry level proofreading jobs online is very possible.

All you need to work as a proofreader is a laptop or tablet, an internet connection, and a good eye for pointing out mistakes.

Proofreaders look for punctuation mistakes, misspelled words, lack of consistency, and formatting errors.

In 2014, Caitlin made slightly over $43,000 by being a freelance proofreader.

You’ll learn more about this in my interview with Caitlin that I link to below, but proofreaders take content that other people have written and then go over it with a fine-tooth comb. You might be proofreading blog posts, print articles, academic articles, website copy, ad copy, books, student papers, emails, and more.

This job is for a very specific type of person who LOVES to correct grammar or makes a note of spelling mistakes on a restaurant menu… it takes a certain “eagle eye” ability to be good at proofreading!

I interviewed Caitlin on what it takes to become a proofreader, and in our interview we go over questions such as:

What a proofreader does
How much proofreaders earn
How quickly a person can start making money as a proofreader
The steps needed to become a proofreader

You can find out about entry level work from home jobs and more at How To Become A Proofreader And Work From Anywhere.

Caitlin has put together a FREE 76-minute workshop, where she answers all of the most common questions about becoming a proofreader, and she even shows you how to use the most popular tools used by proofreaders around the world. You can sign up for free here.

15. Learn how to become a scopist.

Scoping is when you are editing legal documents for court reporters. This is different from proofreading for court reporters.

I interviewed an expert on the topic – Linda from Internet Scoping School. She has been scoping for over 35 years and has taught scoping online for around 20 years.

She also has a free course that will introduce you to scoping so that you can decide if it’s one of the entry level work from home jobs you want to pursue. You can find the free course by clicking here.

Scopists who are working with an average court reporter tend to make around $30,000 to $45,000 per year working pretty much full-time.

You can learn more at How To Become A Scopist.

16. Assist with podcasts.

Currently, there’s a huge demand for podcast virtual assistants.

There are over 800,000 podcasts out there, and that number just continues to grow. Podcasts are still a pretty new area, and that opens the door for lots of new entry level work from home jobs helping with all of these new podcasts.

While the podcast host can record themselves, other tasks like editing and publication take time, so many podcasters outsource their work to freelancers or virtual assistants. Also, some podcasters may not know how to do those things, or they may choose to focus their time on other areas.

Some of the different services you could do as a podcast virtual assistant include:

Audio editing
Marketing and promotion
Publication
Distribution
Show note creation

Learn more at How I Make $1,500 A Month As A Podcast Virtual Assistant.

Also, you can sign up here for free information on learning more about how to become a podcast VA. In this free resource, you’ll learn more about what exactly a podcast virtual assistant is, the services you can offer, and starting rates.

17. Work as a freelancer.

Freelancers are people who work for others by doing part-time jobs. A business may hire you on for one-time gigs or you may get a long-term job with a company as a freelancer.

In addition to some of the freelance jobs I’ve already mentioned (writing, proofreading, transcribing, and bookkeeping) there are even more entry level work from home jobs out there for people who are able to leverage existing skills, like:

Graphic design
Web design and development
Video editing
Sound design
Search engine optimization (SEO)
Programming
Photography

This is one of the best work from home jobs because you can use a skill you already have and start finding work on job platforms like UpWork and Fiverr.

18. Find a work from home job in customer service.

Many large companies outsource their customer service departments to people who are working from home.

Customer service representatives may be responsible for a number of things, such as:

Working at an online call center
Working as a chat agent
Offering technical support
Virtual assistant tasks
Working as a travel agent

This is becoming one of the best entry level work from home jobs because the number of large companies who need online customer service reps is growing. Companies like Apple, American Express, UHAUL, and more offer basic training for new hires.

19. Secret shop.

Funny enough, many people think that you have to “know someone” or have previous experience in order to become a mystery shopper.

But, that’s not the truth at all.

You don’t need any previous experience in order to become a secret shopper.

This won’t be a full-time job, but it can give you some extra money each month. And, yes, there are some mystery shops that can be done by phone and online.

I remember when I first heard of being a secret shopper. I was working at a retail store and we regularly had mystery shoppers come in to grade how we were doing. We never knew who the mystery shopper was, but we would get to read their report afterwards.

I thought it was so interesting that people were getting paid to shop!

Not long after hearing about it, I decided to try mystery shopping to make extra money to help pay off my student loan debt.

I regularly earned around $150 to $200 a month mystery shopping, and I earned free items/services as well, such as $100 to spend at restaurants (which I had to grade while I was there), makeup, and more.

If this sounds interesting to you, you can join Bestmark by clicking here. This is my favorite mystery shopping company, and the only one I used back when I was mystery shopping, so I know it’s legitimate.

Learn more at Want To Make An Extra $100 A Month? Learn How To Become A Mystery Shopper.

20. Become a voice over actor.

A voice over actor is the person you hear but rarely see on YouTube videos, radio ads, explainer videos, corporate narration, documentaries, e-learning courses, audiobooks, TV commercials, video games, movies, and cartoons.

This job doesn’t require previous experience or special skills – you just need to have the right kind of voice that companies are looking for.

In 2014, Carrie replaced her salaried day job to become a full-time voice over actor. People are constantly asking her how she got her start and how they can too.

So, she created a six-week online class, and it sold out. Several of her students booked voice acting jobs before the class was even over!

I was excited to learn more about this work from home job, so I interviewed Carrie to learn:

How she got into this interesting career field
Who the common clients are
How much money a beginner voice over actor can expect to make
The positives of this job
How to find your first job
The costs, and more

You can read my interview with her at How To Become A Voice Over Actor And Work From Anywhere.

How can I make money from home with no experience?

As you can see, there are many different options for you if you are looking for an online job or work from home business with no experience.

I hope you are able to find what works best for you and your situation.

What entry level work from home jobs would you add to the list above?

The post 20 Of The Best Entry Level Work From Home Jobs appeared first on Making Sense Of Cents.

Source: makingsenseofcents.com

For Those Who Want Life To Speed Up – Are You Dreaming Too Much About Tomorrow?

January 13, 2021 by Russell Henderson Posted in Debt, Market News, Travel Tagged All, Budget, Children, Debt, Family, Financial Wize, FinancialWize, Grow, home, How To, Life, Live in the present, Make, minimalist, money, More, Planning, Retirement, School, Travel

Are you dying for time to pass? Many people are. The future is important, but being happy in the present is as well. It's all about a healthy balance.

“First I was dying to finish high school and start college. And then I was dying to finish college and start working. And then I was dying to marry and have children. And then I was dying for my children to grow old enough for school so I could return to work. And then I was dying to retire. And now I am dying, and suddenly I realize I forgot to live.” – Sustainable Human

I recently saw this quote and it really made me think.

Pretty much everyone, myself included, is guilty of wanting to rush through life instead of trying to live in the present while also preparing for the future.

When I was younger, I wanted to be older so I could have more money, a bigger house, etc. I wanted to rush through high school, college and so on.

I dreamt of the future and spent much of my time dwelling on that.

It’s easy to focus on what you hope your life will be like, but for me, I am living a better life now because I’m no longer trying to rush towards the next stage thinking that it will be better than the present.

When you are only living in the future, you are stealing your present from yourself. It can be hard, but learning to live in the present means you can see how amazing your life already is.

We all look at the years ahead of us, and perhaps it’s things like wanting your life to speed up so that you can graduate from college, regain your freedom once your children are out of the house, and so on.

However, when was the last time you:

Spent time thinking or relaxing by yourself, with no distractions?
Went on a walk or hike without any electronics?
Stopped to enjoy the day – such as the smells, the sun, or the weather?
Spent meaningful time with your family, including grandparents and other extended family members?
Felt truly happy in a particular moment?

While thinking about the future is important, being able to be happy in the present is truly a gift!

Related reading on how to live in the present:

8 Things To Stop Being Afraid Of So You Can Be Rich, Happy, And Successful
10 Daily Challenges To Improve Your Life
Are Your Excuses Making You Broke And Unsuccessful?
Be More Confident And Get What You Want In Life
Are You Making Your Life Difficult? 18 Ideas To Simplify Your Life
How To Reach Your 2018 Goals

Now, trying to live in the present doesn’t mean that you should give up on your future and not save for retirement, or something else along those lines. However, it does mean that you should have a healthy balance – living now and planning for your future.

If you ask anyone older than you about what they regret the most, it’s probably not enjoying life as much as they could.

Instead of rushing through your life to the next phase, you should think about what you can do today to enjoy your life now. And no, you don’t need to spend a fortune to enjoy life – you can do so on a budget.

Life goes by quickly, so finding happiness now is important.

After all, you only have this one chance.

Here are my tips on how to better live in the present and enjoy life:

Think positively. Being positive can help you in many ways. Negative thoughts are something that plague many of us each and every day; however, they can wreck any happiness that you may be feeling. When learning to live in the present, negativity will definitely hold you back.
Get rid of the “extra” in your life. The average person has a lot of extra stuff. In fact, the average house has over 300,000 items in it. That is a lot of stuff that could be messing with your mind and making you unhappy. If you are feeling bogged down by the clutter, try donating or selling some items from your home.
Smile more. Just a simple smile can completely change your day. Thinking about happy things can easily change your outlook on life.
Stop comparing yourself to others. You may find that you are comparing yourself to others and coming up with reasons for why something is impossible for you. By comparing yourself to others and minimizing their accomplishments, you are just holding yourself back. Sure, you may not be able to reach a goal as quickly as someone else, or it may require that you work even harder. But, that doesn’t mean that everything is impossible for you. Everyone is on a different path, and there are people who are better off than you and people who are worse off. Instead of comparing your path to those around you, you should focus on what you can do to make your dream a reality.
Keep a journal. While I don’t currently have a journal, I do have this blog, which acts as a journal in a way. I am about to begin journaling in the form of paper and pen because keeping a journal can help you reflect on your past while making it easy to see how you are progressing towards your goals. Plus, spilling your heart out every so often is great for the mind and for the soul.
Sit silently. When was the last time you just sat down in complete silence with no distractions? For the average person, this is probably a rare occurrence. Sitting silently can help you reflect on your life and what’s going on in the world around you. It can also help you relax, destress, and clear your mind.
Appreciate the small things in life. When we take the time to see them, we all have small accomplishments and moments of bliss that happen every single day. Take the time to appreciate these small things. Whether it be enjoying the sunshine, enjoying the food you are eating, and so on, these small things can add up to a great deal of happiness.
You can still dream. Remember, you can still dream. Today’s article is not saying that dreaming about the future is bad. Dreaming and setting goals for yourself is extremely important. The key here, though, is to have a healthy balance. Plan for the future, but enjoy the present as well.

Are you guilty of wanting to rush life? Are you currently happy and finding ways to live in the present? Why or why not?

The post For Those Who Want Life To Speed Up – Are You Dreaming Too Much About Tomorrow? appeared first on Making Sense Of Cents.

Source: makingsenseofcents.com