The Top 10 Jobs in 2018 That Don’t Require a College Degree
Why go into student loan debt for decades when you can make money now?
Overcome cash flow challenges to achieve a balanced budget
Income is the foundation of financial stability. When cost of living outstrips what you’re able to bring in, it creates budget gaps that lead to debt. Balancing your expenses against your what you earn is essential if you ever want to get ahead. But how can you overcome lack of income in today’s challenging job market?
The articles in this section all focus on helping you understand current pay trends in the U.S. You can learn how to overcome salary challenges and how some Americans boost their cash flow with side jobs. With the right strategy, you can achieve budgetary balance that helps you avoid debt and save effectively.
Why go into student loan debt for decades when you can make money now?
Home values are up, rents are up, people are scared and many can’t afford to live where they are right now. The only people who have it good are retirees.
Is the traditional retirement age going away? Most Americans are planning to work long after hitting 65.
Miami and the surrounding Florida Keys has the richest area code in the nation. The mean household income is almost half a million dollars.
The good news is that organizations are interested in changing their sexist pay disparities. The bad news is that the longer they wait, the more it’ll cost them.
Tired of being haunted by the specter of purchases past? Get rid of debt in 2018 and ditch living paycheck to paycheck.
Some states are having major economic boosts that are going to make living there good for your wallet.
Some positions exchange salary for rest. Here are the jobs where you get the most doze for your dollar.
A third of married people report being financially unfaithful.
He went looking for an apartment but found something else…
Female workers are especially hurt when they don’t reveal their previous pay.
Hawaii has 539 times more debt than Washington DC.
He worked nights and weekends to become an entrepreneur.
What can you do? Mostly just this: Live further away.
It often comes down to one factor.
More Americans would like to get a steady stream of income through retirement to last them until they die, but most workplaces don’t offer this lifetime benefit.
Gen Xers struggle more than prior generations to save money, and a new study finds that those with subprime credit often have no savings at all.
It’s been a year since America elected Trump. What have we got to show for it?
Low levels of housing debt, credit usage, and loan balances make these Southern cities the best places to live and pocket more of your own cash.
The ultimate stocking stuffer this year: more jobs and better pay.
Despite their joy, not putting importance in finances does hurt the generation.
The best places to retire according to retirees and pre-retirees and their biggest priorities, like housing, taxes, and the job market.
One-third of Hispanic families have less than $500 in emergency savings and are less likely to pay off debt and save for retirement compared to the rest of the nation.
According to a new report from the Bureau of Labor Statistics, women make less money than their male counterparts in most jobs, but not all.
The most financial unstable baby boomers are doing better than we all thought they were doing, but they still aren’t doing great.
Regular workers can’t afford to live in any major metro area in the country.
A reader knows salary isn’t the only way to make money.
According to a recent study, high-income white Americans overestimated the racial income gap more than other groups.
Higher salaries mean higher rates of earned home equity. Men are out-earning women in more ways than one.
A reader is looking at a six-figure windfall, but her husband is about to make an expensive mistake.
There are cities across the nation that are cheap enough for you to live in and land a well-paying job.
Despite seemingly solid pay, the group is struggling like their less wealthy peers.
And they’re more stressed about money than their parents and grandparents
Guess who’s afraid of never being able to retire? And who fears living paycheck to paycheck?
Average household income, home prices, and childcare costs are the best in New Hampshire, making it the best state to live a rich life.
Over three-fourths of the generation feel they will have no savings for their post-work life
There’s easy money to be made if you’re willing to wade through the junk to find it.
Surprisingly, income level doesn’t determine who has a side gig
Millennials with lower credit scores struggle to make ends meet.
Just not for the middle class.
Job market gains and a decrease in inflation are playing a huge role in growth
Almost half of all lesbian, gay, bisexual, transgender and queer middle-income earners suffer from financial insecurity.
A reader wants to know when too much of a good thing is bad.
But even with those, they can’t keep up with older generations
People don’t want to negotiate salary based on their previous pay
It has to do with cars, but not really auto loans.
Employee-sponsored retirement plans are dying because workers are taking out loans without paying them back or leave a job without taking their retirement with them.
For the first time in a decade, scholarships and grants cover a third of college costs.
Most American households can’t afford new cars in all but one of the largest metro areas in the country.
One in four Americans are part-time workers or independent contractors, yet don’t have the same benefits — like health insurance or a retirement plan — like their traditional-working peers.
In order to maintain a balanced budget, you should keep track of your income-to-expense ratio. As the name suggest, this measures your income versus cash outflow. It’s easy to figure out:
Total monthly income ÷ total monthly expenses x 100
If your ratio is less than one, it means you spend more than you bring in – that’s bad. This usually means you rely on credit cards, payday loans or other high-interest types of credit to get by. You slowly amass debt that seems insurmountable to pay back. If you’re in this situation, you either have to reduce your expenses or increase your income.
Ideally, you want your ratio to be 1.25 or greater. That means you spend 75% of what you make, leaving free cash flow in your budget and money to save. You can use free cash flow to cover unexpected expenses and set aside money to build your emergency savings fund.
One of the easiest ways to increase your income is to take on a secondary or side job. This can be anything from becoming a ride hailing driver to working freelance in your career field. Your goal with a side job – besides boosting cash flow – is to balance it with your life. You don’t want something that interferes with your primary paycheck. If you freelance, make sure to check your employment agreement to ensure you don’t violate any non-compete clause; the same is true with consulting work.
Here are a few ideas for good side hustle jobs:
Loss of income is common in a down economy. Even if you don’t lose your job, your employer may cut your hours or limit allowed overtime. If you work a job based on commission or one that relies on tips, it’s hard to keep income steady. When people don’t spend, and stop dining out, you can take a big hit.
Any loss in income should immediately lead to a reassessment if your budget. You need to cut back on your expenses as quickly as possible so you can avoid taking on debt. Another way to balance you budget is to consolidate existing debt. Many consolidation solutions decrease your monthly debt payments, sometimes by as much as 50 percent. That can go a long way to helping you overcome loss of income.
If you’re one of the estimated 106 million Americans who are “unbanked” or “underbanked” you’re probably losing money to fees. Checking cashing stores are not a smart substitute for a regular checking account. You lose money about $3-$10 out of every paycheck (or more depending on the size of your paychecks). You also often incur bill payment fees if you pay bills through money orders.
Some people assume this is more cost effective than traditional banking, because bank fees are just as bad. But if your bank fees are high, that means you have the wrong account. Look for a checking account that fits your lifestyle. If you’ve struggled with maintaining a checking account in the past, look for one that offers:
For that last feature, you may need to meet certain requirements in order for your bank to waive those fees. Some banks will waive fees on certain accounts if you are a student. In other cases, you can avoid fees if you sign up for online banking or set up Direct Deposit.
Research banks and other financial institutions carefully. If you don’t trust major national big banks, look for local banks or credit unions. These tend to be more focused on customer service, so you can worry less about your bank screwing over customers. Then, once you find a bank you like, understand how your checking account works and do what you need to do to minimize fees.
When used correctly, the right traditional checking account will always have lower fees than nontraditional banking through check cashing stores. If you pay too much to bank, the solution is not to stop banking. It’s to find a better bank with a checking account that fits your needs!
Earned income is what you get from your paychecks. You work, they pay you for that work. But there’s another kind of income that everyone should aim to achieve. It’s called unearned income.
The IRS defines unearned income as any money you receive from not doing actual work. It includes earned interest, dividends and yields on investments. It also includes things like gifts, prizes and inheritance. However, those are not sources of income that are in your control. What is in your control is the ability to put your money where it can work for you.
Unearned income is typically subject to different taxes. You don’t pay payroll taxes or Social Security on it. But you often face unearned income tax. When it comes to things like retirement accounts, you can pay taxes before you contribute or when you make withdrawals. It depends on which types of retirement accounts that you have.
The earlier you can start making your money work for you, the less you have to work. Even if you’re not ready to start investing, take small steps to achieve better growth. For example, check your savings account interest rate. If it’s less than 1 percent, look for a better savings accounts. You can also consider investments like Money Market Accounts and Certificates of Deposit (CDs). These tend to have better rates, too. By incrementally building your saving strategy, you can gradually increase unearned income.
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