Just like different people have different preferences for cars, auto insurance companies also have different rates for different people. More than a dozen factors affect the rates of your auto insurance policies, and the type of car you drive is one of the most impactful factors. The type and make of your car decide the auto insurance and premium rates. The condition and age of the vehicle, along with any other aftermarket modifications, also affect the insurance rates. But what about the new and advanced electric vehicles? The number of electric cars has been increasing, and there is no stopping. So how much more do electric vehicle owners pay for insurance policies, and why? Why is it that electric cars are more expensive to insure compared to traditional gas cars? Let’s find out. How Much More Does Electric Car Insurance Cost?Ever since the rise in popularity of electric cars, the rates of car insurance policies for almost all-electric car models have increased. This price difference can range anywhere from 15% to a whopping 50%. This means that it could cost you 50% more to buy car insurance policies for some electric can than what you’d pay for the auto insurance policies for standard gas cars. This is not the case for all-electric vehicles, but only a few where other factors seep in as well. The type and make of the electric car is a deciding factor in the insurance rates. For example, suppose you are looking at a low-cost electric vehicle such as the Hyundai Kona, which is a sub-compact, affordable electric car. In that case, the yearly insurance rate could range anywhere between $1,200 to $1,400. This price is a ballpark figure. Your driving record, past insurance claims, and other internal factors can increase or decrease insurance rates. But for most people, this is the price range. But Kona is one of the most affordable electric cars in the US. As the price of the car increases or the brand changes, the insurance rates also increase. For example, Nissan Leaf, which is slightly more expensive than Hyundai Kona, can cost you as much as $1,500 for auto insurance policies. The rates rise progressively. Premium Electric CarsPremium electric cars that cost more will require you to spend more on auto insurance policies. The premium electric car range is dominated mainly by three or four brands. Tesla, BMW, Audi, and Porsche are the most prominent players in the premium electric car segment. There’s no doubt that Tesla is the only brand that comes to mind when someone thinks of a premium electric car brand. Unfortunately, insurance for Tesla models is also very expensive. Some Tesla cars are one of the most expensive electric cars to insure. Insurance for Tesla Model 3 will cost you the least, at around $1,800 a year. The Tesla Model S is the most expensive to insure. You might end up paying upwards of $3,000 a year to get an insurance policy for this car. Model X is not far behind, costing you around $2,900 a year. Porsche Taycan, which is considered the supercar of electric cars, is genuinely a supercar in terms of insurance price as well. It can cost you almost $3,600 to insure this fast and sleek electric supercar. The bottom line is that while dozens of factors can affect your car insurance rates, an electric car can cost you $300 – $400 more to insure than a gas car. But why do auto insurance companies charge you more for electric vehicles? Why Does Electric Car Insurance Cost More?Auto insurance companies decide the rates of policies based on many factors. When it comes to the make and model of the car, they have to consider the costs of repairs, spare parts, the risk of a car getting damaged, how easy it is for some parts of the vehicle to get damaged, how likely it is to get stolen, and a lot of other factors. Here are some of the reasons why auto insurers charge more to insure electric cars: Easily TotaledGas cars are made up of hundreds of small parts. Multiple parts can be salvaged or repaired from the piston to the combustion pipe in case the car gets into an accident. But electric cars are usually one giant hunk. The chassis sits on a large battery pack and a motor. So the chances of an electric car getting totaled are much higher than a gas car. ExpensiveWhile the affordability of electric cars is increasing, being the cutting edge of fairly new technology, buying a gas car is still more affordable than an electric one. This price difference is also a significant factor in the increased insurance rates of electric vehicles. State LawsThere are a lot of internal factors that can affect insurance rates. For example, Florida is one of the most expensive states regarding car insurance. In addition, labor costs, land costs, taxes, etc., are important factors in insurance rates. Make sure you search for the best car insurance policies specific to states. For example, if you live in California, look for the cheapest auto insurance quotes in California to get the best rates and great auto insurance coverage. Expensive RepairsElectric cars are expensive, but repairing these cars also costs a fortune. In addition, the high fidelity of their design requires these cars to carry expensive parts, most of which are usually connected to the entire body design. For example, replacing the windshield of a gas car (cheap hatchback) would cost you around $200-$300. Replacing the windshield of a Tesla can cost you up to $1,000. This explains the high auto insurance rates for Tesla cars. Via https://arrestyourdebt.com/electric-vehicle-insurance/ Via https://arrestyourdebt1.weebly.com/blog/how-much-more-do-electric-vehicle-owners-pay-for-insurance
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Grocery delivery service is becoming more popular. Enter your grocery list online, and the grocery delivery service will take care of the rest. Not only is it convenient, but it can also save you money. Why Choose Grocery Delivery?Grocery delivery services gained popularity through the pandemic. Many realized they loved the convenience and have continued using this service despite the fees attached. Grocery Delivery Saves TimeEveryone is busy with homes, jobs, and families. Our time is better spent watching our kids play soccer or working that side hustle. Convenience MattersThere are many reasons why grocery delivery is becoming popular. You don’t have to go to the grocery store and fight through crowds. You can sit back and relax. Are Grocery Delivery Services More Expensive?One common concern about grocery delivery services is that they may be more expensive than traditional grocery stores. However, this is not always the case. With grocery delivery, you don’t have to worry about impulse buying or overspending on items you don’t need. You can order the things you need and stick to them. That can help you stay within your budget and save money in the long run. Grocery delivery services can often be cheaper than in-person grocery shopping. How To Save Money With Grocery Delivery ServicesThe cost of everything is on the rise. Even with a delivery fee, people are opting for grocery delivery. It’s no longer for the wealthy and allows you to become more efficient with your time. Here are ten ways that you can grab cheap food and save money with the best grocery delivery service: When you grocery shop in person, it’s easy to impulse buy items that you don’t need. However, when you take the time to plan out all your meals and snacks for the week (or two weeks), then you know what you need. Impulse shopping can quickly add up and blow your budget. Planning cheap meals based on sale prices will reduce grocery costs. Consider taking stock of your pantry to ensure you haven’t run out of backups and staples. Try to reduce food waste. The more food you eat, the less you have to purchase. Meal planning will help you only order the items you need, saving you money in the long run. 2. Make A List Another way to save money with grocery delivery is to make a list before you start shopping. You can make this list in the grocery store app or on a piece of paper. It’s easier to stick to the items you need. You’re less likely to impulse buy when you know what you need. 3. Use Coupons Many grocery stores offer online coupons. Unfortunately, traditional paper coupons aren’t allowed, but most stores have stepped up their digital coupon game. Remember to check your store’s app for additional discounts when choosing grocery delivery. 4. Avoid Missing Items Missing items are a huge issue with online ordering of any type. If you’re trying to save money by having food delivered weekly, going to the store for missing items defeats the purpose. Allowing for substitutions will help when your objective is to avoid impulse purchases. 5. Refer Family and Friends Instacart allows you to refer family and friends and offer them a $10 credit for their first order. You will then get $10 off your order, too. Walmart has the same, and Fresh Direct will give you $25. 6. Know The Disadvantages There are always disadvantages to having someone else do the shopping for you—the risks of fuzzy blueberries or extra large ketchup bottles. Delivery is for you if you’re not a micro-manager and can get past the inconsistencies. Or, if the risk outweighs the work, online grocery delivery is a great way to go. 7. Stock Up Consider stretching your weekly grocery deliveries to two weeks or even once a month to minimize any delivery fees you might encounter. Stack your pantry with discount items, so staples are at your fingertips. Know when things go on sale and maximize your deliveries. 8. Be Flexible It’s almost inevitable that your store will be out of something you want. To avoid not having bread and having to physically walk into the store after delivery, be flexible with the type of bread you want. Consider making notes on each item, like “any wheat bread is ok.” This way, your shopper has guidelines to follow. 9. Consider A Membership Many stores are now offering a yearly fee for grocery delivery. You get free shipping, a discount on gas, and unlimited free grocery deliveries. Walmart+ provides a free 30-day trial and $98 for the year. Instacart, the largest online grocery service provider, offers a membership for $99 a year, and if you have an Amazon Prime membership, you can get free Whole Foods Market deliveries. Peapod from Stop & Shop and Giant grocery chains offer delivery for less than $7. 10. Look For Free Trials Take advantage of discounts and promotions. Many grocery delivery services offer discounts for first-time users or referrals. You can also often find promo codes that you can use to save even more money. FreshDirect is an online-only grocery store specializing in fresh food from farms, fishers, and artisans. Their selection tends towards more expensive items. However, some staple staples are available at reasonable prices, too! They’ve been a big player for years within the New York City area but recently expanded into new markets, including Washington DC, Philadelphia, New Jersey, and Connecticut. Try Grocery Pickup Instead Of DeliverySkipping the delivery is one way to save a few dollars. An alternative would be free grocery pickup. Most grocery stores, big box stores, and department stores offer curbside delivery. Curbside delivery means you order your needs online and call when you get to the store or use the app to let them know you’ve arrived. The store employee will bring your purchases to your car and load them. This way, you can still decrease your chances of impulse shopping. Easy enough to grab your groceries on the way home from work or while running errands. Final ThoughtsGrocery delivery services are a great way to get the groceries you need without leaving your house. With some planning, you can save money and time by using a grocery delivery service. Following these tips can save money on your monthly grocery bill. Via https://arrestyourdebt.com/save-money-with-a-grocery-delivery-service/ Via https://arrestyourdebt1.weebly.com/blog/10-ways-to-save-money-with-a-grocery-delivery-service It’s that time of year again. As August rolls around, parents, children, and teachers start thinking about school again. With school comes supplies and new clothes for the fall! Here are the five top tips for getting through this school shopping season without breaking the bank. 1. Price CompareIt may seem obvious, but some folks need reminding. Once you get your list, look online and compare prices for the items you need based on the available stores. You can compare online and storefront options to see who has the lowest prices on the things you need. Inflation has caused many families to reduce or stop spending because costs are so high. To combat this, many big box stores have started slashing prices to help consumers spend on the items they need. Look carefully at prices and start from there when shopping. 2. Coupon AppsCouponing is a great way to save on school shopping, but who has time to cut coupons? Thankfully, there are helpful coupon apps that find online coupon codes for you! The easiest way to use apps such as Honey is to download the extension on your web browser. As you shop, the app will keep you updated on price comparisons. When you get to the cart, it will offer to run any coupon codes it finds online for the items you are purchasing. There is also Rakuten which will give you cash back for your purchases. This way, you not only save by getting less expensive items at the least expensive spots, you also get cashback in various places. 3. Shop the SalesWe all get bombarded with promo emails from our favorite stores. Instead of deleting them and being annoyed that they are filling your mailbox, it’s time to dive deeply and find the best deals! You can often find online/in-store coupons to reduce the price. If there are no coupons, you can look at the sales to see what they offer before you buy online or go to the stores. Outlets are a great place to find sales also. You can get quality when shopping deals at the outlets because the prices are already reduced in many cases. Kids grow so fast that it can be hard to keep up with the clothing they need throughout the year. Making sure you shop the best sales will help you save on necessary purchases and help your bottom line. You can also utilize well-known events such as Amazon’s Prime Day sales. Knowing what you need, you can search to see if prices are lower for the items you need during that sale. As a Prime member, you also get free shipping all year-round, which is a great way to save money when shopping online. Prime members also get better deals on Prime Day, and they just announced another event coming soon, so look out for it. There is a fee for the membership, but you get your money back in free shipping pretty quickly if you utilize the membership. You have the opportunity to try a variety of stores and sales for well-known sales weekends such as Labor Day. Finding deals before school starts will allow you to go into the new season feeling confident you didn’t overspend, and that your children have everything they need for the upcoming school year. 4. Try Your Local Dollar StoreSurprisingly, there are a variety of great deals for school in the dollar store. Many dollar stores have most if not all of the supplies you will need at a fraction of the price. It’s a quick stop to see what you can get at a discount before you go into the more moderately priced items. Take a look, and you might be pleasantly surprised! Dollar stores are also a great source of supplies for teachers looking to decorate their classrooms on a budget. They stock bulletin board letters, boarders, pointers, and more. It is much less expensive than typical teacher stores, and you can find excellent learning resources. 5. Buy In BulkMost kids are rough on their supplies. (Ever found yourself back in the store one month later because those crayons and scissors you bought them are already broken?) If you catch a sale for back-to-school, it is often a good idea to buy the bulk sales for items such as pencils, notebooks, crayons, markers, and other things that often need to be replaced. Big box bulk stores are also a great place to find clothes for school each season because even if you are not buying the bulk items, they often have great discounts and low prices on clothing for the whole family. There is a membership with these stores, but if utilized correctly, it can be great for the whole family. Save on your clothes, school supplies, groceries, and more. The End GoalIn the end, all we want is to save money. Inflation has made it challenging to stay on budget without having to buy extra things for upcoming events such as the beginning of school. Why not pay the lowest possible price to help keep your budget in check and ensure you get everything you need to set your children up for a successful and stylish new school year? School shopping causes both positive and negative feelings for many families because school shopping can be exciting but also stressful because of the costs. Inflation has made this even more stressful for many because their list was expensive before but now may seem unmanageable. Thankfully that does not have to be the case if you have a plan to get what you need at the lowest cost possible. Utilizing these tips before you head to the store or sit down at your computer to shop will make this your most successful school shopping season because you will have everything you need and will not destroy your budget. Via https://arrestyourdebt.com/school-shopping-on-a-budget/ Via https://arrestyourdebt1.weebly.com/blog/top-5-tips-for-school-shopping-on-a-budget You’re not alone if you’re confused by real estate jargon. Technical terms like earnest money, option fee, down payment, escrow, and closing may feel intimidating to the first-time home buyer. Learning these terms helps avoid misunderstandings during the home purchase agreement. What follows here is everything you need to know about earnest money and an earnest money deposit. What is Earnest Money?Earnest money is used while buying and selling a house. It is the sum of money the buyer deposits to get into a purchase agreement with the seller. It is also called a “good faith deposit.” Home purchase starts with an offer, usually arranged through the buyer and seller’s real estate brokers. Once the seller is comfortable with the offer, the two parties go into a purchase contract. The buyer submits a sum of money – the earnest money – as part of the signing deposit. Amounts can vary, but they are typically around 1% to 2% of the total value of the property. After the two parties enter the contract, the seller takes the property off the market for any new offer. House closing takes time through inspection, appraisal, and funding. Therefore, the earnest money is compensation for the risk if the deal falls through. What Role Does Earnest Money Play?Earnest money essentially works as an assurance to the seller for his consideration of the buyer’s offer. It demonstrates the buyer is serious about following through with the deal and shows they are a strong candidate for buying the home. The earnest money is usually not mandatory, but it plays a vital role in the sellers’ market. It is due within three days after the effective date of the purchase agreement. If you are buying a home and have a real estate agent, they’ll guide you through the process and help deliver your check. A third-party agent, either a title company or an escrow account, will hold the earnest money until closing. It ensures that the party entitled to the cash gets it quickly if and when the deal falls apart. Is Earnest Money Required?Technically, you can get into the purchase contract without issuing earnest money. Also, it is not a requirement to get into a purchase agreement to buy a house. However, you’ll be in default if you don’t deposit the earnest money within the time frame specified in the contract. In such cases, the seller can terminate the agreement. How Much Earnest Money Should You Put Down?There is no set rule for the earnest money amount. The amount is highly negotiable, and often depends on whether it is a buyer’s market or a seller’s market at the time. Typically, it’s about 1% to 3% of the sale price. It is in a seller’s best interest to sell their property as soon as possible and get money. As a buyer, the one way to show that the deal will not fall through due to funding issues is through the speedy delivery of earnest money. The amount also indicates if the potential buyer has liquid funds to make a purchase. Does Earnest Money Go Towards Down Payment?The earnest money goes to the down payment and closing cost when the deal goes through. The money stays at escrow or title company until the closing date. Therefore, you can assume it is part of the down payment. Who Gets Earnest Money If the Deal Falls Through?If the contract falls through, it is not always clear who will receive the earnest money. It depends on who caused the deal to falter. If the cash is released before closing, or if either side does not follow the contract, things can get tricky. That’s why a third party holds the money through that stage. If the home appraisal comes back low, the financing agency or lender (banks or financial institutions) will only fund up to the appraised value (minus down payment). The seller will have to arrange for additional cash, or else they can’t close the house. In this case, the buyer is not at fault; therefore, the buyer claims the earnest money. In another situation where the buyer backs out of the contract for no reason, they will be in default. The seller can terminate the agreement and receive the earnest money as liquidated damages. Similarly, the buyer gets the earnest money if the seller backs out of the deal. Earnest money is refundable if the buyer follows the contract, and it is not their fault that the deal falls through. The agreement has many stages where the buyer gets their money back without disputing the contract. Can Seller Refuse the Release of Earnest Money?The seller can refuse to release the earnest money if there is a dispute on who is at fault for the deal’s fallout. Since a third party holds the money, buyers do not have access to it. The title company will not release earnest money until the two parties come to a common conclusion in writing and terminate the contract. How to Pay Earnest Money?Earnest money can be paid via various channels, such as personal checks, bank checks, cashier’s checks, or wire transfers. Since a timely transfer is ideal, most people prefer to drop off the check or go for a wire transfer for speedy delivery. If you can’t pay by check, a money order is acceptable. Cash is not acceptable as payment for earnest money. Both parties want to have a paper trail to keep track of the earnest money payment. Lenders often verify that the amount is coming out of your bank account. The lender can disallow unverifiable deposits from being included in closing costs. Credit cards are also not an acceptable payment method for earnest money. Earnest money and down payment can’t be borrowed funds because they are unsecured debt. How to Write a Check for Earnest Money?Writing a check for earnest money is no different than for any other purpose. However, there are a few things you’d want to keep in mind. The check goes to the closing agent, which, in most cases, is a title company. Therefore, the title company’s name should be in the blank section for “Pay to the Order of _____ .” It is beneficial to add the description under the memo as “earnest money for [address of the property].” The buyer will get an earnest money receipt after the title company receives the payment. Earnest Money Deposit Vs. Down PaymentThe earnest money acts more like a buyer’s commitment toward the home purchase, and the title company holds the fund. In contrast, a down payment is a set amount promised to the mortgage lender for securing the financing. You don’t need to issue the down payment until the closing day. The earnest money must be given within the set date in the contract after it is signed and before closing. Option Money Vs. Earnest MoneyAlthough it’s not a legally binding requirement, the option fee is an amount the buyer pays to get an option period (mostly ten days) for the house inspection. He can walk out of the deal should the home inspection determine significant repairs or improvements required. The option amount is relatively small, ranging from $200 to $500. It is usually non-refundable but must be included in the contract if it goes towards the closing. Unlike option money or fees, earnest money does not give you any time frame to walk out of the deal. Option money protects the buyer from getting too tied up in the homeownership decision process, while earnest money protects the seller if the buyer walks away simply because he changed his mind. In SummaryEarnest money is one of the essential aspects of the home purchase process. The money ties the buyer’s seriousness to the seller’s assurance. As a buyer, you can get an earnest money refund if issues are found during the inspection, low appraisal, or home financing. You can claim this money as a home seller if the buyer is at fault. Via https://arrestyourdebt.com/earnest-money/ Via https://arrestyourdebt1.weebly.com/blog/everything-you-need-to-learn-about-earnest-money Do you ever feel stuck in a rut, working the same job every day for what seems like pennies? You’re not alone. Millions of people are struggling to make ends meet, but you don’t have to be one of them. Financial freedom is possible, but you’ll need to achieve it step by step. The good news is that everyone can follow these steps. Although each person starts out at a different point, everyone can make progress toward becoming financially free. With a little effort and discipline, you can create a brighter financial future for yourself and your loved ones. So what are you waiting for? Let’s get started. Steps To Achieve Financial FreedomWhat Is Financial Freedom?Financial freedom means having control over your finances, so you do not have to worry about money anymore. As you are able to cover your monthly expenses, you’ll no longer stress over how to pay your bills or if you can afford to retire. It also means you have enough money saved to live comfortably without having to work. Put another way, it’s the peace of mind that comes with knowing that you’re in control of your financial future and can do whatever you want with your money. You might also hear financial freedom called financial independence or the FIRE (Financial Independence Retire Early) movement. Now that you know what financial freedom means, here are the steps to getting there. #1. Evaluate Your GoalsIt’s essential to set goals. Do you want to be your own boss? Enjoy an early retirement? Figuring out what you want for your financial situation will give you the focus and drive you need to reach financial freedom. Everyone should manage their personal finance goals, not just aspiring millionaires. All the money you earn from striving toward financial freedom will one day go towards living a much more prosperous life. So sit down and write down your goals. Then create a plan to reach them. Be sure to re-evaluate your goals every few years as plans and life can change. #2. Track Your SpendingConsider your annual income, living expenses, and your current financial cushion in your emergency savings. Examine how much net money you can save and how many “want” purchases (as opposed to “need”) you make each month. Evaluate how much income you have that doesn’t go towards paying off debt and how much you spend across various categories. To get further down the road to financial freedom, you must track your monthly earnings and expenditure. Do you spend frivolously? Are you building tangible wealth? When you total up how much of your income you choose to spend and how much you save, the biggest surprise may be that you have much less money in savings than you realized. Suppose you want to have enough money in your bank account to achieve financial freedom. In that case, you’ll need to keep tabs on how much of your money is going out the door monthly in monthly expenses. #3. Make a BudgetA budget is a crucial tool that will help you achieve financial freedom in the long run. Many wealthy people have built sustainable, financially independent lives by putting away enough money each month into savings. Building a budget isn’t complicated either. The hard part is finding the right budgeting method for you. You could use a zero-based budgeting system or the 50/30/20 rule depending on your goals, needs, and income. There are multiple benefits to designing a budget that works right for you. Not only will you be smarter with your spending, you will also be able to dig yourself out of debt and save more money in the long run. In your budget, you should set aside money each month for an emergency fund. Life throws us surprises sometimes. Being ready for them will help you stay steady in achieving financial freedom. #4. Live Below Your MeansLiving below your means can be challenging. But if you want financial freedom, evaluating your spending and cutting out unnecessary expenses is essential. The main reason for this is lifestyle creep. As we earn more, we naturally spend more money. We also tend to ignore small price increases that, over time, have a significant impact on our finances. According to Lori Bodenhamer, a financial advisor at AbundoWealth, “Being mindful of your spending helps bring awareness to your values and what matters to you most. But at the extreme, it’s possible to make saving money too much of a priority and lose sight of what makes a good life. The goal is to find that balance.” Take the effort to review your spending and find areas where you can cut back and still enjoy living for today. #5. Pay off Credit Card DebtDebt is one of the biggest roadblocks to financial freedom. Believe it or not, becoming debt-free does not simply mean getting more money. The “debt snowball method” is one popular method where you lay out all your cards and loans ranging from the smallest to the biggest debt. Pay off the smallest debt first to build momentum so that you can put more money into the larger debts. Not only do you get the satisfaction of paying off a debt, but you also have more money to pay off your larger outstanding debts. The “debt avalanche method” also effectively helps you to pay off debt. First, pay off your highest interest rate debts and work down the list to your lowest interest rate debts. By applying more money to the debt with the highest interest, you can ensure that your money is paying off the debt, not the interest buildup on the debt. Student loan debt typically has a low-interest rate. However, you should still ensure you meet at least the minimum monthly payment. The road to financial freedom can be challenging, especially if you have tens of thousands of dollars in debt. However, paying off your credit cards and loans is crucial to reaching financial independence. #6. Pay Yourself FirstYou’re probably familiar with the idea of paying yourself first, but to many people, it may seem counterintuitive. After all, why would you pay yourself when there are still outstanding bills to pay? Well, because it forces you to save money to protect you from unplanned expenses. Suppose you don’t put any money aside and your HVAC (heating, ventilation, and air conditioning) unit breaks. You are going into debt without any savings to purchase a new one. Now suppose you put something aside from every paycheck. When a surprise bill comes up, you have the cash to pay for it and don’t go farther away from your goals. Saving first also goes a long way towards building your nest egg so you can be financially free. It essentially guarantees that you always have money in savings for your future goals. Finally, don’t get caught up on the amount you can save. The important thing is that you are making saving money a habit, according to Nick Covyeau, Certified Financial Planner and Founder of Swell Financial. “Even if it’s just a little in the beginning, what’s happening when you make this shift, is all behavioral finance related. You’re conditioning yourself to begin saving and prioritizing your finances. It’s why 401k plans upon starting a new job enroll you automatically rather than having you choose to. If they left it up to you to enroll, most people would never get around to it. Then over time, you gradually give yourself a “raise” and pay yourself more.” #7. Start InvestingMany people who achieve financial freedom start by building wealth through investing at a young age. There’s a lot of negativity directed toward the stock market, but there are many ways to build enough wealth to live a rich life when you retire. Compound interest is the key to building wealth. Don’t stock pick. Set up an online account and put money into a balanced fund. Your money is likely to double over ten years. It’s the accepted wisdom of those who’ve earned their wealth over the years. High yield bonds and index funds compounded over decades can help you build enough wealth to be financially free. #8. Take Care of Your AssetsYour assets are critical to maintaining your wealth and preparing for your future. Your home, for example, should stay well maintained and in good condition. Not only will this save you loads of money in repairs and maintenance, but you’ll be able to build up your retirement savings and protect yourself from unexpected bills. Your health is another often forgotten asset you should maintain. Poor diet and lifestyle choices can signal expensive medical bills years or even decades down the line. These are manageable habits you can start implementing today to live life to the fullest and save money in the long run. Jay Rishel, CFP®️ of Overman Capital Management, puts it this way. “I highly encourage individuals seeking financial freedom to focus time and energy on improving their nutrition, exercise, sleep, and stress reduction activities. Healthcare is one of our most significant expenses in retirement, if not the most. A healthier lifestyle can lead to fewer healthcare costs in the future, and you’re also likely to feel mentally and physically better as you age.” #9. Automate Your SavingsAutomating your savings can help you fill significant gaps between how much you make and how much you spend. Put money in your savings account regularly, particularly your emergency fund, which you can use for sudden major expenses. Ensure you’re utilizing matching contributions in your employer’s retirement plan to prepare for your future. If you struggle with overspending, setting up your emergency and retirement planning funds to come straight out of your paycheck is best. That way, you’re not tempted to take out unnecessary spending. The amount you can and should put into your emergency fund varies. It’s essential to pay off your debts and monthly expenses. If you refer to your monthly spending chart, you’ll probably be able to find one area where you can cut back. #10. Start a Side HustleSide gigs are a great way to supplement your income regardless of living paycheck to paycheck. If you enjoy social media, consider starting a blog, podcast, or YouTube channel. You can deliver food, dog sit, rent home space, tutor online, or participate in various research studies. The resources available to you to make money are astounding. Moreover, you can access countless resources to help you find and keep a good side gig. Most jobs have flexible hours, decent pay, and the possibility of turning your side gig into a full-time business. Why spend precious years working a 9-5 when you could potentially have a flexible, fully paid side hustle that turns into a larger income? On its own, a side hustle can majorly impact your finances. If you are getting by financially, adding the income from a side hustle can help you eliminate debt more quickly or boost your savings. And if you are struggling to get by, having a side income can be the difference between staying stuck in your current life and experiencing a better one. #11. Calculate Your Net WorthKnowing your net worth is an excellent measure of your progress during this long journey. As an added benefit, it is easy to calculate. Total up the things you own, your assets, and subtract your liabilities, the money you owe others. The ending number is your net worth, and the higher it is, the better. Calculate this number today, and then update it at least annually to make sure you are moving forward. However, a lousy year for the stock market can be misleading, making it appear like you aren’t making any progress. But the reality is that you are making great strides. So be sure to keep this in mind the next time you calculate your net worth. #12. Test Out Your PlanAny plan can look great on paper. You only notice its flaws when you take action on that plan. Give it a try. See if you can take a sabbatical from work. Doing this will help you to see if you enjoy not working. It may give you better insight into what you want to do. Another benefit is that you will feel what it is like to have little to no income and how that impacts your spending. When you return to work, you can apply these lessons to your plan and make the necessary adjustments. Final ThoughtsFinancial freedom can feel so far away, especially if you’re bogged down with a lot of debt and don’t feel like you’re earning enough to be stable. However, financial freedom comes one step at a time. Start evaluating your future life. Do you want to clear all of your debts? Build your own business? Retire comfortably? Whatever your goal, financial freedom is achievable with discipline and hard work. Evaluate your spending, pay yourself first, and put away money each month into savings and your emergency fund. Invest your money wisely, relying on the principle of compound interest to prepare for your future so that you can retire with enough money. Take care of your assets and your health to save money on future bills and maintenance expenses, which can impair your journey to financial freedom. Set up a side gig to help you cover regular expenses and potentially earn additional income for savings. Lastly, test out your plan to make sure the life you envision is a life you will enjoy living. Via https://arrestyourdebt.com/steps-for-financial-freedom/ Via https://arrestyourdebt1.weebly.com/blog/12-easy-to-follow-steps-for-financial-freedom Deciding on what is a good salary is relative to where you live, your age, and the size of your family, among other factors. For example, people living in expensive cities like San Francisco or New York might consider a good salary in the rural parts too small to cater to their needs in the city. In addition, a person with a small family and one with a larger family may have different views of a reasonable annual salary. Annual earnings of $50,000 is suitable for most parts of the country except in the most significant urban areas such as San Diego, New York, and Los Angeles, where you need an annual income range of about $100,000 or over to live comfortably, own a house, a car, and also support your family. There are so many factors that determine what a good American income level is. This is because what is good for me is not what is good for you. The size of your family, age, professional experience, and location are just a few things that determine a good average wage. In this article, I will discuss everything you need to know about what a reasonable salary looks like for income earners in different sects, including for single people and different families, among other things. Factors That Can Determine A Good SalaryAs I mentioned, determining a good median wage depends on many factors. For example, people with different skills, qualifications, college majors, experience levels, lifestyles, and family sizes consider a different view of a good salary. For instance, if you have worked as an auditor for more than ten years and have furthered your studies within that period, you may view a good salary differently from an auditor in an entry-level position. Therefore, some of the factors that determine an excellent wage include the following: Geographic LocationThere is a reason why salaries vary by geographical location. Depending on their location, people in the same profession, career, and experience level may get different salaries. But, of course, no one fixed salary cuts across the other locations since the cost of living varies from one place or city to another. For instance, the average annual income of an accountant in the United States is $58,768, according to salary statistics. That means some states or cities pay more than others. For example, the average income in New York is $63,058 per year, while in North Carolina, the average income is $54,298, according to the same statistics. It is also important to note; that the cost of living in different states varies. Some states have the cheapest foods, housing, and Health care costs, while others are expensive. For instance, New Hampshire is a state with some of the lowest food costs, while Hawaii is a state with some of the highest food costs. As a result, the people in these two states have different views of a reasonable salary. Also, employers pay their employees differently based on the cost of living. Salary calculators such as the PayScale Cost of Living tool allow you to determine how location can influence hourly wages and salary for full-time workers. EducationEducation is another factor that determines what a good salary looks like. If you have a high school diploma, you cannot compare yourself with someone with an associate degree, bachelor’s, or advanced degree, such as a master’s degree. Therefore, your good salary differs from someone with professional degrees or the highest level of education. According to the Bureau of Labor Statistics, Individual incomes or salaries vary based on the level of education. Therefore, those with minor educational qualifications earn less than those with higher levels. For instance, those with less than a high school diploma earn less than those with a high school diploma. In addition, those with a high school diploma earn less than college graduates with associate degrees, bachelor’s degrees, master’s degrees, and doctoral degrees, respectively. That means the higher you climb up the educational ladder, the more you are likely to earn, and the less you will be unemployed. Experience LevelWith more experience, you can earn more. But, of course, you cannot compare someone with an experience of 10 years and an experience of 2 years in terms of their income brackets if they are in the same industry and occupation. It is also important to note that people in different fields but with the same experience may earn differently. In addition, people working for other employers may earn different median salaries yet have the same years of experience. Therefore, if you work for the same employer and in the same occupation as someone else, your median income may be different if you have different experience levels. For instance, you cannot compare someone who has worked for over ten years in chemical engineering and a junior chemical engineer with less than five years of experience working for the same employer in terms of their monthly or weekly earnings. IndustryDifferent industries have salary differences or median earnings. For example, some jobs with rare skillful persons may pay higher than those in flooded areas where the skills are readily available. In addition, the employer is also the determiner of the salaries and hence can vary from employer to employer. When you compare well-established companies to startups, you will find a tremendous difference in wages and salaries for the employees. Startups usually pay less compared to well-established firms. In addition, non-profit organizations generally pay less than for-profit companies or organizations. As I have mentioned, industries with less labor supply often pay higher than jobs with more labor supply. That is why you will find a significant variation from one sector to another. For instance, in the United States, the Bureau of Labor Statistics shows the most well-paying industries are legal, real estate, information technology, health care and medical preparatory programs, engineering occupations, electrical engineering and architecture, and business and financial operations. These industries usually pay a yearly salary of up to $100,000 or even more. On the other hand, some of the least paying industries include cleaning and maintenance operations, personal care, healthcare support, and food and preparations. These industries usually pay less than an average base salary of $50,000 annually. Success And PerformanceThis is one of the factors that I cannot underestimate since most companies reward those who perform extra-ordinarily or achieve the company’s targets. Therefore, if you have always registered great successes and exemplary performance in your field, you can negotiate a better salary and stand a chance for a promotion. Another thing when it comes to success and performance is that most companies are always headhunting for the best employees, and they do that based on the performance and successes of the employees. That means if you have constantly and consistently posted an excellent performance in your role, you stand a chance to work for blue chip companies that pay a good monthly wage and other rewards. As I mentioned, success and performance can also give you a promotion; therefore, your annual income improves when you are in the hierarchy. What’s The Average Salary For A Single Person?The average earnings for a single person is $35,000 per year. This salary is enough to cover basic needs, including food and housing and other expenses such as healthcare and personal expenses. However, as I mentioned earlier, a good salary for a single person differs from a good salary for a married individual. This is because a married person has many more needs to cater to than a single person. Of course, it would be essential to note that the average salaries that suit a single person can vary from state to state. This is because not all states or cities have the exact cost of living. For instance, you may need to make more money in California, Colorado, New York, Delaware, and Connecticut than in other cities or states with cheap services or food. In Hawaii, for instance, a single person would need a total income of $40,412 per year after tax due to the high cost of food per month and housing. In this case, the estimated prices for accommodation and food are $16,337 per year, respectively. What Is A Good Salary For A Single Person?An average annual wage of $51,480 is a comfortable wage for a single person. This, however, depends on location since some locations have a high cost of living, and you may need more than the mentioned income to live comfortably. As a single person, your salary should be enough to cater to all your needs and wants. Also, with some left for your savings. A 2022 study by Smart Asset reveals that some locations may need more earnings than others for you to cover all your needs and wants and to have something left to save. For instance, in San Francisco – Oakland, you will need an income of about $74,282 annually salary after tax to cater to all your needs. In contrast, in St. Louis, MO-IL, you will need an income range of about $46,864 annually to cater to all your needs, with something left for you to put into your savings. The difference is due to the difference in the cost of living. What Is A Good Salary To Live On?Across the United States, you will need a median household income of about $57,013 per year to live comfortably in most metropolitan cities, according to Smart Asset and other statistics. This is a good salary that will help you live comfortably. According to Business Insider, some outlier cities and states require more yearly income to make a good living. This includes states like New York, where you need a comfortable wage of about $95,724 per year to live comfortably. However, the same article shows that you need an average salary of $67,690 per year to live comfortably across all the states. Therefore, a good salary to live on depends on the location. This is because different states and cities in the United States have different living costs. This includes the cost of food and housing. A good salary should, therefore, be enough to cater to the cost of food and housing and be left with something left over for emergency funds and your savings. What Is Middle-Class Income In The US?Middle-class income in the US is well-stated by Pew Research, and it indicates that “middle-class income refers to those whose household income per year is 2/3rd – double the national median.” Therefore, if you are figuring out the income class you belong to, then Pew Research findings can shed some light. To be more specific on the numbers, Pew Research further classified people in the middle class as those that earn between $43,350 and $130,000 annually. The same study reveals the middle-class average family income for a family of three to be between $52,200 and $156,600 per year, and those earning above that were categorized in the upper-income category. What Is Considered Middle-Class In The US?Cambridge dictionary defines the middle class as people who are neither very rich nor poor. As the name suggests, they are in the middle class and include lawyers, doctors, and teachers, among other professionals. As I have indicated above, middle-class people earn a median household income between $43,350 and $130,000 per year. Of course, it is not easy for anyone to place themselves in the class income stratification. Most of the working class in the United States will think they are in the middle class while they could be in the low-income category. Research shows that about 72% of the Americans among those sampled and interviewed revealed that they were in the middle-class income category. However, the same research shows that people don’t merely use their income to classify themselves. Still, they also rely on other factors such as their education level, family history, and location. What Is A Good Salary Increase Per Year?A good earnings increase is between 4% and 7% per year. Anything above an 8% increase in salary per year is a big raise. However, most companies offer increases in earnings to their employees annually at a rate of 3 % – 5%. With that average salary increase, you may not feel the impact of the increases in earnings due to inflation. It is also important to note that about 92% of the employees would expect a salary raise of more than 6% per year, as the study reveals. Other studies show that 40% of the employees expect a 6% or more increase in salary, 31% expect an increase of 8%, and 21% of the employees expect an increase of over 10% per year. This shows that the employees’ expectations are different, which are dictated by factors such as the cost of living and the consumer price index, among other factors. It is also important to note that employers base the annual salary increase on factors like:
Frequently Asked Questions:There are many questions surrounding what makes a good salary in the United States. Here it is important to note that what was a good salary in 2020 does not necessarily mean it is a good salary in 2022 in the years to come. A good salary depends on many factors that I have discussed above. Also, a good wage for a single or less experienced person may not be suitable for a person with a family and a more experienced person. Some of the other frequently asked questions, therefore, include the following: What Is Considered A High Salary?The American economic class is divided into three: the low income, the middle income, and the upper income. A high salary is above the average of the national income. According to our research, a high salary is above $80,000 per year but can differ with various high-paying careers and locations. According to Money News of the United States, the upper-middle-class United States median earnings are between $106,827 and $373,894 annually. This is a high salary since it is way above the national income thresholds average. A high salary is, however, relative to many factors, including family size, geographical location, and experience level. Is $70,000 A Good Salary For A Single Person?A salary of $70,000 is a comfortable salary for a single person and an individual with a family. It is way more than the national household income average. As I noted before, according to Pew Research, the national average salary per year is $53,490. Therefore, earning a salary of $70,000 as a single person is enough to cater to all your needs, including basic needs, wants, and also be left with something reasonable for your savings. On class stratification, a salary of $70,000 puts you in the middle-class income category. In addition to that, $70,000 can give you a decent and comfortable living in any state or city. Can You Live Comfortably On $60,000 A Year?A salary of $60,000 per year is good enough to give you a decent and comfortable lifestyle in most parts of the world. In the United States, that is enough to cater to your needs and wants and to give you a comfortable living. However, this depends on the size of your family and the location where you live. According to CNBC, some cities where you can live comfortably with a salary of $60,000 per year include Atlanta, Columbus, Oklahoma, Houston, Louisville, Buffalo, NY, Kansas, Birmingham, Indianapolis, and Cleveland, among others. That means an income of $60,000 per year is a good one to live in, in most cities of the United States. For a single person, this salary is more to give you a decent living in any part of the world than for an individual with a large family. For instance, if you live in New York or prime cities with a high cost of living, this salary may not give you a decent and comfortable lifestyle, especially if you have a family to take care of or have long-term financial plans. What Is A Good Starting Salary For Your First Job?A good average starting salary for an entry-level position is $40,153 per year. This is according to Indeed job statistics for entry-level positions. However, as I mentioned before, what is a good salary for me may not necessarily be good for you. This is because different people working in various industries may not start with the same pay. In addition, a good salary depends on many factors, such as your job title and your level of education, among others. For example, you may not start on the same bar as a degree holder if you have a high school diploma. Also, the entry-level salary depends on the location since not all states, even for the same occupation, have the same or fixed salary for entry-level employees. What Is A Good Income For A Family Of 4?If you are a family of 4, you definitely need a good income to live comfortably in any state or city in the United States. However, it is important to note that some cities or states are more expensive than others. For instance, a good salary for a family of 4 living in Texas should be $61,501 annually before taxes. This may be a bit higher in California, where you need an income of about $81,056 annually to cover the high cost of housing and food. This is according to CNBC statistics for different states. The cheapest states to live in are Mississippi, Tennessee, and South Carolina, where you will need about $54,933, $58,199, and $59,902 per year, respectively. These cities, among a few others that I have not mentioned, have slightly lower food and housing costs, making living comfortably as a large family on the wages that I have mentioned. Therefore, a good salary for a family of 4 can range from over $55,000 to over $80,000 annually, depending on your location. Final ThoughtsAs I wrap up, you must understand that no fixed salary is universally good. This is because what is good for you may not be suitable for me due to several factors. As I mentioned, a good salary depends on many factors, such as years of experience, career path, education level, location, and family size. Therefore, a good salary depends on my mentioned factors, and most importantly, your location. This is because different areas come with different costs of food and housing. Therefore, if your location has cheap housing and food, you need a lower income to make a comfortable living than someone living in a city where food and prices for housing are expensive. Via https://arrestyourdebt.com/what-is-a-good-salary/ Via https://arrestyourdebt1.weebly.com/blog/what-is-a-good-salary-answered Remember when everyone thought 2022 would be the best year yet? Hardly anyone thought the economy might fall apart. However, here we are and inflation has sent prices soaring for everything, including gas. According to AAA, the national average price for gas in August 2022 was around $4.16. Although price spikes have settled somewhat, we aren’t out of the woods yet. Many are still watching prices at the pump nervously, unsure what might happen next. To get through this unstable period, utilize some of the best tips and tricks to save on gas so you have money for your bills and groceries. Here’s What You Can Do to Save Money on GasUse Gas Rewards Credit CardWhen you get a gas rewards credit card, you can earn points and cashback when you make gas purchases. You have the Chase Freedom card, which can earn 5% cashback. The American Express Blue Cash Preferred card offers unlimited 3% cashback. Credit cards like Capital One QuickSilver, Wells Fargo Active Cash Card, and others have special programs. Check the fine print and do the math on each one. Use Apps to Find Cheap GasFree apps like GasBuddy, Upside, Drivvo, or similar fuel-centric apps can help you find cheap gas. While saving money on gas is difficult, you can start saving using gas apps. People need gas because it’s part of their expenses, so it’s best to try these apps and see how much you can save in a month. Aimlessly driving around town hoping to stumble upon the cheapest gas price is not the way to do it. (You’ll only waste more gas!) It’s better to use apps. Cheap gas can save you a lot over the year. Check Your Tire PressureDid you know you can boost gas mileage by checking your tire pressure? According to the US Department of Energy, you can increase gas mileage by 3%. If you keep your tire pressure in check, you can save a few cents weekly. However, most car owners only check their tire pressure when their indicator light turns on. If you check your tire pressure every two to four weeks, you don’t have to worry about any problems like safety and tire deflation. CarpoolWhether you are a college student or working at an office, the best way to save money on gas is to carpool with someone. You can drive for one week, and your friend or colleague can drive the week after. Or you can split the money, helping you save money for other essentials. When you carpool with someone else, the best part is you save the environment. Consider other TransportationsYou can certainly get around town by walking, biking, using the subways, or buses. These options might be cheaper than driving your car. If it’s somewhere close by, you can get your steps in by biking or walking. However, if your destination is a bit far out and there is heavy traffic, you can use public transportation. No one likes to sit in traffic and let their engine run for an hour or more. Pump Gas on the Cheapest DayOnly pump gas on cheap days. A study on the traveling and navigation app Gas Buddy has shown that Monday is the best day to get cheap gas. Remember to go in on Monday when you are running low on gas since gas prices will be lower. Avoid the most expensive days: Thursday followed by Wednesday. Plan your RoutesIf you run errands all day, plan your route so you don’t go around in circles. If the grocery store is near your workplace, you can go there after work if you need anything from the store. You can do all your errands in one day instead of on different days. If you do all errands in one day, you can cut a few miles weekly, saving you from filling up twice a week or more. Know when to Use Cruise ControlWhen you maintain a steady speed, this helps you conserve fuel, especially on the highways. Cruise control can save you an average of 7-14% on gas. When you accelerate or decelerate by putting your foot on the pedal, this can use up more gas. However, you maintain the same speed when you use cruise control, so you aren’t wasting gas. Note: only use cruise control on flat roads (like highways), not on mountainous terrain – it uses up more gas on steep inclines. Don’t IdleDon’t leave your car running for a long time. If you leave it running, you can drain a quarter galloon to half-galloon of gas per hour. If you are in a long line or waiting for someone, you should cut the engine or find an alternative way to wait. Depending on your vehicle engine size and air conditioner, it can cost you a lot of money on gas. Bottom LineGas prices have gone down a bit, but you never know when they will increase again in the future. By implementing some of these gas-saving strategies above, you’ll be able to save extra bucks every month. Remember, it’s not just about finding the cheapest gas price in town; your driving habits and how well you take care of your car matter too. Via https://arrestyourdebt.com/best-gas-price-hacks-to-save-money/ Via https://arrestyourdebt1.weebly.com/blog/best-gas-price-hacks-to-save-money More people are becoming interested in buying bitcoins as their price increases with the aim of getting additional income. There are numerous ways to buy bitcoins online, the most popular being peer-to-peer. However, with the advancement of bitcoin since its birth, most people ask if there are ways you can actually earn bitcoins online for FREE. Yes, that’s possible! However, one should not be fooled by bitcoin as a new currency and start thinking that one can earn a few bucks quickly and get rich just like that. Remember, there are no free meals. You will need to put in the effort and the time and accept the risk that comes with any method outlined here, just like earning fiat currency from any method you know of. Before we discuss the time-consuming ways to earn bitcoin for FREE, let us talk about how you can earn bitcoin fast. Where To Get BitcoinsHow To Get Bitcoin FastNowadays, buying Bitcoins online or offline is quick and straightforward. You merely need to select the best purchase strategy for you. Payment ServicesUsers may now purchase, trade, and hold cryptocurrencies thanks to new functionality added to the web platforms of payment firms like CashApp, Venmo, and Paypal. For instance, CashApp has a whole tab that is only for Bitcoin. Additionally, the website provides Bitcoin Boost, which lets users earn Bitcoin when using their CashApp card to make transactions. Like cashback, but with cryptocurrency. Therefore, there are several ways to purchase Bitcoin on these platforms. Cryptocurrency ExchangesMarkets for trading cryptocurrencies for fiat money (i.e., government-issued money like the dollar) or other digital currencies are known as cryptocurrency exchanges. Most exchanges allow bank transfers, credit card, or PayPal payments. Additionally, they will charge a transaction fee for each deal you make. There are a lot of cryptocurrency exchanges online that you can use to buy bitcoins, the most popular being Coinbase and Binance. Investment Brokerage FirmsA platform where investors may buy and sell equities and cryptocurrencies is an investment brokerage business. Companies like Robinhood are very well-liked because they enable ordinary investors to trade and invest without paying any commissions. Of course, you’ll need a bank account and the funds for your purchases to get started. Trading BitcoinTrading Bitcoin is one of the quickest, simplest, and riskiest methods to earn money with it. Your goal is to purchase Bitcoin at a discount and sell it at a premium. But trading Bitcoin profitably is not a question of chance or speculation. Successful traders invest a lot of time in studying how to trade and how to manage the numerous dangers associated with it. Successful traders are aware that they can lose money in the short term, but because they are looking to the long run, they view it as an investment in their education. Before investing your money into bitcoin trading, you must invest your time and money in a good education. How To Earn Bitcoin For FREE?Instead of buying bitcoin, you can invest your time in some of the listed ways below to earn some bitcoin online. Bitcoin LendingLending out bitcoin is an additional option to earn money with it. For example, a user may get a loan backed by cryptocurrency assets thanks to bitcoin loans. Bitbond, BlockFi, and Nexo are three systems for lending bitcoin. Since cryptocurrency loans sometimes have high-interest rates, they’re an excellent method to use bitcoin to make money online. Bitcoin FaucetsOne of the simplest methods to earn bitcoin online is through faucets. You get rewarded in little quantities of the digital currency using bitcoin faucets. On faucets, you frequently earn bitcoin by doing chores, watching adverts, or solving captchas. Bitcoin faucets can generate revenue through pay-per-click marketing, which they use to fund their tiny payouts. PTC websites include faucets as a subcategory. In addition, PTC websites often need you to click on an advertisement or a website button to earn money from ad sales. Bitcoin Cloud MiningAnother well-liked method of making bitcoin online is cloud mining. To mine bitcoins, you may hire mining equipment from cloud mining service providers for a modest charge instead of doing it yourself. It enables you to mine bitcoin and other cryptocurrencies without having to deal with several technical nuances or shell out money for pricey mining equipment. You must invest in a mining contract to earn bitcoin through cloud mining. Once you do, the contract will mine bitcoin on your behalf and deliver the coins daily or weekly until it expires. Bitcoin Affiliate ProgramsOne of the most underrated methods to profit from Bitcoin is advertising different affiliate programs. Several bitcoin exchanges, goods, and services provide an affiliate program you may join. You then receive your unique affiliate link to advertise that item or service. Ways to Promote Your Affiliate Link:
Bitcoin GamesAre you a gamer? If yes, now imagine yourself earning bitcoin while playing your favorite game! Fascinating, right? You get paid in bitcoin by reaching certain levels in a game. Most bitcoin games are available for download from the Apple Store or Google Play Store and are designed for mobile devices. Write about BitcoinDo you have a knack for words? Now you can earn using your skills with the medium effort put into learning how the crypto world operates. Cryptocurrency is still developing, with a lot of information needed by various investors to learn how this field operates. On the other hand, many websites are being created to get information regarding cryptocurrency to the public. Therefore, you can start by giving your services to these websites if you consider yourself knowledgeable about the niche. There are different risk levels for each method listed above on ways you can earn bitcoin. Evaluate the risk level of each before starting. Some need a lot of time since a fraction of bitcoin is given for completing a task. Via https://arrestyourdebt.com/ways-to-earn-bitcoins/ Via https://arrestyourdebt1.weebly.com/blog/ways-to-earn-bitcoins Considering the changes in the current economy in the last few years, we all have acquired a different perspective of our financial situation. We have become way more aware of the way we spend our money and how we manage it. Nowadays, people are more in tune with their money and think about their financial future. Jobs are not as stable as before; therefore, having a plan for savings and investing might become crucial. People have started looking into these fields to gather information and gain a good amount of knowledge. Preparing and following a plan and a strategy is helpful before actually beginning to act and adequately allocate money, as this Moneyfarm’s guide states. Managing money and investing is not an easy task; that’s why you might seek the help of a professional if you’re not sure how to do it yourself. 1. CryptocurrenciesMany people in the United Kingdom have recently made investments in cryptocurrency. However, this industry is still recent and relatively unstable, and considering that new regulations are being made and updated all the time, it is impossible to conduct a proper examination. Therefore, the road ahead is not straightforward, particularly for investors who are not particularly experienced and do not know much about this field. The same applies to people unwilling to face risks and a volatile market. Therefore, if you are interested in this field, research and have a good understanding before allocating your money. 2. ISAsIf you’ve begun reading about investing, you might already know this abbreviation: ISA stands for Individual Savings Account. If you open an ISA, you can allocate up to £20,000 in the current tax year 2022-2023 in the United Kingdom. Of course, you can choose whatever sum of your money in an ISA, even starting small. New investors mainly pick this option. To be eligible to open an ISA, you should be a UK citizen, be at least 18 years old, and have a National Insurance number. ISA is gaining popularity among investors since they are not subjected to income or capital gains tax. 3. Equity FundsBritish people also consider equity funds for their investments. In most situations, these assets get funds from financial institutions and carry out a range of assets on behalf of the investors. The most popular equities are the shares of publicly traded firms. Typically, they are mostly made up of stocks, currencies, investment funds, and for a smaller part, bonds and sometimes other assets. However, when you contribute to an equity fund, you do not have any returns guaranteed. Therefore, there is no assurance that the money you invested will be repaid. As a result, their risk is higher than the fixed-income funds, even though they frequently have more potential for more attractive returns. 4. REITsMost of the time, individuals who are interested in investing in real estate do not have the resources to do it. Purchasing a property is expensive, and it requires time and effort. The acronym stands for Real estate investment trusts, and it makes an attractive investment option for those with some savings, but the whole amount is not enough to buy a house. They are firms that own and often manage real estate or similar assets that generate income. Investing in REITs is like owning a portion of the properties managed by the company, which periodically provides an income for the investors. Via https://arrestyourdebt.com/investment-options-in-the-uk/ Via https://arrestyourdebt1.weebly.com/blog/4-unique-investment-options-in-the-uk PPP loans became a fresh breath of air for small and middle-sized businesses struggling with money. The unique type of loan was introduced during the Donald Trump administration as soon as the coronavirus pandemic kicked in – its purpose was pretty obvious. The loan was meant to help businesses struggling to keep employees, keep the payroll going, and make necessary payments. The program brought in nearly $800 billion, and close to 11 million borrowers took advantage of it. What Happened To The PPP?The PPP loan reached an end in May 2022. It had a limited lifetime, and while the coronavirus pandemic is not over yet and cases still float, the program has been ceased. Indeed, business closures and harsh restrictions are less likely to get back, but many businesses still struggle. Apart from having the pandemic under control, another reason for the ending was the lack of money. The program finished all the funding allocated to help small business owners. Unfortunately, many borrowers were investigated for false claims and even imprisoned. Now that the PPP is over, are there any other alternatives? Absolutely. Business Term Loans ExplainedBusiness term loans are not new, but they make a solid alternative to the PPP. Basically, they can give you quick and easy access to money – pick the right lender, and you may have the funds in your account within a few days only. There are more limits, depending on which lender you choose. You might get as little as $5,000 or more than half a million. Some loans extend over a few months only, while others may go up to 10 years. Obviously, each business has its own unique needs. Considering Business Credit CardsA business credit card works like a regular credit card, only used for business purposes. Basically, you get some credit that you can spend if you need money. You no longer need to apply for the loan if you have the credit. The bad news with business credit cards is that they come with relatively high fees. While there are other options, these cards are quick and nearly instant – you have the card, so you can use the money whenever you need it. Analyzing Merchant Cash AdvancesThe merchant cash advice is a fairly good option. You get some money today but end up trading your upcoming profits. This option is more suitable for businesses with a poor credit history. Prove that you have a decent income, and lenders will take your income for some quick cash. This is one of the easiest and most convenient types of loans out there. It is not the cheapest, but it works for business owners who need money immediately. It is also worth noting that a merchant cash advance will not necessarily work for a new business with no proven history. How About A Business Line Of Credit?A business line of credit is a convenient option. You can get one even if you do not necessarily need it – basically, you have the opportunity to get a financial backup plan should any unexpected situations arise. In addition, this option provides access to revolving credit, which can be used for anything or kept as backup. You can use this option as your emergency fund or for random expenses. You will, indeed, pay interest on it. But then, the interest only applies to the money you use. It works like a credit card – once you repay everything, you can access funds straight away without having to reapply. Invoice Factoring – Who Is It For?Invoice factoring is suitable for businesses whose income depends on invoices getting paid on time. Unfortunately, many companies fail to do it, so they usually take weeks or even months. This issue can easily affect the cash flow. This type of loan implies no collateral at all. Instead, you trade your invoices in – the money you are supposed to get at some point. The money you get will depend on the amount on your invoices. This type of loan is quick and convenient. Back To Basics – MicroloansMicroloans can get you as much as $50,000 and are only suitable for small businesses. However, it is not a bad option for your business, especially if you think about the average size of a PPP type of loan – just over $100,000. Compared to other loans, microloans offer less money and shorter repayment periods. Traditional Small Business LoansThis is the traditional way to get a business loan. Sure, it may not have all the good terms and conditions associated with PPP loans, but the option is still worth some attention. Interest rates are decent and low, repayment terms will not disappoint, and loan amounts can be pretty impressive. You can use a traditional small business loan for all sorts of expenses. You can handle your working capital, equipment, debt refinancing, employees, maintenance, bills, expansion; you name it. Of course, lenders will want to know what you need the money for, but there are no reasons to lie. ConclusionPPP loans benefited many people and could have been even better if the system had been better set. But, all in all, it reached an end, and there is nothing you can do about it. The good news is there are a few good alternatives out there, and each of them comes with its particularities. Via https://arrestyourdebt.com/paycheck-protection-program-alternatives/ Via https://arrestyourdebt1.weebly.com/blog/why-the-paycheck-protection-program-ppp-ended-and-available-alternatives |
Vincent BermudezHi I am Vincent Bermudez, 37 years old from California, CA, USA, working on SEO and Web Designing from the last 6 years. Here I am sharing special tips about it. |