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10 Cities Near Philadelphia To Live in 2021

The brilliant city of Philadelphia is a wonderful place to work and play. But city living isn’t the life for everyone.

Fortunately, the region – known as the Delaware Valley — has a slew of options for incredible boroughs, towns and cities near Philadelphia in which to live. These spots offer a wide range of entertainment, dining, nightlife, recreation and comfortable apartments.

Of all the incredible places to live within easy commuting distance of Philadelphia, it’s hard to narrow down to a top 10. But we are sure you’ll find these 10 cities near Philadelphia — all within five to 25 miles of Center City and listed by distance from the city — perfect places to call home.

  • Haddon Township, NJ
  • Ardmore, PA
  • Conshohocken, PA
  • Hatboro, PA
  • King of Prussia, PA
  • Langhorne, PA
  • Phoenixville, PA
  • West Chester, PA
  • Wilmington, DE
  • Doylestown, PA

Haddon Township, NJ

Haddon Township, NJ facing the City Center in Philadelphia.

  • Distance from downtown: 7.0 miles
  • One-bedroom average rent: $1,530 (down 3.38 percent since last year)
  • Two-bedroom average rent: $1,713 (down 13.88 percent since last year)

In New Jersey, townships are full-fledged municipalities, and Haddon Township is one of the region’s best cities near Philadelphia. Just 10 or so minutes from the Ben Franklin Bridge to Center City Philadelphia, the township offers both the quiet of a suburb and a main street that rivals any in the state for drinking and dining options.

Bustling Haddon Avenue in the downtown Westmont section is a mile-long stretch featuring some bakeries, cheesesteak joints, pasta shops, pizza places, taquerias, bars and taverns. Farther out, chain dining and big box stores line White and Black Horse pikes.

Haddon also offers plenty of green space, from Cooper River Park in the north along the lake to Newton Lake Park and Saddler’s Woods on the south.

Public transportation into Philly is a snap with Westmont Station a direct link via PATCO with park-and-ride facilities.

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Ardmore, PA

Ardmore, PA.

Photo source: Apartment Guide / One Ardmore Place
  • Distance from downtown: 7.7 miles
  • One-bedroom average rent: $1,357 (down 61.90 percent since last year)
  • Two-bedroom average rent: $2,552 (down 35.50 percent since last year)

Among swanky locales like Bryn Mawr, Villanova and Gladwyne, Ardmore is the iconic Philadelphia Main Line’s most accessible city to everyday folk.

Ardmore’s median income comes in at a tenth that of some of the region’s richest communities and is a much cheaper home value. But Ardmore is also less insular. The city is a destination for visitors and day-trippers from across the Delaware Valley.

Ardmore splits down the middle between Montgomery and Delaware Counties and Haverford and Lower Merion Townships. Its backbone is busy Lancaster Avenue that offers retail shopping, trendy restaurants and the 500-capacity Ardmore Music Hall, one of the area’s top concert clubs.

While other Main Line towns shun outsiders, the hum of Lancaster Avenue feels welcoming to all.

And on the north end of town is one of the region’s best spots for retail therapy or even just window shopping. Suburban Square is a six-square-block upscale outdoor shopping plaza. Dating back to the 1920s, the square is one of the nation’s oldest planned shopping centers.

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Conshohocken, PA

Conshockocken, PA, one of the cities near philadelphia

Photo source: Conshohocken Borough / Facebook
  • Distance from downtown: 12.6 miles
  • One-bedroom average rent: $1,705 (down 7.82 percent since last year)
  • Two-bedroom average rent: $2,265 (up 7.69 percent since last year)

Throughout its history, Conshohocken has always held an important geographic location. Sitting at one of the largest bends of the Schuylkill River, the land was originally a large milling region along rail and shipping lines.

As interstates went up, the region morphed into a factory industrial center. As manufacturing declined, it was those same highways that turned “Conshy” into one of the most desirable suburban-chic and cosmopolitan residential commuter communities in the city.

Conshohocken lies between the I-476 Blue Route and I-76 Schuylkill Expressway at the “Conshohocken Curve.” As industry left, easy access to the region’s two major highways transformed it into a hub for upper-middle-class commuters into the city, especially as apartment complexes and mid-priced high-rise rental towers rose.

And as the population increased, so did the enclave which features shopping and dining spots and many glittering hotels.

The shoreline also features a section of the running and biking Schuylkill River Trail path.

Nearby, Conshohocken’s Fayette Street main street is popular among its young professional population, with a median age of 32 with 63 percent single. The downtown strip offers a selection of quaint boutiques, eateries and cafes, as well as a variety of notable bars.

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Hatboro, PA

Hatboro, PA.

Photo source: Apartment Guide / Livingstone Apartments
  • Distance from downtown: 15.9 miles
  • One-bedroom average rent: N/A
  • Two-bedroom average rent: $1,695 (up 9.18 percent since last year)

Eastern Montgomery County has just a few towns with true main streets, but one of the best of the bunch is Hatboro. The borough sits along the Bucks County border, a suburban town settled among some residential communities.

Hatboro is known for its plethora of parks and green spaces, including the popular Hatboro Memorial Park and Memorial Pool. But its growing notoriety as a suburban craft beer lovers’ destination is what’s gaining prominence.

In the heart of the Craft Beer Trail of Greater Philadelphia, Hatboro offers Crooked Eye Brewery and Artifact Brewing, both opened within the last several years.

The breweries sit along York Road, Hatboro’s main street. The corridor also offers many bars and gastropubs, vintage clothing stores, hoagie shops and produce grocers, cafés and popular bakeries and Daddypops diner, a favorite of Food Network’s Guy Fieri.

The borough is also convenient for commuters, with Hatboro station along the Warminster Line to Center City just off York Road.

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King of Prussia, PA

King of Prussia, PA, one of the cities near philadelphia

  • Distance from downtown: 16.9 miles
  • One-bedroom average rent: $2,204 (up 5.44 percent since last year)
  • Two-bedroom average rent: $2,544 (up 0.81 percent since last year)

To speak like a true Philadelphian, pronounce the name of the city of King of Prussia the proper way, “Kingaprusha.”

If you’re familiar with the western Montgomery County city, it’s most likely for one thing: its megamall. The King of Prussia mall is massive, at 2.8 million square feet and 450 stores. It’s the third-largest mall in the nation behind only the Mall of America and the new American Dream in New Jersey.

This central town nestles right along the Schuylkill River — between four major thoroughfares: the Pennsylvania Turnpike, I-76 Schuylkill Expressway, and U.S. Routes 202 and 422. Sitting between renowned Valley Forge Historical Park and county seat Norristown, King of Prussia is both a popular commuter city and an important edge city in its own right.

One key location in KOP is the King of Prussia Town Center. Opened in 2016, the large planned lifestyle development has become a hub of residential activity in town. Acting as the city’s downtown, Town Center offers a bevy of apartments and townhouses at Village at Valley Forge with mixed-use and office space, upscale department stores and a Wegman’s grocery, retail shops and several new restaurants and bars.

Nearby are several office parks, Upper Merion High School and the Valley Forge Casino Resort.

The area is growing so quickly, local transportation authority SEPTA is developing a $2 billion regional rail line to directly connect King of Prussia with University City and Center City Philly.

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Langhorne, PA

Langhorne, PA.

  • Distance from downtown: 22.0 miles
  • One-bedroom average rent: $1,413 (down 1.55 percent since last year)
  • Two-bedroom average rent: $1,691 (up 6.72 percent since last year)

One thing you can have living in the suburbs that you usually don’t in the middle of a city is an amusement park down the street. That’s one of the features of living in the borough of Langhorne and adjoining Middletown Township. Here you’ll find Sesame Place, the Sea World-owned young children’s Sesame Street theme park.

Langhorne borough proper and surrounding Middletown Township are collectively referred to as Langhorne.

The area is an important business and shopping center along Neshaminy Creek in charming Bucks County. Along with numerous national chains and big box stores, a myriad of service centers, retail shops and old-school restaurants line Pine Street and Maple Avenue.

In addition, the borough features a quaint historic district dating back to the 19th century. Sitting just off the I-295 beltway, Langhorne is a popular bedroom community for commuters to Trenton as well as Philadelphia.

The expansive Middletown Country Club splits the borough, with the multistory Oxford Valley Mall out in the Township. And surrounding Lake Luxembourg is the expansive 1,200-acre Core Creek Park. The region offers a variety of housing options, from affordable apartments to large suburban mansions.

Several locations still offer 1950s style tract housing leftover from the expansion of the nearby Levittown planned community.

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Phoenixville, PA

Phoenixville, PA, one of the cities near philadelphia

Photo source: Borough of Phoenixville / Facebook
  • Distance from downtown: 23.9 miles
  • One-bedroom average rent: $1,229 (down 14.82 percent since last year)
  • Two-bedroom average rent: $1,426 (down 12.71 percent since last year)

In 1958, a large gelatinous alien creature was let loose and devoured dozens of residents of Phoenixville, Pennsylvania. That of course only happened on screen, in the Steve McQueen horror classic “The Blob,” which filmed and took place in the Chester County suburb.

The movie features a famous scene where terrified residents flee the alien out the Colonial Theater’s doors. That real-life theater is the centerpiece of Phoenixville’s Bridge Street main street as well as the annual Blobfest which celebrates the landmark film.

But as important as the film is, younger residents will tell you it’s the craft beer scene that makes Phoenixville special. After languishing for years as a rundown mill town, a revitalization plan included a call for brewers to set up shop. Today the city of just 17,000 offers 10 craft breweries.

On Bridge Street alone are four breweries, along with a tap house, a distillery and three winery tasting rooms. That collection gives downtown Phoenixville the distinction of having the most breweries per square foot of any place in the nation.

For residents, Phoenixville is more than just beer and blobs. Its absolutely teeming downtown along Bridge Street has boomed with pizzerias and bistros, coffee and smoke shops and boutiques and galleries.

Phoenixville Area High School offers a high ranking and a 15:1 student-teacher ratio. And many parks and green spaces dot the region, including the large Black Rock Sanctuary wildlife refuge along the Schuylkill River bend that also features Basin Trail for hiking and biking. The Schuylkill River Trail also crosses the borough, along French Creek.

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West Chester, PA

West Chester, PA.

  • Distance from downtown: 25.0 miles
  • One-bedroom average rent: $1,631 (down 1.23 percent since last year)
  • Two-bedroom average rent: $2,095 (up 7.54 percent since last year)

A little under 25 miles from Center City, West Chester is a more affordable alternative to the nearby Main Line. The seat of Chester County offers a selection of bars, restaurants and shops in its surprising downtown along Gay and Market streets.

Local businesses are accessible, catering to the borough’s young, affluent residents as well as budget-conscious clientele. Need proof? West Chester’s downtown sits on the top-three list of “Great American Main Streets.”

West Chester is a more affordable, younger enclave surrounded by old-money communities like Malvern, Kennett Square and Chadds Ford, with swaths of an urban-rural buffer.

The borough offers high-ranked schools and an average age of just 24.9 years old. A vibrant part of that young community is West Chester University, ranked a Top 10 Public Regional University by U.S. News.

Why is West Chester attractive to young professionals? Perhaps it’s the borough’s title as “Most Exciting Place” in all of eastern Pennsylvania. It’s a locale to meet new people, as the state’s second-most densely populated city, fifth-best for nightlife and fifth-best spot to lead an active lifestyle.

Or maybe it’s because it’s the world headquarters of the QVC shopping network.

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Wilmington, DE

Wilmington, DE.

  • Distance from downtown: 26.2 miles
  • One-bedroom average rent: $1,186 (down 14.08 percent since last year)
  • Two-bedroom average rent: $1,477 (up 1.09 percent since last year)

Look behind Pennsylvania and New Jersey to find the best cities near Philadelphia — don’t forget about Delaware!

Wilmington is certainly having a moment. While the previous president spent his weekends at swanky Mar-a-Lago or Bedminster golf club, the current chief executive has been taking his off weekends back in his home state of Delaware. President Biden famously grew up in and around Wilmington and is known to have commuted back to his residence weekly dating back to his earliest days as the Diamond State’s senator.

Wilmington, despite being the largest city in a completely different state, is just a half-hour drive from Center City Philly. But it’s the finance industry that fuels the economy of the Corporate City.

The 1980s Financial Center Development Act liberalized financial regulations in Delaware, removing usury laws and interest rate caps. This caused financial and insurance corporations from around the world to set up shops in Wilmington.

An attractive city to big money employers is an attractive city to its white-collar workers. And one of the favorite locals is the Christina River waterfront. Popular waterfront spots include the Blue Rocks’ Frawley Stadium, the Delaware Children’s Museum, a convention center, a movie theater, parks, trails, hotels and a slew of cafes, restaurants and bars.

And for those concerned about Wilmington’s less-than-stellar crime safety record, there is good news. The city reports being “safer now than it’s ever been.” The city is noting its lowest crime rate in recent history.

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Doylestown, PA

dolyestown, PA, one of the cities near philadelphia

Photo source: Doylestown Township / Facebook
  • Distance from downtown: 27.2 miles
  • One-bedroom average rent: $1,408 (up 25.06 percent since last year)
  • Two-bedroom average rent: $1,999 (up 9.93 percent since last year)

Gateway to the colonial-estate-and-covered-bridge tourism lands of Upper Bucks, Doylestown is the charming exurban seat of Bucks County.

The borough offers a slew of cultural and entertainment options not usually found in a town of under 9,000, about an hour commute from Center City by either train or car.

Doylestown has one of the densest gatherings of museums out of all of the cities near Philadelphia. James Michener Art Museum (named for the native son author), the Moravian Pottery and Tile Works, the Mercer Museum and Oscar Hammerstein II Farm (the final residence of its namesake) can all be found here.

Just off the center of town is the historic art deco movie house County Theater which shows blockbusters and arthouse films alike.

Elsewhere in Doylestown’s downtown along State and Main streets are quaint thrift shops, big city-worthy restaurants, bookstores, coffee shops and brewpubs.

For those seeking a more natural setting, just as appealing is the natural beauty of rural Bucks County just outside of town, packed with hiking trails, bike paths, water recreation and nature watching. Favorite spots include urban 108-acre Central Park and wooded 1,500-acre Peace Valley Park.

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Make one of these cities near Philadelphia your next home

No matter where you decide to call home, you can’t go wrong with any of the amazing cities near Philadelphia you might choose.

Whether in Bucks, Montgomery, Chester or Delaware Counties, across the river in South Jersey or down I-95 in Delaware, you’ll have tons to do all within a short commute into the city.

Rent prices are based on a rolling weighted average from Apartment Guide and Rent.com’s multifamily rental property inventory of one-bedroom apartments in April 2021. Our team uses a weighted average formula that more accurately represents price availability for each individual unit type and reduces the influence of seasonality on rent prices in specific markets.
The rent information included in this article is used for illustrative purposes only. The data contained herein do not constitute financial advice or a pricing guarantee for any apartment.

The post 10 Cities Near Philadelphia To Live in 2021 appeared first on Apartment Living Tips – Apartment Tips from ApartmentGuide.com.

Source: apartmentguide.com

Tips And Services To Help Your Bookkeeping Go Paperless

The COVID-19 pandemic wasn’t a catalyst to shift businesses toward digital transformation, it merely sped up the process. Businesses needed to scramble to move much of their operations online so workers could efficiently collaborate with each other and maintain business continuity during a difficult time.

Fortunately, departments not traditionally associated with the digital universe, like Bookkeeping, had an easier time adapting thanks to online services like Bookstime.com, a provider of digital bookkeeping tools with unique experience in difficult areas like sales tax automation, health benefits administration, and more.

Advantages of digital bookkeeping

Keeping track of every business transaction is among the most important and perhaps underappreciated tasks. Failure to keep track of transactions in a professional manner can result in a business owner making wrong decisions because they have inaccurate information.

Even worse, they might think they end the year with a profit but in reality, a bunch of small bookkeeping mistakes over several months means the business owner really lost money.

A shift to a digital platform eliminates these concerns. Online digital platforms make use of the most up-to-date accounting automation software that erases nearly every careless mistake. This is especially useful for a business owner who does the tedious but necessary job of bookkeeping themselves to save money. The more time a business owner spends on ancillary tasks, the less time they have to generate revenue and keep clients happy.

Some of the other advantages associated with going online include:

  • Eliminating clutter: keeping a clean home office is challenging enough but a digital platform means more space for higher priority files.
  • Save time: A digital bookkeeping platform is always available online with a few short clicks of the mouse. It can be accessed as needed and when needed in a few short seconds.
  • Environmental benefits: It isn’t unusual for a company to use at least 10,000 sheets of paper each year. Shifting resources online may seem like a small benefit but everyone has a responsibility to do a little bit more to protect our environment.

Case in point: Fill in a W-4

Every business owner is happy to hire new workers because it means they are expected to provide value to the company above and beyond their salary. But that doesn’t mean that the formal process is enjoyable.

One of the more undesirable parts of the hiring process is the pesky W-4 form that every employer has to ensure is properly filled in before a worker’s first day. Simply put, the W-4 form confirms how much income tax a worker wants to have withheld from their recurring paychecks. Under-withholding taxes means a worker will likely experience a shock come tax season as they owe money to the government. Over-withholding taxes means a worker is paying the government too much money and has to wait for a refund.

Digital bookkeeping can help simplify this process so you're less prone to errors. When other people’s finances are at stake, small careless mistakes could impact a worker’s desire to give the business owner 100% of their focus.

Businesses that shifted their bookkeeping process online to better navigate through the pandemic quickly realized this was a move that should have been done years ago. The advantages of having access to a clean and organized online tool far outweigh the costs.

Source: quickanddirtytips.com

10 Things to Know About Working in New York

10 Things to Know About Working in New York
Thinking about working in New York? There are some features of work life in the Big Apple that set it apart from the work culture in other cities. Is it true that if you can make it there you can make it anywhere? We’re not making any promises, but we can give you some tips about what working in New York is really like. 

Check out our 401(k) calculator. 

1. Salaries are high – but so is the cost of living.

For many fields, particularly those that require highly skilled workers, salaries in New York are higher than those in other cities. But before you get too excited about the fact that salaries in New York tend to be higher, keep in mind that the cost of living in New York is higher, too.

Luckily, there are plenty of financial experts around to help you figure out how to keep your finances in check. These are the top 10 New York financial advisor firms.

2. New Yorkers put in long hours.

New Yorkers tend to work longer hours than folks in other cities. In part, that’s because the workday itself is longer, but it’s also because New Yorkers tend to have long commutes. If you want to have plenty of free time to pursue side hustles or hobbies, working in New York might not be the best fit for you.

3. Commuting by public transit is the norm.

According to recent Census Bureau figures, 55.6% of New Yorkers take public transportation to work, 0.8% bike to work, 10.3% walk and 3.9% work at home. Hate crowds? Commuting by public transit could take some getting used to.

4. Office happy hour options are plentiful.

Working in New York means having a multitude of options for weekday lunches and office happy hours at your fingertips. Socializing with your coworkers after the end of a workday is easy with so many places to go and easy public transportation options to take you home at the end of the evening.

5. Being a working parent is expensive in New York.

10 Things to Know About Working in New York

New York has some of the highest childcare costs of any city in the nation. Being a working parent in New York is expensive – and it’s not easy, given the long hours New Yorkers put in. New York has a lower rate of working mothers than many other major U.S. cities, in part because the high price of childcare makes it hard for many New Yorkers to earn more than they would have to pay for childcare.

6. New York work culture takes some of its cues from Silicon Valley.

Some New York workplaces are taking their cues from the start-ups of Silicon Valley, implementing casual attire, flexible workdays and other features. In an effort to compete with companies in other cities, some New York companies are expanding the perks they offer their workers, so if you’re lucky enough to get a job in one of those companies, you’ll find that working in New York has its compensations.

7. Lots of New Yorkers have more than one job.

Whether they’re care workers who work double shifts or actors who tend bar on the side, many New Yorkers have more than one job. For some, having a second (or third) job is a matter of necessity, while for others it’s a way of advancing their career or expressing their artistic side. Plus, getting a second job (or a roommate) makes it easier to live the New York dream without going into debt.

8. There are professional support opportunities here.

Because it’s a huge, densely populated city, New York has professional support opportunities for those up and down the career ladder. You can get help finding a job or finishing your GED. You can also attend high-powered networking events and conferences. The important thing is to know what resources are out there and how to take advantage of them.

9. You can outsource a lot of tasks – if you have the money.

If it’s in your budget, you can outsource a lot of tasks that you don’t want to have to tackle during your non-working hours. That includes mailing packages, getting food, dropping off dry cleaning, completing home repairs and more. Of course, these services aren’t within reach of all New Yorkers, and many people like to do these basic “life admin” tasks themselves. But if you’re planning on diving into the workaholic lifestyle in New York and you think you’ll have some money to spare, there are lots of companies looking to make outsourcing chores easier for you.

10. It helps to know someone.

It helps to know someone when you’re looking for work in New York, if only to stand out from the pile of applications that so many New York jobs attract. That’s why it’s a good idea to build and maintain your network and put it to work for you when you’re looking for a new (or just better) job.

Bottom Line

10 Things to Know About Working in New York

Working in New York isn’t for everyone, but many find it to be an exciting challenge unlike what they would face elsewhere. For others, working in New York is more of a means to an end – living in New York. Wherever you stand, working in New York is made easier when you have a strong network and plenty of determination.

Tips for Maximizing Your Money

  • Come up with a budget – and stick to it. Instead of spending $5 a day on a latte, put that money in one of the best savings accounts where you can earn interest.
  • Work with a financial advisor. In addition to helping you craft a financial plan and identify your financial goals, a financial advisor can help you determine the right investments for your financial situation, time horizon and level of risk tolerance. A matching tool like SmartAsset’s SmartAdvisor can help you find a person to work with to meet your needs. First you’ll answer a series of questions about your situation and goals. Then the program will narrow down your options from thousands of advisors to three fiduciaries who suit your needs. You can then read their profiles to learn more about them, interview them on the phone or in person and choose who to work with in the future. This allows you to find a good fit while the program does much of the hard work for you.

Photo credit: Â©iStock.com/Tempura, ©iStock.com/NYCstocker, ©iStock.com/Pavlina2510  

The post 10 Things to Know About Working in New York appeared first on SmartAsset Blog.

Source: smartasset.com

Dear Penny: Will Social Security Be Broke by the Time I Retire?

Dear Penny,

I’m a 34-year-old man who just started saving for retirement last year after getting married. My husband is 39 and has been saving for some time. My question is about Social Security. Should someone in our age group expect to receive it at all? I’m always hearing about how Social Security is going broke. 

We’re both somewhat behind on where we should be on retirement. If we can’t rely on getting Social Security checks when we’re older, how much more should we be saving? We don’t want to live on rice and beans in retirement, but we also want to have enough money to enjoy life now.

-R.

Dear R.,

Of all the things that keep me up at night, Social Security’s solvency isn’t one of them. At 37, I’m just a tad older than you. I expect to get benefits someday, and you and your husband should, too.

There’s a kernel of truth to the stories you hear about Social Security running dry. It’s starting to pay out more than it takes in, thanks mostly to people living longer and having fewer children who eventually pay in. Widespread job losses due to the pandemic probably accelerated things a bit.

But we’re still funding Social Security with our payroll taxes. It’s just that if Social Security’s reserves were completely depleted, our payroll taxes would only fund about 79% of obligations through 2090. That’s in the event that Congress takes zero action to shore up more money, which is highly unlikely given that Social Security is the most sacred of all social programs.

My bigger worry for young-ish workers like us is that our benefits won’t go very far. Even for our parents and grandparents who currently receive benefits, Social Security by itself makes for a meager retirement. The average retiree benefit in January 2021 is just $1,543 per month, or $18,516 annually. Social Security estimates that current benefits cover about 40% of an average worker’s pre-retirement income.

Those benefits buy less and less every year. Health care costs, which eat up a huge chunk of retirees’ budgets, rise way faster than Social Security benefits.

The 2021 cost-of-living adjustment was just 1.3%. Ask any retiree whether that’s adequate to cover their rising living costs. The younger you are, the less of your income you should expect your benefits to replace.

So while I think you should expect to receive Social Security someday, I don’t think it should factor into how much you save today. Knowing nothing about your budget or spending, I’ll give you the standard recommendation: Aim to save 15% of your pre-tax income for retirement. If you get an employer 401(k) match, make sure you contribute to enough to get your company’s full contribution. Once you’ve done that, make sure you have at least three months’ worth of emergency savings before you invest more for retirement. That protects your retirement funds so you don’t have to tap them when times are tough.

If you can comfortably save more, great. If 15% isn’t doable right now, figure out what’s manageable and work your way up. For example, you could commit to putting half of your next raise toward your retirement account.

Unfortunately, there’s no level of savings that guarantees you won’t have a rice and beans retirement. The younger you are, the more guesswork goes into retirement planning.

My life plans, at least as told to my Roth IRA brokerage, are as follows: work until age 67, delay Social Security until 70, die at 92. If everything goes as planned, I’ll die with millions. But really all of the above is just wishful thinking on my part. The picture changes drastically if I’m forced to retire early, take Social Security sooner and stretch my savings over more years than I expected. Or if a prolonged bear market hits right as I’m starting to withdraw my retirement money.

All that certainly supports the argument that you should save as much as you can muster as early as possible. But too often in personal finance, we only focus on the retirement years, assuming that they’re guaranteed. The truth is, life can be snatched from us at any moment. So I also want you to have enough room to spend so that you can enjoy life now.

That doesn’t mean you get free rein to spend. But if you focus on what really matters to you, I think you can strike that balance.

You’re 34. You don’t have to figure out your entire retirement plan right now. Focus on making saving a regular habit, and you can figure out the specific pieces as retirement gets closer.

Robin Hartill is a certified financial planner and a senior writer at The Penny Hoarder. Send your tricky money questions to AskPenny@thepennyhoarder.com.

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

Ways to Earn Extra Money for Paying Off Debt

Debt traps you in a seemingly endless cycle. More debt means more interest and less disposable income, which means you’re constantly fighting against the tide and are always one issue away from complete financial disaster. 

Once you start making repayments on this debt, there will be less interest to compound, which means the grip will loosen, you’ll have more breathing space, and you can look forward to a debt-free future.

In this guide, we’ll look at some of the ways you can earn extra cash to start clearing your debt, from acquiring additional work and responsibilities to making money-saving sacrifices.

Stop Wasting Money

The average American household wastes over $10,000 a year on unnecessary purchases. These purchases all fuel the economy and keep you and your family happy. But if you’re losing sleep because you have so much debt, it’s worth making these sacrifices to give you some peace of mind and build towards a better future.

Save on Grocery Bills

The average family spends between $300 and $500 a month on groceries and as much as 40% of this food goes to waste. The majority is fresh food past its expiration date but we also have a tendency to cook monster-sized meals that end up being thrown away.

To save money on your grocery bill, try the following:

  • Plan your shop carefully. Only buy fresh when you’re confident that the food will be eaten in the next day or two.
  • Reduce your portion sizes when cooking. It’s okay to err on the side of caution and make more than needed, but to cook double or triple what will be eaten is just wasteful.
  • Don’t worry too much about best-before dates. It doesn’t mean the food should be thrown away, just that it’s not at its best. The same applies to lots of fresh fruit and vegetables. In this case, you can rely more on the squeeze and sniff test.
  • Cook food that is about to expire and would otherwise be thrown out. You can freeze the meals for later. You can also try picking, preserving or juicing to reduce waste.

Eating Out

On average, American families spend close to $3,000 a year eating out. It’s a great way to spend time with the family or have a date night with your partner. However, if you have a lot of debt then $3,000 worth of restaurant visits is a little excessive. 

Stop spending so much money eating out and focus on some cheaper alternatives. A picnic is a great alternative. You can use some of that uneaten food and spend time with the family without paying a small fortune for the pleasure.

Stop the Vacations

Big families take one vacation a year on average and this costs them between $4,000 and $5,000. The more children you have, the more expensive it becomes. What’s more, around a third of these families will take as many as three additional, smaller vacations every year, potentially spending over $7,000.

Don’t sacrifice spending some time with your family but look for cheaper options instead. Choose a small cabin instead of a plush hotel. You can go for walks, play games, swim, hike—all free activities that could bring you even closer and cost even less.

Hold the Vices

Thousands are spent on cigarettes and gambling, and much more is spent on shopping sprees. If you have any of these habits, it’s time to put a stop to them. We don’t need to tell you about the benefits of stopping smoking or giving up those shopping sprees, but if you’re still not convinced about the gambling, then spend a few months recording every single dollar that you bet.

Most gamblers think they are breaking even or only losing a little, but when they monitor their activity, they discover they are actually losing a lot.

Check Your Subscriptions

According to a recent survey, most Americans underestimate how much money they spend on subscriptions. We’ve turned into a nation of subscribers, spending hundreds of dollars a month on dozens of services we barely use.

We pay for cable, streaming services, gyms—we convince ourselves that it won’t matter as it’s only a few dollars, but those costs can add up to a lot of wasted cash at the end of the year.

Sell Your Stuff

Many sites can help you offload your unwanted items. There’s a home for all the things you no longer need, from electronics and video games sold on eBay or Amazon, to clothes and furniture sold through sites like Craigslist, Facebook Marketplace, and Swappa. 

It’s time to let go, stop hoarding, and earn some cash from the things you don’t need. Be honest with yourself and get rid before the value of those items depreciates more and you end up with worthless, dust-covered junk that just takes up space.

As an example, let’s imagine that you have a dozen old video games worth just $5 each on average, 10 old school textbooks worth just $2 each, a couple of furniture pieces worth $10, an unwanted guitar worth $50, and a couple of handbags worth $25 each.

Individually, those items aren’t worth much and you might think they’re not even worth your time trying to sell them, But combined, you’ll get $200 and if you put that towards a high-interest credit card debt, it could save you twice that in interest over the term. You will also free up some space in the process.

Get Another Job

You know you can make more money by asking for a pay rise. It goes without saying. The problem is, life isn’t quite that easy and, in most cases, asking for a pay rise will elicit little more than a short, sharp laugh from your employer. 

However, there are many ways you can earn money from a side hustle, taking advantage of the gig economy and swapping a little talent, a little time, and a lot of hard work for some cash.

Get a Part-Time Job

There is a multitude of ways you can earn some extra cash these days. The pay isn’t always great, but if you’re working towards clearing your debts and have some free time, every dollar helps.

Uber and Lyft are always looking for new drivers; retailers need shelf-stackers and greeters, and there is no shortage of delivery jobs. Review your free time, calculate when you can work, and see what’s available. 

Teach a Skill

Can you play a musical instrument or speak a second language? Do you have some other teachable skill? It has never been easier to make money as a part-time teacher, as sites like Preply.com, Udemy.com, Tutor.com, Noodle.com, TakeLessons.com, and many more bring all of these opportunities to you. 

You can visit the student’s house, invite them to yours or simply conduct the lessons via Skype or the site’s built-in conferencing software.

Freelance

Upwork.com, Guru.com, Fiverr.com—these sites and more have created a world of possibilities for skilled writers, designers, coders, and other experts. But they offer so much more than that. 

You don’t need to be particularly skilled to work on these sites as the pay is scaled based on ability and experience. If you have a little free time and some competent language skills, you can hire yourself as a virtual assistant to do basic admin work.

There are countless entrepreneurs seeking individuals to complete basic tasks such as transferring data, reviewing images, and answering emails. The pay isn’t great if your skills are limited, but you get to work from home on your own time. 

Cover the Basics

Freelancing and teaching may be out of the question if you don’t have any skills and are not computer literate. But there are still a few other options, including dog walker, lawn mower, babysitter, and general handyman. 

Ask your neighbors, friends, and family if they need any work; check Craigslist and local classifieds. Everyone can do something and there are always odd jobs available if you’re willing to work.

Try Some Other Methods

When the ordinary fails, it’s time for the extraordinary. There are some weird and wonderful ways you can make extra cash when needed.

Sell Your Hair

If your hair is long and untreated, you could make a tidy sum by selling it. Good quality human hair is used to make premium wigs and some companies are willing to pay thousands for the right locks. However, there are some strict conditions, such as the fact that it must be untreated and very well looked after.

House Sit

Sites like Thumbtack can connect you to homeowners looking for skilled workers, as well as people willing to look after their homes and belongings. They will pay you to stay in their homes and perform some basic chores while they’re away, such as watering plants, feeding pets, and mowing the lawn.

Make Something

If your skills are practical and not creative, turn your hand to making things and sell them through sites like Etsy, Facebook or your own online store. The world has been obsessed with single-use plastics for many years and it’s now waking up to the damage that has been done. Many consumers are willing to pay extra for something that has been handmade and is unique, especially if the money supports an independent creator.

Grow Your Own

If you have a yard and some free time, start growing some produce. Crops like potatoes, carrots, greens, and even some fruits are easy to grow and can give you a bumper crop every year. You’ll pay a few cents for the seeds and simply need to devote some time to digging, watering, and harvesting.

Think about how much money you’ll save if you have your own supply of vegetables and fruits and can just pick fresh from the yard whenever you’re cooking. If your family eats a lot of cheese or drinks a lot of wine or beer, you can also start producing your own supply. 

Cheese can be made with a lot of milk, a little rennet, and a few simple steps. Beer can be made using some do-it-yourself kits. 

As for wine, it’s one of the easiest things you can make yourself. You don’t even need grape juice as wine can be made from a multitude of fruit juices, vegetable juices, and more. You can even make a strong, fragrant white wine with a handful of fruit teabags. The only expense is the sugar, which means you can make several dozen bottles worth of wine for less than $10.

Join a Clinical Trial

Although it’s not a method we would recommend, it’s one that’s worth including. If you join a clinical trial, you’ll be paid to act as a guinea pig. The good news is that the majority of these trials run without incident and most subjects are as healthy at the end as they were at the beginning. The bad news is that there is always a risk and there’s no telling what will happen.

You can search for available trials on the Clinical Trials website run by the US National Library of Medicine. 

Summary: Paying Off Your Debt with Extra Money

Your first priority is to meet your minimum payment obligations and avoid any missed payments. Once you meet this obligation every month, you can put any extra cash you have towards clearing those debts. Every little helps, even if it’s just $50 or $100 here and there.

As an example, if you have a credit card debt of $10,000 with an APR of 25% and a minimum payment of $300, you’ll repay $17,251 in total over 58 months. Add just $100 a month and you’ll reduce the term by a whole 12 months and the balance by a massive $3,000. Take a look at our guides to the Debt Snowball Method and the Debt Avalanche Method to find the right payoff strategy for you. Both methods rely on you earning some extra cash and now that you’ve made it to the end of this article, you’ll know just how to do that!

Ways to Earn Extra Money for Paying Off Debt is a post from Pocket Your Dollars.

Source: pocketyourdollars.com

Prepare Yourself for the Future of Work

The future of work has been on our collective minds for some time.

Technically, you never arrive in the future. It’s always, by definition, ahead of you. Yet months into a global pandemic that has triggered major changes to how we work, many experts are saying the future of work is hurtling towards us.

I sat down with Vice President of People and Communities at Cisco Systems, Elaine Mason. Elaine is a well-read deep thinker on the subject of the future of work, and I invited her to share her own research-based reflections on the changes we’ve seen so far, and what may still be to come.

And no matter what your job, career stage, or aspiration, Elaine shared plenty of tangible advice you can put to work today to prepare for your future professional success.

We focused our conversation on four trends that have been particularly relevant in 2020. These were:

  1. The remote workforce
  2. Diversity and Inclusion as part of corporate strategy
  3. Movement in the gig economy
  4. Shifts in corporate structure and hierarchy

The future of work and the remote workforce

Remote work could be here to stay

As I write this piece in my dining room—while my kids homeschool in their bedrooms—I’m aware that working virtually has become the norm for many across the globe.

Prior to the pandemic, company philosophies on remote work were all over the map. Some organizations have worked virtually for years. Many others resisted the trend.

The world of work has probably fundamentally changed.

But as Elaine describes the current state of virtual work, “With the rare exceptions of lab work, manufacturing, healthcare, [and other frontline professions] the majority of us are now [commuting]… seven feet from our beds to our offices.”

“The world of work has probably fundamentally changed,” she says.

Companies that had previously been cynical of virtual work have been forced to acknowledge that things are getting done. In many cases, executives report higher levels of productivity than ever.

But Elaine warns that studies on productivity are not yet conclusive. Some show productivity is up. Others, however, contend that work time is up, but actual productivity is down. The jury remains out.

So what’s next in the world of virtual work and productivity?

The purpose of the traditional office will evolve

Elaine predicts that virtual work is here to stay … sort of. The way we use the traditional office will likely shift.

"Workspaces will be used more like community service centers," she said. "What you're [likely] to see is those large campuses for a lot of organizations… will probably shrink, and the use of that space will be more event-based or point-in-time-based."

Workspaces will be used more like community service centers … and the use of that space will be more event-based or point-in-time-based.

In other words, there will be an office to go to, but it won’t necessarily be everyone’s default. You’ll go if and when a project or occasion calls for an in-person working session.

The good news? “If you're a new Yorker,” she offers, “that's been dying to live in Wyoming, this [may be] your chance.”

The concept of productivity will evolve

As Elaine points out, the measurement of virtual productivity is messy. Many companies measure by the amount of time employees spend on screens. By that measure, productivity is going up. But so is burnout.

Wearable technologies (think augmented and virtual reality) will allow companies to better measure how employees engage with their work.

In the future, she explains, we will begin to see a shift toward wearable technologies (think augmented and virtual reality) that will allow companies to better measure how employees engage with their work beyond staring at screens.

We’ll see a more complex definition of productivity grounded in actual outcomes versus just minutes online.

HOW YOU CAN PREPARE

  • Rethink your geography. If you want to make a move, this may be your moment.
  • Consider your priorities. Let go of the mindset that busyness equals productiveness. What impact do you want to have, and what work do you need to prioritize in service of that?

The future of work and Diversity and Inclusion

While the pandemic has challenged companies to figure out remote work on the fly, social justice happenings have pushed Diversity and Inclusion to the forefront of corporate priorities.

Progressive organizations are weaving Diversity and Inclusion into the fabric of their business strategies.

Elain says, "Companies are focusing on the triple bottom line: People, Profit, Planet… putting social justice into how they operate.”

So what does this look like in practice?

According to Elaine, companies are moving away from having standalone diversity strategies and departments. Progressive organizations are weaving Diversity and Inclusion into the fabric of their business strategies.

Employee Resource Groups (ERG’s) are a great example of this trend. ERG’s are voluntary, employee-led groups within organizations that aim to foster a diverse, inclusive workplace. Each group typically includes participants who share a characteristic such as gender identification or ethnicity. 

Employee Resource Groups are no longer just there to serve participants—they are informing company investment decisions.

At Cisco, Elaine says, the executive leadership team has started meeting quarterly with ERG’s to understand their experiences and incorporate their ideas into business decisions. These ERG’s, in other words, are no longer just there to serve participants—they are informing company investment decisions.

ERG recommendations are helping to shape product development and positioning and marketing strategy, all of which contribute to top and bottom lines.

Organizations like Twitter are beginning to compensate ERG leaders—historically these have been volunteer roles—in recognition of their strategic value.

HOW YOU CAN PREPARE

  • Lean into diversity. Don’t just pay it lip service, but be proactive in engaging with a variety of voices and experiences.
  • Be humble. Know you’ll make mistakes along the way. “Listen. And assume you don’t know [things],” Elaine says.

The future of work and the gig economy

“Gig is having fits and starts,” Elaine said. She described the tension that many American workers face between desiring the independence of gig work but also relying on the healthcare and benefits provided by full-time employment.

Job insecurity will continue to push people to consider going out on their own, while the need for employer-provided health insurance will challenge that choice.

And she believes that tension will keep the gig economy in the US in fits-and-starts mode. Job insecurity will continue to push people to consider going out on their own, while the need for employer-provided health insurance will challenge that choice.

HOW YOU CAN PREPARE

  • Be incredibly clear about what you’re qualified to do. What do you want to do? Where those things overlap? “This requires a good degree of self-awareness and an understanding of what [you’re] known for today."
  • Decide where you need to invest. Are there experiences, credentials, references you need to accumulate? Do those things early.
  • Focus on standing out. If you do business strategy consulting, for example, is there a unique angle you can offer to help yourself stand out from other such consultants? Differentiation will matter more as the gig economy grows.

The future of work and shifts in corporate structure and hierarchy

Recent years have revealed a good deal of pendulum swinging when it comes to how much structure and hierarchy is best.

“There was a real trend in the last decade,” Elaine explained “of breaking down structures [and] silos.” She described how online shoe-retailer Zappos experimented with the Holocracy—a means of giving decision authority to groups and teams rather than individuals. (Spoiler: they’ve since moved away from this un-structure.)

Companies, in Elaine’s opinion, are working to determine the ideal balance of hierarchy and freedom. And the previous trends we discussed are having a big impact on that decision.

Everyone is trying to design for agility and resilience, two of today’s buzziest words.

So while some companies are leaning toward structure and hierarchy while others lean away, the common thread she sees is that everyone is trying to design for agility and resilience, two of today’s buzziest words.

There’s nothing like a global pandemic to remind a company that it needs to be ready for absolutely anything. As organizations assess how they’re organized, they’re asking questions like “How fast can we recover? What contingencies do we have in place? What plan Bs and plan Cs do we have?” 

Elaine doesn’t know exactly what structure the organization of the future will take on. But she does offer some actionable wisdom.

HOW YOU CAN PREPARE

  • Gain new skills. Whatever your role, function, or industry, upskill yourself on being ready for change at any moment
  • Think broadly about what “career progression” means for you. As companies evolve, titles and promotions may no longer be the thing to shoot for.

For Elaine, she measures her own progression through three lenses that you too might consider:

  • Economic. How much money do you want or need to make?
  • Impact. "How close are you to positions of power and authority that allow you to make the largest impact on an organization?"
  • Personal growth. Are you learning new things as you go?

And there you have it. No one, not even the great Elaine Mason, can predict the future. But there are some actions you can take that will be sure to serve you, no matter what the years ahead might look like.

Source: quickanddirtytips.com