education

Here's How Late Starters Can Save for Their Kids' Education

Dan Rafter — Wed, 04 Apr 2018 08:30:10 +0000

You've always planned to help your children save for their college educations. There's just one problem: Those kids are already in high school and you've not even managed to save enough money for a single semester.

Don't panic. Saving for college can sneak up on parents who already have many other financial challenges like making monthly mortgage payments, building an emergency fund, and saving for retirement — not to mention the daily costs that come with raising children.

Fortunately, there are still steps you can take to boost your college saving efforts late in the game. You'll just have to be realistic: It's challenging to pay for a child's college education when you only have three or four years to do it. Setting more realistic goals can help ease your stress.

And whatever you do, don't forget to have a long talk with your children. Explain to them exactly what kind of financial support they can expect. You don't want to blindside them if they think you're going to be their tuition piggy bank.

1. Don't get discouraged

The first rule is the simplest: Don't give up just because you've gotten off to a late start. Even if your child is starting high school, you can still open a 529 college savings account and contribute money to it each month. Every state in the country offers one of these plans.

These plans come with tax benefits that make them ideal for saving for higher education. The money you save in a 529 plan will grow on a tax-deferred basis. You can withdraw the money without paying any taxes, too, as long as you use the dollars for qualified higher-education costs. The definition of "qualified expense" is broad here. They include tuition, of course, but also fees, books, and supplies.

You might not have much money to deposit into these accounts each month, but even saving $100 a month can add up. Sure, you might not be able to save enough to cover all of your child's college costs. But you can certainly make a dent in tuition payments, fees, and expenses.

Your children might have to borrow more money, or save up their own dollars, to help cover the shortfall. But if you start saving now, you'll at least reduce their financial burden. (See also: The 9 Best State 529 College Savings Plans)

2. Tap into Upromise

You can provide an extra boost to your savings through Sallie Mae's Upromise program. Parents and students who sign up receive extra money toward college when they shop at participating retailers. These retailers deposit a percentage of what parents and students spend into a savings account designated for a future college student.

The program is free. And you can invite your other family members and friends to register their credit and debit cards, too. Then, when they shop at participating retailers, a percentage of their sales will also be funneled into your child's savings account. (See also: What to Do When You Can't Afford Your Child's College Education)

3. Work with your children on a savings budget

It's important to keep your children informed as to how much you've saved for their college educations and how much you can reasonably expect to save before they head off to university. You don't want your children surprised that you've only saved enough to pay for two years of college when they expected you to pay for four.

Have real financial conversations with your children. Work with them to create a household budget to determine how much money you can save each month for college. Doing this will give your children a more realistic look at your finances, the challenge of saving for college, and insight into how much they themselves might have to borrow.

The budget might even include any money your children can add to their own college savings fund. Remind your sons and daughters that every little bit adds up, and that you expect them to help provide college savings, too.

Once you and your children have created a budget, stick to it. Don't be tempted to save more than you can reasonably afford, and don't skimp on the savings to take a vacation or buy an expensive flat-screen TV. (See also: How to Help Your Kid Build Their First Budget)

4. Protect your retirement savings

It can be tempting to save for your children's college education at the expense of putting money away for your retirement. Don't fall into this financial trap. Your number one priority should still be to stow away money for your retirement years, even if this means that you can't save as much as you'd like for your kids' education.

The formula is simple: Retirement first, college savings second. Remember, your children have options to help fund the cost of a college education. You don't have nearly as many for building your retirement savings. (See also: How to Keep Student Loans From Wrecking Your Retirement)

5. Explore other college options

Speaking of those other options, your children need to start exploring them. Perhaps they could attend community college for two years and then transfer to a more expensive four-year college as a junior. Or maybe your children could attend a less expensive public state university instead of that private school three states away. Both strategies could dramatically reduce the expense of a college education.

Encourage your children to also hunt for scholarship and grant opportunities. Even smaller scholarships can help reduce the cost of education. (See also: How to Pay for College When You Didn't Get a Scholarship)

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This article is from Dan Rafter of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

5 Financial Risks Worth Taking

Rachel Slifka — Wed, 28 Mar 2018 10:00:07 +0000

They say no big reward comes without risk. That can be a hard pill to swallow, especially when it comes to our money.

Most of us would rather not put our hard earned cash at risk. With the tough economic times of 2008 in recent memory, people are still on edge when it comes to taking financial risks.

On the other hand, leaving your cash in a savings account isn't going to get you ahead of the game. In order to be successful financially, you will eventually have to face some risk. In fact, being too complacent with your cash can be one of the biggest financial risks of all.

Here are the financial risks that can be hugely beneficial.

1. Moving to a new city

Do you feel like your current location is lacking in career opportunities? Or perhaps rent is atrocious and you're finding it hard to get by? A move may be a solution.

There's no doubt about it — moving is expensive. You may have to break a lease and sign a new one, complete with security deposit. You'll probably have to pay for a moving truck, movers, new furniture, and more. Not to mention, your new city could come with a much higher cost of living. But, for some people, moving could be well worth it.

When I moved cities, even though I tried to make it as cheap as possible, I still incurred quite a few expenses. But financially and personally, it was worth it to me. My hometown is small with very few opportunities, so I knew I would have a better shot at earning a bigger income in a larger city. Fortunately, that turned out to be true. (See also: Here's How Much Life in the Big City Will Cost You)

2. Investing in graduate school

Graduate school is a big investment, so it's important to weigh whether or not the expense is worth it in the long run. Tuition costs are ever increasing, books are expensive, and if you choose a full-time program, you are losing out on income you could have earned while working instead.

While it is a big investment, a graduate degree can help you find a higher paying job with more opportunity for growth. And some high paying careers cannot be achieved without some sort of degree in higher education.

Before you sign up for graduate school, take time to truly consider what you want to do and whether it will benefit you financially. Be sure to consider how you can market yourself, even without an advanced degree. While a graduate degree can certainly help in the job process, there are many other factors that determine whether or not you receive a job offer. (See also: 7 Things to Consider Before Paying for an MBA)

3. Starting a business

Starting a business is outside many people's comfort zone. It can cost significant cash to start and to grow a business from scratch. There is also uncertainty in working for yourself if you've only ever worked with for a traditional 9-to-5 employer.

But starting a business can come with many personal and financial benefits. For one, you keep all of your own profit. If the business is successful, you are the one who gets the big payout. For many people, owning and operating their own business is a personal and career preference as well. If you've been dreaming about starting your own business, develop a financial plan before you dive in head first. (See also: Starting Your Dream Business Is Easier Than You Think — Here's How)

4. Investing

The stock markets are full of ups and downs and uncertainty, but the payoff can be huge. Most, if not all, experts would agree that failing to invest is riskier than not investing. While leaving your money in a savings account might ensure it doesn't lose much value in the short term, it won't gain much value, either. In fact, due to inflation, you are likely to lose value over time.

Investing thoughtfully, however, can give you the opportunity to grow your money at a much faster rate. Investing certainly isn't a get-rich-quick scheme, but overall, it can pay off big time with smart decisions. (See also: How the Risk Averse Can Get Into the Stock Market)

5. Buying a home

The housing market isn't necessarily as stable as it used to be, and a home is a major cost. But can it be worth the risk?

There are many factors to consider when deciding if purchasing a home is worth the risk. You'll want to consider resale value, in the event that you need to move. Location, school district, quality of home, and neighborhood are all other important factors to consider. If you are planning to stay in a location long-term, a house may be a smart investment. (See also: 7 Worst Reasons NOT to Buy a House)

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This article is from Rachel Slifka of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

7 Questions to Ask Before Moving Out of State

Kat Tretina — Fri, 23 Feb 2018 09:30:09 +0000

Growing up in Pennsylvania, I learned to dread the winter months. The cold and snow would leave me feeling depressed and miserable. I dreamed of moving somewhere warmer, but I was afraid of the high cost.

After months of waffling back and forth and saving every dime I could, I finally took the plunge and moved to Florida. And while it was expensive and scary, I've never regretted it.

Whether you're contemplating a job offer in another state or simply want a change of scenery, relocating is a big decision. Before deciding one way or another to move hundreds or even thousands of miles away like I did, ask yourself these questions.

1. What is the cost of living?

If you're reviewing a job offer or looking for a new job in another state, make sure you keep in mind the cost of living. Even if you earn a higher salary in your new state, you could still end up in worse financial shape than before if living in the area is too expensive.

Depending on your intended location, you could need thousands more dollars to maintain the lifestyle to which you're accustomed. The cost of everything from housing to groceries can significantly add to your expenses.

Use a cost of living calculator to figure out how much you'd need to earn to afford living in your new city. Say you lived in York County, Pennsylvania and earned $50,000 per year. If you wanted to move to San Diego, where housing costs 160 percent more, you'd need to earn at least $73,673 to keep your same standard of living. (See also: Here's How Much Life in the Big City Will Cost You)

2. Who will care for family members?

If you have elderly or disabled family members, coming up with a plan for their care should be part of your relocation decision. If you cannot be there with them, you'll have to find a way to provide for them otherwise. Depending solely on outside care or nursing home facilities can be cost-prohibitive for your relative; a recent study by Lincoln Financial Group found that a private room in a nursing home costs an average $102,911 per year.

If that cost is beyond your family's budget, and they were depending on you to some extent for help with daily life, moving to a new state may not be practical or financially wise.

3. How will you adjust to the climate?

Although some moves can be beneficial in terms of climate (hello, beaches!), some people struggle adjusting to new weather conditions. If you're from a state with four seasons, moving to a warmer place can be hard. You might find that you miss the snow and changing seasons. If you move from a sunny place to somewhere with long, gloomy winters or regular rain, it can be a strain on your mental health.

If at all possible, spend some time in town during the state's poorest weather season to see how you cope. You might find that you can handle the cold better than you expected, or you might discover you hate it and want to stay put.

4. How much will is cost to move?

You know moving is expensive, but until you see the real numbers, it's hard to get an idea of how much it really will hurt your budget. According to the American Moving and Storage Association, it costs an average $5,360 to move to a new state.

If you have to break a lease or struggle to sell your home, you might need to spend thousands more to make the move possible. (See also: Avoid These 6 Common Mistakes When Moving Across the Country)

5. Is there a state income tax?

If you're in a state like Florida or Texas, which do not have a state income tax, moving to a place that does can come as a big shock. The raise you carefully negotiated at a new job might be negated by the increased taxes taken out of your paycheck.

6. What college savings programs are available?

If you have children, saving for their education is likely a major priority for you. And with current four-year tuition costs reaching an average $9,650 for in-state schools and $33,480 for private schools, that's a smart decision. However, where you live can impact your college savings.

All states offer at least some form of a 529 plan, such as a prepaid tuition or a college savings program. However, some states only offer one type, which can limit your child's educational options.

In addition, some states offer tax benefits for contributing to a 529 plan, while others do not. Switching to a new state could result in losing those benefits, reducing how much you can save each year. (See also: The 9 Best State 529 College Savings Plans)

7. Will you feel isolated?

Beyond financial and logistical issues, moving can be emotionally exhausting and difficult to navigate. If you grew up in one area and became attached to the neighborhood, moving to a place you don't know, without friends or family, can be lonely and isolating. You might find that even the best job is not worth the move without your loved ones.

However, other people thrive on the unknown and the sense of adventure that comes from entering a new place and meeting new people. Only you can know what works for your situation. By asking yourself these questions and preparing for a move ahead of time, you can ensure you make the best decision for you and your family.

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This article is from Kat Tretina of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

Why Saving Money Is Harder Today

Dr Penny Pincher — Thu, 28 Dec 2017 09:00:07 +0000

With a low overall inflation rate, and declining inflation-adjusted prices on goods such as technology and groceries, you might think that saving money today should be easier than ever. But sadly, that isn't the case. Prices of some of the biggest items in most household budgets have actually gone up faster than income has grown. Skyrocketing costs for key expenses, along with slow income growth, are making it much harder for people to save money now compared to past decades.

According to data from the Bureau of Labor Statistics, the U. S. Census Bureau, and the College Board, here are some of the biggest budget-wrecking expenses that are growing faster than your income.

Education

For many families, saving for college is a huge financial challenge — especially with the rapidly increasing price tag. Building a college savings fund to cover all of the costs is more and more difficult. As a result, more students and families are turning to student loans to make college possible. The average cost for tuition, fees, room, and board at a public four-year university grew 80 percent from 1997–2016, jumping from $11,390 to $20,500.

Health care

The cost of health care and health insurance has shot up in recent years. In some cases, a big medical expense can spell financial trouble: If an illness or injury keeps you out of work, the loss in income can make it even harder to bounce back from a large medical bill. Health care costs spiked 123 percent between 2000 and 2016, growing from an average $2,066 per year to $4,612.

Housing

Purchasing a place to live has gotten much more expensive, with median new home prices growing from $169,000 in 2000, to $307,800 in 2016 — an increase of 82 percent. Expensive housing can result in a budget crunch in several ways. It requires a bigger down payment, which takes a lot of money away from savings at the time of purchase. Monthly mortgage payments are higher, and higher home values also result in higher property tax and homeowners insurance premiums. Higher house prices may drive people to consider renting instead of buying, but the price of renting has also gone up rapidly.

Food

The inflation-adjusted price for food has stayed flat or even gone down over the past 16 years. On average, income growth has kept up with food costs. Yet, spending on food has gone up in many households in recent years. People may be electing for more convenient — and more expensive — food choices as a consequence of working more hours to boost their income. Average food expenditures grew around 40 percent from 2000 to 2016, rising from $5,158 per year to $7,203.

Child care

This cost varies significantly based on location and the type of care, but many families with young children are struggling to find affordable child care. According to a 2016 Care.com and New America report, the average cost of a full-time child care center for a child up to age four is $9,589 per year, which is more than the average cost of in-state college tuition ($9,410). Even in a dual-income household, child care can be an overwhelming expense.

Debt payments

As budgets continue to get squeezed by growing expenses, debt levels have also increased. This can set up a vicious cycle where you have even less money available, which leads to more borrowing to make ends meet.

For example, car prices have been relatively stable when adjusted for inflation, but the amount consumers are borrowing to buy cars has gone up. According to Experian, the average car loan as of 2016 stood at $30,032 with an average monthly payment of $503. Credit card balances and student loan balances are also trending upward, which means bigger payments are due every month, resulting in less money that could go toward savings or other bills.

The overall economic trend is that some of the biggest expenses in many household budgets are growing much faster than income is growing, creating a squeeze that is making it harder and harder to save money.

How to save money anyway

There are two basic approaches to dealing with the financial squeeze of higher expenses and limited income growth: reduce expenses or boost income (or both).

Housing expenses can be reduced by choosing a smaller, less expensive home. Renting a place to live can also be a less expensive option to owning a house. If you are not looking to move, consider refinancing your mortgage to a lower interest rate to reduce your monthly payment. If you rent, you may be able to offer to do some maintenance and upkeep on the property in exchange for a rent reduction. (See also: Watch Out for These 5 Last Minute Home Buying Costs)

One way to reduce health care expenses is to stay as healthy as possible. But you can’t avoid medical expenses forever, so consider using a high deductible health insurance policy with a tax-advantaged health savings account (HSA) to minimize your out-of-pocket health care costs. (See also: 10 Reasons an HSA Is Actually Worth Having)

Meal prep at home is key to keeping your food expenses low. Plan out meals ahead of time so you'll have groceries on hand to cook dinner with instead of going out to eat or ordering takeout. Get in the habit of packing your own lunch instead of going out to eat during the workweek. (See also: 31 Foolproof Ways to Lower Your Grocery Bill)

Minimize debt payments by using balance transfers or debt consolidation loans to reduce your interest payments, allowing more of your payment to be applied to the principal. This will allow you to pay off debts faster for less money. (See also: The Best 0% Balance Transfer Credit Cards)

Finally, cutting expenses may not be enough to tune up your budget to the point where you can save as much money as you would like. Consider boosting your income with a side hustle to bring in some extra money to help keep up with growing expenses. (See also: 14 Best Side Jobs For Fast Cash)

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This article is from Dr Penny Pincher of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

5 Fun and Unexpected Ways to Get Out of a Business Rut

Elaine Pofeldt — Tue, 31 Oct 2017 08:30:08 +0000

Even the most innovative entrepreneurs feel "stuck" sometimes when solving business problems. Many small business owners who need some outside inspiration go to business events and mingle with other entrepreneurs, but that can backfire when you're feeling uncreative. Between all of the networking and hyperactive pitching, it's possible to leave feeling drained instead of inspired.

So what do you do if you feel like you've fallen into a creative rut in your business? Sometimes, turning to unconventional sources of inspiration can help. Here are five ways to regain your creative mojo.

1. Attend an event outside of your industry

When your schedule is packed, it can be hard to break away from the day-to-day to attend a conference or trade show, let alone one outside of your field. But spending time with people in other industries can be a good way to immerse yourself in new ideas you aren't likely to hear about from colleagues in your own field.

At least once a year, and preferably two or three, make time to attend an event for professionals in a field outside of your own. If you're in a traditional brick-and-mortar industry like real estate, head to an event for pros involved in artificial intelligence or automation. Run your own accounting business or a small law office? Pop into a trade show where you can immerse yourself in the latest fancy foods, tech gadgets, or fitness trends. The list of possibilities is endless, so pick one that seems interesting to you personally. The event doesn't have to be more than an hour to expose you to new ideas.

By paying attention to how people in other fields are solving problems and challenges in front of them — or solving problems for their customers — you'll get some fresh ideas on how to move your business forward. You may also meet some new potential clients you wouldn't ordinarily encounter. (See also: 11 Ways Freelancers and Telecommuters Can Make Friends and Network)

2. Immerse yourself in the arts

Reconnecting with your imagination by enjoying art, music, or theater can be a fantastic way to spark new solutions to your most vexing business problems — or help you come up with new products. One business owner told me that playing piano and visiting art galleries gave him inspiration when designing technology involved in streaming music, for instance. My hairstylist recently told me he gets his creative juices flowing sculpting and cooking.

3. Learn a new discipline

It's tempting when you feel "stuck" in your business to hunker down at your desk, but that can be counterproductive and tiring. Reboot your brain by doing a guided meditation (perhaps using an app like Headspace), trying a new yoga class, or signing up for a martial arts class. All of these activities will push you out of familiar patterns of thinking.

Ideally, pick an activity that requires so much focus and concentration you can't think about anything else. For me, hot yoga does the trick. I sometimes wonder whether I should take the time out of my day to drive to the studio, given how long my to-do list is, but after I've spent an hour in a 100-degree room doing downward dogs, my mind is completely clear. Often, I find that the answers to work-related challenges pop into my head on my ride home from the yoga studio — or I realize that a problem that was worrying me isn't as big of a deal as I thought and simply cross it off my "list."

4. Go back to school

Even if you don't have time to sit in a classroom, there are plenty of opportunities to take self-paced classes these days through online platforms such as edX and Coursera. Instead of taking the practical approach and taking a business course, consider studying a subject that interests you outside of your business. edX, for instance, offers classes such as the History of Chinese Architecture, Making Government Work in Hard Places, and The Science of Happiness. Studying almost any new subject will bring fresh ideas into your mind — and by extension, into your business. (See also: 10 Classes That Can Pay for Themselves)

5. Reconnect with your childhood

If there are kids in your life — whether they are your own or those of a friend who would appreciate some free baby-sitting — spend a couple of hours playing with them. Go to a park and let them dictate what you play, or bring over some crafts supplies or materials for a science experiment and put them in charge. Experiencing how they think, experiment, and solve problems will get you out of the "adult" mindset of doing everything efficiently and aiming for results. The more you can connect with the childlike side of yourself, the more willing you'll be to try new, possibly messy, approaches at work. That's a good recipe for getting unstuck.

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This article is from Elaine Pofeldt of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

10 Often Overlooked Jobs That Pay Big Bucks

Paul Michael — Thu, 26 Oct 2017 08:00:06 +0000

Film directors, cardiac surgeons, trial lawyers, and hotshot Silicon Valley entrepreneurs probably never have to worry about impressing dinner party guests. Some jobs come carry the kind of cachet that makes everyone wants to hear about them.

But there are many other quieter roles that pay well, even if they carry less prestige. The work may be unglamorous, but that doesn't have to mean it's unfulfilling. And a good salary can go a long way toward a comfortable life outside of work, and maybe even an early retirement.

Take a look at these jobs that are often underrated or overlooked. The salary that comes with them is far from boring. (See also: 12 Gross Jobs That Pay Pretty Well)

1. Podiatrist, median salary: $194,108

To some people, feet are best covered in shoes and socks and forgotten about. To others, they're a way to make a handsome living.

To be clear, podiatrists don't just work with feet, but also ankles and lower legs. While the work can be exciting in some respects, there are a lot of mundane routines that are performed daily. From treating bunions and ingrown toenails, to dealing with smelly feet, corns, and calluses, it can be what many of us would consider unpleasant work.

And it takes a lot of education to get there: Podiatrists must first complete a four-year Doctor of Podiatric Medicine (DPM) degree from an accredited college, which cannot be done until a bachelor's degree in a related field has been attained. After all that, a further three-year surgical residency must be completed. That's 11 years of education and training before the money starts to roll in. But when the paychecks do come in, podiatrists can earn $194,108 per year. If you want more excitement, you could always take up sky diving or motorcycle riding in your spare time.

2. Software engineering manager, median salary: $130,246

Are you good with computers? Do you not mind sitting in front of a screen for eight hours a day? Are you ready to manage a department filled with people who all write code for a living? This could be the job for you.

A software engineering manager is responsible for designing, developing, modifying, and maintaining software programs. You won't find a lot of movies where a software engineering manager is the hero, but because this is a growing profession desired by almost every company out there, work is plentiful. You could be working for Google, Apple, Facebook, Amazon, or any other company that takes your fancy. It is a fast-paced job that requires analytical thinking, and you will often have to write code under pressure and solve problems quickly: If a major piece of software malfunctions, millions of dollars could be lost.

To become a software engineering manager, you'll need a bachelor's degree in computer science, and at least three or four years working in a department before you're promoted to lead the team. You could then earn $130,246 a year after benefits and bonuses.

3. Finance director, median salary: $168,153

Finance is seen by some as dry. But if you've got ambition and a knack for numbers, it could put you in a powerful decision-making position with a good salary.

Working alongside the CFO, managing director, or CEO of a company, the finance director is the go-to person for all the financial aspects of the company. Strategies on how to grow the business, where to save money, and how to analyze and interpret financial research will all fall on the shoulders of the finance director.

Can the company afford to invest in X or Y? Does the company have the funds to grow certain departments? Is there a way the company can save money on taxes? All this and more comes under the finance director's job description, and he or she will usually present the quarterly and yearly figures to a board of directors.

To become a finance director, you will need at least a bachelor's degree in business, finance, accounting, or economics, plus several years of work experience in a finance department. Most employers prefer the role to go to someone with an MBA, too. With the right education and skills, you could earn a good living. The median salary for finance directors is $168,153 per year.

4. Pharmacy manager, median salary: $143,841

While it's not seen as glamorous, being a pharmacy manager bears a lot of responsibility. It also requires a lot of concentration, education, and awareness of the patients you provide medication for. This is why the salary is as high as it is.

A pharmacy manager oversees the production, compounding, and apportioning of medications. They must also keep track of their patients' current and past prescriptions, be up-to-date on every new drug on the market, and manage a staff of other pharmacists. It can be quiet, long, and arduous work.

This job requires a bachelor's degree in a related field, followed by a four-year Doctor of Pharmacy degree and around five to six years of work experience in a pharmacy. If you can handle that kind of training, and have a good head for facts and figures, this could be just the job for you.

5. Optometrist, median salary: $117,379

Anyone who wears glasses or contacts will be pretty familiar with the daily duties of an optometrist. Typically, they perform vision tests, diagnose sight problems, and prescribe glasses, contact lenses, and eye medications. An optometrist can also detect a wide variety of health issues through a series of routine eye examinations.

Some people may consider this job "boring." But if you like the peace and quiet of an office environment, interacting with the public, and want the satisfaction of helping people with their vision, this would be a great career. It would pay well, too, considering the median annual salary is $117,379. If you're interested, you'll need to complete a four-year degree in a related field (biology or chemistry) followed by an optometry program that will take an additional four years to complete.

6. Senior actuary, median salary: $120,074

Risk and uncertainty: two aspects of life that aren't popular with most of us. But they define the career of an actuary. Using a mix of mathematics, statistics, and theory, an actuary assesses risk for businesses. The type of risk can vary greatly, depending on the industry the actuary is working in.

Most of the time, actuaries work for insurance companies, for obvious reasons. The work is all number crunching and data analysis, and if you're interested in pursuing it, you'll need a bachelor's degree in a related field, ideally actuarial science. To become a senior actuary, you'll have to put in several years of work or get promoted at a meteoric rate in your first year. Senior-level actuaries earn a median salary of $120,074 per year.

7. Technical writer, median salary: $99,082

Technical writers are responsible for researching, preparing, organizing, and writing the kinds of instruction manuals, journals, and white papers that would put the vast majority of us to sleep. These documents are often filled with highly specific jargon that needs to be understood completely by the writer. For this reason, technical writers tend to stick to a specific area of expertise such as medicine, electronics, software, or industrial equipment.

If the idea of diving into this kind of heavy-duty research hasn't put you off, you'll be pleased to know that it's not a difficult field to get into and pays well, with the industry median salary at $99,082 per year. A bachelor's degree in communication, English, or journalism is preferred, but not essential. If you can wrap your head around the product or service, and communicate that in a logical way, you can work as a technical writer after a little on-the-job experience. You may need a lot of coffee, though.

8. Senior solution architect, median salary: $133,975

In very basic terms, a solution architect makes sure that the large applications and software within a business are all working together properly. They're typically also part of a solution development team. If any solution architects are reading this, apologies for the oversimplification of what is surely a very difficult job.

To become a solution architect, you will need at least a bachelor's degree in computer science, information technology, or software engineering. Consideration should also be given to further certifications from companies like Microsoft and IBM, and of course, the more on-the-job experience you can get, the higher your salary will go. Currently, senior solution architects earn an average $133,975 per year.

9. Data scientist, median salary: $122,747

If you've been keeping track of what's considered valuable in any industry these days, it's data. From advertising and marketing, to oil and gas, data is worth its weight in gold. And a data scientist plays a crucial role in making that data so valuable.

In a nutshell, a data scientist looks at raw data — be it financial statistics, consumer shopping habits, or thousands of other possibilities — and analyzes it to create information that can be acted upon. Typical duties involve data mining, processing and cleansing the data, ad hoc analysis, creating reports, and presenting findings to key members of staff. It is the kind of work that requires a great deal of concentration and problem solving, and requires proficiency in mathematics, computer science, and engineering.

To become a data scientist, you will need a bachelor's and master's degree in a related field. More than 46 percent of data scientists also have a PhD. You should also be skilled in Python and SQL database coding, and have excellent business acumen. Data scientists earn a median income of $122,747 per year.

10. Patent attorney, median salary: $188,050

Every product you've ever bought, or service you've ever used, likely has a patent. Or at least, it should. The patent basically protects the inventor of the product from other people stealing and profiting from the idea.

A patent attorney helps guide that idea and its owner through the tricky and confusing process. They are known as masters of intellectual property (IP) law, and will not only help a product or service get a patent, but also renew it, defend it, and enforce it. Patent lawyers also advise their clients if a patent already exists for the idea and what to do to make it different enough to get a patent that will hold water.

To become a patent attorney, you will need a four-year degree in one of a wide variety of fields, including chemistry, biology, physics, or electrical, civil, mechanical, or biomedical engineering. Then, you will need to complete a law program and pass a state bar exam. The median salary for a patent attorney is $188,050.

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5 Job Hunting Roadblocks Millennials Must Overcome

Paul Michael — Wed, 11 Oct 2017 08:30:11 +0000

Millennials are the demographic born between the early 1980s and the early 2000s. If you fall into that category, you are going to come across some disadvantages when it comes to getting a job. While these roadblocks are not applicable to every candidate, and are certainly not impossible to overcome, they are going to make your job search more difficult than the Gen Xers you'll be competing with. Here are some of the struggles you can expect to face.

1. Older generations may have a bad impression of you

Most millennials are like every other age group of job seekers: hardworking, driven, and ready to knuckle down and have a positive impact on the company that hires them. Sadly, millennials have gotten a pretty bad rap over the years, tainted by the actions of a few. Words like "entitlement" and "opinionated" are bandied about, and it is having a negative impact on those looking for work. In particular, older generations, most of whom are doing the hiring, have bought into those stereotypes.

For example, in a Daily Mail article published earlier this year, some bosses and hiring managers complained about a workforce made up of young people that are "spoiled, full of themselves, averse to hard work, and expect 'success on a plate.'" Sadly, articles like these are a dime a dozen.

These blanket statements, of course, are simply not true. There are selfish, entitled people of every age and background — but in the case of millennials, it can be a hard perception to shake off. Millennials will have to overcome these preconceived notions and prove they're every bit as determined as their peers. (See also: 5 Ways Millennials Can Become Bosses Sooner)

2. Student loans can leave you desperate

Let's talk about student loans and crippling debt. The average student in the class of 2016 graduated with $37,172 in student loan debt. According to the New York Federal Reserve, in the U.S. alone, there are over 44 million borrowers that have amassed over $1.3 trillion in student loans — and this number continues to grow as the cost of higher education skyrockets.

This is a massive liability, especially when you consider that in 1990 the average student loan debt was just $12,110. What's more, in that time median wages have basically flatlined — rising from $42,342 in 1990 to just $43,000 in 2016, according to the New York Federal Reserve. That's a 1.6 percent pay raise and a whopping 163.8 percent debt raise.

As a millennial, you are facing the very likely possibility that you'll be stuck with this debt for decades. For this reason, finding work becomes nothing short of desperation. College graduates are taking jobs well below their education and skill level simply because it's better to have a low paying job than none at all. And this can lead to a vicious cycle of low level gigs, standing at the foot of a ladder that looks impossible to climb. No other generation has had to start their careers with this kind of burden. (See also: 7 Unique Ways Millennials Are Dealing With Student Loan Debt)

3. Technology has its disadvantages

Millennials were born into a world of rapidly advancing technology, and for the most part, they are very comfortable interacting with it. That can be positive in many ways, and it can certainly help in their job search. But this reliance on technology can also lead to some social issues that may hamper a job interview process. Namely, millennials aren't as accustomed to talking on the phone or sitting down face to face as older generations.

Many millennials would much rather communicate through text, instant messenger apps, emails, and social media posts than through traditional voice and in-person methods. These preferences can impact a candidate's chances during phone or face to face interviews. To be sure, many millennials are comfortable with and perfectly capable of acing a phone or in-person interview. But for others, this can be an obvious struggle. (See also: 59 Tips to Help You Nail That Job Interview)

4. There hasn't been enough time to establish great credit

In some countries, no news is good news when it comes to a credit history. As long as you have a good salary, a stable family life, and are current on loans and other debts, you're good to go. But in the U.S. it takes time to build great credit and get a credit score above the magic 700 number. Unfortunately for millennials, they haven't had that kind of time. Millennials are also less likely to want credit cards and large financial obligations, which further hampers their ability to build credit.

Indeed, the 2008 crash, coupled with the increase of student loan debt, has made many millennials wary of getting into any kind of debt at all. But employers these days are getting thorough on background checks, and a low or nonexistent credit score can be a black mark against a candidate. (See also: Best Credit Cards for Millennials)

5. Education is no match for experience

There's a scene in The Secret of My Success that sums up this problem to a tee. Michael J. Fox's character applies for a job and says, "I was trained in college to handle a job like this, so in a sense I already have experience." The interviewer replies, "What you've got is college experience, not the practical hard-nosed business experience we're looking for."

This is a problem that millennials run into often. They have an education and a few years in the field, but not enough to match the candidates that have a solid 10+ years of business experience under their belts. Plus, more and more employers are placing way more emphasis on work experience than a college degree. (See also: 7 Things Successful Millennials Do)

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Why Now's the Right Time to Jumpstart Your Career

Damian Davila — Tue, 26 Sep 2017 08:30:11 +0000

Data from the U.S. Bureau of Labor Statistics' has shown an interesting trend in the years since the Great Recession: More Americans are quitting their jobs than ever.

The Bureau's Job Openings and Labor Turnover (JOLTS) reports show some surprising numbers. In July 2014, 2.5 million Americans voluntarily left their jobs, leaving the national quit rate at 1.8 percent. Compared to 2017, those numbers have increased dramatically: 3.2 million people quit their jobs this past July, at a rate of 2.2 percent.

You may be wondering why people are leaving their jobs in such droves. It's good news. The trend indicates that workers are finding new, better jobs, and the JOLTS data shows that more job openings and opportunities are available than in years past. How can you take advantage of this employment trend? By bettering your career path. Here's your game plan.

1. Request better workplace benefits

According to Glassdoor, three out of five people report benefits and perks as being among the top deciding factors in accepting a new job. And 88 percent of respondents to a 2017 Fractl survey reported that they would even give "some" or "heavy" consideration to a lower-paying job with better health, dental, and vision insurance compared to a higher-paying job with less impressive health benefits.

It doesn't end at health insurance, however. Job-seekers are increasingly interested in other benefits such as flexible working hours, student loan repayment, more vacation time, additional fund options in retirement plans, and free day care. As employers are competing more fiercely to attract and retain qualified workers from a shrinking pool of talent, you have a stronger case for asking for additional benefits. Generally, it's cheaper for employers to provide a benefit to an existing employee rather than hiring someone new, so the economics are on your side.

2. Seek education and development options

A college degree can boost your lifetime income by a matter of millions. The problem is that the average graduate from the class of 2016 owed $37,172 in student loans, up 6 percent from the year before. And that number keeps growing. This is why today, we're seeing more and more employers offering student loan repayment as a benefit. (See also: These 17 Companies Will Help You Repay Your Student Loan)

Even better, many employers are going one step beyond student debt reduction and are looking to prevent it in the first place:

AT&T pays employees up to $3,500 per year for approved courses.
Fidelity Investments reimburses employees 90 percent of qualifying education costs (up to $10,000 per year).
Nvidia reimburses employees up to $5,250 each year for qualified job-related educational expenses.
Smuckers reimburses up to 100 percent of tuition costs for approved college courses.

Completing a degree on your company's dollar empowers you to improve your career path within your current employer — and future ones.

3. Work on soft skills

The idea of the ultimate expert working in a dark corner is long gone. Even in the fields of engineering or programming, employers value people who get on well with others and can work as part of a team. Knowing how to get along and communicate with your peers is key for your career growth, wherever that path may take you.

Cat got your tongue? Work on your communication, public speaking, and leadership skills with Toastmasters International for about $110 for the first year. And then practice those skills every day on the job. When the next big career opportunity comes knocking, you'll have a leg up on the competition. (See also: 10 Ways to Improve Yourself for $100 or Less)

4. Become a thought leader

Information is power, but so is the ability to deliver that information in a meaningful way. Companies are always looking for subject matter experts who can make presentations, serve on discussion panels, or contribute to industry journals or publications. Depending on your company policies, you may be able to receive additional income for these activities or just the reimbursement of eligible expenses involved with those activities.

The true value of becoming the face of your organization is that you're increasing both your value to the company and building your own personal brand. Both of which may come quite handy for the next time that you ask for a raise, receive an offer from another employer, or decide to set up your own shop.

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8 Great Jobs for the Next 10 Years

Annie Mueller — Mon, 04 Sep 2017 08:00:05 +0000

The working world is in upheaval, with technology changing the way we do pretty much everything. Some careers that used to be sure things aren't so sure anymore. How do you know which jobs are worth pursuing, and which aren't? We checked in with the U.S. Bureau of Labor Statistics to get the lowdown on fields that are projected to grow over the next decade.

1. Financial adviser

With life expectancy on the rise, more people are expected to be needing financial planning advice. The BLS gives this profession a solid projected growth rate of 30 percent between 2014 and 2024, which it notes is "much faster than average." The median salary for a personal financial adviser was just over $90,000 as of 2016.

For this career, you'll need a bachelor's degree, but no advanced degrees are required. Becoming a Certified Financial Planner (CFP) is also helpful. Many financial advisers work for insurance or financial brokerage firms; others are self-employed.

2. Physical therapist

The demand for physical therapists is growing, too: There's an impressive 34 percent growth rate predicted over the 2014–2024 period, with more than 70,000 new physical therapist positions being added to the workforce. To become a physical therapist, you'll need to get a Doctor of Physical Therapy (DPT) degree. A DPT degree is a post-baccalaureate degree that usually takes three years to complete. Worth the time? Probably. The median salary for physical therapists, as of 2016, was about $85,400.

3. Registered nurse

Becoming a registered nurse continues to be a great career choice for the next 10 years, and probably beyond. More than 439,000 registered nurse jobs are expected to be added to the workforce by 2024. The median salary was just under $70,000 as of 2016. Approximately 60 percent of RNs work in hospitals, according to the BLS, with the remaining 40 percent working in clinics, doctors' offices, home health care roles, and other care facilities. To become a registered nurse, you'll need a degree in nursing. A four-year bachelor's degree is probably the best choice, as an associate degree may limit your career options and salary.

4. Physical or occupational therapy assistant

Assistants to therapists earn a lower wage than the therapists themselves, but it's still a good salary. The average annual pay for a physical therapy assistant was just over $56,000 as of 2016, while occupational therapy assistants brought in an average $59,000.

Occupational therapy is focused on helping people improve their ability to handle daily life tasks, such as cooking, or even eating. Physical therapy focuses on helping patients recover from illness or injury and regain physical ability. To be a therapist's assistant, you'll need an associate degree and perhaps a license, but that's all. Both jobs have a projected growth rate of about 40 percent between 2014 and 2024.

5. Computer systems analyst

If computer systems, information technology, and business are your thing, this is a great career choice. Systems analysts work with business managers to understand business needs and come up with information systems solutions. You'll need a bachelor's degree in information technology to get a job in this field, which has a 21 percent projected growth rate. A master's degree may open up more job opportunities and a higher entry-level salary. The median pay as of 2016 was more than $87,000 a year.

6. Industrial machinery mechanic

The projected growth rate for this career in the 10 years up to 2024 is a bit lower than others on this list at only 16 percent, but that's still much faster than average. You don't need any college education for this job; a high school diploma or equivalent is enough, and, of course, some mechanical capability is needed. Beyond that, you'll need appropriate training for the specialization you choose; an apprenticeship or on-the-job training are two common options. The median salary for this career was just under $50,000 as of 2016.

7. Computer support specialist

The outlook for computer support specialists shows a 12 percent growth rate, with more than 88,000 jobs expected to be added by 2024. With a median annual salary of over $62,000 as of 2016, it's a great career choice. You need some computer prowess, of course, and the ability to patiently guide people through solving their computer problems. That's probably the most challenging part! A college degree isn't always necessary, though an associate degree, or at least some computer-related courses, will help. Positions with a larger company may require a bachelor's degree, but many other support positions provide on-the-job training.

8. App developer

If you're good with code and have the business savvy to see a hole in the app market, this could be a great career choice for you. Even if you're not so great at the business side, this could still be a good career if you get a job with any number of app development companies. Mobile technology is only continuing to grow, and this job is growing along with it at a rate of over 22 percent, according to Kiplinger. The median annual salary is one of the highest on this list, coming in at over $96,000. You'll typically need a bachelor's degree in computer science to get started in this field.

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This article is from Annie Mueller of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

Are You Putting Off These 9 Adult Money Moves?

Tim Lemke — Fri, 18 Aug 2017 08:00:05 +0000

You are not a kid anymore. It's time to start acting like an adult, especially with regard to your money. Procrastination won't help you on the path to financial freedom, so it's time to grow up, and examine whether you've been avoiding these adult money moves.

1. Bolstering your emergency fund

When you are young, you may not need a lot of extra cash on hand. After all, you may feel like your life is simple enough that very few emergencies would result in financial ruin.

As you get older, though, there are more costly events that can crop up. You may own a home and face major, unexpected repairs. You may have children with unexpected medical needs. And because your overall expenses are higher, you'll be hurt more if you or a spouse loses their job.

While it's important to invest for the long-term, it's also crucial that you keep enough cash on hand to cover emergencies. At least three to six months' worth of income is a good rule of thumb. Without this savings, you may find yourself in debt or tapping into retirement savings to get by. (See also: 4 New Reasons You Need an Emergency Fund)

2. Tracking your money

When you're young and living large, you have no idea where your money is going. You are too busy having fun to worry about it. But now you're an adult, and it's time to actually assess what you are spending your cash on.

It's impossible to budget and save if you have no idea where to cut expenses. To begin tracking your money, analyze your bank and credit card statements to view all of the purchases you've made. Enter these into a spreadsheet, or use an account consolidation website such as Mint.com to help you. Once you start tracking, you'll have a good idea of where you've been wasting money and where you can start cutting down on your costs. (See also: Build Your First Budget in 5 Easy Steps)

3. Sticking to a budget

Once you get a handle on where your money is going, it's time to develop a system that will allow you to save money. The only way to avoid debt and save for the future is to keep expenses below what you earn. This may mean making tough decisions and reducing nonessential spending.

You may have to eat out less. You may need to cancel your cable TV or baseball season tickets. You may need to forgo that trip to the Caribbean. Set a budget for groceries each week, drive less, and clip more coupons. None of this is fun, but it's what adults do if they want to achieve financial freedom.

4. Getting your credit card debt under control

Early on in life, your credit card debt may just seem like a number you can hide from yourself. But at a certain point, it's something that truly impacts your ability to build wealth and obtain financial freedom.

When your debt is high, this impacts your credit score, which in turn impacts what you will pay for things like a mortgage and auto loan. In essence, debt can become a downward spiral of pain if you don't nip it in the bud early. Be an adult, and start paying down that credit card debt.

Try to go after the debt with the highest interest rates first, then go from there (otherwise known as the avalanche method). Begin using cards more sparingly and rely instead on good old cash as much as possible. Soon, you'll see your credit score rise and your overall financial picture will look much rosier. (See also: The Fastest Method to Eliminate Credit Card Debt)

5. Saving for a home

Homeownership isn't for everyone, but there will likely come a time in your life when it makes sense to build equity in real estate rather than spend money on rent. Owning a home gives you a sense of pride, a sense of stability for your family, and is a good financial move in the long run — as long as you can manage the monthly payments.

To make a sensible home purchase, traditional expertise has advised saving enough money for a down payment of at least 20 percent. So if you are eyeballing a $250,000 home, for example, that means amassing $50,000 — a sizable amount. While you aren't required to put 20 percent down, doing so can help you avoid having to pay private mortgage insurance, or PMI, until you build up equity in your home. Saving for a down payment is not an easy task, and may take many years, so it's best to start as soon as possible. (See also: 4 Easy Ways to Start Saving for a Down Payment on a Home)

6. Investing toward retirement

The notion of saving for your 60s might seem ridiculous when you're in your 20s. But you can't put off retirement savings forever, and this procrastination can really hurt you down the line. The earlier you start saving, the more money you will have when it's time to leave the workforce.

If you're into your 30s or 40s and have little saved for retirement, you need to start socking money away right now. Take advantage of your employer's 401(k) plan and any of your company's matching contributions. You can also open an individual retirement account (IRA). Max out these accounts, if possible. The sooner you start investing, the more time your money has to grow. (See also: 7 Retirement Planning Steps Late Starters Must Make)

7. Saving for your kids' education

It's hard to imagine saving for college when you have no children yet, or your kids haven't even left elementary school. But with college costing tens of thousands of dollars, and getting more expensive every year, you shouldn't put off saving for too long if you plan to help your children with some of the expense.

It's possible to begin saving before your child is even born, and there are many investment accounts, including the popular 529 college savings plans, that offer great tax advantages to those that save for education. It's not wise to save for college costs at the expense of your own retirement, but if you have the ability to put aside money for both, do it sooner rather than later. (See also: 5 Smart Places to Stash Your Kid's College Savings)

8. Getting properly insured

Proper financial planning isn't just about accumulating wealth, but protecting it. The best way to protect your assets is by insuring them at appropriate levels. Do you own a home? Make sure you have homeowners insurance to protect the structure and everything inside. Do you and your family members have health insurance to protect against illness or injury? And do you have life insurance so that your family will be financially OK if something were to happen to you?

Insurance can sometimes seem like a waste of money if you don't use it. But when something bad does happens, you'll be massively grateful you have it. (See also: 5 Reasons Why Life Insurance Isn't Just for Old People)

9. Crafting a will

Do you know who gets your assets if you unexpectedly pass away? Do you know who will take care of your children if you are no longer around? Have you given any thought to whether you'd like to be kept on life support if you are the victim of an accident? These are unpleasant things to think about, but they are important considerations.

In the absence of a will or other documents that outline your wishes, family members may be left to make challenging decisions. The money and assets you wished to pass on to specific relatives may not be passed on according to your plans. Writing a will may not seem like a crucial thing to do when you are young, but it becomes more important as you get older, expand your family, and accumulate assets. (See also: What You Need to Know About Writing a Will)

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These 17 Companies Will Help You Repay Your Student Loan

Damian Davila — Thu, 22 Jun 2017 09:00:10 +0000

Student loans can dampen the ability of new grads to get on their feet financially, causing stress at home and at work. According to Student Loan Hero, the graduating class of 2016 had an average student loan balance of $37,172 — up six percent from the year before.

While it's daunting to see that number rise, the good news is that, in an effort to recruit and retain the best hires, a growing number of employers have started programs to help employees pay back those hefty student loans. Here are a few of those companies helping workers get out of debt.

1. Chegg

In April 2015, tutoring and study services company Chegg announced its college loan reduction plan for full-time employees in partnership with Tuition.IO, a company that provides a web-based platform for tracking and managing student loan payments. This benefit has an annual cap of $1,000 (less taxes), but has no cap on the total amount an employee can receive.

2. ChowNow

ChowNow has found this perk so useful in hiring talent that the company decided to double it from when it first started offering it to employees. The Los Angeles-based online food ordering company has an employer-paid student loan assistance program that matches up to $1,000 a year of employee payments.

3. CommonBond

Since December 2015, this lending marketplace platform has been granting $100 per month to its employees to pay down student loans. While CommonBond limits the perk at $1,200 per year, the company continues helping its employees until they fully pay off their student loans. Employees also have the option to refinance their student loans with CommonBond. On average, student borrowers save over $24,000 when refinancing through CommonBond, according to the company.

4. Credit Suisse

The financial services company doesn't offer a lump sum benefit to its employees, but instead provides a 0.25 percent discount on interest rates to workers that refinance their student loans with online lender SoFi.

5. Connelly Partners

Boston-based ad agency Connelly Partners works with Gradifi to offer a student loan repayment plan that improves the longer the employee stays with the company. Like a 401(k) plan, the agency matches up to $100 per month of its employees' debt payments. Employees who stick around for at least six months receive a $1,000 student loan payment bonus. Those who work for the company for five years receive another $1,000 bonus for the sixth year.

6. Fidelity Investments

The financial services firm makes an annual $2,000 direct payment to employees' student loan servicers, up to a total of $10,000. If your career with Fidelity requires you to continue your education, then Fidelity will reimburse you 90 percent of qualifying costs (up to $10,000 per year) of a work-related degree or certification program. You must have worked for the company for at least six months to qualify.

7. Kronos

Based in Chelmsford, Massachusetts, the workforce management software provider has partnered with solutions provider Student Loan Genius to pay up to $500 per year to help employees pay down student debt.

8. LendEDU

Since February 2016, the online marketplace for student loan financing has paid $2,400 per year ($200 per month) to employees with student loan debt.

9. Martin Health System

Employees working in the nursing field at Martin Health System in Florida can receive up to $2,000 per year to help pay down their student loans. In addition to this benefit from Martin Health System, Florida nurses can also work in areas with staff shortages to qualify for the state's Nursing Student Loan Forgiveness Program or the federal Perkins Loan Cancellation for Nurses and Medical Technicians.

10. Moonlite Bunny Ranch

In 2015, Dennis Hof, the owner of the legal brothel Moonlite Bunny Ranch in Nevada, promised to match 100 percent of his employees' student loan payments for two months, up to the full amount that they made during that period.

11. Natixis Global Asset Management

All Natixis employees receive an annual $1,000 student loan repayment benefit, up to $10,000 over a 10-year period. The company used to require that workers reached five years of employment in order to receive a lump sum benefit of $5,000, but did away with the requirement in July 2016.

12. Nvidia

This computing giant offers comprehensive student loan repayment options. First, employees working at least 20 hours per week who graduated within the previous three years can apply for a reimbursement of $6,000 a year for qualifying student loan payments, up to $30,000. Second, employees who successfully refinance their student loans with SoFi receive a bonus ranging from $200 to $500 and pay no loan origination fees. Third, employees who need to go back to college can receive a reimbursement of up to $5,250 each year for qualified job-related educational expenses, including tuition and books, as long as they earn at least a B average.

13. Powertex

The clothing design company was among the first businesses in Wisconsin to partner with Gradifi to offer a student loan repayment assistance program. Powertex gives eligible employees $100 per month for student loan payments for up to six years.

14. PricewaterhouseCoopers (PWC)

Associates and senior associates at the consulting firm receive $100 per month ($1,200 a year) toward student loan payments for up to six years.

15. SoFi

Many employers partner with SoFi to offer a student loan repayment assistance program. The online lender also offers its own eligible employees $200 per month to help them fully pay back student loans.

16. Staples

The office supply retailer offers top-performing full-time employees $100 a month for three years, for a total of $3,600 in student loan assistance. To maintain their eligibility, employees must meet set criteria throughout the entire three years.

17. Aetna

As of January 2017, the health care company matches employees' student loan payments of up to $2,000 per year, with a lifetime maximum of $10,000. The program is available to employees who have graduated within the previous three years from an accredited institution.

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6 Reasons Average People Should Consider a Prenup

Emily Guy Birken — Tue, 13 Jun 2017 08:30:17 +0000

Prenuptial agreements are pretty standard when the rich and famous get married. Considering the amount of wealth these high-profile couples have, it makes perfect sense why prenups are as common as their giant engagement rings.

But what about us common folk? Are prenups a good idea for people without millions of dollars to protect?

Depending on your finances and relationship, a prenup might be a good idea for you and your sweetheart. Here are six reasons why people without multimillion-dollar net worths might choose to sign a prenup before saying "I do."

1. If either of you have children from a previous relationship

As of 2013, 40 percent of new marriages include at least one spouse who has previously been married. Couples who have been down the aisle before are more likely to bring children into their new marriage, which adds a level of financial complication to their union. These parents often want to make sure children from their previous relationships will be financially taken care of in case of either death or divorce.

A prenup can help parents protect assets for their children, especially in terms of estate planning. For instance, state laws generally consider marital property to belong solely to a surviving spouse after one partner dies. A prenup could ensure that a portion of that property, or assets that the parent brought into the marriage, would go to the child of a previous marriage or relationship rather than the surviving spouse.

While wills can cover this same ground, having just a will that leaves your spouse less than an elective share of your estate (between one-third and one half) does not necessarily preserve assets for your children, since your spouse can make a claim against your estate for the elective share. Having a prenup that spells out what assets go to children of a previous relationship, along with a will that cements the terms of the prenup, will be a much more solid method of protecting your children.

2. If either of you has a great deal of debt

We tend to think of prenups as being a way of protecting our wealth, but they can also protect you from your partner's debts (or vice versa). If you are entering into a marriage with a great deal of individual debt, a prenup can delineate who has responsibility for the debt payments during the marriage, as well as how the debts will be handled in the event of a divorce.

3. If either of you is an entrepreneur

Figuring out the specific valuation of assets, such as closely-held business interests or stock options, can be tricky. These things can cause a messy delay in the event of a divorce. If either spouse is an entrepreneur or small business owner, drafting a prenup that spells out exactly how these kinds of assets will be valued will save you a great deal of heartache, time, and lawyer's fees if you ever need to split them up in a divorce.

4. If either of you plans to get an advanced degree while the other works

It's common for one spouse to financially support the family while the other gets an advanced degree or other higher education. The problem with this division is if the marriage does not survive.

The fallout can happen in a few ways. Maybe, for example, the degree-seeking spouse ends up much better off financially because their new education helps advance their career. Meanwhile, the supporting spouse may be stuck toiling away for a lower paycheck. Or, in another example, maybe the supporting spouse makes good money, but the degree-seeking spouse is unable to find a job or is crippled by student loans post-divorce.

A couple who knows that one partner will work to support the family while the other goes to school may want to draw up a prenup that will make sure both of them will be financially OK if the marriage does not last.

5. If either of you plans to be a stay-at-home parent

A spouse who stays home with the children may not be bringing in a salary, but he or she is certainly saving the family money. According to a 2016 Salary.com estimate, stay-at-home parents are saving their families over $143,000 per year by doing all of the work that would otherwise have to be contracted out.

Unfortunately, there is no real way to quantify those cost savings if a marriage dissolves, which can leave the non-paycheck-earning parent at a distinct disadvantage. A prenup can do a great deal to protect both of the spouses.

6. If you live in a community property state

In the nine community property states, which include Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin, everything purchased during the marriage is split 50/50 in the event of a divorce, no matter who made the purchase.

For most couples in these states, there is no problem with the community property laws. However, suppose one spouse purchases property on her own during the marriage? For instance, a real estate developer marrying someone outside of the real estate business might use her own funds to purchase properties as part of her business, even after they are married. If the developer wants to make sure those properties remain under her control should the marriage dissolve, then a prenup would be a good idea to protect that property.

Making sure your prenup is mutually beneficial

There is a stigma to prenups, which is part of the reason why they are often seen as just being for the uber-wealthy. We tend to think of them as proof that spouses are not committed to their relationship.

However, a prenup should be mutually beneficial, and it can be a way for you and your beloved to show your commitment to each other. You should both be satisfied that you will each be taken care of in case life doesn't turn out the way you planned.

This article is from Emily Guy Birken of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

Don't Let Outdated Money Advice Endanger Your Money

Tim Lemke — Fri, 19 May 2017 09:00:09 +0000

We've all received unsolicited financial advice, often from well-meaning relatives and friends. In many cases, this advice is useful. But a lot of "classic" personal finance advice simply hasn't aged well, and is now viewed as flawed. It's just not applicable anymore in today's world.

Before you blindly accept any money advice you receive, be sure to do some additional research to find out if the advice is outdated. Here are nine examples of financial tips that may no longer apply.

"Find a good employer and stay forever"

Many of us know an older relative that began working at a company as a teenager and then retired from that same firm four decades later. Often, they walked away with a sizable pension and even health benefits for life. (See also: If You're Lucky Enough to Receive a Pension, Here Are 6 Things You Need to Do)

This doesn't happen much anymore. Job security is not what it once was. A decline in labor unions means that guaranteed annual pay increases are a thing of the past. And a pension? Forget it.

There's a lot of evidence now that switching jobs periodically will result in higher pay increases. And with the introduction of 401(k) plans, retirement savings are portable when your employer changes.

"Pay off all of your debt as soon as you can"

This is not so much "bad" advice, it's just less than ideal. Yes, it's a fine goal to remain as close to debt-free as possible, but in the current environment, carrying some kinds of low-interest debt may be more beneficial for you in the long run.

Let's say you have a 30-year fixed-rate mortgage and were fortunate enough to lock in a low 3.5 percent interest rate. Let's also say stock market returns are averaging 7 percent per year. Over time, you're going to be better off using any extra money you have to invest in stocks rather than pay off your loan early. Generally speaking, if your investment returns outpace current interest rates, there's not much incentive to pay off debt early.

"Technology is a fad"

There was a time when some of the most savvy investors dismissed many tech stocks because they didn't understand them. The bubble collapse of advertising-dependent dot-com companies in the late 1990s didn't help the image of this sector. But there's no denying the fact that investing in technology companies with solid business models has been a clear path to wealth in recent years.

All you need to do is look at the incredible returns for companies like Amazon, Apple, Netflix, Facebook, and others. A full 15 percent of companies in the S&P 500 are technology companies, and they comprise most of the companies traded on the NASDAQ.

Tech stocks are still notoriously volatile, but if you ignore the sector completely, you're ignoring some big potential returns.

"Max out your 401(k)"

While there's still little question that you should take advantage of your employer's 401(k) plan, people aren't quite as eager anymore to recommend that you contribute the maximum amount allowed. That's because over time, we've learned that the investment options and fees in many plans are rather lousy.

Now, the best advice is to contribute to your 401(k) up to the amount that is matched by your employer. After that, begin contributing as much as you can into a Roth IRA, which offers tax-free growth and a wide array of investment choices.

"Education debt is good debt"

Attending college isn't a bad thing, but don't be cavalier about the impact that student loan debt will have on your financial wellbeing. College costs are increasing, along with stories of students and new grads being weighed down by tens or even hundreds of thousands of dollars of debt. (See also: 15 Ways to Pay Back Student Loans Faster)

Carrying this debt can create a ripple effect that impacts your ability to save, purchase a home, or invest. And student loan debt can't be discharged in bankruptcy. Nowadays, any thought of borrowing for school should not be taken lightly.

"Diversify your portfolio with a mix of stocks and bonds"

Financial advisers have always emphasized diversification, but over time there's evidence that younger investors don't need to devote as much of their portfolio to fixed-income investments. Investing in bonds is useful for people who are nearing retirement age. But if you've got a long way to go before you stop working, you'll be best off with mostly stocks, which will offer much better returns and greater potential to meet your retirement goals.

There is more risk and volatility associated with buying stocks, but a long time horizon will give you plenty of time to recoup any losses and then some (especially since people are living longer than ever). If you're not sure what stocks to invest in, pick a simple, low-cost index fund that mirrors the performance of the overall stock market.

"Try to become a millionaire"

There is an enormous amount of mystique surrounding the $1 million mark, and there's no question that saving that amount is something to be proud of. But a million dollars won't carry you as far as it once did. (See also: 5 Reasons Being a Millionaire Is Overrated)

If you plan to retire at age 60, keep in mind that you need your nest egg to last for 30 years or more. Will $1 million allow you to maintain your lifestyle and pay for things like long-term care? It's certainly possible to retire with $1 million, but you may still have to live conservatively to make the money last.

"Always buy instead of rent"

Homeownership is a powerful thing. It allows you to build equity and get some possible tax breaks while also offering you a place to live. But we've learned in recent years that it's not for everyone.

Home prices are sky high in many areas of the country, and having a mortgage payment that's too expensive can make it hard to save for the future or even live comfortably. Remember that just because you qualify for a loan of a certain size doesn't mean that's a sensible loan size for you.

The best advice now is to purchase a home if you believe you can make a large down payment and then comfortably make monthly payments while still saving for other future needs. If you're not quite there yet, don't fret. Renting is OK as long as you're still saving, investing, and building your net worth in other ways.

"Buy Coca-Cola stock"

For decades, you'd often hear investors gloat about the consistent, predictably great returns from Coke. Heck, the great Warren Buffett owns a ton of shares and drinks several Cokes a day.

It's still a good company, but anyone who bought Coca-Cola shares in recent years will have seen below-average market returns. Shares have risen just 18 percent in the last five years compared to nearly 70 percent for the S&P 500. Quite simply, the company has had to work very hard to maintain profits in an age when people are increasingly concerned about the health impact of sugary drinks and snacks.

This article is from Tim Lemke of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

How to Use the Holiday Quiet Time to Boost Your Career

Kat Tretina — Wed, 14 Dec 2016 11:30:08 +0000

Depending on your office's culture, it can become a barren wasteland starting right after Thanksgiving, and stay that way until after the New Year. Especially if your office is open the week between Christmas and December 31, it's completely common to find yourself as one of the few people in the office — if not the only one!

And while bingeing on Netflix or having chair races with the only other person in the office may sound appealing, office quiet time is a golden opportunity for you. The empty office gives you a chance to prepare for the new year and build your skills. Instead of whiling away the hours on Candy Crush, try the following ideas to be productive.

Take a Course

Whether you want to learn how to code, dream of graphic design, or think mastering advanced Excel functions will help you in your current work, there are free and low-cost courses available to help you meet your goal.

Coursera

Coursera offers free classes from top universities like Yale, Harvard, and Brown in subjects like psychology, neuroscience, or fundamental programming concepts. While you cannot get credit for the classes you take, these are excellent resources for developing new skills.

Udemy

Similarly, Udemy offers free classes, but they also have more in-depth classes with a fee, too. Udemy courses tend to be more niche-focused. If you want to learn about the latest in social media, such as how to use Periscope for brand promotion, or how to use Photoshop's editing features, Udemy offers many options and self-paced learning opportunities. While even Udemy's paid classes tend to be very affordable, if the lesson can be applied to your work, check with your manager to see if the company will cover the cost. Your initiative will show a good use of your time during the slow season.

Research Tools That Can Improve Your Work

During the busiest months, it can get so crazy you don't have a lot of time to research ways to streamline processes or make your job easier. So you stick to what you know and what works, even if it is inefficient. The slow weeks can be a great time to find new ways of doing business that can make your life simpler in the new year.

There are many free or cheap tools available for every line of work. Below are just five free options that can help you in different industries, but there are hundreds of tools that can improve efficiencies and empower you to be more productive.

Asana

If your company struggles to keep up with deadlines and track who is accountable for what, Asana can be a gamechanger. Asana allows you to create tasks, assign people to each step, and set public deadlines. Asana is free for for teams up to 15 people, so it can be great for individual departments to stay on track and keep projects moving forward.

Canva

If you run social media pages, coming up with images for the different channels can be a major timesink. And if you have to wait on someone else to do them for you, that can make it difficult to capitalize on breaking trends. Canva allows you to create polished, professional-looking images in minutes, even if you have no graphic design training yourself. There's thousands of free templates, and while you can upload your own photos, they also offer stock photos for just $1.

FullContact Card Reader

Whether you work in sales, procurement, or marketing, gathering business cards is part of the job. And it's all too easy to accumulate a stack and forget about them, or lose them altogether. The FullContact Card Reader scans the business card and saves the information to a designated place that you can organize and search. You can save up to 1,000 contacts with the free version.

HemingwayApp

If you're a writer, you'll enjoy HemingwayApp. Not only does it recognize typos and grammatical errors, but it also highlights bad habits like passive voice, excessive adverb use, and overly complicated sentence structure.

Written Kitten

Have you been delaying writing an email or starting on a sales report? Meet Written Kitten, an utterly ridiculous free tool that may get you inspired. After you write 100 words, the site rewards you with an adorable picture of a kitten. Just don't allow yourself to cheat the system and start writing nonsense just to see the next cat.

Take Advantage of Your Time

It can feel like a real drag as the only person in the office. But this time of the year can be a fantastic chance to invest in yourself, learn new skills, and optimize your productivity. Dress comfortably, load up your phone with great music, and try these courses and tools to set yourself up for a strong new year.

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This article is from Kat Tretina of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

Millennial Millionaires: How the Brokest Generation Can Also Become the Richest

Ashley Eneriz — Tue, 06 Sep 2016 10:30:07 +0000

Recently, Wells Fargo and GfK surveyed 1,005 employed Millennials. The majority (64%) of Millennials polled said that they don't believe they will ever accumulate $1 million during their lifetimes. Furthermore, many also said they had not started saving for retirement and were feeling overwhelmed with student debt.

Getting your finances on track in your 20s and after college is hard, but any Millennial can become a millionaire in their lifetime with the right steps.

Start Saving for Retirement

The number one way to become a millionaire in your lifetime is to invest in your retirement early and often. Don't keep putting it off, because youth means you have the power of compound interest on your side. It will take you less effort to save money now than it will take you when you try to play catch up 10 or more years later.

Don't even worry if you aren't at your dream position quite yet. Take advantage of your company's 401K contribution match. If your company doesn't offer a retirement fund or you are self-employed, there are still many options for you.

If you are currently saving 0% toward your retirement, then start with 3 percent. Saving 3 percent of your income is quite painless. Increase this percentage frequently until you are contributing 15% of your income to retirement.

While this might seem like a daunting task when you are living paycheck to paycheck, it can be done. Having your retirement investments taken out before payday forces you to adjust to living with a smaller budget, and you also get the bonus of a nice tax break.

Shift Your Way of Thinking

If you spend trying to impress others, you will never have a bank account that actually impresses others. Live below your means and be realistic with what you really need.

Remember that the way you live right after college is not a forever thing if you are frugal. When you are unmarried and without children, it is easier to share a living space or live on a bare-bones budget to optimize your savings. Live as frugally as possible now so that you can enjoy living when you are in your next season of life.

Tackle Debt From All Angles

In the survey, 34% of Millennials reported an average of $19,978 of debt. Of those with student loan debt, 75% described their debt load as unmanageable. Don't carry your debt with you, allowing it to drag along like a burdensome weight.

Instead, find ways to tackle your debt from many different angles. Here are just a few solutions:

Enroll in programs that forgive student loan debt.
Start aside business and funnel earnings to debt.
Use a 0% credit card for a part of the debt.
Look intoconsolidation and refinancing.
Earmark every extra dollar to your debt, including birthday money and tax refunds.

The faster you can pay off your debt, the freer you will feel financially.

Earn Experience — Not Degrees

Degrees are certainly valuable and necessary in many fields, but in some, the pay difference is not that drastic. Instead, focus on growing your experience and career path each year. Take advantage of company-paid training and develop your skills. Then, start planning for more senior, better-compensated roles by asking people in your dream job how they got there. The road to success may not be paved with gold, but there may be a pot of gold at the end of it for those who plan carefully and work intelligently.

Do you think you will reach a million dollars in your lifetime?

This article is from Ashley Eneriz of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread: