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5 Jobs That Pay Over $50K and Don't Require a Bachelor's Degree

Kat Tretina — Tue, 09 Jan 2018 09:30:10 +0000

Growing up, you probably heard the same thing from parents, teachers, and friends: You need a four-year college degree to earn a good living. However, that's not always true. Although higher education can be valuable, the high cost of tuition makes going to college cost-prohibitive for many. Students increasingly rely on loans to pay for school and are saddled with crippling debt for years after graduating.

Thankfully, you don't necessarily need a bachelor's degree to earn a comfortable salary. Several fields pay above-average wages while only requiring an associate degree or high school diploma. According to the Bureau of Labor Statistics, the mean salary in the U.S. as of 2016 was $49,630. Each of the jobs on this list pays more than the national mean; in fact, you could earn nearly double that number. (See also: 4 Low-Cost Alternatives to a 4-Year Degree)

1. Electrician

The nation is currently facing a nationwide shortage of skilled workers, particularly electricians. Thousands of baby boomers, including skilled electricians, are retiring. At the same time, outdated, negative stereotypes about blue-collar jobs persist. The result is that fewer people are entering the field, leaving companies scrambling to hire what workers they can find.

That demand can work in your favor. Electricians need a high school diploma, and you will have to complete either a trade program or an apprenticeship. However, because there is such a shortage of candidates, many companies are paying entry-level workers to receive their education and on-the-job training. As of 2016, the mean wage for electricians stood at $56,650.

2. Insurance sales agent

As an insurance sales agent, you'll contact potential customers and try to sell insurance policies. Depending on the agency you work for, you could be selling individual policies, such as car insurance or renters insurance, or you could sell policies that cover businesses.

The mean annual wage for insurance sales agents in 2016 was $67,760. There is also the potential to earn bonuses and commissions, which can increase your income even more. Best of all, entry-level positions only require a high school diploma or its equivalent.

3. Web developers

Web developers create and design user-friendly websites. They handle the behind-the-scenes aspects of a site, such as coding, security, and speed.

Although some developers have an associate degree, there are a growing number of coding boot camps that provide a cost-effective alternative. These tend to be accelerated, intensive programs that teach you how to code and get your first job within a few months, rather than years. It's a field where your talent and ability is far more important than your education. (See also: 7 Things Employers Care About More Than Your Degree)

The mean wage of web developers in 2016 was a whopping $72,150, with the potential to earn six-figures as your career progresses.

4. Dental hygienist

If looking into people's mouths doesn't gross you out, and you're willing to get an associate degree, a career in dental hygiene can be a lucrative option. Dental hygienists earned a mean wage of $73,440 in 2016, though some can earn salaries well into six figures.

In your role, you'll clean patients' teeth and look for signs of oral diseases or dental issues. This position is in high demand. The Bureau of Labor Statistics expects the job outlook to grow by 20 percent — far more than the national average. That means it will be easier to find a job and maintain job security when you're out of school. (See also: 8 Great Jobs for the Next 10 Years)

5. Elevator installer and repairer

Think of all of the buildings you see each day during your commute. Most of them have elevators, which means someone has to install, repair, and maintain those elevators. A career in elevator installation and repair can provide job stability, as the industry is expected to grow at a higher-than-average rate (12 percent).

To enter the field, you only need a high school diploma or its equivalent, along with an apprenticeship. That's a very budget-friendly way to earn the highest mean salary on the list: $76,860 as of 2016.

Choosing an alternative career path

While pursuing a trade job is a nonconventional choice today, it can be a smart decision. With lower education costs and little to no student loan debt, you can begin working and building your financial future sooner.

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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:

10 Money Goals You Should Set for the Holidays

Mikey Rox — Wed, 15 Nov 2017 09:00:09 +0000

The holidays are here today, gone tomorrow — and it's easy to get caught up in a tinseled tornado of financial distress if you're not careful. Avoid that fate this season with these self-imposed goals on how to better manage your holiday budget. It'll help you start the New Year financially fresh and fancy-free.

1. Stop spending money on gifts people don't need

When planning out your holiday gift list, think long and hard about what those people on your list may want or need. Don't be afraid to ask them, either. I always ask friends and family if they have something specific in mind — and I staunchly believe in getting what they'll love and use, so long as it fits into my budget.

Sometimes they provide solid ideas, and other times I get the ol' "I don't need anything" routine, even though they know good and well I'm going to buy them something anyway. (Way to help, Dad.) If you're unsure about a gift, or you feel like you're buying something just to buy it, think again. There's no reason to spend your money on something that will go unused, or even worse, be regifted.

When in doubt, a gift card to a favorite store generally works well — and you should take advantage of the ubiquitous "Spend $X in gift cards and get a $X gift card for free" promotions that many retailers and restaurants offer during the holidays. Stretch that cash every way you can. (See also: Save on Christmas Shopping With This Clever Gift Card Strategy)

2. Stop spending money on people who don't need gifts

Does everyone you know need a gift? Will you even see the recipients this holiday season? Are you disproportionately spending money on the people you do buy for? If money is tight and you're stuck in a pattern of buying gifts because you feel obligated, stand up for yourself and put a stop to it.

Several years ago, my brother, cousin, and a few of my best friends started churning out children left and right. I had to make the tough decision to cut the adults off my list. I couldn't afford to buy for everyone, so I chose the kids instead. I've never looked back on that decision with any regrets. I get to be the cool uncle who always gives the best presents — all while being able to save money despite that distinction.

3. Select, make, and "buy" gifts from stuff you already have

There's only one rule to regifting, in my opinion: Make sure the regift doesn't end up anywhere near the person who gave it to you in the first place. Bad form. Otherwise, please, regift items that were given to you that you haven't used (so long as they're still unopened and/or haven't expired). The same goes for unused items that you bought for yourself throughout the year (like clothing with the tags still on). Gift them to someone you think will appreciate them to help keep more money in your pocket.

I'm also a big fan of making gifts by hand. For instance, I'm hosting a small dinner party in December, and I'm making my guests a little take-home gift consisting of a festive homemade body scrub, a hand-poured holiday candle, and a bottle of wine I've recently made from a kit.

Simple, inexpensive, thoughtful — that's the name of the game. (See also: 25 Gifts You Can Make Today)

4. Concentrate on eliminating existing debt before racking up more

One of your top money goals this time of year should be focusing on debt you already have instead of racking up more buying gifts. That's not always easy to do during the holidays, but the due diligence will pay off.

If you have existing credit card debt, try your best not to make only the minimum monthly payments. Instead, begin paying a bit extra toward the principal starting with the card with the highest interest rate. This repayment strategy (otherwise known as the debt avalanche) will save you the most money overall on interest payments. High interest rates are what's keeping you in debt, and the faster you reduce or pay these cards off, the better. (See also: The Fastest Way to Pay Off $10,000 in Credit Card Debt)

5. Make a list of gift recipients and assign a budget per person

I like to plan out my gift buying to the tee, because I know how bad I can be with impulse purchases around the holidays. You know what it's like: You plan to get your mom a nice perfume set, but then you see this great piece of jewelry on sale — and your entire budget unravels before your eyes.

To combat this habit, I make an itemized list of what I'd like to buy for each person and assign a top-line budget based on the advertised retail price. And then I get to work. Before I make the final purchases, I scour my apps for cash-back deals, search the internet for promo codes, cash in my retailer rewards, and try to plan my in-store shopping around major sales. It helps that I get just about every circular and marketing email known to man — so I'm always abreast of what deals are going down — but you'll find equal savings with your own resourcefulness and research.

The point of all this extra legwork is to drastically come in below the gifts' retail prices so you cannot only stay under budget but, in fact, walk away from the holidays a solid winner. (See also: Avoid These 5 Common Holiday Budget Pitfalls)

6. Pay for gifts strictly from your holiday-spending envelope

Once you've made your itemized list of gifts and determined the overall budget, take out the cash from the bank, stick it in an envelope, and use only that money to buy gifts. There is no other alternative; this is all the money you have to spend, and you need to stick to this plan. If what you want to buy is online, consult your budget to make sure you're on track, then use your debit card. Then, immediately replace the deduction by making a deposit into your checking account so everything balances out. Yeah, it's old school — but it works.

7. Put any cash gifts you receive into savings or toward bills

Plan to put any holiday cash you receive from family members straight into your savings account or toward bills. This savings tactic isn't any fun — I understand — but you'll likely receive plenty of gift cards that you can spend instead that will help quell your urge to blow everything before the holidays even come to a close.

8. Shop with a buddy to keep each other away from impulse buys

I like shopping alone for several reasons. For starters, I don't have to wait on my companions and they don't have to wait on me, which, when shopping together, can really zap the relaxation out of my leisurely pace. Furthermore, I don't like people's opinions of my purchases or their comments about whether I really need this or that. It's my money, and I'll buy what I want.

Except around holiday time.

This is the time of year I like to employ the buddy system when shopping for the sole purpose of keeping each other focused on our lists and away from impulse buys. Because if my bestie can't smack my hand in public and tell me no, who can? That's what friends are for.

9. Lay the groundwork for 2018 and the future of your finances

There are a million things happening during the holidays, but that doesn't mean you can't look ahead and prepare yourself financially for the New Year. In fact, you owe it to yourself.

Kevin Driscoll, VP of Advisory Services for Navy Federal Financial Group, agrees.

"If you're not already doing so, begin contributing to your 401(k)," he says. "Make 2018 the year of financial freedom in retirement by saving now. Check out the retirement plan your employer offers, and if they offer a match, be sure to take advantage of this."

Also worth considering is investing in an online investment platform.

"You'll find that there are many sites that allow you to make minimal contributions to buy a portion of a stock," Driscoll continues. "This is a great way to get your feet wet with investing and hopefully make some extra money, too. Additionally, these platforms are generally low maintenance, and don't require any prior knowledge of the market or investing."

10. Find ways to spend and save even smarter

Every year, one of your top resolutions should be to stay on top of your finances and to improve your own money management. How do you do that? That's really up to you, but it will require due diligence on your part. It could be as easy as subscribing to personal finance blogs so you'll receive the latest financial self-help articles in your inbox, or maybe you can enroll in a local course that will help you better understand your money and your relationship with it. Both of these tactics combined would be great, too.

The point is, you should continue to educate yourself about how to spend and save smarter so you can achieve your goals and live a life free from the burden of debt. Easier said than accomplished, but people just like you do it on a regular basis. Invest in yourself and it will pay off eventually. (See also: 10 Financial Resolutions You Can Conquer Before New Year's)

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

5 Excuses We Need to Stop Making About Overspending

Emily Guy Birken — Tue, 14 Nov 2017 09:00:06 +0000

Being able to rationalize something that we know we shouldn't do is one of the things that humans are best at. Specifically, we do a fantastic job of coming up with reasons to explain away or excuse our overspending. (See also: 5 Types of Overspenders — Which One Are You?)

But no matter how clever you are in coming up with a great reason for maxing out your credit card, emptying your savings account, or otherwise living large on money you don't have, your overspending will catch up with you. That's why it's time to stop relying on these excuses for spending more than you can afford. (See also: The 10 Biggest Lies We Tell Ourselves About Money)

1. "I deserve it"

After a long day at the office, you decide to swing by your favorite store, telling yourself you deserve a retail pick-me-up after all your hard work — even though you can't afford it. Or after finishing a major project, you go on a lavish vacation, courtesy of your credit card, because you deserve some time to unwind. Or when your old clunker finally gives out on you, you decide to lease a much more expensive car that will turn heads as you zoom past, because you deserve to have a ride that matches how fabulous you are.

Buying something you can't afford may provide a temporary thrill that feels like a reward in the moment. But the debt associated with your splurge will soon begin to feel like a burden. Where's the reward in that?

End the excuse

If you think that you deserve things that you can't afford to buy, you've got it all backward. What you deserve is feeling less stress and more happiness. There are plenty of ways to reward yourself for hard work that don't involve spending money. Take time out from your routine to go for a walk with a friend, indulge in a favorite TV show, or simply count your blessings.

Anytime you are struggling with the sense that you deserve something you don't have, take a moment to write a list of things you are grateful that you do have. This can help put the "I deserve it" excuse in context.

2. "It's on sale"

The fact that an item is cheaper than it could be is often an excellent excuse for buying it — at least according to our irrational brains. Unfortunately, retailers are onto this quirk of our thinking, and so they play any number of shenanigans with prices to make products seem like a good deal. This includes everything from artificially jacking up prices in order to be able to offer the items "on sale," to offering unbeatable discounts that are delivered directly to your email inbox. (See also: 5 Times Coupons Trick You Into Spending More Money)

End the excuse

There are two ways to deal with this excuse. The first is to simply avoid sales situations that will tempt you to overspend because of the low prices. According to a 2013 study in the Journal of Personality, the key to saying no to temptations is to avoid them. Maia Szalavitz reported on this study for TIME, writing "[the highly self-disciplined] tended to avoid creating situations in which their goals would conflict, and reported fewer instances of having to choose between short-term pleasure and long-term pain."

For those individuals who still struggle to avoid sales, there is another way to let go of this excuse for overspending. Ask yourself the following three questions about any sale item that tempts you to spend:

Do I need this item?
Would I buy this item if it weren't on sale?
Can I afford to buy this item?

Unless the answer to all three questions is an unqualified yes, put the item down and walk away.

3. "I was going to buy it anyway"

What if you do answer that you need an item on sale, even though you simply don't have the money for it right now? At that point, you can often rationalize purchasing the item because you're going to have to buy it anyway, so you might as well do so now.

Unfortunately, we are very good at lying to ourselves about whether or not we truly did plan to buy something at some point in the future. I can recall a pair of adorable rain boots that I bought on a bright sunny day because I convinced myself that I was going to need them at some point soon anyway. But I had no immediate need for the boots, and I could have gone quite some time without them. I told myself I needed the boots simply because I wanted to buy them. (See also: 5 Mental Biases That Are Keeping You Poor)

End the excuse

This excuse is a way of pretending that something you want is something you need. To help you navigate the difference between wants and needs, institute a waiting period for any unplanned purchases. When you see something that you are convinced you will buy anyway, commit to waiting at least 24 hours before you make the purchase. This will help you to separate the "Wow, I want this now" chaff from the "OK, I'll need to come back for this later" wheat.

4. "I was good last month, so I can afford to splurge now"

You've been depriving yourself by taking the bus instead of Ubering, choking down the office coffee instead of getting your morning latte, and even saying no to a pub crawl with friends — so now it's time to enjoy the fruits of your labors. You reason that you're allowed to go a little nuts, since you've already been so good for so long.

The problem is that this mentality is similar to the excuses that dieters and exercisers use when they fall off the wagon. This excuse makes it clear that you see your underspending month (or month of dieting or jogging) as a kind of deprivation. If you think of underspending as good behavior that you can perform in order to get back to your usual program of overspending, you'll never be able to get ahead financially. (See also: 6 Ways to Resist a Splurge)

End the excuse

It's important for everyone to find a budget or spending plan that they can live with for the long term — one that does not feel like deprivation, but does allow you to live within your means. You can completely foil this excuse for overspending if you create a budget that still allows you to spend money on the things you care about most, while cutting the items that don't matter as much to you.

When you have a financial life that you feel good about committing to long term, you will be able to end the thought process that encourages you to overspend after doing a great job of living within your means.

5. "It's the holidays"

It feels great to spend money to celebrate the holidays and give gifts to family and friends. And our brains can keep that great feeling going by convincing us that spending money on these things is a selfless act. After all, we just want to provide our loved ones with a memorable and happy holiday, which means we can put it all on a credit card and worry about the bill later. We're spreading holiday cheer, for heaven's sake!

But there are real consequences to overspending for the holidays. Your loved ones would hate to see you feel overwhelmed by credit card debt or unable to save for the future because of the money you spent on showering them with gifts. (See also: Dealing With Post-Holiday Credit Card Debt)

End the excuse

The best way to end this excuse is to recognize just what you are getting out of spending money on gifts, decorations, food, or other traditions. While you do want to create a lovely holiday memory for your family, you probably also love being known as the Christmas hostess with the extravagant brunch menu or the uncle who always has the best presents.

Once you admit that you get something out of overspending on gifts or the holiday, you can start coming up with ways to get that same feeling without overspending. When you recognize that your spending isn't entirely selfless, it's much easier to come up with creative ways to evoke the magic of the season without giving your credit card a daily workout.

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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:

11 Ways to Prepare for Your Best Black Friday

Mikey Rox — Thu, 09 Nov 2017 09:00:07 +0000

Don't let the success of Cyber Monday fool you: Black Friday is still a massive holiday spending day. According to the National Retail Federation, over 154 million consumers shopped over Black Friday weekend in 2016 — up from 151 million the year before.

Chances are, you're going to be one of those many consumers shopping on Black Friday this year. But you don't have to totally blow your budget in the process. There are ways you can soften the blow to your bank account with advance preparation. Here's how.

1. Put your common indulgences on hold

I like to have my hair cut every two weeks. But when I'm trying to save, I push the cut out to every three weeks. My haircuts cost $17 including tip, and if I adhered to this schedule on a regular basis, I'd save a whopping $148 a year. You may have an indulgence like this that you can honor less frequently or stop altogether while you try to budget more strictly during the holidays. These indulgences usually aren't cheap, and forgoing them will provide a sizable amount of extra dough for you to use for gift shopping.

2. Focus on paying off any existing credit card debt

Before you start swiping your cards left and right, it's important to tackle any existing credit card debt, especially if you've only been making minimum payments up to this point. Concentrate on the highest-interest cards first; you'll save more in the long run by paying those down or off as soon as possible. (See also: 5 Ways to Pay Off High Interest Credit Card Debt)

3. Pause or change your media subscriptions

The holidays are busy. Shopping, parties, pageants — you know the drill. All that running around probably leaves you with little time to use the subscription services for which you're paying a premium. So don't.

"Consider pausing subscriptions for a few months, or temporarily changing services to a lower-priced tier," advises Lindsay Sakraida, director of content marketing with DealNews. "For example, if you pay extra for Hulu without ads, premium Netflix, or extra data cell service, you might want to adjust all of them for a month or two to save some cash for Black Friday and the holidays."

4. Pick up short-term gigs and odd jobs for quick cash

I participate in several "gig" services throughout the year, but this side work really picks up around the holidays — and that helps my disposable income swell. Pet sit via Rover.com, pick up passengers using Lyft, host guests in your home through Airbnb, and deliver groceries with the help of Instacart. I do it all, and I highly recommend looking into any one of these opportunities for quick cash. (See also: 8 Seasonal Side Hustles That'll Cover Your Holiday Spending)

5. Make a gift list and establish a firm maximum budget

Make your list, check it twice, and decide how much you want to spend on each recipient. Once that budget is set, stick to it. Better yet, make it your goal to come in under the amounts you've established for each person so you can treat yourself to a little something special when all is said and done. (See also: The Simple Holiday Budget Anyone Can Follow)

6. Research the Black Friday deals ahead of time

News of many Black Friday offers will be released well in advance — several retailers, like Walmart, Costco, Kohl's, and JCPenny have already whetted consumers' appetites with "leaked" deals — which allows you plenty of time to research the best of the best. There are entire sites, such as Best of Black Friday, dedicated to compiling the deals in one place.

7. Start shopping early to spread out your spending

Why wait until Black Friday if you recognize a great deal when you see one? Just because the day after Thanksgiving receives heavy promotion doesn't mean there aren't other great deals before the stampedes begin.

"Make it a point to get a jump-start on planning and shopping early so you have a few months to purchase gifts instead of waiting until the holiday season," suggests Natasha Rachel Smith, personal finance expert at TopCashback.com. "Also, don't forget about deals on Thanksgiving. Every year Black Friday has crept up earlier and earlier. In fact, in recent years, some deals sell out before Black Friday." (See also: 6 Ways to Score a Black Friday Deal Without Leaving Home)

8. Have a game plan before stepping foot in the store

Similar to never going to the supermarket on an empty stomach, don't head into the holiday season without a game plan.

"Most major retailers will release their deals for Black Friday the week before to give consumers time to plan and get excited about what they want to purchase," Smith says. "Use this time wisely to see what is going to be on sale and compare deals at each retailer. By creating a game plan, you can prioritize any items that sell fast or are at the best-discounted price. Not only will you save time but you'll save money too by planning what to get, when, and where." (See also: 8 Frugal Skills You Need to Survive Black Friday)

9. Consult your cash back apps before heading out

I've been killing it in the cash back game lately, thanks to apps like Ibotta and Checkout 51. The trick is to consult these apps before you go shopping so you know what's available and opt in if required. With Ibotta, for instance, many times it requires you to make purchases through its app — it will launch the retailers' sites for you, like Under Armour, as an example — so it can track your purchase and deposit the cash back you've earned. Every penny returned to you helps. Trust me — you will be thankful for this at holiday time. (See also: 7 Apps That Actually Pay You to Shop)

10. Consider your method of payment for maximum savings

You might think that cash in hand is the best way to shop on Black Friday (it certainly can help avoid overspending if you're disciplined), but you could be disqualifying yourself for deals available through other methods of payment. Capitalize on your Black Friday spending by deciding how you're going to buy things — cash, debit, or credit card — to reap the best benefits.

Scope out all your payment options and use the bonuses and rewards in your favor. If you do the research and find that you want to apply for a specific card, do so a couple weeks in advance to ensure you receive it in time to use it. Using the shopping season to get bonus cash back that has a spending requirement can give you help ease the holiday costs. (See also: Read This to Maximize Your Rewards and Cash Back This Holiday Season)

11. Renew your commitment to financial freedom

It's easy to go overboard during the holidays, whether it's on gifts or social activities. Don't let yourself off the hook on your financial goals just because it's the holidays. Stay committed to them and use the holidays to focus on gratitude rather than the mad dash to grab discounts.

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

5 Reasons Everybody Needs an Elevator Pitch — Even You!

Paul Michael — Mon, 12 Jun 2017 08:30:07 +0000

An elevator pitch is a succinct, persuasive speech that you give to spark someone's interest in something. It can be yourself, your business, a product or service, an idea, a song, a movie, or, well … anything you want to promote.

As the name suggests, it must be short. The usual length of time associated with the elevator pitch is 30 seconds; and even that is pushing it. You need to get it just right, or risk stony faces and poor first impressions.

Here are five reasons why you need to get your elevator pitch spot on, with some tips along the way.

1. Opportunity usually knocks just once

That one shot at great success can come and go in an instant. You may have been perfecting a product or service for a decade, and then out of nowhere, you bump into the one person who can turn that dream into a reality. You've got them for less than a minute. If your elevator pitch is solid, it can open new doors for you, and lead to great things. If your pitch is unrehearsed, haphazard, and meandering, you've lost them … potentially forever. You don't get two bites at this cherry, so it is imperative that you nail it.

A helpful tip

Grab a pen and paper, and write down your reasons for giving this pitch. What one thing do you want someone to get from it? Don't give them a lot of balls to catch, they don't have time to grab more than one. Identify the most important thing, and craft your pitch around that.

2. You cannot rely on improvisation

Many people think that they know enough to simply "wing it" should they ever need to give an elevator pitch. For a select few, this might work. For the rest of us, it just doesn't. Once we get asked "What is it that you do?" or "What is your big idea?" we instantly become tongue-tied. All the great things we were planning to say fly right out of our heads, and we find ourselves getting hot and flustered, grasping for clichés and feeling increasingly defeated. Remember the first and biggest point; you get one shot at this. You should know this speech so well you can recite it in your sleep.

A helpful tip

Rehearse, rehearse, rehearse. You have ample time to get this right, and you should use that time to your advantage. Write it down, edit it, practice it in front of friends and colleagues, and make changes based on their feedback. Keep doing this until you have it perfected, and then, practice again. Say it in front of the mirror before you go to work. Recite it before bed. By the time you have to finally give the speech, it's almost like muscle memory. Your brain will kick into autopilot and you'll deliver it without any fear or confusion.

3. It can change your life

It's not hyperbole to say that a great elevator pitch can change your life for the better. The best examples you will see of good (and bad) elevator pitches come from the TV show Shark Tank. In it, entrepreneurs and inventors face five rich investors (also known as sharks) and have just minutes to pitch them their idea. Some people fall flat on their faces. But those who combine a great product with a killer elevator pitch see their lives change drastically over the coming years.

A perfect example is Aaron Krause, who invented the Scrub Daddy. His pitch was perfect. He'd practiced it almost daily for years, and by the time his moment came, he was ready. One shark (Lori Greiner) bit, and gave him over $200,000. Aaron is now a multimillionaire. Dreams can come true, but you need to help them along.

A helpful tip

Believe in yourself and what you're selling. Krause was a natural, and was easy to like, because he loved his invention and loved talking about it even more. The nerves didn't show. His character shone through, his excitement was palpable, and he left the sharks feeling very good about his pitch. If you don't believe in the words coming out of your mouth, no amount of salesmanship will help. You must be all in.

4. Someone else is perfecting his or her elevator pitch right now

That's right. Somewhere, someone is selling whatever it is you're selling. And if it's yourself, remember that people are vying for the same jobs, and you have stiff competition. There's a good chance someone is already a few steps ahead of you. All they have to do is outshine you, and they come out ahead.

A great example of this comes from the story of two explorers who hear a tiger approaching. When one starts putting on his sneakers, he's asked by his colleague, "What are you doing? You'll never outrun a tiger." He responds, "I don't have to outrun the tiger; I just have to outrun you." Don't be the one left behind.

A helpful tip

Make it memorable. How you do this is up to you, but consider that the person you're pitching to will probably hear a lot of these proposals during his or her career. How are you going to make yours stand out for all the right reasons? How are you going to slap them in the face, but leave them feeling good about it? Do you have a leave-behind, or a unique business card? Do it right, and you win.

5. It gives you focus and direction

Finally, one of the great benefits of a solid elevator pitch is that is makes you really pay attention to what is important to you, what you want, and what you don't want. Figure out what that is, and write it down.

When you're going over your first draft, ask your practice audience what they got from your pitch. Then, compare their answer to that one thing you wrote down earlier. Are they in alignment? After this feedback, you'll edit, and edit, and edit some more. You will not only develop a great script, but ideas that will help whatever you're promoting become even better.

A helpful tip

After writing your pitch down over and over, make sure you have some kind of call to action, or hook that leaves people wanting to ask for more. The edits can often kick out your original verbiage that asks the target audience for their help or involvement, but it's important to keep this in. Tell them what you want them to do next. This is sales 101.

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

31 Foolproof Ways to Lower Your Grocery Bill

Nick Wharton — Wed, 07 Jun 2017 08:31:05 +0000

Americans are spending more on food now than they have over the past decade, according to the Food Institute. That doesn't mean buying groceries has to break your budget. Here are over 30 ways to cut costs at the supermarket.

1. Use the best credit card

One often overlooked but simple way to cut costs is by using the right credit card for your groceries. Imagine getting 6 percent of your purchases back as cash back, without a single coupon. (See also: Use These Credit Cards at the Supermarket)

2. Set a budget

Take a look at all of your grocery expenses over the past few months — or even the past year, if you have the records — and figure out how those expenses mesh with your other financial goals. Could you cut back and make more room for other items in your budget, including savings? Come up with a target grocery budget and then track (and adjust) your spending to make sure that you stick to that budget each week.

3. Shop at home first

Purchasing items that you already have at home can be a waste of both time and money. Be sure to quickly inventory your pantry and refrigerator before you hit the supermarket so you haven't forgotten about purchases you've already made.

4. Plan your meals

Once you've taken stock of the ingredients you have at home, come up with a few meals that make use of them with the addition of as few ingredients as possible. Then you can pick up only the items that you need, and reduce weekday stress of figuring out what's for dinner.

5. Shop the circular

Look through the weekly deal list put out by most supermarkets (you can typically find them online) to see what's on sale and plan your meals around those items. Typically the items on the front page of the circular are "loss leaders," or merchandise that's offered at an extra discount in order to lure customers into the store.

6. Make a list

Once you've got a meal plan, it's easy to make a list of exactly what you need for the week. Shopping from a list also reduces impulse purchases and insures that you won't forget items, which could require another trip to the store and present another opportunity to overspend.

7. Play the coupon game

Whether you're clipping them from newspapers or downloading them online, coupons are an easy way to find savings on items that you're purchasing anyway. Keep an eye on expiration dates, and look for stores that will double coupons for extra savings. But don't get tempted to buy things you don't need, just because you've got a coupon. It's not a bargain if it's unnecessary.

8. Switch up stores

Different grocery stores offer better discounts on different categories of purchases. Over time you may have come to know where to get the best deals on different items. But make sure you keep an eye on changing prices and sales. Once you've planned your list, look through the various circulars to figure out which store is offering the most compelling deals for you this week and shop there. Next week, you may find it worth trying your luck somewhere else. (See also: 10 Affordable Alternatives to the Grocery Store)

9. But show some loyalty to all of them

Join the loyalty programs of the various supermarkets where you shop to get additional discounts and coupons at the register. Follow them on social media, too, for notice of special sales or discounts.

10. Stock up on deals

Pay close attention to the prices of nonperishable items you purchase often. Then, when you see a good deal, purchase as many as you have room for.

11. Ask for a rain check

If you see a great deal advertised in the circular or the store but the item is sold out, you can still get that sale price. Most stores will give you a "rain check," or a voucher to purchase the item at the sale price at a later date.

12. Cut back on meat

Meat is one of the most expensive items that you put in your grocery cart each week. If going completely vegetarian won't work for your family, consider adopting Meatless Mondays or making meat the side dish instead of the main course for some meals.

13. Stay in season

Fresh produce costs less when it's in season, so try to time your purchases accordingly. You'll get the best prices on berries, for example, in the summer, while oranges are cheapest in the winter months. Planning your meals around what's in season ensures you'll get the best flavors, too.

14. Put your freezer to work

If you have a hankering for off season fruits or vegetables, see whether they're available in the frozen aisle. Frozen produce is typically picked at its ripest and immediately frozen, locking in many of its nutrients. You can use your freezer to reduce other grocery costs as well, freezing meat purchased at a discount or extra portions of meals you've cooked before they go to waste.

15. Call in the subs

Swap out high-cost ingredients in recipes for lower-cost substitutes that can reduce the overall cost of the meal without sacrificing taste. Try turmeric rather than saffron, for example, or cream cheese in place of goat cheese.

16. Hit up a warehouse store

Warehouse stores often have lower per-unit prices than grocery stores on items like paper goods, cleaning products, and toiletries. They may also have good deals on food items, but make sure that you're not buying so much food that it could go bad before your family eats it all. (See also: Best Credit Cards to Use at Costco)

17. Bring your own bag

Some grocery stores offer a discount to shoppers who bring their own reusable shopping bags. Bonus: You'll be helping the environment while you shop.

18. DIY

Some of the most expensive items in grocery stores are prepared foods or those where some of the prep work has been done for you. If you can take the time to chop your own fruits and vegetables, grate your own cheese, marinate your own fish, or boil you own eggs, you can pay significantly less.

19. Don't go all in with organics

In general, produce that has a thicker skin (things like avocado, mangoes, and grapefruit) have lower levels of pesticides than those without (such as strawberries, spinach, nectarines, and apples). Consider spending extra only for those foods that have higher pesticide levels.

20. Drink (tap) water

In addition to being expensive, drinks like soda and juice are full of sugar, so eliminating them is better for both your budget and your body. Bottled water is healthier, but it's also an unnecessary expense when you can drink water from your faucets for free. If water quality is an issue, a low-cost filter can help. Cutting down on bottles reduces hassling with heavy items and reduces your environmental impact as well.

21. Don't wander

Rather than walking through every aisle in the grocery store, don't even turn down those without items on your list. That will save you time and prevent unnecessary impulse purchases.

22. Become a gardener

Vegetable seeds are relatively inexpensive, and just a few plants can yield dozens of fresh veggies that you won't have to purchase later at the supermarket. If you're not up for a full vegetable garden, consider starting with an herb garden. That will allow you to pick and use herbs as needed, rather than being forced to purchase more than you need for a particular recipe at the grocery store.

23. Take it back

Didn't notice the mold on those strawberries in the store? Rather than throwing the whole container away, return it to the store. Most grocery stores have relatively generous return policies and will be happy to exchange your item for a fresh one.

24. Divide and conquer snacks

Single-serve snack portions cost a lot more than those purchased in a single large box or bag. Instead, purchase the larger size, and divide it into smaller portions at home.

25. Crunch the numbers

Check the price tag to see if it includes unit pricing (price per ounce, for example). If not, use your cellphone calculator to figure out the unit price and then compare that to other sizes and other brands to make sure you're buying the one that offers the most value.

26. Use apps

Your calculator isn't the only feature on your smartphone that could save you money at the grocery story. Try Ibotta, which will give you cash back on featured products if you submit a photo of your receipt; and ShopKick, which sends you rewards and discounts when you walk into a store and buy certain items. (See also: 8 Apps That Actually Pay You to Shop)

27. Try out the store brand

Many name-brand and generic products are literally the same thing with different packaging, and considerably different price tags. Compare ingredients lists to see if there are any noticeable differences. If not, go with the store brand.

28. Ignore checkout displays

Keep your eye on the register, your shopping partner, or your phone at checkout, rather than on the candy or other items on display. There's a reason the checkout line is filled with easy-to-grab items. A shopping list can help lower "decision fatigue," but you'll still need to be on guard to get through that final gauntlet of temptations.

29. Eat (a healthy snack) before you shop

Shopping on an empty stomach can lower your resistance to impulse purchases and make you end up spending more. But it matters how you fill that empty stomach. Researchers at Cornell University have found that consuming a healthy snack before grocery shopping can increase the likelihood that you'll make healthy food choices while at the store.

30. Check sell-by dates

Look for items with the furthest-out sell-by date (often in the back of a display). That will give you more time to consume the product at home and reduce the chances that it will go to waste.

31. Consider subscription services

A local CSA may offer a monthly box of fruits and vegetables that cost less than it would at the supermarket. Other services like Amazon Fresh and FreshDirect may offer discounted items that save you money, even after their monthly fee. Check out the options in your area and you may be surprised to find that these services can save you both time and money. (See also: 6 Ways Having Your Groceries Delivered Can Save You Money)

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

5 Tricky Interview Questions Successful CEOs Always Ask

Damian Davila — Tue, 04 Apr 2017 09:00:13 +0000

If you're vying to get an exciting job run by a brilliant CEO, you may have to answer some pretty tough questions. If you want to stand out you'll have to have your response as polished as your suit. Here's a list of tricky interview questions some of the most successful CEOs ask.

1. "Tell me the story of your life"

The business acumen of serial entrepreneur Elon Musk is so impressive, it became the inspiration for Robert Downey Jr.'s big-screen portrayal of Iron Man's Tony Stark. The CEO of Tesla and SpaceX, and Chairman of SolarCity, is known for having job applicants explain their thought process behind solving a problem. But that isn't all he's interested in learning. While he does throw in questions about space travel and car manufacturing, he has revealed in several interviews one other very detailed interview question: "Tell me the story of your life, and the decisions that you made along the way, and why you made them, and also tell me about some of the most difficult problems you worked on and how you solved them."

Sound like a long conversation? Well, better have your life story all squared up! Previous job applicants recall that interviews with Musk are highly conversational.

2. "What is your favorite property in Monopoly, and why?"

According to renowned board game designer Philip Orbanes, Monopoly teaches players of any age an understanding of the concept of diversification and offers practical training in managing money. (See also: 11 Fun Games That Make You Smarter, Too)

So, that's why Ken Moelis, founder and CEO of investment bank Moelis & Co., loves asking this question during interviews to recent MBA graduates seeking midlevel positions. Why? Moelis strongly believes that to attract top talent, the investment and banking industry needs to update its hiring practices.

"Through innovation and creativity we need to actually underwrite the exceptional experience we are promoting," says Moelis. And with this question, he seeks to infuse that creativity into the process of assessing risks and rewards of financial assets.

3. "If you had 10 years left to live, would you take this job?"

Talk about commitment! But that's exactly what Airbnb CEO Brian Chesky is looking for in his job applicants. If you think this is a bit of an extreme, think again.

"Whatever you want to do in those last 10 years you should just do. I really want you to think about that, that was enough time for you to do something you really cared about and the answer doesn't have to be this company," explains Chesky. Given that he interviewed the first 300 Airbnb employees and his company was valued at $30 billion in 2016, this CEO may be onto something about requiring that level of commitment from his employees — or at least that level of self awareness.

4. "What didn't you get a chance to include on your resume?"

When you're knighted by the Queen of England for your "services to entrepreneurship," you probably know a thing or two about running a business and hiring the right people. Known for his extreme antics, Founder of Virgin Group Sir Richard Branson is no stranger to thinking outside of the box.

"Obviously a good CV is important, but if you were going to hire by what they say about themselves on paper, you wouldn't need to waste time on an interview," Branson wrote about his favorite interview question in his book The Virgin Way: If It's Not Fun, It's Not Worth Doing.

He added in a LinkedIn post why he looks beyond qualifications: "I only look at them after everything else. If somebody has five degrees and more A grades than you can fit on one side of paper, it doesn't necessarily mean they are the right person for the job."

5. "Sell me this pen"

Some CEOs don't just want you to talk the talk, they want you to walk the walk. And that's precisely what Jordan Belfort, former CEO of brokerage firm Stratton Oakmont, would ask his job applicants to do.

While the real life "Wolf of Wall Street" isn't the best example of business ethics, there's no denying his master salesmanship. Even after spending four years in federal prison and being mandated to restitue $110 million to his victims, Belfort was still able to command up to $75,000 for a speaking fee in 2014.

His classic interview question has been adopted by several recruiters beyond just the sales industry. Why? This question tests your ability in value-added sales skills ("This pen has refillable ink cartridges so you never need to buy a new one") and solution-based sales skills ("What color pen are you in the market for?").

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

This Simple Negotiating Trick Puts Money in Your Pocket

Paul Michael — Wed, 15 Mar 2017 10:30:19 +0000

When you hear the word "anchoring," what comes to mind? No doubt something that involves a ship dropping anchor, or perhaps fixing something to a wall or floor. But it's also a known technique used in sales and negotiations that helps people get what they want.

The basic premise is not unlike that ship dropping its anchor, only instead of keeping the vessel in one place, it keeps your mind there. Whether it's a price, a salary, a sale, or a goal, this technique anchors your mind at a certain level. Then, all decision-making is based on that first piece of information you were given.

Let's take a look at how it can be used to help you get what you want, save money, and even achieve a lot more around the house.

Negotiate a Bigger Raise or Starting Salary

Many people foolishly wait for the other person to make the first move when it comes to salary negotiations. The thinking here is that you don't want to show any of your cards too soon. Well, that's the complete opposite of what you should actually do. Using the anchoring technique, you can choose a salary that sets the starting point for the negotiations.

If you're an employer, throw out a figure that is way too low. If you're an employee, raise the bar higher than you'd expect to hit. If you ask for a $180,000 salary, and the actual salary on offer is $120,000, you may actually get a little more than what they originally intended to pay. It's much harder to come down to $120k from $180k than it is from $130k. Similarly, giving an employee an offer of $70,000 for a job you'd be willing to pay $120,000 is just as effective.

Sell a Product or Service for More Money

You don't have to be in a big business to use this effectively. It can work online, at a market stall, or even a garage sale. Here, you will use anchoring as a comparison tool.

For instance, let's say you're selling vinyl records, which are very popular these days. Set a few vinyls on the table and mark them way above the price you actually want. Then, further back, put a larger selection of vinyls set at a price slightly above what you would like, but much lower than the other, more expensive records. When the patron comes to peruse the stock, they'll initially get sticker shock. But then, they see a vast drop off. That initial price of $20 per vinyl just dropped to $8. These $8 vinyls seem like a bargain. However, if they had all been marked at $8, or some cheaper ones had been placed first, that initial anchor price would have set the standard. Try it out. You'll be amazed at the results.

Get More Done at Home or at Work

If you're having trouble getting all of your tasks done, either at home or at the office, you can use anchoring as a way to be more productive. In this case, it can be overwhelming to have 20 different things to do when you get home. You are anchored to a task list so large that you simply don't do any of them.

Instead of 20, anchor yourself at a more manageable number. How about five? Divide those 20 tasks into five groups of four, and attack them that way. For example, instead of organizing the fridge, doing the dishes, cleaning the stove, and wiping the counters, your task instead becomes "clean the kitchen." By grouping your activities, and creating a smaller list of tasks, you are anchoring yourself at a much more achievable goal. At the office, it's the same thing. Don't give yourself a massive list of tasks. Instead, divide and conquer.

Get a Better Price on a Car or a House

Car dealerships use anchoring all the time to get you to pay more for a vehicle. The sticker says $18,000, but in reality, they're willing to go as low as $13,000; they just never tell you that. It's time to turn the tables on them.

When you go into the dealership, never tell them what you are prepared to pay for the car. Instead, set your price way lower. If you're ready to spend $20,000, tell them the most you can pay is $15,000. It's your hard stop. No more. The salesperson will now be anchored at that lower price, and will do whatever he or she can to get you to go past it by a few thousand dollars. This is good news for you, because in reality, you're going to spend a few thousand less than you actually wanted to pay. (See also: 17 Things Car Salesmen Don't Want You to Know)

The same goes for buying a house. Your initial offer should be low. Not low enough to price yourself out of a bidding war, but low enough to set the expectations of the seller. And as an aside, if you're selling the home, go high. When you list the home at $300,000 and sell it for $280,000, the buyer thinks they saved $20,000. However, you may well have wanted $270,000 for the house. You just made an extra $10,000 and the buyer is happy with the deal.

Use Your Knowledge of Anchoring to Beat the Sales Staff

Whether you're buying a car, a bag of apples, a new set of wireless headphones, or a few books, anchoring will often come into play. Trained sales staff know how to use anchoring to get what they want. But, if you're prepared, you can become "anchorproof" and pay less. Here are a few techniques at your disposal.

First, you can simply ignore their anchor, especially if it's ridiculously high or low. Now, you don't want to say "No way," as this halts the process. Instead, use language like "I see, that's not quite what I had in mind, let's look at this at a different way and find something we can both be comfortable with."

If you don't want to do that, try an anchor that negates theirs. For example, at a car dealership, when the salesperson gives you the old "We can take $3,000 off this car," you can reply "Wow, that still puts it $3,000 above my maximum price."

You can also deflect an anchor by offering one from a different company. At that same dealership, you can say "That's a great discount, but it's still $2,000 more than the same vehicle on offer at ABC Dealership." Of course, to do this you have to have done your research. Make sure you know exactly what the prices are at competitors, and be ready to back it up.

So, armed with all of this, you should now be ready to use anchoring to make and earn more money, and save money every time you have to negotiate a price. Go get 'em.

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

How to Tell if That Home Business Opportunity Is Really a Pyramid Scheme

Holly Johnson — Fri, 03 Mar 2017 10:30:39 +0000

Work from home! Get out of debt! Make a full-time income selling products you love! Such are the promises of companies and their agents looking to recruit people to be distributors or "consultants" for them.

These types of "job opportunities" are called multilevel marketing (MLM), and most people who sign up never realize the benefits. If you're considering becoming a distributor for an MLM company, beware of the many warning signs that you could end up making little to no money, or worse, adding to your debt. (See also: Multi-Level Marketing: The Future or Folly?)

Tupperware, Avon, and Mary Kay are some of the best known MLM firms, though they sometimes shun that term in an attempt to distance themselves from controversy-laden companies such as Herbalife and Amway. Both of those companies have been accused of making inflated earnings claims and of being pyramid schemes. The main difference between MLM companies and true pyramid schemes is that the primary purpose of a pyramid scheme is recruiting other distributors, rather than making direct sales. Pyramid schemes are illegal. (See also: 8 Terrible Work-From-Home "Jobs" You Should Avoid)

What Are MLM Companies?

MLM companies, also called network marketing or direct selling companies, incorporate a business model in which representatives make money in two ways. The first is direct sales to consumers — often friends and acquaintances — through parties, social networks, and other web sales. The second income source is commissions from sales made by team members you recruit, also known as "down line" distributors.

IBISWorld estimates the direct selling industry makes $41 billion in revenue and employs about 800,000 people. Intense competition from mass merchandisers has kept growth to a modest 0.6%.

MLM Promises Are Tempting

The sales pitches of MLM companies can be alluring, especially for stay-at-home moms, students, and the unemployed. Just imagine, they exclaim, a work day that includes jumping on social media, talking up strangers at the grocery store, or networking with friends. By selling products you love and believe in, you could earn extra money while enriching others' lives. And if you could convince a few friends to become distributors beneath you, you could have your own business — becoming the "boss" for the first time in your life. The promise is this: If you pour your heart into your business, get people to sign up beneath you, and never give up, you can (and will) become successful — no matter what.

And when it comes to recruiting new distributors, some MLM companies pull out the big guns. It Works! — a company that sells body wraps, supplements, and personal care products — advertises huge cash payouts for new distributors who meet specific sales goals. How huge? The company frequently advertises bonuses of $15,000 or more for their top tier sellers, although it's hard to find concrete data on how many sales you need to make to earn these bonuses, or how they are paid out. (See also: 17 Part-Time Jobs to Do While Your Kids Are at School)

The Problem With Multi-Level Marketing Operations

While people can and do earn huge sums of money with MLM companies, there are myriad pitfalls to avoid. First, it can take a ton of sales to get anywhere near the mind-blowing income levels posted on corporate websites. And to reach the highest ranks of earners with any MLM, you may need to recruit dozens of people to work beneath you (with them recruiting people to work beneath them as well).

Secondly, as we mentioned before, the line between MLM firms and pyramid schemes is fuzzy. In a pyramid scheme, the price of the products sold is inflated, making them hard to sell and causing the vast majority of participants to lose money. The Federal Trade Commission (FTC) warns of the similarities, noting:

Not all multilevel marketing plans are legitimate. If the money you make is based on your sales to the public, it may be a legitimate multilevel marketing plan. If the money you make is based on the number of people you recruit and your sales to them, it's probably not. It could be a pyramid scheme. Pyramid schemes are illegal, and the vast majority of participants lose money.

Even if the company is legitimate, most MLM companies require a "buy in." You'll need to pay a certain amount of cash upfront to sell their products. While these "starter kits" normally cost a nominal amount (a few hundred dollars), they will certainly start your business in the red. If you're trying to make money to pay off debt, that's the last thing you need. (See also: 11 Signs the Job Is Too Good to Be True)

How Much Do MLM Distributors Really Make?

If you make money right out of the gate, then a nominal investment could be money well spent. Unfortunately, most distributors for MLM companies barely eek out a profit, let alone earn a full-time income from home. You can find proof directly on their websites.

Let's go back to It Works!, the body wraps and personal care products company. According to its 2015 annual income disclosure statement, 82% of its representatives had been with the company for an average of one month and were still on the first rung of the payment hierarchy — distributor status. Their monthly earnings ranged from a low of $1 to a high of $3,847, with a monthly average of $54.

Income grows incrementally up the ranks, and tends to coincide with longer time spent growing the business. But income growth is slow, and the percentage of distributors who stick around more than a month drops dramatically. Only 7.8% of It Works! sales people are at the Executive level. They've been there an average of three months and earn an average of $231 a month. About 0.6% of reps are at Double Diamond level, making an average of $4,741 a month after 13 months of effort.

Of course, some huge, mythical incomes do exist. According to the disclosure, the top tier income earner (. 02% of all distributors) — Ambassador Diamond — pulls in around $37,583 per month.

Unfortunately, the average income for all It Works! Distributors was only $227 per month in 2015.

And It Works! is far from the exception; their distributors actually make more than those working for many other MLM companies. Check out these annual income figures from other multilevel marketing disclosures for more proof:

Thirty-One Gifts: a company that sells organizational totes and monogrammed bags. In 2015, the average consultant (92.1% of distributors) earned $548 per year.
Scentsy: a company that focuses on candles and wax warmers. In 2014, the average lowest-level rep, called an Ecsential Consultant, earned $81 per year, while the average Certified Consultant (one level up from Ecsential) earned $463 per year.
Advocare: a company that sells nutritional supplements and diet products. In 2015, the average annual compensation paid by Advocare to active distributors was $1,586.
BEACHBODY: a company that sells fitness products and nutritional shakes. In 2015, the average BEACHBODY coach earned $502.
Isagenix International: a company that focuses on nutrition and diet products. In 2015, 87% of Isagenix business builders earned between $702 and $2,101, on average per year.

As you can see, the average "little guy" is not making bank with any of these companies. In fact, your average distributor may be earning $100 per month or less. If they're a hobbyist who signed up for product discounts, then that might be fine by them. But when someone signs up to follow their dreams, the reality of not earning much can burn.

MLM supporters argue that the reason so many people don't earn more is because they aren't really dedicated to building the business. Barriers to entry are very low, so many people sign up, then lose interest and give up in a way they wouldn't if they were building a regular business in which they'd had to invest more.

But there are also real challenges to growing a viable business using the MLM model, even for committed salespeople. For example, many MLMs ask you to focus your sales efforts on family members and friends, which can be awkward and presents a limited pool of customers. Even if you expand your sales network, the products may be overpriced, making them difficult to sell.

Lastly, it's not easy to grow your sales if your MLM is overly saturated with distributors already. And if you happen to recruit a distributor (the key to earning commissions), they then often become your competition.

Tips for Vetting an MLM Company

Just like anything else, it pays to do some research before you sign up for a multilevel marketing company. As the FTC notes, it's smart to not only consider the products, but to learn more about the company itself.

Questions to ask should include:

How long has the company been in business?
What is its standing with the BBB?
Has the company been sued for deceptive business practices?
What are the company's annual sales?
What percentage of average sales are made to distributors, as opposed to retail consumers?

Beyond those considerations, the FTC suggests making sure you understand compensation structure, terms and conditions, and potential business expenses. Also, get all the company's details, including their refund policy, in writing.

The U.S. Securities and Exchange Commission also offers an array of tips for people vetting a MLM and trying to avoid a pyramid scheme. According to the SEC, you should:

Watch out for MLMs that don't appear to offer a product or service. If you can't figure out what a MLM sells, run.
Be leery of MLMs that promise huge returns in a short amount of time. If it sounds too good to be true, it probably is.
Be skeptical of companies that offer compensation for little work. Terms like "easy money" and "passive income" should be a red flag.
Look for proof of retail sales. Ask to see documents that show how the MLM generated revenue from the selling of its products to people outside the program.
Think long and hard before you "buy in." Question the value of any opportunity that makes you purchase a product to get started.
Watch out for complex commission structures. If it's hard to understand how you'll get paid or you can't figure out how commissions work, beware.

Lastly, the FTC and SEC both suggest avoiding MLMs that place a heavy emphasis on recruiting members to work beneath you. The hallmark of a pyramid scheme is when you make more money recruiting than you do for product sales.

Check out these FTC and SEC pages for further details on how to vet a multilevel marketing company. While these companies do offer a path to earning extra income, the reality is that most of that income goes to the very top few earners, not to the average distributor like yourself. And if you don't wind up earning much, the costs of buying a "starter kit" and hosting parties could easily leave you in the red.

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

11 Easy Ways to Earn More on eBay

Andrea Cannon — Fri, 27 Jan 2017 10:30:32 +0000

Selling unwanted items on eBay is a great way to clear away clutter and make some extra money on the side. Use these tips, and you'll start making even more.

1. Take Clear Pictures

Clear, sharp, and well-lit pictures are important. This is the first thing buyers will notice when looking at whatever it is you're selling. While it's a good idea to include the manufacturer's photo of the item, you'll also want to include some of your own so that bidders will know exactly what they're purchasing. They will also be looking at the background in the photos, so make sure to take them in a clean, well-lighted space.

2. Write a Good Description

Write an accurate, thorough description. Make sure to specify the brand, type, size, color, material, and other important keywords for the item you're selling. You will also want to clearly specify the condition of the item. In the description field, highlight the benefits of the product and what makes it different from another seller's listing. Check for misspellings in your description, which can throw off your keywords and make your item more difficult to find.

3. Determine Your Pricing

To set a price, first do some market research to see what identical items in similar condition are selling for, and how it compares to the original asking price. Be sure to also factor in the cost of shipping, packing supplies, and calculate any fees.

4. Timing Is Everything

You can set the time that your listing will begin and expire on eBay. It's important to take into account that you may have bidders on both the East and West Coast, so you want to set your listing to end at a time that is convenient for both timezones.

According to eBay, buyers are most active between 5 p.m. PST and 10 p.m. PST. In most cases, it's wise to end your listing between 6 p.m. PST and 9 p.m. PST. This allows bidders to place their final bid once they are home from work, but before they go to sleep, regardless of which coast they are on. Sunday is generally the best day of the week to end your sale. Weekends see the most traffic on eBay, and Sunday evening is the most active.

5. Set Unsuccessful Listings to Resell

eBay will allow you to relist items that didn't sell up to three times at no extra charge. If you set each listing to seven days and choose the option to resell unsuccessful listings, your item will be up for a total of 21 days at no fee.

6. Bundle Items Together

Whenever possible, bundle items together. This makes it seem like buyers are getting a better deal, and can help make your listing stand out. Best of all, it can save you time and money on shipping. This is especially effective around the holidays when shoppers are looking for gifts.

7. Have Positive Feedback

Bidders will look at your feedback, so it's important that you have some positive reviews. If you haven't sold anything or don't have any reviews yet, consider selling some smaller items first so that you can build up some positive feedback. This will allow buyers to be more confident in you when considering a high priced item.

8. Offer Free Shipping

According to eBay, most buyers are looking for items that offer free shipping. It allows buyers to see the total price easily rather than having to factor in an additional cost. If you don't want to offer free shipping, then offer cheaper shipping.

Make sure to ship through your eBay dashboard. This will make it more convenient for you, and results in shipping discounts of up to 24% on Priority Mail and up to 37% on FedEx shipments. It also allows the buyer to automatically track the shipment and can charge your PayPal account for the shipping fees.

9. Ship Items Quickly

By shipping your items quickly, you can get more positive feedback, which is important to future sales. International shipping can be expensive and time-consuming, so you may want to turn international shipping options off when selling your item.

10. Answer Buyers' Questions

If a potential buyer asks a question about your product, it's important that you respond quickly and accurately. If you take your time answering, the buyer may have moved on to another seller and you'll lose out on a sale.

11. Offer Good Customer Service

If you are frequently selling items, issues are certain to happen from time to time. As the seller, you have the responsibility to make an effort to provide customer satisfaction. This may mean accepting a return even when you feel you were accurate in your description, or providing a partial refund to satisfy a complaint. Do your best to remain respectful and calm, even if you feel the buyer is being unreasonable.

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

11 Good Money Habits That Will Keep You Out of Debt

Mikey Rox — Tue, 24 Jan 2017 10:00:11 +0000

Staying on the straight and narrow, especially when it comes to your finances, can feel like a struggle. Recreational activities, impulse buys, monthly bills, and unexpected expenses lurk around every corner, and if you're not careful, you can slide into debt without really trying.

If you practice good money habits as a general life philosophy, however, you're giving yourself the best chance of staying in the black consistently — and perhaps even making those coveted savings gains. Here's how.

1. Create a Budget Based on Life Goals — Not Numbers

Every article you read about how to improve your personal finances includes creating and maintaining a budget. That's because actively keeping track of what's coming and going helps you manage your money more responsibly than simply throwing caution (and cash) to the wind. But your budget is only serving a single purpose when it's strictly rooted in numbers opposed to relating to your personal activity and short- and long-term goals — like an upcoming vacation or contributions to your retirement fund, for instance.

As such, instead of living your life around your budget, you'll find much more satisfaction in building your budget around your life. By planning ahead for expenses, even frivolous things, you can identify the areas where your budget is lacking and (hopefully) close those holes by either amending your plans to accommodate your cash flow or increasing your income to afford the things that make you happy.

I recommend the latter, of course — because you only live once.

2. Charge Only What You Can Afford to Pay Off Every Month

Let's get something straight here: Credit is not as dastardly an institution as you've been led to believe. Yes, there are credit cards with astronomical APRs. And, yes, there are credit cards with ridiculous late fees. But at the end of the day, you're responsible for reading the fine print (you know it's there!), and nobody is forcing your hand in accepting an offer.

Still, credit is attractive because it allows us the freedom to have more than we can afford. But whose problem is that when you can't pay the bill? All yours. Avoid this downward spiral by making your credit card payments top priority each cycle.

"Credit cards are not evil, but they can make a mess of your finances if used unwisely," says savings expert Kendal Perez. "Ultimately, you should only charge what you can afford to pay off every month. Using your credit card to pay bills is a smart strategy since you have to pay these expenses anyway, and using credit means accruing points, rewards, or travel miles to offset future expenses."

3. Look for Savings on Everything You Buy

I personally save many thousands of dollars every year by being a smart shopper, because there are few things I buy for which I don't have a coupon or discount. From dining out to going to the movies to the clothes I wear to the gas I put in my vehicle — everything comes with savings.

It's not hard to get into this habit, either. I save by using loyalty cards, clipping coupons, redeeming cash back deals, signing up for promotional emails, waiting for items I want to go on sale, shopping clearance sections, and buying secondhand, among a myriad of other strategies. It's like a game for me, and I hardly ever spend money on something for which there are no savings; I look for a cheaper alternative instead. It's a major reason why I always have enough money in the bank to cover my bills, plus add to savings while still doing the things I like to do every month.

4. Buy Groceries Based on What's on Sale and in Season

Groceries are one of the biggest spending categories for Americans, next to mortgages and insurance. Instead of buying what you're craving, buy groceries based on what's in season and what's on sale. (See also: The 5 Best Credit Cards for Groceries)

"This will require some meal planning, but you can craft similar meals based on what's on sale each week," explains Perez. "Use a tool like Flipp.com to easily compare grocery sales and deals between stores in your area, and consider looking for grocery coupons for items on your list through CouponSherpa.com."

Another trick I use to cut my grocery bill is to shop the clearance section. Most supermarkets have these sections with drastically reduced prices on damaged or about-to-expire food that's still perfectly good if you get to it in time. Ask your grocer where these items are located in your store.

5. Organize Your Bill Payments to Avoid Lateness

As soon as a bill arrives, I grab my checkbook (yep, I'm old school), write out the check, and prepare the envelope. On the back of the envelope I write the dollar amount that's inside as an at-a-glance reminder, and I organize the bill on my desk according to when it's due. Then I stagger the mailings — sending each payment out about five days before it's due — to ensure that I can reconcile all the bills with my bank account.

Consumer finance expert Kevin Gallegos offers more tips on how to avoid late payments.

"Open all mail — including bills — upon receipt, deposit all checks and cash immediately, and set up a system for payment that works for you and that you'll use consistently," he says. "This might be automatic online payments, a spreadsheet, a reminder on your cell phone, or a list on the refrigerator."

6. Map Out Your Long-Term Financial Goals

The only way you'll get ahead in your finances is if you know where you're going. Take a look at what's coming up in terms of required expenses and also think about some of the things you'd like to do with your money. Do you want to go back to school, on vacation, or purchase a new car or home? Set these milestones as goals and calculate what it'll take financially to reach them, then start saving in increments along an established timeline.

7. Review Your Finances on a Regular Basis

Reviewing your finances on a "regular basis" is a relative term, but I typically suggest once a month. There's value in doing it more often, however — like once to twice a week — according to personal finance expert Larry Jacobson.

"You need to set regular intervals to stay on the right path," he says. "That way, you can course correct, if necessary, before it's too late."

When reviewing your finances, be sure to cover all your bases. Browse your credit score for any errors, review bank and credit card statements for inconsistencies, and make sure all checks have posted. It's also a good idea to call your service providers once a year to inquire about better deals, like cheaper mobile phone or cable plans.

8. Treat Savings Like One of Your Monthly Bills

Instead of regarding contributions to your savings as a chore, start considering it a requirement, says Gallegos. Treat your savings deposits like a monthly bill; find that extra money somewhere in your budget (a reasonable amount that you can handle) and tuck it away as if you'll be penalized if you don't. You may have to make a sacrifice somewhere else, like in your "fun" fund, but, well, that's life.

9. Learn to Live Below Your Means

If you're one of those people who responds well to logic, here's a pro tip on staying debt free: Live below your means.

"Know exactly what you have to spend each month — and spend less," says Gallegos. "Living beneath your means goes further than living within your means. It means taking responsibility and choosing where your money goes instead of being influenced by whims, advertising, habits, or peer pressure."

If this is a tactic you'd like to try, you'll need to re-evaluate your budget entirely. Find items you can reduce or eliminate altogether to free up funds, like subscriptions and memberships that you aren't using to their full potential, cutting back on dining out, and reducing your monthly fuel bill by carpooling with a coworker or using public transportation more often.

10. Switch to a Cash-Only System

Here's another piece of practical advice that leads your wallet away from debt: Only pay for things in cash.

"You can't go into debt if you don't borrow," says Mike Sullivan, a personal finance consultant with Take Charge America, a nonprofit credit counseling and debt management agency.

I recognize, of course, that that's easier said than done, so Sullivan offers a couple more strategies for holding yourself cash-accountable.

"Save with direct deposit at out of town banks," he says. "You don't want your savings available on a whim; Internet banks are a good choice. And don't sign up for overdraft protection. That's agreeing in advance to spending more than you have and paying for the privilege."

11. Make More Money

One of my own personal money manifestos is to always have at least two sources of income. I'm self-employed, and I consider my media business my main source of income, but I supplement that with several side gigs, like renting out rooms in my homes on Airbnb, watching other people's pets through DogVacay, and driving for Lyft and Uber. That's three extra sources of income right there, but I'm always eager to find more ways to make money.

I feel personally satisfied when all my bills are paid on time, money is consistently going to my savings account, and I'm cash-positive enough to enjoy life the way I want to. If you can't seem to get ahead, use your resources and carve out time to make more money. You'll achieve your financial goals and alleviate the burden of debt faster, and that can only lead to good things.

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

Flashback Friday: 160 Gift Ideas for Everyone You Know

Chrissa Hardy — Fri, 09 Dec 2016 11:00:09 +0000

It's now officially Go Time for Christmas shoppers. You've got your list of people to buy gifts for, and you're still trying to figure out what to get, and meanwhile, the days are slipping away fast. Should you spend hours digging through their social media profiles to find some gift inspiration? Or is it just easier to throw your hands up and buy them all the same scented candle? The good news is that you don't have to do either, because we've found the perfect gift for just about everyone.

47 Unique Gift Ideas for Women — Need a gift for the woman in your life? She's probably not that hard to shop for. Any of these 47 items will put a big smile on her face.

11 Great Frugal Gifts for Booklovers — It's no secret that bookworms love books. But they also love book-related gifts! The best part is that most of them don't cost much money, so pick any of these and your budget will remain intact.

16 Easy, Delicious and Homemade Holiday Gifts — Homemade gifts are personal, frugal, and often extremely delicious! If you're looking to save some Christmas coinage, give these a go for your favorite sweet tooth.

21 Experiences That Make Great Gifts — You know what lasts longer than a thing? A happy memory. So if you have someone who needs their day brightened (and who doesn't?) give them a lasting memory through a fun event or amazing experience.

50+ Unique Gift Ideas for Men — What do you get for the guy who has everything? And what do you get for the guy who only has some things? Men are notoriously hard to shop for, but this list will take away the guesswork so you can get your favorite fellas things they'll adore.

15 Genius Gifts for Office Secret Santa — Don't forget about your coworkers this holiday season! Many offices do a Secret Santa gift exchange, and when you don't know your coworkers very well, it feels impossible to shop for them. But even if you only know one detail about them, these gift ideas will help you narrow down your gift search.

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

Flashback Friday: 30 Brilliant Ways to Survive Black Friday Madness

Chrissa Hardy — Fri, 25 Nov 2016 12:00:16 +0000

Black Friday shopping isn't always fun. In fact, most of the time, it's the opposite of fun. But even though there are crowds everywhere, the weather is most likely extremely cold, and you're still working off the food coma from yesterday, the Black Friday hustle is worth it for the amazing deals you can score. Here are 30 brilliant ways to survive the madness of Black Friday.

5 Reasons Black Friday Craziness Is Worth It — It's not all bad. You can finish up your gift shopping in one day, there's the thrill of the chase, and getting big discounts on all your purchases is so much fun. Even though you're cranky and tired, there are several upsides to this annual shopping celebration.

Why People Go Crazy on Black Friday — In order to fully assess what you're dealing with on Black Friday, it's important to know why so many people get sucked into it. Hint: it's all based in strategy and psychology. Incredibly fascinating!

6 Ways to Score a Black Friday Deal Without Leaving Home — The best way to shop Black Friday deals is to do it without wearing pants. And the only way to do that (without getting arrested) is to do all your Black Friday shopping at home. Just pull up your computer and fill up that cart!

8 Frugal Skills You Need to Survive Black Friday — The real winners of Black Friday? The frugal folks. Many frugal living skills you use in your everyday life and financial planning goals can be applied to Black Friday as well. And these are skills you need just to get through Black Friday without destroying your budget.

6 Ways to Spend Black Friday at Home — Believe it or not, people will head out on Black Friday even if they aren't interested in shopping. It's a holiday weekend, so people will head out to eat, to the movies, and everywhere else. So if you're looking to do the opposite of that and relax at home, here are some low-key ways to celebrate sans crowds.

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

7 Things Not to Buy on Black Friday

Mikey Rox — Wed, 23 Nov 2016 10:00:08 +0000

If I had to choose one word to describe Black Friday, it would be pande-frickin'-monium. Consumers go berserk for doorbusters, big deals, and deep discounts, but all may not be as it seems. Take a look at these typical Black Friday "best buys" that are anything but to help stretch your budget and keep your sanity in check.

1. Virtual Reality Headsets

Primitive virtual reality headsets have been around for a few years now, but they're just starting to enter mainstream technology now that major tech players, like Sony, are designing their own devices. The main problem here, however, is that the tech still isn't where it needs to be to justify the high cost of these coveted Christmas-list items.

"Though it's tempting to get your hands on a virtual reality headset, we recommend sitting it out for one more year," suggests BuyVia, a website and mobile app that combines in-store and online shopping across smartphones, tablets, and laptops. "In order for the headset to be worthwhile, you need a high-end fast PC, which can be pricey without giving you great results. For instance, The Core i5 processor will run you at least $800, plus the Nvidia GTX 970 video card. The PlayStation VR costs $400 but is still pretty slow, and has limited software selection and tracking problems."

Of course, given VR's popularity right now, you do run the risk of crushing someone's holiday hopes, like, big time, if you opt out on this item — but, eh, whatever. There's always next year.

2. Winter Apparel

It's not that you won't find great deals on winter apparel this time of year, but Black Friday may not be the best day to go on a shopping spree for the long johns and wool socks that your nephews are totally dreading. (Seriously — eeeevery year, lady?)

"While you're sure to see deals on select clothing items during Black Friday, it's better to hold off until Cyber Monday when sitewide savings of 60% plus free shipping give you more options," says savings expert Kendal Perez of Coupon Sherpa. "Black Friday clothing deals are often limited to one brand or style — a crew-neck cashmere sweater, for example. What's more, discounts on winter clothing and boots are deeper in January, when these garments go on clearance to make room for spring styles, which typically debut on showroom floors in February."

3. Health and Beauty Items

Like clothing, wait until Cyber Monday and deeper-in-December sales. Prices on individual items and sets, as well as discounts for brands and subcategories, will be much better.

"You may find a few spectacular doorbuster-like deals on makeup, polish, and fragrances, but waiting until the traditional storewide discounts we see on Cyber Monday will bring you a bigger selection of items to choose from," FatWallet.com's Brent Shelton says.

Or you can do what I do: Wait until after the holidays to pick up grooming sets, from brands like Axe and Old Spice, at slashed prices and stash them away until next year. Just make sure the products won't expire within a year or two. Which is important — unless you like the idea of giving your brother a holiday rash.

4. Tools

You may be getting fooled on tools on Black Friday, according to Mike Catania, founder of thesaving community PromotionCode.org.

"While there are plenty of Black Friday 'sales' for tools, the reality is that they're marked up more for the holidays than any other time of the year," he says. The offers look good on paper — up to 30% off — but the original price is 40% higher than it was at the end of summer. This is particularly true for tools in the quality range beneath 'pro-sumer.'"

This doesn't mean that hubby can't get the new table saw that he'll use once before he starts using it as a storage surface. Just do your research and compare prices before purchasing.

5. 1080p HDTVs

Flat-screen TVs have long been a staple of Black Friday doorbusters — many shoppers have the trample marks to prove it. But this year, 1080p versions are hitting the skids for higher-end (but still affordable) 4K HDTVs.

"4K is definitely the future of TV, and the price has dropped significantly over the last year; a 50-inch 4K HDTV is about $400," writes BuyVia in a recent blog post about Black Friday. "4Ks are optimized for Blu-ray, Netflix, Amazon, DirectTV, and YouTube, and you can add Smart TV functionality with an inexpensive $40 Roku box. Plus, if you want to spend a little more money, you can find a 4K TV with HDR imaging for incredible image quality."

The one and only issue I have with this trend — and full disclosure, I own 4K TVs myself — is that cable technology hasn't caught up with TV tech. It may be another year or two until you'll get the full experience of 4K, but you can at least take advantage of the Internet-connected "smart" part of the sets in the meantime.

6. Home Furnishings

The general consensus here is that you should avoid buying new furniture this time of year, not just specifically on Black Friday. Perez explains why.

"Black Friday is all about doorbuster deals on TVs, gaming consoles, tablets, and other electronics," she says. "Rarely do we see an epic deal on love seats and recliners, and Black Friday deals for national chains like Crate & Barrel, West Elm, Pottery Barn, and the like are minimal, often limited 15% to 20% off select items and deals on holiday accessories which don't compete with post-holiday sales. Furniture deals are better in January and July/August, when new styles debut and clearance prices offer better savings compared to Black Friday discounts."

7. Gift Cards

Boy, do I love a good gift card — mostly so I can exchange all the long johns and wool socks my aunt gave me yet again and get what I want. Deal-wise, though, you're better off waiting until December to stock up on these precious pieces of plastic, says Perez.

"Gift cards are a better buy in December when restaurants and select retailers offer bonus cards with gift card purchases. In the past, we've seen free $5 to $25 bonus gift cards with purchase of restaurant gift cards $25 to $50 from Chili's, Benihana, Olive Garden, and more. Retailers like LL Bean, DSW, The Children's Place, and Toys 'R Us also offered free gift cards ranging from $5 to $25 last December with select purchases."

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

8 Frugal Skills You Need to Survive Black Friday

Paul Michael — Wed, 16 Nov 2016 09:00:07 +0000

Black Friday: It's a day some of us look forward to, and others dread. It's the one day of the year when stores seemingly lose all sense of reality and offer products at prices that are insanely low.

Of course, anyone who really knows what's going on behind the scenes is well aware that the stores have not gone mad. Most are employing clever tactics, like loss leaders and limited doorbusters, to lure you in and get you spending. But if you arm yourself with the following frugal skills, you'll come out on top.

1. Iron-Clad Willpower

Temptation is everywhere on Black Friday. Even if you think you know every deal that's coming, you will be surprised by bargains you never dreamed of. This is the time to remain frugal, and hold firm to what you came there to get. A good way to think of it is this: If you didn't want it, no matter how cheap it was, it wasn't a bargain.

Grabbing handfuls of DVDs and Blu-Rays priced at $1.99 each may feel like you're ripping the place off, but if you're never going to watch them, what's the point? This goes for everything you see that day. Hold firm. What do you need, and what do you want? You should only be buying what you need on Black Friday, because otherwise, you can get swept away by the hysteria and spend more than you planned.

2. A Healthy Dose of Skepticism

Do not, for one second, think that the deals being presented on Black Friday are the most incredible money-saving bargains around. Sure, the doorbusters will be great opportunities to save, but they are always available in very limited quantities (in some cases, only a handful per store). And unless you're planning to spend hours, or even days, waiting in line, you aren't going to get them.

Many of the other deals you'll see on Black Friday have often been available on that price, or even lower, on other days of the year. And as always, take that RRP (recommended retail price) with a huge grain of salt. This is the price you see as "before," and the sale price as "after" — but chances are, the store never priced the item at that RRP.

3. The Patience of a Saint

Things are going to get tough, both mentally and physically, on Black Friday. There will be pushing and shoving, shouting and screaming, and sadly, injuries. The chaos can easily take hold of you, and before you know it you're right in there, grabbing at bargains, pushing people out of the way, and getting caught up in a world of trouble.

Take a step back. Breathe. Be patient. Remember, this is all just stuff. It may be stuff you'd like to have, or give as a gift, but it is not worth your health or sanity. What's more, by giving into your more animalistic emotions, you can find yourself spending more money than you wanted to. The competitive spirit can cloud your judgment, spurring you to buy more than you ever wanted. Have patience. If you can't get what you want on the day, don't worry. There will be other days.

4. Complete Preparation

One of the keys to surviving Black Friday is knowing exactly what you want to buy before you ever leave the house. And not only what you want to buy, but how much you're willing to pay for it.

On the day in question, your senses will be bombarded. Deals galore will hit you square in the face as you rush into each and every store, and it is very easy to become sidetracked. Before you know it, your cart is filled with everything but the items you actually wanted. So, stick to your guns, and stick to your list. The stores will all put out circulars well in advance of Black Friday. There are sites dedicated to Black Friday deals. Create a shopping list based on which stores you want to visit, what you want to get, and the top price you are going to pay. Follow it to the letter, and you'll stick to your budget and get the deals and items you really want.

5. A Good Memory

Most Black Friday deals are repeats of previous years. In fact, many of the deals are nearly identical, down to the same brand, price, and stores offering them. Black Friday, for most companies, follows a specific formula. This is calculated. They know what people are shopping for, what will sell, and most importantly, what the healthy profit margins are. That's why you will continually see circulars offering huge discounts on luggage, pots and pans, boots, food processors, cheap DVDs, and even air mattresses.

You won't, however, see huge discounts on the big video game systems, iPads, or other "in demand" tech. You will buy those regardless of the price, and stores are not going to miss out on those guaranteed dollars.

6. Knowing How to Compare and Save

Whatever your go-to way of price comparison shopping is, you need to have it locked down before the big day. Some people like apps such as ShopSavvy or RedLaser. Others simply pop the product into Google and see what prices show up. However you go about it, you need to have a strategy in place on the day. Don't buy anything without researching it first. If you're worried that the item will be scooped up by someone, hold onto it while you look it up. Is the deal on offer in that store the best one around? Is another store offering a mail-in rebate, or bundling it with other items for free? Your smartphone can save you hundreds of dollars on the day.

7. An Eye for Details

Frugal shoppers like to read the small print. They look at the little asterisks that are innocently slapped next to a price tag. They know that the devil is in the details, and in some stores, that devil can cost you quite a lot of money. So, get ready to look over every deal with the analytical mind of Sherlock Holmes. Is it really only $200, or are there strings attached? Do you have to buy two items together to get the price? Do you have to purchase the three-year extended warranty for the lower price? Is the steal of the day limited to only two stores in the whole state? Look closely, and make sure you are not being stung by small print.

8. Realizing Every Single Dollar Counts

Most of us are loss averse. We would much rather avoid losing $10 than find $10 in the street. On Black Friday, loss aversion can quickly crumble in the minds of shoppers. And the stores know just how to take advantage of it.

For instance, after you buy a $450 laptop, what's another $25 on a laptop case, or a flash drive? The thing is, on any other day of the week, you would scrutinize those purchases and look around for better deals. But on Black Friday, you are shelling out so much money that the smaller purchases slip under your usually frugal radar. Remember, every dollar counts. Examine every deal, even the small ones. If they're not worth it on any other day of the week, they're not worth it on Black Friday.

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