income http://www.wisebread.com/taxonomy/term/8754/all en-US 5 Financial Reasons Paid Parental Leave Is Essential for Moms and Dads http://www.wisebread.com/5-financial-reasons-paid-parental-leave-is-essential-for-moms-and-dads <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/5-financial-reasons-paid-parental-leave-is-essential-for-moms-and-dads" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/parents_new_baby_46762432.jpg" alt="New parents learning why parental leave is essential" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>The United States is one of only two countries in the world that does not offer guaranteed family leave for new parents &mdash; the other one being Papua New Guinea.</p> <p>The U.S. isn't completely without family leave policy, of course. The Family Medical Leave Act (FMLA) of 1993 guarantees that eligible workers can take up to 12 weeks of unpaid leave for a new baby or adoption (or to care for an ailing family member) without it affecting their employment. But only about 60% of American workers meet FMLA eligibility requirements, and even those who do might not be able to afford to take 12 weeks off without a paycheck.</p> <p>There are a couple of deeply entrenched economic beliefs behind America's lack of paid parental leave: First, that companies cannot afford (and should not have to afford) the cost of paying an employee who is not working, and second, that having children is an individual choice that does not (and should not) affect society financially.</p> <p>But the truth is that both of those economic beliefs are just that &mdash; beliefs. In reality, we are shortchanging ourselves as a country by not offering paid parental leave. Here are the five most important financial reasons why paid parental leave is essential. (See also:&nbsp;<a href="http://www.wisebread.com/6-best-jobs-for-working-moms-and-dads?ref=seealso" target="_blank">6 Best Jobs for Working Moms and Dads</a>)</p> <h2>Paid Parental Leave Costs Companies Less Than Turnover</h2> <p>It seems like a pretty simple economic truth: An employee is only valuable to a company if he or she is producing work for a paycheck. Paying an employee to stay home with a new baby or newly adopted child costs the employer money without getting any benefit in return.</p> <p>The problem with this view of employment is how narrow it is. An employee's usefulness to a company is much greater than any particular 12-week span, particularly when you consider the cost of hiring a new employee to fill the gap. In California, where 12 weeks of paid family leave has been the law of the state for over a decade, researchers have found that mothers who took such leave were 6% more likely to <a href="http://www.nber.org/papers/w17715">be working a year later</a> than those who did not.</p> <p>The same researchers have also discovered that California women who took leave and returned to their jobs worked 15% to 20% more hours during the second year of their child's life than those who did not take leave.</p> <p>Looking at the situation from a purely financial perspective, companies are going to be better off paying new parents for leave rather than spending money on hiring new employees, particularly considering the fact that employees who have taken advantage of paid parental leave will feel great loyalty toward their employers.</p> <p>The facts from California bear this out. The President's Council of Economic Advisers reported in 2014 that more than 90% of employers affected by California's paid leave initiative saw either a <a href="https://www.whitehouse.gov/sites/default/files/docs/leave_report_final.pdf">positive or no noticeable effect</a> on profitability, turnover, or morale due to implementation of paid family leave.</p> <h2>Paid Parental Leave Saves Money on Health Care</h2> <p>Mothers who have time to stay home with newborns have healthier babies than women who must return to work quickly. According to a study of European paid parental leave policies conducted by the University of North Carolina, more generous paid parental leave is found to <a href="http://www.sciencedirect.com/science/article/pii/S0167629600000473">reduce infant mortality</a> and improve overall health in children. Considering the consistently rising costs of health care in the United States, the cost of paying for parental leave is going to be much cheaper for our government, society, and private sector than the cost of paying for a sick child's health care.</p> <p>But it's not just the children who experience health benefits from paid parental leave. Mothers who have longer paid maternity leave report fewer symptoms of <a href="http://www.nber.org/bah/winter04/w10206.html">postpartum depression</a>, which means they are better able to be fully engaged both at work and with their babies. And the mental health benefits do not stop with baby's first year. According to a study by the Network for Studies on Pensions, Aging, and Retirement in the UK, women who were able to use a more generous maternity leave policy were 14% less likely to <a href="http://arno.uvt.nl/show.cgi?fid=133880">suffer late life depression</a>.</p> <p>Fathers also experience mental health benefits by getting paid time off. Israeli researchers have found fathers who work as primary caregivers for their children will see changes in an area of the brain called the amygdala that help them to become <a href="https://consumer.healthday.com/caregiving-information-6/infant-and-child-care-health-news-410/dad-s-brain-becomes-more-maternal-when-he-s-primary-caregiver-study-688176.html">better suited to parenting</a>. In addition, a father's immersion in parenting duties has also been correlated with both <a href="http://www.fira.ca/cms/documents/29/Effects_of_Father_Involvement.pdf">enhanced child development</a> and improved marital relationships &mdash; all of which can help the entire family's mental and physical health.</p> <h2>Paid Parental Leave vs. Public Assistance</h2> <p>Several states in addition to California have launched statewide paid parental leave initiatives. In New Jersey, a study from the Center for Women and Work at Rutgers University, discovered that mothers who had used the state's paid family leave policy were <a href="http://news.rutgers.edu/news-releases/2012/01/rutgers-study-finds-20120118#.V4P6mUYrLIV">more likely to be working</a> nine to 12 months after their baby was born than mothers who had not used the leave.</p> <p>So what were the nonworking mothers doing? In many cases, families who do not have access to paid parental leave are forced to rely on other methods of getting by. In particular, the Rutgers study found that women who took paid parental leave in New Jersey were 39% less likely to be on public assistance and 40% less likely to receive food stamps in their child's first year compared to parents who did not take leave.</p> <p>It can be difficult to tease out the differences between the taxpayer costs of state-mandated parental leave compared to the taxpayer costs of public assistance, but it seems much more financially beneficial for the family to use paid leave and ensure job continuity.</p> <h2>Paternity Leave Increases Maternal Paychecks</h2> <p>Much of the conversations about family leave centers around the mother-child bond, which is certainly understandable. Mom is the one whose body goes through the wringer during pregnancy and childbirth, and more time for her to physically recover and bond with baby is a good thing.</p> <p>But when Dad takes time off to care for a newborn or newly adopted child, the entire family benefits financially. In Sweden, which mandates that fathers must take two months off for the birth of a new child (and that time can be taken anytime in Junior's first eight years), researchers found that the <a href="https://www.econstor.eu/bitstream/10419/45782/1/623752174.pdf">mother's annual income increased</a> by nearly 7% for each month that the father took off from work.</p> <h2>The Children Are Our (Financial) Future</h2> <p>As much as parental leave helps parents, it's important to remember how much it benefits the kids. Mothers who used maternity leave will see their children attain higher education, have higher IQs, and <a href="http://ftp.iza.org/dp5793.pdf">earn higher incomes</a> than mothers who didn't, according to research from The Institute for the Study of Labor in Bonn. These effects were biggest in families where the parents had less education and were less likely to have jobs that offered paid parental leave.</p> <p>That means making a relatively small sacrifice now by instituting parental leave will lead to smarter, better educated, and more financially secure adults in 30 years or so. Those kids are the ones I want taking care of things once I'm back to drooling again &mdash; not the kids who were treated as a financial burden.</p> <h2>Widening Our Vision</h2> <p>The view that parental leave is too expensive is the societal version of spending a dollar to save a nickel. Parental leave benefits parents, children, and society far more than it costs. If everyone treated the cost of having children the same way many U.S. employers do &mdash; as a cost that is too great to bear &mdash; then the world would get dark and depressing PDQ.</p> <p>Children are a social good, and we reap much more than we sow by paying the cost of parental leave.</p> <p><em>Does your employer offer paid parental leave?</em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/emily-guy-birken">Emily Guy Birken</a> of <a href="http://www.wisebread.com/5-financial-reasons-paid-parental-leave-is-essential-for-moms-and-dads">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-3"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/these-7-companies-have-the-craziest-employee-perks">These 7 Companies Have the Craziest Employee Perks</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/7-surprising-benefits-of-failure">7 Surprising Benefits of Failure</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/didnt-get-the-raise-ask-for-this-instead">Didn&#039;t Get the Raise? Ask for This, Instead</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/dont-miss-out-on-this-easy-way-to-pay-for-child-care">Don&#039;t Miss Out on This Easy Way to Pay for Child Care</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-to-save-money-on-child-care-this-summer">How to Save Money on Child Care This Summer</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Career and Income Family benefits child care employers having children health care income maternity parental leave paternity salaries turnover Wed, 20 Jul 2016 09:00:13 +0000 Emily Guy Birken 1755638 at http://www.wisebread.com 6 Celebrities With Shockingly Low Net Worths http://www.wisebread.com/6-celebrities-with-shockingly-low-net-worths <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/6-celebrities-with-shockingly-low-net-worths" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/iStock_39050928_LARGE.jpg" alt="Mike Tyson has low net worth" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Being rich and famous isn't all it's cracked up to be. Just ask the famous people who made it big, and then squandered their riches to earn the dubious distinction of being celebs who have struggled financially. (See also: <a href="http://www.wisebread.com/the-5-most-money-savvy-rap-stars?ref=seealso">The 5 Most Money-Savvy Rap Stars</a>)</p> <h2>1. Mike Tyson</h2> <p>The former heavyweight champion of the world (and sometimes ear biter) was once <a href="http://www.celebritynetworth.com/richest-athletes/richest-boxers/mike-tyson-net-worth/">worth about $300 million</a> at the height of his career, according to Celebrity Networth. A series of unfortunate events beginning in the late 1980s &mdash; including a divorce from actress Robin Givens, giving his longtime trainer Kevin Rooney the boot, and going to prison for an alleged rape &mdash; contributed to his fortune's decline, which today is estimated at around $3 million.</p> <h2>2. Lindsay Lohan</h2> <p>Lindsay Lohan's career took off after <em>Mean Girls</em> debuted in 2004, but it wasn't long after that personal and professional troubles began to chip away at her budding bank account. Her hard-partying ways and unreliable reputation led to a decline in mainstream acting roles. In 2012, the IRS had seized control of the scarlet-haired star's funds to pay off over <a href="http://www.celebritynetworth.com/richest-celebrities/actors/lindsay-lohan-net-worth/">$200,000 in back taxes</a>. In 2013, Lohan did a series of interviews for Oprah that reportedly netted her a cool $2 million, but most of the money was earmarked for taxes, rehab fees, and further IRS debts, leaving her with a paltry $500,000 today.</p> <h2>3. Chris Tucker</h2> <p>Talk about money mismanagement. Chris Tucker, who everybody knows as Jackie Chan's high-pitched, fast-talking sidekick in the <em>Rush Hour</em> movies, was paid $20 million for the first sequel in that series, and then negotiated a $40 million two-movie contract with New Line Cinema. But despite such robust paydays, Tucker is currently $11.5 million in the negative as a result of foreclosed homes and several years of back taxes, according to The Motley Fool. The still-viable actor hopes to get out of the red in another <em>Friday</em> sequel alongside Ice Cube soon.</p> <h2>4. Teresa Giudice</h2> <p>If you're a fan of guilty-pleasure reality TV, then you might know table-flipping Teresa Giudice from Bravo's <em>The Real Housewives of New Jersey</em> (<em>RHONJ</em>). The recently released jailbird, who enjoyed a lavish lifestyle with her husband Joe Giudice and their four children, filed for bankruptcy in 2011, claiming to be more than <a href="http://www.bustle.com/articles/89126-what-is-teresa-giudices-net-worth-the-real-housewives-of-new-jersey-star-has-gone-through">$11 million in debt</a>. In 2013, the couple was indicted on 39 counts of conspiracy to commit mail fraud, bank fraud, wire fraud, bankruptcy fraud, and making false statements on loan applications. Teresa returned for the seventh season of <em>RHONJ</em> following her release from prison.</p> <h2>5. Pamela Anderson</h2> <p>While $5 million isn't anything to balk at, you'd think that <a href="http://www.therichest.com/celebnetworth/celeb/actress/pamela-anderson-net-worth/">Pamela Anderson</a>, one of the most popular Playboy Playmates to ever grace the publication's pages, would have stashed away a heftier rainy-day fund. Even today, the former <em>Baywatch</em> star is still considered a pop-culture icon.</p> <h2>6. Gary Busey</h2> <p>Eccentric actor Gary Busey, known for films like <em>The Buddy Holly Story</em> and <em>Point Break</em>, devolved into a reality-show staple in the 2000s, appearing on such illustrious programs as <em>Celebrity Apprentice</em> and <em>Celebrity Rehab with Dr. Drew</em>. In 2012, he filed for Chapter 7 bankruptcy protection, stating that he had <a href="http://www.celebritynetworth.com/richest-celebrities/actors/gary-busey-net-worth/">less than $50,000 in real assets</a> while owing up to a million dollars to various creditors.</p> <p><em>Any other celebs with surprisingly low net worths? Share with us!</em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/mikey-rox">Mikey Rox</a> of <a href="http://www.wisebread.com/6-celebrities-with-shockingly-low-net-worths">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-4"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-audiobooks-about-money-you-need-to-hear">5 Audiobooks About Money You Need to Hear</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/these-13-numbers-are-the-keys-to-understanding-your-finances">These 13 Numbers Are the Keys to Understanding Your Finances</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/6-surprising-sources-of-celeb-income">6 Surprising Sources of Celeb Income</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/protect-future-earnings-by-negotiating-the-right-starting-salary">Protect Future Earnings by Negotiating the Right Starting Salary</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/the-self-employed-persons-guide-to-getting-credit">The Self-Employed Person&#039;s Guide to Getting Credit</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Personal Finance Entertainment actor celeb celebrity entertainment industry income millionaire money net worth salary Tue, 19 Jul 2016 10:30:06 +0000 Mikey Rox 1754819 at http://www.wisebread.com The Self-Employed Person's Guide to Getting Credit http://www.wisebread.com/the-self-employed-persons-guide-to-getting-credit <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/the-self-employed-persons-guide-to-getting-credit" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/man_drinking_coffee_97144221_0.jpg" alt="Man finding financing when he&#039;s self-employed" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>You work for yourself. And most times, that's great. But when you're trying to qualify for a mortgage loan or apply for a credit card, it can be a real struggle.</p> <p>That's because lenders prefer loaning their dollars to borrowers who have a steady income that stays the same each month. That isn't what happens with most people who are self-employed. Your income can rise one month, and fall the next.</p> <p>There is good news, though: Plenty of people who work for themselves finance homes and cars, and plenty have credit cards in their wallets. How can you join their ranks? Here are four tips for convincing lenders that just because you're self-employed doesn't mean you're a risk to default on your loans.</p> <h2>Prove That Your Income Has Been Steady for Years</h2> <p>It's far easier to qualify for financing or credit cards if you can show lenders that the income you've made as a self-employed worker has been steady or rising each year. If lenders see that what you made last year was similar or better to what you made the year before, they'll be less nervous about loaning you money.</p> <p>To prove that your income is consistent, you'll have to provide lenders with at least the last two years of your income tax returns &mdash; returns that should show that your income during these last two years did not swing wildly up or down.</p> <p>What if you haven't been working for yourself long enough to show at least two full years of self-employed income? Or what if your self-employment income hasn't been consistent and has soared high and fallen low? You'll struggle to qualify for a loan. It might be best to wait until you can show those two consistent years of income before applying.</p> <h2>Build a Top Credit Score</h2> <p>Your FICO credit score is a key number when applying for a loan or credit card. It's especially important for self-employed borrowers, who can rely on a high FICO score to help lessen the anxiety lenders often feel about loaning money to those who work for themselves.</p> <p>Lenders today consider a FICO score of 740 or higher to be an excellent one. Such a score shows that you have a history of paying your bills on time. Such a history can put nervous lenders at ease and improve your odds of qualifying for a credit card or loan. (See also: <a href="http://www.wisebread.com/5-best-credit-cards-for-people-with-excellent-credit?utm_source=wisebread&amp;utm_medium=seealso&amp;utm_campaign=article">Best Credit Cards for People with Excellent Credit</a>)</p> <p>Building a good credit score is simple: Pay your bills on time and pay off as much credit card debt as possible. Just don't close a credit card account after you've paid it off. That can actually hurt your credit score. (See also: <a href="http://www.wisebread.com/7-ways-to-increase-your-credit-score-quickly?utm_source=wisebread&amp;utm_medium=seeals&amp;utm_campaign=article">7 Ways to Increase Your Credit Score Quickly</a>)</p> <p>And if your FICO score is low? You might need to wait until you build it up to apply for a loan. Being self-employed and having a low score is no way to convince lenders that you're a good risk.</p> <h2>Build Your Savings</h2> <p>Lenders like all borrowers to have plenty of money saved. This way, if these borrowers should suffer a financial crisis, such as a job loss, they'll have some reserves to make at least a few mortgage or auto loan payments until they can resolve their financial struggles. Having cash reserves is especially important for self-employed borrowers. If you can show lenders that you have money in the bank, they'll be less nervous about the prospects of your self-employment income suddenly drying up.</p> <p>How much savings you should have varies by lender. But most lenders want at least two months of mortgage payments saved up. If you're self-employed, saving even more than this can only help your efforts to qualify.</p> <h2>Come Up With a Larger Down Payment</h2> <p>If you're applying for a loan, coming up with a bigger down payment is one way to convince otherwise reluctant lenders to work with you. Lenders like to work with borrowers who have what they call &quot;skin in the game,&quot; meaning that they are willing to invest more of their own money upfront when financing a home or car.</p> <p>Consider applying for a mortgage loan: It's possible, depending on lender and loan program, to qualify for a mortgage while putting down just 3% of a home's final purchase price. If you're self-employed, though, you might have better luck convincing lenders to work with you if you can come up with a down payment of 10% or 20% of a home's down payment. Lenders think you're less likely to stop making mortgage payments if you've already invested more of your own money into the home.</p> <p><em>Are you self-employed? Have you struggled to find financing?</em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/dan-rafter">Dan Rafter</a> of <a href="http://www.wisebread.com/the-self-employed-persons-guide-to-getting-credit">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-5"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/10-smart-ways-to-get-a-small-business-loan">10+ Smart Ways to Get a Small Business Loan</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/the-6-biggest-financial-decisions-in-your-20s">The 6 Biggest Financial Decisions in Your 20s</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-things-you-need-to-know-about-credit-scores">5 Things You Need to Know About Credit Scores</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/the-sep-ira-is-how-the-self-employed-do-retirement-like-a-boss">The SEP-IRA Is How the Self-Employed Do Retirement Like a BOSS</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-to-do-money-like-a-grown-up">How to Do Money Like a Grown-Up</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Personal Finance Entrepreneurship credit down payments financing freelancers income loans savings self-employed Thu, 14 Jul 2016 09:31:21 +0000 Dan Rafter 1749904 at http://www.wisebread.com Didn't Get the Raise? Ask for This, Instead http://www.wisebread.com/didnt-get-the-raise-ask-for-this-instead <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/didnt-get-the-raise-ask-for-this-instead" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/woman_strong_work_71194917.jpg" alt="Woman doing something after getting denied for a pay raise" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Getting knocked back when you've built up the courage to ask for a pay raise at work can feel like a real blow. It can seem as if your hard work has gone unnoticed, and will quickly sour working relationships if you let it. But with some segments of the economy still decidedly wobbly, every pay bump is hard-fought, and more of us than ever are getting turned down when we ask for more cash.</p> <p>If this is your situation, don't get disheartened. Instead, think about the different negotiating angles you can work, like requesting a deferred raise, extra pension or benefits, increased vacation time, a personal development payment, or even the opportunity to work from home.</p> <p>All of these can effectively put money back in your pocket, even if your boss says no to a raise.</p> <h2>Deferred or Conditional Raise</h2> <p>If you asked for a straight raise and your boss was not able (or willing) to offer it, then asking for a conditional or deferred raise is an option. A deferred raise simply means a pay raise that is delayed until an agreed date &mdash; and might be worth asking for if your company has specific short-term cash issues, or if the issue is linked to the financial year. If there is no stretch in the budget for right now, that does not necessarily mean that there won't be in future, and getting an agreement in advance is a head start.</p> <p>A conditional raise, on the other hand, is linked to your achievement on a certain task or project. This might mean that you are to receive a raise if you secure a new contract, or pass a professional qualification. You might link it to the company profits or your team performance, depending on the sort of business you work for. This gives you the opportunity to show, not only why you deserve a raise, but also how your boss can find the cash.</p> <p>But for these options to work, they should be agreed in writing, and with as much specific details as possible to back them up.</p> <h2>Boost Your Benefits</h2> <p>Depending on the type of company you work for, it might be possible to effectively boost your overall remuneration by addressing other fringe benefits instead of the salary. This is often an appealing option for bosses if the financial pots for salary and benefits are separate. Even if the one pot dries up, there might still be some wriggle room in the other!</p> <p>You should look at the benefits your company offers, and make a specific request for improvement. For example, if your business has a grading system which is linked to benefits, you might ask to be bumped up a grade &mdash; especially if this allows you access to perks like a company car or share options. If this is hard to swallow for your HR team or boss, then consider agreeing that the grade improvement now could be set off against any future entitlement.</p> <p>Think broadly when you negotiate this one. You might request company pension contributions, share options or grants, reward cards, discounts on products you actually use, or even increased vacation time. All these routes effectively boost your package and leave you with more cash in your pocket overall.</p> <h2>Invest in Yourself</h2> <p>Sometimes, investing in yourself through personal development or improved qualifications is really worthwhile. If you are struggling to get a raise at work, then why not ask for support in achieving this development or qualifications instead? Some qualifications can <a href="http://www.wisebread.com/7-certifications-that-add-big-to-your-salary">give your salary a huge boost</a> over the long term.</p> <p>If you have courses in mind which would give you transferable skills, and also improve your performance at work, then see if your boss will pay for them. Even better, maybe you can get some study time off to reflect the extra work you are doing. These cash investments tend to be relatively small for the company, but the end result is that you have more skills with which to negotiate a better role or raise later down the line.</p> <h2>Flex</h2> <p>Ask for improved flexibility in your work schedule. This can be an equivalent to a pay raise if you can negotiate some time working from home, and therefore cut the costs of commuting or parking. If this is not possible, then perhaps working a more flexible shift would allow you to do some longer days in return for more time off.</p> <p>The benefits here are felt in reducing the cost of commuting, but also the peripheral costs of things like buying lunch at work or stocking up on gourmet coffees. On the other hand, by reducing your travel, you win back time that can be used to boost your income if you wish. To get the biggest return from this approach, use the time you save to <a href="http://www.wisebread.com/5-unexpected-side-benefits-of-your-side-hustle">set up a side hustle</a>, and suddenly it's like you're being paid double time.</p> <h2>Try Again</h2> <p>When you're asking for a pay or benefits rise, how you ask is at least as important as what you're requesting. If you've already been knocked back for a straight raise and are going in for a second pass, then it's especially important to get your message straight.</p> <p>Here are some hints to make sure you're making your case effectively.</p> <h3>Pick the Right Moment</h3> <p>If you were refused because the business is genuinely struggling, then putting the request on ice for a few months might be best. Use the time to sharpen your skills and, if necessary, start applying elsewhere.</p> <h3>Don't Whine or Give Ultimatums</h3> <p>Avoid comparing yourself to others. Don't say, &quot;I do way more than the rest of the team!&quot; As tempting as it might be, it's not going to help your case.</p> <h3>Don't Highlight Personal Financial Problems</h3> <p>If this is a real challenge, then be honest with your boss, but don't try to use your cash flow as leverage.</p> <h3>Remember You Are Not Entitled to It</h3> <p>You won't get one because you did everything asked of you, or just because the cost of living has gone up. Assume you're making a business case for the raise and present it as such, not a demand.</p> <p>As uncomfortable as it might be, asking for a raise is part of working life. And if necessary, bouncing back from rejection should be, too. Think of it as an ongoing project to market yourself and your skills and ensure that you are paid fairly, and consider different angles to make your requests so good they can't be refused.</p> <p><em>What is your experience in asking for a pay rise? Let us know in the comments!</em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/claire-millard">Claire Millard</a> of <a href="http://www.wisebread.com/didnt-get-the-raise-ask-for-this-instead">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-5"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/10-important-signs-that-your-job-sucks">10 Important Signs That Your Job Sucks</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/10-money-moves-to-make-after-a-promotion">10 Money Moves to Make After a Promotion</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-times-you-should-demand-a-raise">5 Times You Should Demand a Raise</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/4-unexpected-costs-of-a-higher-paying-job-offer">4 Unexpected Costs of a Higher-Paying Job Offer</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/is-this-job-worth-it">Is This Job Worth It?</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Career Building Extra Income ask for a raise benefits income job promotion pay increase raise salary work Fri, 01 Jul 2016 09:00:03 +0000 Claire Millard 1742408 at http://www.wisebread.com How to Escape the Paycheck-to-Paycheck Cycle http://www.wisebread.com/how-to-escape-the-paycheck-to-paycheck-cycle <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/how-to-escape-the-paycheck-to-paycheck-cycle" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/iStock_80116831_XLARGE.jpg" alt="stop living paycheck to paycheck" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>If you're living paycheck to paycheck, you probably think it's a normal part of life and accept it for what it is. To that, I stick my tongue out and blow. There are plenty of people who've broken free from this rut, but your particular cycle won't break until <em>you </em>break it.</p> <p>Living paycheck to paycheck can mean you're one paycheck away from being without lights, a car, or a home &mdash; and that's just not acceptable. Granted, this is worst-case scenario, but it's a possible scenario. This isn't meant to scare you, of course, but it is meant to build motivation to help you improve your financial outlook and say so long to a house-poor existence. Here's what you need to do to stop living on the edge. (See also: <a href="http://www.wisebread.com/5-ways-to-grow-your-savings-without-a-steady-paycheck?ref=seealso">5 Ways to Grow Your Savings Without a Steady Paycheck</a>)</p> <h2>1. Take Stock of What You're Working With</h2> <p>If you want to stop living paycheck to paycheck, you have to live below your means. It's that simple. Some people are happy just to break even every month, but if you never have extra income, you'll never achieve some of your goals.</p> <p>To stop the cycle, do a financial checkup.</p> <p>Here's a little exercise: Comb through your most recent bank statements, credit card statements, and receipts, and then write down every monthly expense from housing to groceries. Calculate how much you're spending on clothes, miscellaneous items, groceries, fuel, etc.</p> <p>Once you have this figure, compare it with your take-home pay. The amount you're spending every month may be the equivalent of what you bring home, or more than what you bring home. If the latter is the case, it's time to trim.</p> <h2>2. Cut the Fat</h2> <p>Don't listen to anyone who says living paycheck to paycheck is normal. It's not, and whoever says that will probably be sad for the rest of their life. Alas, many people have been conditioned to think this way, and it's this exact thinking that keeps people stuck.</p> <p>There's a better way to live, and it starts with trimming your expenses. At this point, it's not about your wants; you have to focus on your needs and get rid of any unnecessary expenses. What to cut? These extras:</p> <ul> <li>Gym memberships</li> <li>Eating out for lunch</li> <li>Grabbing coffee</li> <li>Spending $50 a week on entertainment</li> <li>Subscription services</li> </ul> <p>These costs don't seem like a lot, but they add up. Getting rid of nonessential expenses can give your budget some wiggle room, creating more disposable income than you thought possible.</p> <h2>3. Stop Being Enslaved to Debt</h2> <p>The more debt you have, the more likely you are to live paycheck to paycheck. This is because debt robs you of extra money. Even if you can't get rid of your house payment, car payment, or student loan debt immediately, you can start chipping away at credit card balances.</p> <p>Take the money you're saving from trimming unnecessary expenses and dump all or a large portion of this cash on your debt. You can tackle your debt with the smallest balance first, or the debt with the highest interest rate first. It doesn't matter which approach you choose, as long as you're paying down balances. The less you owe, the more you can keep. To help you, I've recently written an <a href="http://www.wisebread.com/topic/5-day-debt-reduction-plan">entire five part series on eliminating debt</a>.</p> <h2>4. Pay Yourself &mdash; No Matter What</h2> <p>Once you've got a handle on your debt, it's time to start paying yourself. If you build a cushy savings account, you may never have to borrow money or use a credit card again &mdash; at least not for an emergency or an unexpected expense.</p> <p>Take the money you were putting toward <a href="http://www.wisebread.com/fastest-way-to-pay-off-10000-in-credit-card-debt">debt repayment</a> and set up an automatic savings schedule. Each pay period, automatically transfer a specific amount from checking into savings. Schedule this transfer before you pay your bills to ensure you're always paying yourself first.</p> <h2>5. Create Additional Income for Yourself</h2> <p>Sometimes, it isn't enough to trim expenses and pay off debt. You may earn just enough to get by, and despite living simply, you're still trapped in a cycle of living paycheck to paycheck. The truth is, getting ahead may require more income.</p> <p>Now, as a freelancer, I can run down a list of <a href="http://www.wisebread.com/can-you-really-make-a-living-in-the-gig-economy">side hustles to increase your income</a>. This includes moonlighting as a consultant, cutting lawns, buying and selling online, watching pets, renting out extra space in your home, etc. But I also realize that not everyone has the entrepreneurial spirit. But even if you don't want to be your own boss, there are ways to build your income.</p> <p>Depending on your circumstances, a part-time job might fit your schedule perfectly. If you can earn as little as an extra $20 a day, you'll have an extra $400 a month. For example, you can search online for local office-cleaning companies, and call these companies to see if they're looking for part-time help in the evenings. I have a friend who cleans a small office every day after work. It only takes two hours and the cleaning company pays him $20 per cleaning. It's not the most glamorous or high-paying part-time job, but it's easy work and pays okay.</p> <h2>6. Learn How to Say &quot;No&quot;</h2> <p>One of the best ways to improve a budget is to learn how to say no. If you have a large social circle, there's always someone inviting you to a restaurant, a movie, or another event. If you get into a pattern of constantly saying yes and accepting invitations, you could end up broke. You should never sacrifice your bank account at the expense of fun, especially when there are too many ways to enjoy yourself for free. The key is having an airtight entertainment budget. Decide what you can realistically afford to spend on fun, and then stick to this budget. I learned how to say no, and now &quot;No&quot; is my favorite word.</p> <h2>7. Face Reality and Downsize</h2> <p>Making simple adjustments to your budget can improve cash flow tremendously, but not when you're too far in the hole. Accept that you'll have to let go of stuff. Ideally, your house payment should be no more than 28%-30% of your gross income. If you're paying more, you're overspending and it's time to face reality. You're never going to get ahead when you're struggling to keep up with the basics. Downsizing your house can create a smaller house payment, cheaper utilities, and less maintenance. Your finances also may improve if you downsize from an expensive car. You can enjoy a lower car payment and cheaper insurance premiums.</p> <p><em>Are you living paycheck to paycheck? What are you doing to change the situation? Let's discuss in the comments below.</em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/mikey-rox">Mikey Rox</a> of <a href="http://www.wisebread.com/how-to-escape-the-paycheck-to-paycheck-cycle">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-3"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/best-of-personal-finance-credit-where-credit-is-due-edition">Best of Personal Finance: Credit Where Credit Is Due Edition</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/johnny-says-read-this-post-and-get-riyyyyyyyyyyatch">Johnny Says: Read This Post and Get Riyyyyyyyyyyatch</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/tips-for-increasing-your-financial-literacy">Tips for Increasing Your Financial Literacy</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/the-audacity-to-waste-money-for-better-finances">The Audacity to Waste Money for Better Finances</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/life-after-debt-whats-next">Life After Debt: What&#039;s Next?</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Personal Finance Debt Management debt management finances income paycheck paycheck to paycheck payday personal finance Fri, 17 Jun 2016 10:30:04 +0000 Mikey Rox 1732946 at http://www.wisebread.com 5-Day Debt Reduction Plan: Stop Waiting for Tomorrow http://www.wisebread.com/5-day-debt-reduction-plan-stop-waiting-for-tomorrow <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/5-day-debt-reduction-plan-stop-waiting-for-tomorrow" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/woman_binoculars_000029643960.jpg" alt="Woman learning to stop waiting for tomorrow with debt " title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>[Editor's Note: This is the first part of a five-part series on debt reduction. To read more, see <a href="http://www.wisebread.com/topic/5-day-debt-reduction-plan" target="_blank">5-Day Debt Reduction Plan</a>.]</p> <p>Debt sucks. It ties up your resources, robs you of the ability to save, and can cause stress, anxiety, and depression. Still, debt is a big part of our society &mdash; so big that many don't realize the impact it has on their personal finances, even when they're struggling to keep up with payments.</p> <p>Some people stick their heads in the sand because it's easier to ignore debt than take responsibility. The consequences of overcharging and overspending eventually catch up &mdash; and that burden can lead to other consequences, like <a href="http://www.wisebread.com/your-debt-is-killing-you-heres-the-cure?ref=5dayplan">physical and mental health issues</a> &mdash; but it doesn't have to.</p> <p>If your debt is out of control, <em>today </em>is the day to take control of your money.</p> <p>The good news is that you don't have to be a financial guru or have a ton of cash to succeed. Whether you have a little or a lot of disposable income, you can begin chipping away at your debt little by little each day when equipped with the correct set of tools and a handy guideline.</p> <p>See Also: <a href="http://www.wisebread.com/fastest-way-to-pay-off-10000-in-credit-card-debt?ref=5dayplan&amp;utm_source=wisebread&amp;utm_medium=seealso2&amp;utm_campaign=5dayplan">Fastest Way to Pay Off $10,000 in Credit Card Debt</a></p> <h2>Debt Reduction Starts With a Decision</h2> <p>Be honest, how long have you been talking about reducing debt? A few weeks? A few months? A few years?</p> <p>Now think back to the first time you expressed a desire to get rid of debt. Have you successfully paid off (or paid down) some of your balances? Or have your balances remained the same or increased?</p> <p>If you answered &quot;yes&quot; to the last question, you're not alone. Getting rid of debt has its challenges, and at times you might think it's impossible. The fact that you're reading this article demonstrates a desire to change your mindset and your situation. It doesn't matter what you've done (or haven't done) in the past; this can be a new beginning and the first day on your journey to eliminating debt.</p> <p>See also: <a href="http://www.wisebread.com/how-to-start-fighting-debt-today?ref=5dayplan">How to Start Fighting Debt &mdash;&nbsp;Today</a></p> <h2>You're Not the Only Person With Debt, But You Still Need to Address It</h2> <p>Some people say debt is a part of life and everyone should stop whining and accept debt for what it is. Don't let the naysayers get in your head.</p> <p>Yes, most of us have some sort of debt, but this doesn't mean we have to accept all types of debt. Student loans and mortgages are &quot;good&quot; debt. They are usually cheap (the interest rates are low), and both generally improve our financial lives (education helps us earn more; a home is a valuable asset).</p> <p>Credit card debt, on the other hand, can be a vicious monster. It's expensive and most of what we borrow for will not improve our financial lives. But the moment we confront the monster and say &quot;no more,&quot; the easier it is to break habits that keep us indebted.</p> <p>See also: <a href="http://www.wisebread.com/how-to-start-fighting-debt-today?ref=5dayplan">8 Signs You&rsquo;ve Crossed from &ldquo;Healthy&rdquo; Debt to &ldquo;Problem&rdquo; Debt</a></p> <h2>What Led to Your Debt?</h2> <p>There's not one particular bad habit, but rather several possible habits. Everyone has their own weakness &mdash; mine, for instance, is clothes shopping &mdash; and it's each person's responsibility to identify habits that keep them in a pattern of overspending.</p> <h3>Impulse Buying</h3> <p>Most of us are familiar with this type of buying. You go to the store with intentions of buying one item, but you walk out with three or four items &mdash; basically every trip to Target I've ever had; you know what I'm talking about. This behavior may seem innocent, but it can throw off your budget and increase the likelihood of debt.</p> <p>See also: <a href="http://www.wisebread.com/13-creative-ways-to-avoid-spending-money?ref=5dayplan">13 Creative Ways to Avoid Impulse Spending</a></p> <h3>Lack of a Budget</h3> <p>If you never budget, you probably have no idea where your money goes, which means you could be overspending on nonessentials and using credit cards as an extension of your income. Keeping a paper trail helps you visualize how much you're spending and where your money is going, and that alone can be a deterrent to spending more.</p> <p>See also: <a href="http://www.wisebread.com/one-simple-thing-you-can-do-to-start-budgeting-today?ref=5dayplan">One Simple Thing You Can Do to Start Budgeting Today</a></p> <h3>Keeping Up With the Joneses</h3> <p>If your best friend or neighbor buys a new car, you may feel pressure to keep up and prove you can hang with the big spenders. But in reality, you're digging a financial hole for yourself.</p> <p>We're all guilty of at least one of these bad financial habits. We're human, so we're going to make mistakes. But regardless of the habit(s) you're guilty of, you <em>can </em>break the cycle.</p> <p>See also: <a href="http://www.wisebread.com/how-to-keep-peer-pressure-from-destroying-your-finances?ref=5dayplan">How to Keep Peer Pressure From Destroying Your Finances</a></p> <h3>Lack of Income</h3> <p>This isn't a habit, exactly, but whenever our income falls short of our expenses, and we've cut as much as we can, it's time to find more money. Whatever side job or career shift you choose, keep your debt reduction goals in mind. The extra money you earn should go first toward your debt reduction plan.</p> <p>See also: <a href="http://www.wisebread.com/100-ways-to-make-more-money-this-year?ref=5dayplan">100+ Ways to Make More Money This Year</a></p> <h2>The High Cost of Credit Card Debt</h2> <p>If you need help overcoming bad habits and breaking out of debt, it helps to have an understanding of the <a href="http://www.wisebread.com/the-most-valuable-thing-debt-takes-from-you-isnt-money-its-this?ref=5dayplan">true cost of debt</a>.</p> <p>Take for example a $5,000 credit card balance. If you're making $100 payments every month, in your mind, you should be able to pay off this debt in roughly 50 months (4 years). It's simple mathematics, right? Well, not exactly. There's this &quot;little&quot; thing called interest, which is what you pay for the privilege of using credit.</p> <p>Let's say the interest rate on that $5,000 is 18%. Making $100 payments every month, it will take almost eight years to pay off the balance, and you'll have paid over $4,000 in interest, for borrowing that $5,000. Think of how much interest you could <em>earn</em> if you invested that money instead.</p> <p>When you get a credit card statement, the amount due is typically between 1%-3% of the total balance. It will take a staggering amount of time to pay off your debt if you only make minimum payments. If you're just making the minimum payments, to pay off $5,000, it would take <strong>more than 39 years</strong>. You would have paid over $8,000 in interest.&nbsp;</p> <p>&quot;It will take a discouragingly long time to pay off a debt if you stick to only minimum payments,&quot; says Julie Ford, a financial planner in New York City. &quot;Creditors want you to only pay the minimum amount so they can collect interest from you for as long as possible.&quot;</p> <p>The more money you give creditors, the less money you have available for building a rainy day fund. And of course, if you don't have a reserve, it only takes one emergency to put you deeper in debt.</p> <p>According to the American Household Credit Card Debt Study, the &quot;average U.S. household with debt carries $15,762 in credit card debt,&quot; and a recent Google Consumer Survey found that &quot;approximately 62% of Americans have less than $1,000 in their savings accounts, and 21% don't even have a savings account.&quot; As a personal finance expert who has experienced debt myself, these statistics are sobering to say the least.</p> <p>When debt prevents saving for a rainy day fund, it may also interfere with your ability to save for retirement. Even if you have a 401K or an individual retirement account, you might only contribute the bare minimum, if anything. As a result, the prospect of working until you're literally on your deathbed is a real possibility.</p> <p>See also: <a href="http://www.wisebread.com/everything-you-didn-t-understand-about-credit-card-interest-grace-periods-and-penalty-aprs?ref=5dayplan">Everything You Didn&rsquo;t Understand About Credit Card Interest</a></p> <h2>Find Your Motivation &mdash; And Stay Motivated</h2> <p>The road to getting your bank accounts into the black can be rough. What's the motivating force driving your desire to reduce debt? If you don't have an end goal or a reason for eliminating debt, it's easy to give up as soon as you hit a bump in the road. I've seen it time and time again, especially from chronic spenders. To avoid this pitfall, brainstorm and write down what you hope to accomplish by reducing debt.</p> <ul> <li>Do you want to set a good example for your children?<br /> &nbsp;</li> <li>Are you tired of losing sleep and worrying about your debt?<br /> &nbsp;</li> <li>Do you want to buy a house, but fear debt will prevent qualifying for a mortgage?</li> </ul> <p>Of course, it isn't enough to know what motivates you, but rather you have to stay motivated. The best way to do this is to surround yourself with likeminded individuals &mdash; those who share your goal and can offer encouragement along the way &mdash; and avoid those people who encourage your negative spending habits, like your house-poor friends who spend all their disposable income on Thirsty Thursday shots and late-night tacos. (We all still have a few of 'em.)</p> <p>If your close friends and family are in debt and don't have a desire to reduce or eliminate their balances, don't expect these people to steer you in the right direction or provide the support you need. Look outside your inner circle and connect with people who share your mindset. For example, you can work with a financial planner, join a debt support group, or follow the debt success stories of personal finance bloggers.</p> <p>See also: <a href="http://www.wisebread.com/5-inspiring-people-who-each-paid-off-over-100000-in-debt?ref=5dayplan">10 Dark-Side Motivations to Get You Out of Debt</a></p> <h2>Stop Procrastinating</h2> <p>Procrastination is the avoidance of starting or completing a task. It's a natural human tendency and we procrastinate for different reasons. These reasons might include the fear of failure, lack of interest, and even the fear of success. But with regard to debt, procrastination might have everything to do with lack of knowledge. You know you need to deal with your debt, but you don't know how, so you put it off.</p> <p>If you want to overcome procrastination, you have to learn ways to make debt reduction a reality. It's a step-by-step process that can take months or years. But the process is easier than you think when you have realistic expectations and set small, manageable goals for yourself</p> <p>But before you can get to that point, you need to first find out how much you owe and learn strategies to monitor your debt. Check back tomorrow, and we'll take that first step by Adding It Up.</p> <h2>Debt Management Resources</h2> <ul> <li><a href="http://www.wisebread.com/how-to-manage-your-debt-in-10-minutes-a-week?ref=5dayplan">How to Manage Your Debt in 10 Minutes a Week</a></li> <li><a href="http://www.wisebread.com/5-debt-management-questions-youre-too-embarrassed-to-ask?ref=5dayplan">5 Debt Management Questions You&rsquo;re Too Embarrassed to Ask</a></li> <li><a href="http://www.wisebread.com/6-free-debt-management-tools?ref=5dayplan">6 Free Debt Management Tools</a></li> <li><a href="http://www.wisebread.com/12-reasons-your-debt-isnt-diminishing?ref=5dayplan">12 Reasons Your Debt Isn&rsquo;t Diminishing</a></li> <li><a href="http://www.wisebread.com/8-debt-reduction-mistakes-even-smart-people-make?ref=5dayplan">8 Debt Reduction Mistakes Even Smart People Make</a></li> <li><a href="http://www.wisebread.com/should-you-use-peer-to-peer-lending-to-pay-down-credit-card-debt?ref=5dayplan">Should You Use Peer-to-Peer Lending to Pay Down Credit Card Debt?</a></li> <li><a href="http://www.wisebread.com/6-common-debt-reduction-roadblocks-and-how-to-beat-them?ref=5dayplan">6 Common Debt Reduction Roadblocks -- And How to Beat Them</a></li> <li><a href="http://www.wisebread.com/six-steps-to-eliminating-your-debt-painlessly?ref=5dayplan">6 Steps to Eliminating Your Debt Painlessly</a></li> <li><a href="http://www.wisebread.com/8-organizations-that-really-can-help-you-with-your-debt?ref=5dayplan">8 Organizations That REALLY Can Help You With Your Debt</a></li> <li><a href="http://www.wisebread.com/should-you-sell-your-home-to-pay-down-debt?ref=5dayplan">Should You Sell Your Home to Pay Down Debt?</a></li> <li><a href="http://www.wisebread.com/taming-your-debt-aggressive-repayment-strategies?ref=5dayplan">Taming Your Debt: Aggressive Repayment Strategies</a></li> <li><a href="http://www.wisebread.com/the-7-best-credit-card-debt-elimination-strategies?ref=5dayplan">7 Best Credit Card Debt Elimination Strategies</a></li> </ul> <p>&nbsp;</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/mikey-rox">Mikey Rox</a> of <a href="http://www.wisebread.com/5-day-debt-reduction-plan-stop-waiting-for-tomorrow">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-7"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-to-escape-the-paycheck-to-paycheck-cycle">How to Escape the Paycheck-to-Paycheck Cycle</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-day-debt-reduction-plan-dont-ever-stop">5-Day Debt Reduction Plan: Don&#039;t Ever Stop</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-day-debt-reduction-plan-add-it-up">5-Day Debt Reduction Plan: Add It Up</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/the-fastest-method-to-eliminate-credit-card-debt">The Fastest Method to Eliminate Credit Card Debt</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-day-debt-reduction-plan-search-and-destroy">5-Day Debt Reduction Plan: Search and Destroy</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Debt Management 5 day debt reduction plan budgeting impulse spending income interest keeping up with the joneses Mon, 06 Jun 2016 10:30:06 +0000 Mikey Rox 1723444 at http://www.wisebread.com One Simple Thing You Can Do to Start Budgeting Today http://www.wisebread.com/one-simple-thing-you-can-do-to-start-budgeting-today <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/one-simple-thing-you-can-do-to-start-budgeting-today" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/woman_bills_calculator_000049499644.jpg" alt="Woman learning one simple thing to start budgeting today" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>For people who've never done it, the idea of putting together a budget feels like a lot of work and certainly not much fun. It's why I don't recommend starting with logging every expense. That <em>will </em>feel like work.</p> <p>Instead of starting with the nitty-gritty spreadsheet stuff, start with the big picture. The <em>really </em>big picture. Here's one simple thing you can do to get a glimpse of your financial potential.</p> <h2>Money Plus Time = A Lot of Money</h2> <p>Consider this: If you're 32 years old and your salary is $55,000, by the time you're 70, it's realistic that you will have earned over $3.8 million! Try this exercise yourself by plugging your current age, planned retirement age, current annual income, and assumed annual salary increase (I used a 3% in the example above) into <a href="https://www.calcxml.com/do/ins07">this calculator</a>.</p> <p>Starting with the big picture will give you a sense of how the seemingly small steps you take today will be magnified over time. Keep yourself gainfully employed, earn a small raise each year, and you'll generate a lot of income over your lifetime.</p> <p>By nature, we don't tend to think long-term. For many of us, it's difficult to imagine the future. But it can be very motivating to do so.</p> <h2>Some Practical Examples</h2> <p>Think about investing. I remember reading a column by one of my favorite financial journalists in which he talked about the day someone introduced him to the power of <a href="http://www.wisebread.com/the-most-valuable-thing-debt-takes-from-you-isnt-money-its-this?ref=internal">compound interest</a>. He had never heard of it before, but when he saw compounding in action, it was as if a light bulb switched on above his head. It motivated him to find the money to start investing.</p> <p>In your first years investing, compound interest may not seem like much of a big deal. But give it some time, and it turns into a <em>very</em> big deal.</p> <p>Let's say you're 20 years old, start investing $200 per month, do that for 50 years, and generate an average annual return of 7%. After 10 years, you would have invested $24,000. But because of the power of compound interest, you will have earned about another $10,000. Nice, right? Sure, but it's not yet hugely impressive.</p> <p>Now let's run the example out 50 years. At that point you will have invested $120,000 &mdash; a great accomplishment in itself. But because of the power of compound interest, it will have turned into over $1 million. Now, <em>that's </em>impressive.</p> <p>But what if you can't find $200 to invest every month at age 20? Besides, you figure, you're young; you can afford to wait. Finally, at age 30, you start investing $200 per month, do that for <em>40 </em>years, and get that same 7% average annual return.</p> <p>You've only invested $24,000 less than if you had started at age 20. However, because you started 10 years later, you end up with about $500,000 less!</p> <p>This same type of thinking can be applied to every aspect of your financial life, understanding the future value of every dollar you spend or (hopefully) invest today. What types of vacations would you like to take? How much of your kids' future college costs would you like to cover? Thinking big is the starting point. Then those goals can become part of your monthly budget.</p> <h2>It Works Both Ways</h2> <p>Of course, a lifetime of financial miscues can really add up as well. Think about the negative magnifying impact of consumer debt. Let's say you have a $6,000 balance on a credit card that charges you 18% interest, and you carry that debt from month to month, making just the minimum required payments each month (we'll assume it requires a minimum payment of 3% of the balance). It'll take you more than 17 years to pay it off, and you'll end up paying $5,700 in interest!</p> <p>But if you could put $300 toward your debt every month, you'd be debt-free in just two years. Run some what-if scenarios to see how much faster you could get out of debt. What if you could put an extra $20 toward your debts each month, or an extra $50?</p> <p>Using a budget can help you find that extra money, and it can help you more intentionally manage your use of credit cards so you never carry a balance from month to month again.</p> <h2>Translating the Big Picture Into the Day-to-Day</h2> <p>Wouldn't it be a shame to look back on your life and wonder, &quot;What happened to all the money I made?&quot; By the same token, wouldn't it be satisfying to look back and know you made the most of your financial opportunities?</p> <p>Getting a feel for your huge financial potential can be very motivating. Be sure to take the next step, though, and turn that potential into a plan by <a href="http://www.wisebread.com/build-your-first-budget-in-5-easy-steps?ref=internal">getting started with a budget</a> today.</p> <p><em>Do you keep a budget? If not, why not?</em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/matt-bell">Matt Bell</a> of <a href="http://www.wisebread.com/one-simple-thing-you-can-do-to-start-budgeting-today">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-2"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/6-sneaky-ways-you-cheat-on-your-budget">6 Sneaky Ways You Cheat on Your Budget</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/7-money-moves-to-make-as-soon-as-you-conquer-debt">7 Money Moves to Make as Soon as You Conquer Debt</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/6-budget-friendly-beach-destinations">6 Budget-Friendly Beach Destinations</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-to-make-amazon-prime-day-actually-worth-it-this-year">How to Make Amazon Prime Day Actually Worth It This Year</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/9-financial-moves-you-will-always-regret">9 Financial Moves You Will Always Regret</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Budgeting compound interest income long-term planning retirement saving money Fri, 20 May 2016 09:30:24 +0000 Matt Bell 1713707 at http://www.wisebread.com Protect Future Earnings by Negotiating the Right Starting Salary http://www.wisebread.com/protect-future-earnings-by-negotiating-the-right-starting-salary <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/protect-future-earnings-by-negotiating-the-right-starting-salary" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/iStock_000057902276_Large.jpg" alt="negotiating the right starting salary" title="" class="imagecache imagecache-250w" width="250" height="126" /></a> </div> </div> </div> <p>Money is how we all survive, and hopefully, also thrive. So it's no surprise that your starting salary can have a huge impact on your future salary and wellbeing. A small difference in pay now can mean a big difference later. Set yourself up for success down the road by getting a fair starting salary now.</p> <h2>A Small Increase Makes a Big Difference</h2> <p>Earning a little bit more now can mean a big difference in your future savings and accumulated income. Thanks to compound interest, investing or saving money earlier on will result in more gains later.</p> <p>Every year that we face inflation, each dollar you earn is worth less. That means your overall salary will be worth less every year that you don't receive a raise over the inflation rate. Starting with a higher salary can help provide a cushion from inflation and the risk of not receiving raises.</p> <h2>Effects on Future Salaries</h2> <p>Your starting salary now will serve as the foundation for your future salary. In fact, Forbes declared that your first starting salary is the most crucial of them all. Your starting salary now will become what you expect to be earning later.</p> <p>If you decide to start a job elsewhere, you can request a higher starting salary than you currently have. Your new employer will also want to know what your starting and ending salaries were at your last position to begin negotiations. If you had a high salary before, chances are you can expect to make that same amount at the new company (or more). They will also want to know about your previous raises, so having higher raises now can also mean a higher starting salary later.</p> <h2>Effects on Future Raises</h2> <p>Raises are never guaranteed, so starting at a higher salary can help protect you in the event that you don't receive a raise anytime soon. If you do receive a raise, they are often awarded on a percentage basis, so having a higher starting salary will result in a higher raise.</p> <p>For instance, if you accept a position at $40,000 and receive a 5% raise every year, you'll receive a $2,000 raise in the first year. If you had negotiated the starting salary to $45,000, your first-year raise would be $2,250. After 20 years, your salary will be $106,131.91 if you had accepted the initial $40,000 offer (with a 5% increase every year); it would be $119,398.40 if you had negotiated to $45,000 in the beginning. Just imagine what you could do with all the extra money.</p> <h2>Effects on Benefits</h2> <p>Benefits are often based on a percentage of your compensation. Starting with a higher salary means you will likely receive a better benefits package as well. For instance, if you have employer-sponsored retirement benefits, they will be investing more money into your future retirement if it is based on a percentage of your salary.</p> <h2>Negotiating Is Key</h2> <p>Your employer is likely going to negotiate your salary anyways, so it is better to start high. This way, even if they negotiate your pay downwards, you will still probably be happy. You may not get <em>exactly </em>what you ask for, so starting higher means that when the company negotiates lower, you will still make out well.</p> <p>The key to success is in finding the perfect negotiation amount. Go in equipped with the average pay in your field, your starting and ending salaries at your last position, and information on your raises over time. Make sure to sell yourself and your abilities so that you have greater negotiating power.</p> <p>It's also important that you choose the right timing to negotiate. The best time is during the final rounds of interviews after you've been offered the job, but before you sign any contracts. At this time, the employer will already be impressed and want to sign you on.</p> <p>Don't feel nervous about negotiating &mdash; your future employer is most likely expecting it. If you don't negotiate, you may be turning your back on money that was there for the taking. Remember, the worst thing they can say is &quot;no.&quot; (See also: <a href="http://www.wisebread.com/how-to-negotiate-higher-pay-at-your-next-new-job?ref=seealso">How to Negotiate Higher Pay at Your Next New Job</a>)</p> <h2>The Potential Risks</h2> <p>While there are a variety of benefits associated with having a higher salary, there are also a few potential risks. Having a higher salary than your colleagues can make you more vulnerable at layoff time. It can also make it more difficult for you to land a future job because they may consider you overqualified &mdash; or overcompensated. Unusual factors like your high school grades, previous employer references, and even your credit report can affect your starting salary, so the best thing you can do is prepare an impressive resume, ace your interviews, and go in prepared with the right information.</p> <p><em>Have you felt the effects of negotiating for a higher salary? Please share your thoughts in the comments!</em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/andrea-cannon">Andrea Cannon</a> of <a href="http://www.wisebread.com/protect-future-earnings-by-negotiating-the-right-starting-salary">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-1"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/6-celebrities-with-shockingly-low-net-worths">6 Celebrities With Shockingly Low Net Worths</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/7-certifications-that-add-big-to-your-salary">7 Certifications That Add Big $$ to Your Salary</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/are-you-underpaid-how-to-figure-out-what-salary-you-deserve">Are You Underpaid? How to Figure Out What Salary You Deserve</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/seven-tips-for-the-newly-unemployed">Seven Tips for the Newly Unemployed</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/five-j-o-b-s-that-aren-t-that-b-a-d">Five J.O.B.’s That Aren’t That B.A.D.</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Career and Income income jobs making money money negotiating salary salary negotiation starting salary Mon, 11 Apr 2016 09:00:05 +0000 Andrea Cannon 1687441 at http://www.wisebread.com The Real World Salaries of 8 Childhood Dream Jobs http://www.wisebread.com/the-real-world-salaries-of-8-childhood-dream-jobs <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/the-real-world-salaries-of-8-childhood-dream-jobs" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/iStock_000011643503_Large.jpg" alt="how much do astronauts make?" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>When we were kids, we all dreamed of being something special when we grew up. Flying to an international space station as an astronaut; selling out Madison Square Garden as the lead singer of a rock band; or even becoming President. But what do these jobs really pay, and why were we so attracted to them as kids?</p> <h2>1. Astronaut</h2> <p>Salary: $65,140 to $100,701</p> <p>It may be a career filled with danger and poor working conditions, but the compensation doesn't really reflect that. NASA's own website lists the salary information as follows:</p> <p><em>&quot;</em><a href="https://www.nasa.gov/centers/kennedy/about/information/astronaut_faq.html"><em>Salaries for civilian Astronaut</em></a><em> Candidates are based on the Federal Government's General Schedule pay scale for grades GS-12 through GS-13. Each person's grade is determined according to his/her academic achievements and experience. Currently, a GS-12 starts at $65,140 per year and a GS-13 can earn up to $100,701 per year.&quot; </em></p> <p>It takes only two years of training to become a qualified astronaut, and although as children, we think it will be an amazing job, it's actually a little more pedestrian than that. Oh, and the hours are long &mdash; typically from 6 a.m. to 9:30 p.m. We dream of flying into space, looking down on Earth, and doing jobs that will change the world. In reality, the daily tasks of an astronaut in space include exercising at least 2.5 hours per day, making detailed observations about the planet, studying humans in isolation, and doing a host of other small scientific experiments that could be considered boring homework, or infinitely fascinating&nbsp;&mdash; depending on your interests.</p> <h2>2. Rock Star</h2> <p>Salary: $17,667 to $202,903</p> <p>As kids, the rock star lifestyle is one of those dreams that seems to have it all: money, fame, glamour, power, and freedom from the 9-to-5 grind. It's traveling the world, doing a couple of hours of work a day, and partying the rest of the time.</p> <p>In reality, most rock performers are either scraping by on a small salary made from gigging, or are supporting their musical career with another job. Payscale places the median <a href="http://www.payscale.com/research/US/Job=Musician_or_Singer/Salary">annual salary of a rock singer</a>, or musician, at just $37,899. And that's not taking into account those years of living in a van, eating ramen, and touring small clubs.</p> <p>Now, obviously some performers make millions of dollars every year. But make no mistake, they are the exception to the rule. Rock star status is almost impossible to achieve, and even before it happens, there will be years spent earning low wages on grueling schedules. It's a long hike to even mediocre success, requiring a lot of practicing, weekend and evening work, and years spent sleeping in low-end motels.</p> <h2>3. Pilot</h2> <p>Salary: $31,022 to $173,627</p> <p>Payscale confirms quite a wide range for the <a href="http://www.payscale.com/research/US/Job=Commercial_Pilot/Salary">salary of a commercial airline pilot</a>. The median salary comes in at $63,738, which definitely seems low for the kind of esteem this job has always held. As a kid, hearing someone say they were a pilot, well that was like saying they were an astronaut. They fly huge planes across the world &mdash; how cool is that?!</p> <p>Well, it's cool, but it is not all wine and roses. Commercial pilots never have a straight 9-to-5 job, and often work weeks at a time without a day off, keeping bizarre hours. After years of training, they must be able to respond under great pressure. But, on a long-haul flight, things can get pretty dull and tedious.</p> <p>On the other hand, there's the other kind of pilot: the fighter pilot &mdash; like the ones we saw in movies like <a href="http://www.amazon.com/gp/product/B0094D462M/ref=as_li_tl?ie=UTF8&amp;camp=1789&amp;creative=9325&amp;creativeASIN=B0094D462M&amp;linkCode=as2&amp;tag=wisbre03-20&amp;linkId=7SYOKZ5N4S3YI6O6">Top Gun</a> and <a href="http://www.amazon.com/gp/product/B00WLCQ0G8/ref=as_li_tl?ie=UTF8&amp;camp=1789&amp;creative=9325&amp;creativeASIN=B00WLCQ0G8&amp;linkCode=as2&amp;tag=wisbre03-20&amp;linkId=NEYCPO3A32E6NI32">Iron Eagle</a>. That comes with more training, more pressure, and yet, even less money. After 11 years as a fighter pilot, you can only expect to earn $90,000. However, AOL recently reported that <a href="http://jobs.aol.com/articles/2013/07/23/air-force-fighter-pilots-signing-bonus/">fighter pilots are getting a $225,000 signing bonus</a> due to a shortage of talent.</p> <h2>4. Doctor</h2> <p>Salary: $60,016 to $220,873</p> <p>There are many kinds of doctors out there, and some kids will often say, &quot;brain surgeon&quot; or &quot;plastic surgeon&quot; when asked which they'd prefer to become. Kids are drawn to this position for the &quot;superhero&quot; persona it has. Doctors save lives. They can change the world for the better.</p> <p>That's an attractive proposition for any kid.</p> <p>Using Payscale's results for a general practitioner, you can see a large array of salaries. The <a href="http://www.payscale.com/research/US/Job=Physician_%2f_Doctor%2c_General_Practice/Salary">median is around $141,000</a>, but what so few kids ever take into account is the cost &mdash; in time and money &mdash; of getting to that position.</p> <p>A few years ago, CBS news reported on the extreme debt that <a href="http://www.cbsnews.com/news/1-million-mistake-becoming-a-doctor/">graduating doctors find themselves</a> in. An average of almost $177,000 in student loans will cost over $419,000 to repay over 30 years. It takes many years of school and college to get the required qualifications, and that is followed by a residency. Most doctors are in their 30s before that can become independent physicians.</p> <h2>5. Firefighter</h2> <p>Salary: $25,913 to $73,125</p> <p>As everyday heroes go, firefighter is up there at the top of the list. Firefighters are brave, heroic, strong, selfless, and they save lives. To this day, it's still one of the most popular costumes for young children at Halloween. And let's not gloss over the attraction people feel when the mere mention of firefighter comes up. They have their own calendars, and sex appeal is a serious plus to this career.</p> <p>Of course, there is more to life as a firefighter than the heroics. When not answering the call, firefighters will spend a lot of time checking and cleaning equipment, and the station itself. School visits are common, plus firefighters are continually training. Working out in the gym is also essential, as firefighters need to be strong for those rescues. And let's not forget, this is a dangerous job. In fact, <a href="http://www.nfpa.org/research/reports-and-statistics/the-fire-service/fatalities-and-injuries/firefighter-fatalities-in-the-united-states">64 firefighters died</a> in the line of duty in 2014. For a <a href="http://www.payscale.com/research/US/Job=Fire_Fighter/Salary">median salary of only $44,078</a>, this is one job people do not do for the money.</p> <h2>6. Veterinarian</h2> <p>Salary: $50,476 to $109,252</p> <p>Kids love animals, so it's no surprise that many children want to help them out when they're sick. Being a vet is a chance for kids to spend more time with animals, coming to their rescue, and being the hero. But what does it really entail, to earn that <a href="http://www.payscale.com/research/US/Job=Veterinarian/Salary">median salary of $72,709</a>?</p> <p>Well, it's a challenging job to say the least. Sometimes vets have to deal with horrendous injuries caused by neglect and that can be emotionally difficult. It's a job that can often go beyond the usual office hours, because animals don't always need help at convenient times. Plus, there is the need to constantly keep up with the latest techniques and medicines. But, for all of those challenges, it is said to be a very rewarding career.</p> <h2>7. Actor/Actress</h2> <p>Salary: $20,040 to $209,525</p> <p>The fame. The fortune. The parties. The luxurious lifestyle. And all for doing what you love &mdash; which is essentially being paid to play pretend. It sounds too good to be true. And sadly, for most people who go into the acting profession, it is. The <a href="http://www.payscale.com/research/US/Job=Actor_%2f_Actress/Salary">median income for an actor</a> working in the US today is just $48,237. Not only that, but it's a career filled with rejection and disappointment. </p> <p>Actors are constantly auditioning for roles, often competing with 20 or 30 other people for just one part. In the UK, only one in 50 actors <a href="http://www.independent.co.uk/incoming/just-one-actor-in-50-makes-more-than-20000-per-year-survey-shows-9448922.html">makes more than &pound;20,000</a> per year. Most are living below the poverty line. It's estimated that at any one time, 95% of actors are actively looking for work, with most getting side jobs in order to make ends meet. However, for those with luck on their side, as well as talent, there is a path to fortune and glory.</p> <h2>8. Police Officer</h2> <p>Salary: $30,897 to $81,653</p> <p>Another heroic symbol for children of all ages, the police officer represents truth, justice, and the American way. Kids love dressing up as police officers, dealing with the bad guys, and chasing criminals who will never get away with it.</p> <p>In reality, it's a tough, dangerous job; and as Payscale reports, it does not compensate well for that perilous lifestyle. The median <a href="http://www.payscale.com/research/US/Job=Police_Officer/Salary">income of a U.S. police officer is only $48,815</a>. When not chasing criminals, police officers also have to deal with the other side of law enforcement: the mundane side. From speeding tickets and domestic calls, to hours of paperwork, it is not the glamorous job depicted in so many movies. Thankfully, there are enough kids fulfilling their childhood dream of becoming a cop, and thereby, are keeping the peace for us all.</p> <p><em>What was your dream career when you were a kid? Share with us in the comments!</em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/paul-michael">Paul Michael</a> of <a href="http://www.wisebread.com/the-real-world-salaries-of-8-childhood-dream-jobs">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-1"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/didnt-get-the-raise-ask-for-this-instead">Didn&#039;t Get the Raise? Ask for This, Instead</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/6-surprising-sources-of-celeb-income">6 Surprising Sources of Celeb Income</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-financial-reasons-paid-parental-leave-is-essential-for-moms-and-dads">5 Financial Reasons Paid Parental Leave Is Essential for Moms and Dads</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/8-ways-to-turn-your-stress-into-money">8 Ways to Turn Your Stress Into Money</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/can-you-really-make-a-living-as-an-ebook-writer">Can You Really Make a Living as an Ebook Writer?</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Career Building Extra Income astronaut childhood dream job dream job income making money rockstar income salaries Mon, 28 Mar 2016 10:30:05 +0000 Paul Michael 1679590 at http://www.wisebread.com 6 Smart Ways to Make It Rain Today http://www.wisebread.com/6-smart-ways-to-make-it-rain-today <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/6-smart-ways-to-make-it-rain-today" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/iStock_000079452745_Large.jpg" alt="thinking up a smart way to make it rain" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>When money gets tight and you need a little extra cash, the last thing you should do is take out payday loans or add expenses to your credit cards. Before you do that, did you think to look under your mattress? Did you check your closet for unused items you might be able to sell or rent out? Don't wait until times get tough before you try these six smart ways to make it rain.</p> <h2>1. Couchsurf and Sublet Your Place</h2> <p>The people at Airbnb got it right. Yet, so many people are still afraid of the sharing economy and hosting strangers in their empty bedrooms &mdash; who might just be graduate students, traveling professionals, or airline stewardesses. So consider crashing on a friend's couch for a few nights and rent out your space &mdash; just make sure your lease doesn't prohibit it. In New York, it's the new normal. (See also: <a href="http://www.wisebread.com/the-11-best-websites-for-renting-your-extra-space?ref=seealso">The 11 Best Websites for Renting Your Extra Space</a>)</p> <h2>2. Find a One-Day Gig on Craigslist</h2> <p>People use Craigslist to post classified ads of all types, including one-day gigs. Job posters sometimes create ads for gigs in the jobs board, or you could simply search under &quot;gigs.&quot; For instance, check under food/bev/hosp and you might find gigs to staff events as servers or hosts. You might even end up with a steady flow of cash from occasionally picking up these temp jobs.</p> <h2>3. Smile for the Crowd at a Trade Show</h2> <p>If hamming it up in front of the camera is your thing, you could join an agency like <a href="http://www.models4tradeshows.com/">Models4TradeShows</a>. This site keeps a database of promo models to hire for ongoing local events. Find one in your area by doing a city search for promo modeling agencies or event staffing recruiters. &nbsp;</p> <h2>4. Be the Studio Audience</h2> <p>Get paid to attend the filming of popular daytime TV shows like <em>Beat Bobby Flay</em>, <em>Steve Wilkos</em>, and more. In order to make it rain joining local audiences, you'd obviously have to live in Los Angeles, the Tri-State area, Pennsylvania, or in a region like Atlanta, where these types of shows are filmed and produced.</p> <h2>5. Become a Tasker</h2> <p>Join <a href="https://www.taskrabbit.com/">TaskRabbit</a> and become a Tasker. This will require you to spend some time creating a profile and being selected for tasks, but it's worth it for well-paying gigs. The company pre-screens it's clients and handles the money transactions for you, so you always know you'll get paid.</p> <h2>6. Just Let It Go</h2> <p>Sell your unwanted and unused stuff on <a href="http://www.letgo.com/">letgo</a>. And don't worry, it doesn't matter what it is, how old it is, or how worn out or beat up it is. Sellers on letgo are advertising everything from a beat up old pickup trucks, Tickle Me Elmos, and brand new motorcycles.</p> <p><em>When money is tight for you, how do you earn extra cash? Share with us in the comments!</em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/qiana-chavaia">Qiana Chavaia</a> of <a href="http://www.wisebread.com/6-smart-ways-to-make-it-rain-today">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-3"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/100-ways-to-make-more-money-this-year">100+ Ways to Make More Money This Year</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/17-part-time-jobs-to-do-while-your-kids-are-at-school">17 Part-Time Jobs to Do While Your Kids Are at School</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-unexpected-side-benefits-of-your-side-hustle">5 Unexpected Side Benefits of Your Side Hustle</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/12-legit-ways-for-stay-at-home-moms-and-dads-to-earn-some-extra-cash">12 Legit Ways for Stay-at-Home Moms and Dads to Earn Some Extra Cash</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/8-ways-to-turn-your-stress-into-money">8 Ways to Turn Your Stress Into Money</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Extra Income cash extra income income make it rain sell your stuff side job Spending Money Fri, 18 Mar 2016 10:00:07 +0000 Qiana Chavaia 1675101 at http://www.wisebread.com 5 Surprising Ways Social Media Stars Make Money http://www.wisebread.com/5-surprising-ways-social-media-stars-make-money <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/5-surprising-ways-social-media-stars-make-money" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/iStock_000033755744_Large.jpg" alt="a social media star making money " title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>From a <a href="http://www.syracuse.com/news/index.ssf/2014/05/vine_celebrities_money_ads_curtis_lepore_videos_jessi_smiles.html">singer making $8,000</a> through product placement in a six-second Vine clip, to a creator of YouTube makeup tutorials making about millions per year, the stories of social media stars making outrageous sums of money seem to be getting more and more common.</p> <p>While the size of these paydays are remarkable, the things that social media stars do to earn those sums may be even more extraordinary. Here are five surprising ways social media stars make money.</p> <h2>1. Unboxing Toys</h2> <p>The genre of &quot;unboxing videos&quot; (a package being opened, while its contents are described) is one of the highest grossing niches on YouTube. Including <a href="https://youtu.be/HxuBuDS15Yw">blenders</a>, <a href="https://youtu.be/qSMu_zeDmtk">coffee machines</a>, <a href="https://youtu.be/eL7kF18s1p4">markers and pens</a>, and <a href="https://youtu.be/Cx4RsfqH1s8">smartphones</a> &mdash; if it comes in a box, you can bet there's somebody out there willing to watch it getting unboxed.</p> <p>Unboxing videos can be so profitable to YouTube publishers that <a href="http://finance.yahoo.com/news/youtube-s-highest-paid-star-is-a-woman-who-unboxes-disney-toys-062606350.html">2014's highest paid YouTube star</a> was a woman who unboxes Disney toys. According to one estimate, the <a href="https://www.youtube.com/user/DisneyCollectorBR">DisneyCollectorBR</a> YouTube user made $4.9 million in 2014 just from YouTube ads! The identity of the mysterious woman with the soothing voice and cool nail art hasn't been revealed yet, but that matters little to her over 6.2 million subscribers. For example, her unboxing video of &quot;egg surprises&quot; branded by Angry Birds, SpongeBob, and Cars has over 106.8 million views to date.</p> <h2>2. Playing Video Games</h2> <p>Another high-grossing YouTube genre is the narration of video game playing. The king of this genre is Felix Kjellberg, a Swede in his late 20s better known as <a href="https://www.youtube.com/user/PewDiePie">PewDiePie</a>. With his trademark laughter, unique sense of humor, and constant string of curses (warning: videos contain <em>lots </em>of language that is NSFW), <a href="http://www.independent.co.uk/news/people/forbes-names-pewdiepie-as-highest-earning-youtuber-with-annual-income-reaching-12m-a6695536.html">Kjellberg pulled in a cool $12 million</a> pretax over a 12-month period.</p> <p>Other well-known vloggers posting video game-related clips include <a href="https://www.youtube.com/user/CaptainSparklez">CaptainSparklez</a> (over 9 million subscribers), <a href="https://www.youtube.com/user/Tobuscus">Tobuscus</a> (over 6.3 million subscribers), and <a href="https://www.youtube.com/user/SkyDoesMinecraft">SkyDoesMineCraft</a> (over 11.7 million subscribers). While advertisers are still trying to figure out the appeal of expletive-heavy commentary of Kjelberg playing video games, they are willing to pay him to get access to his over 41 million subscribers.</p> <h2>3. Managing a Pet Superstar</h2> <p>Not all social media stars walk on two legs.</p> <ul> <li>Maru, a shiba inu dog living in Japan, has <a href="http://www.instagram.com/marutaro/">over 2.3 million followers</a> on Instagram.</li> <li>Grumpy Cat, a cat with a perma-frown, has <a href="https://www.facebook.com/TheOfficialGrumpyCat">over 8.3 million followers</a> on Facebook and <a href="http://www.instagram.com/realgrumpycat/">over 1.3 million followers</a> on Instagram.</li> <li>Boo, a five-year old Pomeranian dog, has <a href="https://www.facebook.com/Boo/">over 17 million followers</a> on Facebook.</li> <li>Lil Bub, a rescue cat with a unique condition, has <a href="https://www.facebook.com/iamlilbub">over 2.6 million followers</a> on Facebook and <a href="https://www.instagram.com/iamlilbub/">over 1.2 million followers</a> on Instagram.</li> </ul> <p>The lucky owners of these and other pets have been able to monetize their pet's large following in many ways. For example, Lil Bub charges admission for her appearances ($100 for her Meet and Greet Fundraiser at the Museum of the Moving Image in New York), and Grumpy Cat hawks plush toys ranging from <a href="http://www.grumpycats.com/grumpy-cat-merchandise/grumpy-cat-plush-toys/">$15.75 to $46.92</a> through her Amazon store.</p> <h2>4. Making Fun of Dad</h2> <p>In the late 2000s, comedian <a href="https://twitter.com/justin_halpern">Justin Halpern</a> was struggling to make ends meet with his writing job. Having to move back to his parents' house, he had a lot of free time on his hands and started a <a href="https://twitter.com/shitmydadsays">Twitter account</a> to keep track of his dad's &quot;rhetorical gems.&quot; Halpern had a hunch that those tweets could become inspiration for a great script.</p> <p>He was absolutely right.</p> <p>After getting noticed by high profile comedians, including Rob Corddry, his Twitter account gained a lot of traction (<a href="http://content.time.com/time/arts/article/0,8599,1990838,00.html">1.8 million</a> followers in 15 months). Based on his tweets, Halpern penned the <em>New York Times</em> bestseller, <a href="http://www.amazon.com/gp/product/0061992704/ref=as_li_tl?ie=UTF8&amp;camp=1789&amp;creative=9325&amp;creativeASIN=0061992704&amp;linkCode=as2&amp;tag=wisbre03-20&amp;linkId=5YILQPG6JRTTZ2OD">Sh*t My Dad Says</a>, and landed a TV deal with CBS to develop the show <em>$#*! My Dad Says</em> (based on his book). Halpern went on to write a second book and to write scripts for a couple more TV shows. All of this started with a single tweet!</p> <h2>5. Quitting Social Media</h2> <p>In a world of over-sharing, the shocking thing to do is to stop sharing.</p> <p>At age 19, Essena O'Neill had a lucrative modeling career leveraging her large following on Instagram, YouTube, and other social media channels. Through her hundreds of thousands of followers, 750,000 on <a href="https://www.instagram.com/essenaoneill/">Instagram</a> and 200,000 on YouTube, she was making money in many ways, including <a href="http://fusion.net/story/226082/model-essena-oneill-quits-social-media/">$2,000 in YouTube's ad revenue</a> per month and payments for product placement.</p> <p>In November 2, 2015, she quit all social media through her video &quot;<a href="https://youtu.be/Xe1Qyks8QEM">Why I REALLY am quitting social media - The Truth</a>,&quot; warning others about the destructive nature of trying to gain approval online. O'Neill's original video (now deleted) quickly amassed hundreds of thousands of views and gained attention worldwide within just a few days. Some fellow YouTubers even <a href="https://youtu.be/WB3HtCMfZic">criticized her move</a> as a marketing ploy to gain even more attention. Despite her disappearance from social media, she <a href="http://time.com/4167856/essena-oneill-breaks-silence-on-quitting-social-media/">continues to make headlines</a> and announces her soon to-be-released satirical book, <em>How to Be Social Media Famous</em>.</p> <p><em>What are some other unusual ways that social media stars make money?</em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/damian-davila">Damian Davila</a> of <a href="http://www.wisebread.com/5-surprising-ways-social-media-stars-make-money">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-1"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/6-ways-social-media-can-save-you-money">6 Ways Social Media Can Save You Money</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/social-media-an-easy-source-of-coupons">Social Media: An Easy Source of Coupons</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/13-ways-to-use-social-media-in-business">13 Ways to Use Social Media in Business</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-well-do-you-know-your-facebook-friends-precautions-for-travelers">How Well Do You Know Your Facebook Friends? Precautions for Travelers</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/social-media-and-identity-theft-in-2010">Social Media and Identity Theft in 2010</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Career and Income Entertainment Facebook income instagram social media social media stars twitter YouTube Mon, 22 Feb 2016 10:00:05 +0000 Damian Davila 1659839 at http://www.wisebread.com 6 Surprising Sources of Celeb Income http://www.wisebread.com/6-surprising-sources-of-celeb-income <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/6-surprising-sources-of-celeb-income" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/iStock_000017530329_Large.jpg" alt="eva longoria is a celebrity with surprising sources of extra income" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Most top tier celebs know how to rake in the dough. In fact, the amount of money celebrities make will always shock the masses. Take for example, actor Robert Downey Jr., who made $80 million in 2015. And pop singer Katy Perry, who earned $135 million in 2015.</p> <p>However, some celebs aren't just making money from exercising their craft. Here are six surprising sources of celebrity income. (See also: <a href="http://www.wisebread.com/zooey-deschanel-never-pays-late-fees-and-5-other-smart-money-lessons-from-celebrities?Ref=seealso">Zooey Deschanel Never Pays Late Fees and 5 Other Smart Money Lessons From Celebrities</a>)</p> <h2>1. Cruises</h2> <p>If you think that all cruises are just packed with retirees or large families, think again. Many celebrities have jumped on the celebrity cruise bandwagon. Celeb cruises promise to give fans the chance to spend quality time and party with their favorite stars, as long as they are willing to pay the hefty admission fee.</p> <ul> <li>For seven years, musician Kid Rock has hosted the Annual &quot;<a href="http://www.kidrockcruise.com">Chillin' the Most Cruise</a>.&quot; For 2016, his cruise is scheduled to set sail from Miami to Jamaica.<br /> &nbsp;</li> <li>In 2011, for $1,245 you could sweat it out with fitness legend Richard Simmons on his &quot;<a href="http://youtu.be/hKk78Wg_gqw">Cruise to Lose</a>.&quot;<br /> &nbsp;</li> <li>Dance to &quot;Step by Step&quot; and belt out &quot;Tonight&quot; aboard the New Kids on the Block <a href="http://newkidscruise.com">NKOTB cruise</a> from New Orleans to Cozumel, Mexico. '80s kids, this is for you.<br /> &nbsp;</li> <li>Not to be outdone by their older counterparts, the Backstreet Boys also offer their own <a href="http://backstreetboyscruise.com">cruise experience</a>, visiting several European locations this year. It's almost sold out!</li> </ul> <h2>2. Bizarre TV Ads in Japan</h2> <p>From actor <a href="http://youtu.be/KZMYWAW-5Js">Christoph Waltz</a> wanting you to play Clash of Clans on your phone, to singer Katy Perry asking you to &quot;<a href="http://youtu.be/OXD8gB2OkAg">plumpify</a>&quot; your lashes with Covergirl mascara, there's nothing surprising about celebrities hawking products on American TV. However, things get a bit weirder on Japanese TV. For the promise of an easy payday, celebrities are willing to do things they wouldn't even dare to do on national TV. Here's a sample:</p> <ul> <li>Actor Nicolas Cage showed extreme symptoms of &quot;Pachinko fever&quot; in a five-part series of <a href="http://youtu.be/nYkw-5htPw0">commercials for Sankyo</a>.<br /> &nbsp;</li> <li>Channeling his inner <em>Men in Black</em> character, actor Tommy Lee Jones played an alien investigating life on Earth for <a href="https://www.youtube.com/playlist?list=PLE118DCD5344C0BC1">38 TV ads</a> for Boss Coffee.<br /> &nbsp;</li> <li>Mega movie star Bruce Willis did TV commercials for Eneos service stations, showing us that you can &quot;electrify&quot; <a href="http://youtu.be/jR0jdtanubk">billboards</a> and <a href="http://youtu.be/lZxw5v7BQzw">football players</a>.<br /> &nbsp;</li> <li>Arnold Schwarzenegger merges with a woman to form some kind of <a href="http://youtu.be/Ug8KM_nTkkU">powerful flying creature</a> for V&amp;V drink.</li> </ul> <p>However, some stars aren't too happy that people find out about their appearances in Japanese TV. In 2013, Leonardo DiCaprio filed a <a href="http://www.lumendatabase.org/notices/800">cease and desist letter</a> against Japander.com for hosting a video of his <a href="http://youtu.be/xJuCR3o0yXw">ad for Jim Beam</a>.</p> <h2>3. Video Game Royalties</h2> <p>Rock legends Aerosmith have been performing since 1970. With <a href="http://www.pressofatlanticcity.com/_shorecast/aerosmith-guitarist-perry-tells-all-band-hits-a-c-sunday/article_c4e2528e-2e1d-11e4-889a-0019bb2963f4.html">over 150 million records</a> sold worldwide, 25 gold albums, 18 platinum albums, and 12 multi-platinum albums, Aerosmith should be making most of their money from record sales, right? Turns out that their version of <em>Guitar Hero</em> (<a href="http://amzn.to/1K38aSC">Guitar Hero: Aerosmith</a>) made the band more money than <a href="http://finance.yahoo.com/news/why-aerosmith-has-to-make-its-money-off-of-rollercoasters-and-guitar-hero-155213073.html">any of their records</a>. The popular video games sold over 3.6 million copies in the first two years and boosted a 40% increase in album sales across both their old and new albums.</p> <p>Following Aerosmith's lead, many musicians, including Metallica, Van Halen, and Lenny Kravitz, participated in additional releases of <em>Guitar Hero</em>. Punk rockers Green Day receive royalties from the <a href="http://amzn.to/20xA2FP">Green Day: Rock Band</a>. <a href="http://www.pastemagazine.com/articles/2009/10/how-dj-hero-is-changing-music-forever.html">Over 100 songs</a>, including hits from Eminem, Jay-Z, and Daft Punk, were licensed for the <a href="http://amzn.to/1NUyTLP">DJ Hero</a> game.</p> <h2>4. Restaurants</h2> <p>From former basketball players, to singers, to actors, few celebrities resist the temptation of opening a restaurant. Here is a short list:</p> <ul> <li>Michael Jordan's Steakhouse offers a fine-dining experience at its New York, Connecticut, and Chicago locations.<br /> &nbsp;</li> <li>Former N*SYNC frontman, musician, and actor, Justin Timberlake, is part owner of Southern Hospitality BBQ and Bar in New York, New York.<br /> &nbsp;</li> <li>Desperate Housewife and movie star Eva Longoria joined efforts with celebrity chef Todd English to create a Latin take on the classic steakhouse at Beso in Hollywood, California.<br /> &nbsp;</li> <li>Country singer Toby Keith has nine locations of his I Love This Bar and Grill Southern food restaurant chain.<br /> &nbsp;</li> <li>Rapper Ludacris offers a mixed fare of Southern, Caribbean, and West African foods at Time Restaurant and Lounge in Atlanta, Georgia.</li> </ul> <h2>5. Teaching</h2> <p>As masters of their craft, some celebrities are able to cash in by teaching others how to improve their own skills.</p> <p>Actor James Franco is one of the most enthusiastic celebrities about teaching. First, he was a graduate film professor at New York University (rated <a href="http://www.ratemyprofessors.com/ShowRatings.jsp?tid=1622891">3.8 out of 5</a> by some of his previous students!). He also offered an online course on screenwriting for short films. Then, he taught a class on the practice of adapting novels into screenplays at <a href="http://magazine.ucla.edu/exclusives/the-teachers-name-is-mr-franco/">UCLA</a>. Finally, he taught a <a href="http://www.paloaltoonline.com/news/2015/09/06/james-franco-to-teach-high-school-film-class">film class to 24 students</a> at his high school alma mater in Palo Alto, California.</p> <p>Other celebrities that have made money teaching (not considering those that were teachers before reaching fame) are opera singer Placido Domingo (Adjunct Professor at UCLA, California in 1994), actor Kevin Spacey (Theater Professor at Oxford University in the U.K. in 2008), and film director Spike Lee (Film Professor at New York University <a href="https://tisch.nyu.edu/about/directory/grad-film/109468161">since 1993</a>!).</p> <h2>6. Financial Advice to Celebrities</h2> <p>Getting financial advice from his Guns n' Roses bandmates didn't work too well in the early years of drummer Duff McKagan. But after a near-death experience in 1994, McKagan realized that he needed to clean up his act and make better money decisions. He took a couple of university courses on finance and business management and they paid off. His first $100,000 in stock investments in 1994 was a bunch of winners: Starbucks, Microsoft, and Amazon.com.</p> <p>By proving his investing and managing chops (he helped negotiate the record deals for his bands, Velvet Revolver and Duff McKagan's Loaded), he became an advisor to other celebrities. Proving that it truly &quot;takes one to know one,&quot; in 2011 he founded Meridian Rock, a wealth management firm for musicians.</p> <p><em>Know of other surprising sources of celeb income? Let us know what they are in the comments below.</em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/damian-davila">Damian Davila</a> of <a href="http://www.wisebread.com/6-surprising-sources-of-celeb-income">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-2"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/6-celebrities-with-shockingly-low-net-worths">6 Celebrities With Shockingly Low Net Worths</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/the-real-world-salaries-of-8-childhood-dream-jobs">The Real World Salaries of 8 Childhood Dream Jobs</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/8-truths-from-a-mystery-shopper-you-must-read-before-you-get-started">8 Truths From a Mystery Shopper You Must Read Before You Get Started</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/didnt-get-the-raise-ask-for-this-instead">Didn&#039;t Get the Raise? Ask for This, Instead</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/10-awesome-money-making-hobbies">10 Awesome Money-Making Hobbies</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Entertainment Extra Income celebrity famous people income making money sources of income Tue, 09 Feb 2016 10:00:04 +0000 Damian Davila 1651570 at http://www.wisebread.com These 13 Numbers Are the Keys to Understanding Your Finances http://www.wisebread.com/these-13-numbers-are-the-keys-to-understanding-your-finances <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/these-13-numbers-are-the-keys-to-understanding-your-finances" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/woman_thinking_money_000059289248.jpg" alt="Woman using 13 numbers to understand her finances" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Understanding a few basic numbers can give you a good picture of your financial health and help you plan your future. You may have seen these terms mentioned in personal finance articles and in the news. Learn what these numbers mean and how to use them to improve your money situation.</p> <h2>1. Net Worth</h2> <p>Net worth is the most important measure of your overall financial health. The calculation of net worth is simple &mdash; in short, subtract everything you owe from everything you have:</p> <p><em>Net Worth = Total Assets - Total Liabilities</em></p> <p>Assets include all property you own (including cars, a home, etc.), savings, investments, and the money in your checking account.</p> <p>Liabilities include credit card debt, student loan balances, mortgage balance, auto loan balances, and other debt. It is possible to have negative net worth if your liabilities exceed your assets &mdash; this is a common situation for new college graduates who have student loan debt and few assets, for example.</p> <p>There are two ways to improve your net worth: Increase your assets, or reduce your debt. Do both simultaneously, and you'll be on your way to improving your financial health quickly.</p> <h2>2. Home Equity</h2> <p>Home equity is a measure of how much of your home you own based on its current value, including improvements and appreciation. Here's how to calculate your home equity:</p> <p><em>Home Equity = Current Market Value of Your Home - Mortgage Balance</em></p> <p>You can see that the calculation of home equity does not include the price you paid for your house. Home equity depends only on the current market value of your home &mdash; in other words, how much would it sell for today?</p> <p>As with net worth, home equity can also be negative in some situations. If your home value declines to less than your mortgage balance, you have negative home equity. This is also known as an &quot;underwater mortgage.&quot;</p> <p>A great way to increase home equity is by doing your own home improvement projects and repairs that increase the value of your home by more than the cost of doing the improvements.</p> <h2>3. Gross Income</h2> <p>Gross income is your total income before taxes and withholdings. If you are an employee, taxes and withholdings are taken out before you get each paycheck. You can find your gross income on your paystub.</p> <p>Most salary offers and salary statistics are given in terms of gross income. This is also the number that you report on income tax forms. Gross income can be confusing for budget planning, since you'll never really have this much money to spend. Use your <em>net income</em> instead.</p> <h2>4. Net Income</h2> <p>Your net income is how much money you get after taxes and withholdings are taken out. This is an important number because this is how much money you have available to work with to pay bills and to save and invest.</p> <h2>5. Market Salary</h2> <p>Market salary is how much you are worth in the labor market, depending largely upon your length of job experience, education, and location. Your market salary may not be equal to your actual salary if you are overpaid or underpaid. You can find your estimated market salary on survey websites (such as Salary.com).</p> <p>It is useful to know your market salary to bargain for a raise or to know when it would be worthwhile to look for a higher paying job.</p> <h2>6. Monthly Expenses (Burn Rate)</h2> <p>Monthly expenses (burn rate) is one of the most important financial numbers, and one that you have a lot of control over. This is the total of your expenses over a month, including housing, food, clothing, and transportation.</p> <p>Your burn rate is the amount you are actually spending each month, and there is always room to reduce this number to leave you with more money available to pay down debt or invest.</p> <h2>7. Investment Balance</h2> <p>Good for you if you are regularly contributing to investment accounts. Your investment balance is an important number since this will largely determine if and when you will be able to retire. Check it regularly to determine whether your investment strategy is meeting expectations.</p> <h2>8. Dow Jones Industrial Average (DJIA)</h2> <p>The Dow Jones Industrial Average is the stock market value that is most often reported in the news. This is calculated based on the value of a handful of large company stock prices and is currently around 18,000. The DJIA provides a general indication of the stock market's overall valuation and performance, and may give you a rough indication of how your stock portfolio is performing (assuming it's broadly diversified).</p> <h2>9. Cash Balance</h2> <p>Net worth does not reflect how much of your assets are liquid. For example, if all of your assets were invested in land holdings, you might have a hard time getting cash in a timely manner to buy food or pay your real estate taxes. Access to cash and other liquid assets (assets that can be sold rapidly to get cash) is important to be able to pay expenses.</p> <p>When I ran a small business, I learned that the three most important rules for success were:</p> <ol> <li>Never run out of cash;</li> <li>Never run out of cash; and</li> <li>Never run out of cash.</li> </ol> <p>These three rules apply to personal finance, as well. Make sure to have some cash available at all times to cover expenses that come up.</p> <h2>10. Emergency Fund Balance</h2> <p>Building an emergency fund is a step that many financial planners recommend for people trying to get out of debt. Putting cash into an emergency fund provides a cushion against using credit cards to cover unexpected bills. This practice also establishes the habit of saving money from every paycheck instead of spending it all.</p> <p>How much money do you have available to handle an emergency without running up debt? Experts recommend a minimum of three to six months worth of living expenses.</p> <h2>11. Credit Card Balance and Interest Rate</h2> <p>Many households carry a credit card balance. It is important to keep track of all debt, but credit card debt is especially important, since it usually carries the highest interest rates of any debt, and since it is easy to increase your debt without noticing.</p> <p>If you are paying a high interest rate on your credit card debt, save money by making a <a href="http://www.wisebread.com/when-to-do-a-balance-transfer-to-pay-off-credit-card-debt">balance transfer to a card with a lower interest rate</a>. Try to reduce expenses so you will be able to pay off credit card balances faster. (See also: <a href="http://www.wisebread.com/the-best-0-balance-transfer-credit-cards?ref=seealso">Best 0% Balance Transfer Credit Cards</a>)</p> <h2>12. Monthly Nut</h2> <p>I encountered this unusual term in an entrepreneurship course back in my college days. Your monthly nut is the <em>minimum </em>amount of money you would need to make it through a month. Your monthly nut includes basic housing, minimal food, and other essential expenses after unnecessary spending is eliminated.</p> <p>Your monthly nut is an important number to understand when you are planning to use as much of your income as possible to meet a goal, such as starting a business or getting out of debt as quickly as possible.</p> <h2>13. Inflation Rate</h2> <p>If you want to have enough money to buy the things you need in the future and throughout retirement, you'll need to account for the effects of inflation. Prices tend to rise over time, reducing the purchasing power of money in the future. Historical average for inflation rate is around 3%, but inflation rates in recent decades have varied from over 10% down to the current inflation rate of nearly 0%.</p> <p>For retirement planning, you will want to estimate your expenses, and then scale the expenses up based on the expected effect of inflation over the years.</p> <p><em>What key numbers do you track to monitor your personal finance health?</em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/dr-penny-pincher">Dr Penny Pincher</a> of <a href="http://www.wisebread.com/these-13-numbers-are-the-keys-to-understanding-your-finances">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-3"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/6-celebrities-with-shockingly-low-net-worths">6 Celebrities With Shockingly Low Net Worths</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/dont-despair-over-small-retirement-savings">Don&#039;t Despair Over Small Retirement Savings</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/12-easy-ways-to-wake-up-richer-tomorrow-than-you-are-today">12 Easy Ways to Wake Up Richer Tomorrow Than You Are Today</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/the-self-employed-persons-guide-to-getting-credit">The Self-Employed Person&#039;s Guide to Getting Credit</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/12-personal-finance-skills-everyone-should-master">12 Personal Finance Skills Everyone Should Master</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Personal Finance expenses financial health income investments net worth Wed, 09 Dec 2015 18:00:16 +0000 Dr Penny Pincher 1618971 at http://www.wisebread.com 4 Ways an Income Gap Can Strain Your Relationship http://www.wisebread.com/4-ways-an-income-gap-can-strain-your-relationship <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/4-ways-an-income-gap-can-strain-your-relationship" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/couple_breaking_up_000043320308_1.jpg" alt="Couple learning ways income gap can strain their relationship" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Money is the <a href="http://www.cnbc.com/2015/02/04/money-is-the-leading-cause-of-stress-in-relationships.html">leading cause of arguments</a> in married couples. Income disparity, when one person makes much more than the other, can be a surprising source of stress. If you're one of these couples, be on the lookout for these four ways an income disparity could harm your relationship.</p> <h2>1. Holding on to Old Gender Roles</h2> <p>Women are more and more likely to have higher education and a&nbsp;<a href="http://fivethirtyeight.com/datalab/how-many-women-earn-more-than-their-husbands/">higher paying salary</a> than their significant other. However, in heterosexual relationships in which women are the &quot;breadwinners,&quot; the women are actually <em>still</em> doing more housework than men. That doesn't sound like an equal partnership. That might also be why the divorce rate jumps 50% for couples in which the woman earns the higher income.</p> <p>So much inequality comes from not being comfortable to speak up, and worse, tacitly defaulting to your parents' roles. Having a deep and meaningful conversation about gender and money is important in a relationship &mdash; find each other's biases and challenge them. Outdated and unreasonable gender expectations should not dictate what happens in your relationship.</p> <h2>2. Using Salary as Leverage</h2> <p>For many, money equals power. So when one partner earns more than the other, the higher earner can easily become the de facto decision-maker in where to vacation, what to buy for dinner, the kind of house you live in, and what kind of hobbies you partake in. This is precisely the kind of power imbalance that leads to highly toxic relationships.</p> <p>Resolve to discuss medium-to-major expenditures with your partner before making them. As long as you share your household, it's always half theirs. It's also key to encourage your partner's goals. Aid them generously, in faith that s/he would do the same for you if the roles were reversed.</p> <h2>3. Acting Defensive Over Earning Less</h2> <p>Earning less than your partner can make you feel as if you don't matter, because one salary is floating most of the household. This can lead to resentment, or worse, a childlike attachment and dependency on the other to help you financially.</p> <p>Just because your income accounts for a smaller percentage of the household finances doesn't mean that your role in the relationship is smaller. This comes up a lot when one person decides to stay home to take care of the kids. But remember that contribution to the household is not measured by income.</p> <h2>4. Letting Money Determine Your Partner's Worth</h2> <p>The easiest way to avoid fights is to assign financial contributions on a sliding proportion scale. Instead of letting your partner struggle to pay 50% of the utilities, <a href="http://www.wisebread.com/create-your-first-shared-budget-without-blowing-up-your-relationship">find a shared budget</a> that allows him or her to pay what they can afford. Or, agree on new terms &mdash; like one being in charge of all groceries and utilities, while the other pays the rent or mortgage.</p> <p>Also, it's time to ban the word &quot;breadwinner.&quot; Not only is it divisive, it assigns a &quot;winner/loser&quot; dynamic, which has no place in a loving domestic relationship. If you think less of your partner for doing the dishes, or if you think more of a partner for earning more material wealth, you have set yourself up for trouble.</p> <p>It's time to stop being combative about status. Feeling more or less important is only true if you believe it.</p> <p><em>Is there an income gap in your relationship? How do you get over it?</em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/amanda-meadows">Amanda Meadows</a> of <a href="http://www.wisebread.com/4-ways-an-income-gap-can-strain-your-relationship">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-10"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-money-moves-to-make-the-moment-you-decide-to-get-married">5 Money Moves to Make the Moment You Decide to Get Married</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/didnt-get-the-raise-ask-for-this-instead">Didn&#039;t Get the Raise? Ask for This, Instead</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/3-simple-ways-to-split-bills-with-your-spouse">3 Simple Ways to Split Bills With Your Spouse</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-reasons-to-keep-your-money-separated-after-marriage">5 Reasons to Keep Your Money Separated After Marriage</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/is-six-figures-really-that-much">Is Six Figures Really That Much?</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Lifestyle Breadwinner budgets gender Households income marriage work Tue, 03 Nov 2015 19:15:54 +0000 Amanda Meadows 1603576 at http://www.wisebread.com 7 Certifications That Add Big $$ to Your Salary http://www.wisebread.com/7-certifications-that-add-big-to-your-salary <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/7-certifications-that-add-big-to-your-salary" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/woman_using_computer_000051515506.jpg" alt="Woman getting certifications that will add money to her salary" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>A certification can strengthen your degree, and maybe even improve your income. Better still? It can do all this without you ever having to set foot inside a classroom, as all of the seven certifications listed below are offered online. Take a look, and start moving ahead today.</p> <h2>1. Project Management</h2> <p>Aside from IT, project managers work in engineering, healthcare, and construction. They are responsible for overseeing the completion of a project &mdash; on budget, and on time. It's a high-pressure career, but the salary is great (<a href="http://blog.capterra.com/much-project-managers-make/">average $89,000</a> for entry-level). Fortunately, you don't have to quit your day job to earn your certification. The average cost varies widely, but reputable UC Berkeley lists it as <a href="http://extension.berkeley.edu/cert/project.html">around $5,600</a>. Here is a list of <a href="http://blog.capterra.com/the-5-best-online-project-management-courses/">online project management programs</a> where you can study.</p> <h2>2. Microsoft Certified IT Professional</h2> <p>My friend Chad, who has a degree in IT, obtained this <a href="https://www.microsoft.com/en-us/learning/microsoft-certified-professional.aspx">Microsoft Certified Professional</a> (MCP) certification on his own, reasoning that &quot;I thought it might be helpful.&quot; Upon completion, he showed it to his manager...and was immediately promoted and reimbursed for the cost of obtaining the certification. The cost? A very affordable $150 for the first level (Microsoft Certified); then you can take more courses and build into Professional (MCITP), Architect (MCA), Professional Developer, etc.</p> <p>How much can you expect to earn from certifications? From Microsoft:</p> <p>&quot;In high-growth industries, entry-level employees who hold a Microsoft Certified Solutions Associate (MCSA) certification or Microsoft Office Specialist (MOS) certification can earn up to $16,000 more, annually, than their peers.&quot;</p> <h2>3. CPA</h2> <p>An accountant with a <a href="http://www.wisebread.com/8-ways-college-students-can-save-money-before-class-starts" target="_blank">Bachelor's degree</a>&nbsp;can expect annual earnings of $63,550 per year. But what if that accountant passes the licensure exam and becomes a Certified Public Accountant? Here is an interesting breakdown from the folks at Becker Professional Education:</p> <p>&quot;Over the course of a 40-year career, a CPA can earn as much as <a href="http://www.becker.com/cpa-review/resources/career-opportunities/what-you-can-earn-as-a-cpa">$1 million more</a> than a non-certified accountant. Here's an example:</p> <ul> <li>Two non-Certified Public Accountants with Bachelor's degrees begin working at the same time at the same large public accounting firm in Audit/Assurance Services at the same annual salary of $68,000.<br /> &nbsp;</li> <li>One earns the CPA credential, creating a 10% salary differential of about $7,000 more than the other (CPA's can earn between 5% and 15% more than their non-credentialed counterparts).<br /> &nbsp;</li> <li>Over time, more frequent and higher-level promotions can widen the salary gap to as much as $50,000.<br /> &nbsp;</li> <li>Over a full career that can mean an additional $1 million or more in lifetime earnings.&quot;</li> </ul> <p>The <a href="http://www.aicpa.org/BECOMEACPA/LICENSURE/Pages/default.aspx">licensure exam</a> is very rigorous, but what a difference in income obtaining that license makes.</p> <h2>4. Process Management</h2> <p>The question I get most often in HR about this position is, &quot;What is it that those people DO?&quot; Well, they look at a process, or flow, that isn't working, reorganize it, and implement it so that things work better. As a rule, they are really good at seeing the &quot;big picture&quot; and being diplomatic about change. Process managers have a <a href="http://www.abpmp.org/?page=certification_home">governing body</a> and must pass an exam. Earnings are estimated at <a href="http://www.payscale.com/research/US/Job=Process_Improvement_Manager/Salary">$79,000 annually</a>. Fortunately, this is another position where you can obtain online certification (here are some <a href="http://www.processexcellencenetwork.com/business-process-management-bpm/articles/8-business-process-management-bpm-training-provide/">training resources</a>) while keeping your day job.</p> <h2>5. Medical Coder</h2> <p>With the implementation of ICD-10 medical coding, knowledgeable coders are in high demand. Already have your B.A.? Good, because those with Bachelor's degrees &quot;...out-earned those with only a high school diploma by a dramatic $10,000 per year ($51,825 vs. $41,802).&quot; The <a href="http://www.ahima.org/">American Health Information Management Association</a> is the governing body for health information management. It also provides information about education and certification courses. I personally know coders who are able to work from home, which is a nice option if you have a family.</p> <h2>6. Exercise Physiologist</h2> <p>The median salary for a fitness instructor is $40,996. But, obtain certification as an <a href="http://certification.acsm.org/acsm-registered-clinical-exercise-physiologist">exercise physiologist</a>, and that jumps to $44,470. Perhaps more importantly, though, is that if you are interested in this field, the Bureau of Labor Statistics predicts 19% growth, higher than the average for all occupations.</p> <h2>7. Actuary</h2> <p>Have a degree in mathematics? Or, maybe you work in the field of finance, or statistics? The BLS cites median pay in 2012 for actuaries to have been $93,680, with job growth outlook of 26% (much higher than average). Actuaries analyze the financial costs of risk and uncertainty. They often work for insurance companies or in finance. A <a href="http://www.beanactuary.org/what/">series of exams</a> must be passed to obtain certification. It's not all about number-crunching, though &mdash; a good actuary needs the skills to be able to communicate, too.</p> <p>Remember: Do your research before you leap. Some of these certifications are extremely rigorous and, although likely worth it in the long run, will put a strain on your time. Take a look at job listings to see what employers are looking for.</p> <p><em>Have you gotten a certification to boost your career &mdash; and your pay?</em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/marla-walters">Marla Walters</a> of <a href="http://www.wisebread.com/7-certifications-that-add-big-to-your-salary">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. 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