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Learning Personal Finance From The Military

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personal finance lessons from the military

I had a lot of time to spend learning personal finance tricks from the military. I spent nearly 14 years serving in the U.S. Air Force, and while I was not a part of a military finance operation (military finance is a topic for another day) I did work as a reporter for Air Force News Agency and as such did a lot of writing about military money matters. Believe it or not, financial responsibility is a major part of a military career and as an officer or enlisted member you can get into a lot of trouble if you don’t handle your finances properly.

Personal Finance Lessons

What did I learn from those experiences? One big one for those (me) who hadn’t earned quite that much money in one place before was managing my current income while planning on future needs. The first time you’re forced to reconcile you spending today with the big car payment coming tomorrow, it can be a real eye-opener.

What I took away from this as a very young person was that I needed to look at my finances like a chess game instead of…well, maybe poker.

Another lesson I learned was how to think like a business person when trying to work out typical personal finance issues like an auto loan.

Interest And Other Expenses

The military has an option for those who are being assigned or reassigned to a new base in the U.S. or overseas; you are allowed to apply for an advance on your pay which is then paid back over a fixed period of time by a deduction from your military pay.

That sounds pretty straightforward, but once I started doing the math on this “advance pay” I realized that what I had been given access to was an interest-free loan with no fees to pay of any kind. Let’s say a month’s pay for a junior enlisted person is $3000.

That is NOT an accurate number, it’s an arbitrary one. But for the example, we’ll take a single month’s pay and divide it over 12 equal payments and add five percent interest. This $3K loan costs you over $200 in the interest fees alone, let alone the origination fee your lender will hit you with.

I wasn’t getting “free money” as much as I was given a “free loan”. And that woke me up to paying attention–a LOT more attention–to the costs of things.

Add It Up

How much does your GrubHub delivery order cost if you don’t use GrubHub but order in person instead? Those extra costs–the delivery fee, the driver’s tip, and processing fees–add up and if you look at a year’s worth of those fees and do the math, you begin to see what I was seeing way back then.

For me personally the moral of the story is to pay attention to the add-on costs of EVERYTHING. The same way I think people should feel a wee bit insulted when offered 10% off (because they are just basically waiving the sales tax instead of giving you a real discount) on something, I think people should feel insulted when they get socked with these hidden or extra fees they (likely) don’t see coming until after they have added up those costs over time.

 

Looking for Products to Sell? Bstock May Be Able to Help

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B-Stock for products to sell

If you’re a seller, finding products can be one of your biggest challenges. Securing low-cost products that will attract buyers isn’t always easy. Luckily, there are some options that are worth exploring. If you’re looking for products, check out B-Stock for products to sell. If you aren’t familiar with B-Stock, here’s how it may be able to help.

About B-Stock Merchandise

First, it’s important to understand that “B-Stock” is both a type of merchandise condition and a company name. When it comes to merchandise, B-stock is usually comprised of customer returns, floor display models, and other goods that have been removed from their original packaging.

Usually, once the packaging has been opened, the item is no longer considered new. Instead, it’s viewed as used, even if the original purchaser did nothing more than open the box and remove the item.

While many of the items haven’t actually been used in the traditional sense and are fully functional. However, the fact that the original packaging was opened means the items can’t always be sold as A-stock, another tern for new merchandise.

At times, B-stock also includes brand new items that have some kind of damage. For example, scratch-and-dent models may have been damaged in transit. The issue is purely cosmetic, but because the product isn’t in the proper new condition, it becomes B-stock.

In some cases, refurbished items are also viewed as B-stock. However, some consider those items to be in a different category, as they were technically repaired in some fashion.

B-Stock the Company: What It Is and How It Works

As mentioned above, B-stock refers both to a merchandise category and a company. When it comes to the company, B-Stock is an online network that connects people and companies to B-stock merchandise purchase opportunities, mainly auctions. The goods can include customer returns, retailer or manufacturer overstock, and other items being liquidated by a store or item producer.

Through B-Stock, you can search for items that may interest you. Once you find one, you are directed to the proper marketplace for signup. After your registration is approved, you can begin bidding on that listing, as well as other available through that specific marketplace.

Essentially, B-Stock is a simple platform for connecting with marketplaces that auction off B-stock merchandise. It can centralize your search and make you aware of opportunities that you may miss otherwise. Additionally, it can make managing your auction bidding easier.

To put it simply, B-Stock is all about assisting you with product sourcing for affordable products that you may want to resell. The company doesn’t actually sell the items. Instead, they connect you with sellers.

How B-Stock Auctions Work: An Overview

Once you find an auction that interests you, you’ll have to go through the bidding process. There are no “buy it now” options. Instead, you can enter your maximum bid for a listing, and the system will adjust your personal bid as the auction progresses.

For example, if a listing has a starting bid of $500, and you’re willing to pay up to $1,500, when you enter $1,500 as your maximum bid, your initial bid will show as $500. Then, if someone else enters a $600 bid, the system will automatically enter a new bid in your name for one increment higher. If the bid increment is $50, your bid would then be $650.

The system will continue to outbid other bidders in your name until either the auction closes and you win, or your maximum bid has been reached. If a new bid comes in that exceeds your maximum, the system will not enter a new bid in your name unless you approve a new maximum bid.

Who Can Use B-Stock for Products?

B-Stock officially focuses on the B2B marketplace. As a result, you’ll need to have a business license in order to access the auctions and make purchases.

Additionally, since B-Stock is a portal for accessing a range of marketplaces, other requirements can vary depending on the marketplace you want to tap. Every marketplace is run by a different company, and each one can set its own criteria. As long as you are a qualified buyer based on the application requirements, you’ll be able to bid on auctions you find on B-Stock.

If you win, you’ll receive a notification. In that, you’ll find payment instructions. After you submit payment, you can provide shipping instructions based on the options available.

Is B-Stock Only for Resellers?

Yes, B-Stock is only for resellers. B-Stock specifically features auctions for merchandise that is going to be resold. As a result, you have to be a certified reseller, ensuring you have a place to resell the merchandise once it is officially yours. If you’re looking for items for any other purpose, you’ll need to go another route to purchase them.

Have you tried B-Stock for products to sell? If so, what was your experience with B-Stock like? Share your thoughts in the comments below.

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What is The Minimum Wage for Florida?

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minimum wage for florida

I live in California which has a relatively high minimum wage. Moreover, I live in San Francisco where the city’s minimum wage is even higher than the rest of the state. It’s still a low amount that’s not easy to live off of. Nevertheless, it’s higher than the rest of the country. Which got me wondering, “what is the minimum wage for Florida and other states?”

What Is Minimum Wage?

Minimum wage is part of a set of rules that govern employment in the United States. We didn’t always have fair labor laws. Over time, however, the country established them. Part of those laws was to make sure that there was a base minimum hourly pay – or a minimum wage.

The federal government sets a minimum wage that all states must meet. Furthermore, states also have their own labor laws and employment guidelines. Therefore, while states must meet the mandatory federal minimum wage, they can also set their own (higher) minimum wage guidelines. That’s why the minimum wage for Florida is different from that of California, for example.

Federal Minimum Wage

The federal minimum wage is $7.25. This amount was set in 2009 and has not been updated. It’s a very controversial topic. Research indicates that a full-time employee earning $7.25 per hour can’t pay their bills in any state on this income alone. Therefore, there’s a big push to raise the federal minimum wage.

As of early 2021, many people want to see the wage raised to $15. This is even higher than California’s minimum wage (although some individual California cities have a rate slightly higher than this. However, as of right now, that $15 federal minimum wage isn’t going to happen. It was potentially going to be part of a COVID relief bill but has since been deleted from that plan, perhaps to be revisited later. So, for the time being, the federal minimum wage stands at $7.25.

What is The Minimum Wage for Florida?

Since the federal minimum wage doesn’t provide enough livable income in any state, it’s up to each state to do their best to set a better minimum wage. They have to take into consideration cost of living and other factors. So each state comes up with their own number.

About half of the states in the country set a minimum wage higher than that of the federal minimum wage. The other half set theirs the same as or even less than the federal amount. Of course, if it’s less than then the federal amount takes precedes. So what is the minimum federal wage for Florida?

Florida is one of the states that sets a higher minimum wage than the base federal rate of $7.25 per hour. The minimum wage for Florida is $8.65. The state reviews the amount annually and adjusts it according to an established formula.

Minimum Wage for Florida: 2021 Changes

Last year, the minimum wage for Florida was $8.56. As you can see, it went up slightly as of January 2021 to the current rate of $8.65 per hour. However, much bigger changes are on the horizon in Florida, starting later this year. That’s because last year the state’s voters approved a $15 minimum wage. It will take time to reach that, but the state has a plan.

Starting at the end of September 2021, the minimum wage in Florida will rise to $10 per hour. Then each September, it will increase by $1 per hour. At the end of September 2026, the Florida minimum wage will be $15 per hour according to this schedule. Therefore, even though the federal government hasn’t moved forward with a plan for a $15 minimum wage, the state of Florida is on track to make that happen for its citizens.

In fact, this makes Florida right on par with California in terms of a $15 minimum wage. Six other states have also agreed to this rate: Connecticut, Illinois, Maryland, Massachusetts, New Jersey, and New York. Whether or not the federal government raises the minimum wage anytime soon, states are taking action to do so.

Minimum Wage for Florida Tipped Employees

In many states, employees who receive tips have a special, reduced, minimum wage. For example, wait staff at restaurants often earn a very low base pay that’s less than the typical minimum wage for the state. The idea is that they get their money in tips so it adds up. This legal allows for a different minimum wage for tipped staff than for other workers. This is true in Florida as well.

Basically, the law about this in Florida is that employers may reduce a tipped employee’s base pay by $3.02 per hour. So, right now, the minimum wage for Florida is $8.65. But for tipped employees it’s $5.63. They earn $3.02 less per hour but then get to keep tips on top of that amount.

As the state’s minimum wage rises, so will the tipped minimum wage. In September 2021, when minimum wage rises to $10, tipped minimum wage will rise to $6.98 per hour plus tips. That will increase by $1 per year each September in accordance with the changing regular minimum wage for the state. In September 2026, tipped employees in Florida will begin to earn $11.98 per hour (plus tips.)

No Other Restrictions on Florida Minimum Wage

It’s important to note that besides the different rate for tipped employees, there are few other restrictions or exemptions from minimum wage for Florida. In some states, for example, businesses smaller than a certain number can pay less per hour than the state minimum wage. For example, a business with fewer than ten employees might have a slightly lower state minimum wage than the norm. However, that’s not the case with Florida. The minimum wage for Florida applies regardless of business size or type of business.

The only other exemption is for youth under the age of 18. Youth minimum wage laws are different, as are the labor laws. For example, teens are restricted from working in certain jobs. Moreover, they can’t work too late or too many hours. The federal minimum wage for youth is $4.25 per hour. In Florida, employers may pay teens this low hourly amount for their first ninety days of employment. However, after the ninety day period, teen minimum wage goes up to the regular minimum wage for the state.

Florida Annual Salary on Minimum Wage

If you do the math, then you’ll realize that an individual person working 40 hours per week at the current minimum wage in Florida will earn $17,804 per year before taxes. Once the minimum wage increases to $15 per hour in 2025, that same person will earn $31,200 per year before taxes. Obviously, that makes a huge difference in a person’s ability to pay their bills and sustain a good quality of life.

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How Do You Get Paid to Go to College?

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Get Paid to Go to College

College education is expensive. Everyone talks about the burden of debt that it brings along with it, often wondering if the cost is worth it. However, a college education can be truly invaluable on so many levels. Moreover, there are many different ways to hack the system. You can even get paid to go to college.

It’s Worth It to Try to Get Paid to Go To College

It’s relatively easy for many young people to get student loans. In fact, older people returning to college also often have easy access to large loans for higher education. Despite the availability of loans, it’s worth it to take the extra time to try to get paid to go to college. After all, college costs tens of thousands of dollars. Why would you burden yourself with that amount of debt when you could potentially get paid to go to college instead?

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Fill Out Your FAFSA

The first step planning out the financial side of your college education is filling out your FAFSA. Through this application, you provide the federal government with information about your financial status. They reply with information about the loans, work-study opportunities, and grants that are available to you based on financial need. Look first at the grants and work-study opportunities. Loans should be your final resort.

Apply for Grants and Scholarships

FAFSA tells you about the need-based federal aid that you’re qualified to receive. Therefore, it’s the first step if you want to get paid to go to college. The grants are “free money” that you can use to pay for college. Work-study allows you to earn money on campus to pay for college. In both cases, you reduce your college expenses by earning money.

However, these are only a handful of the grants and scholarships available to you. Take the time to seek out and apply for as many grants and scholarships as possible. In addition to need-based financial assistance, you can apply for grants and scholarships based on varying criteria including grades, family status, gender and other demographic factors, age, area of study, sports and community involvements, and essay-based applications. The more grants and scholarships that you apply for, the more money you might be able to make to go to college.

In addition to grants and scholarships, ask your college about tuition waivers. In many cases, colleges actually reduce or waive tuition fees. Each school is different but some of the qualifications for tuition waiver include financial need, cultural diversity needs of the school, status as a foster child or adopted child, disability, nontraditional student status (such as over age 60) and more.

Get Paid to Go To School Through Work or Military Service

You don’t have to go to college right out of high school. In fact, waiting until later can often open up opportunities to get paid to go to college.

Military Members Get Paid to Go to School

One of the most common routes historically has been to sign up for military service. The GI Bill helps pay military members to go to college. There are also other military tuition benefits, including some for family members.

Members of any branch of the military can get paid to go to school. However, each branch has its own rules and regulations around the terms of service. For example, according to Military.com, most branches offer assistance to both active duty and reserves members; however, the Marines only offer help to active duty members.

In addition to the GI bill and other military tuition assistance, military members as well as their family members have access to a variety of different grants and scholarships particular to their unique circumstances.

Corporate Jobs Pay You to Go to School

But the military isn’t the only career path that will send you to school. Sometimes you can get a corporate job that pays for you to go to college. For example, you might start out as an admin at a large company. After a certain period of employment, they pay you to get a degree in an area study that corresponds to the company’s job opportunities. Typically, you commit to a certain amount of work with them. Then you get paid to go to college to qualify to do that work.

There are some companies that will pay tuition for nearly all employees up to a certain amount per year. For example, according to eStudentLoan by Unigo, UPS employees are eligible to receive over $5000 per year in tuition reimbursement starting on their first day as a part-time or full-time employee. They list three dozen companies that offer corporate tuition assistance including Wells Fargo, Starbucks, Home Depot, Verizon, McDonalds, Chipotle, CVS, and JetBlue. If you’re looking to start a job now that will allow you to get paid to go to college, then check out this list.

Student Loan Forgiveness Programs

If you do end up taking out student loans, then consider studying in a field that offers student loan forgiveness. Teachers qualify for student loan forgiveness. You might also consider social work or another opportunity to qualify for public service loan forgiveness. In either case, you do have to pay your tuition up front using loan money. Then you have to make your student loan payments (with varied options depending on your salary.)

However, over time, if you provide enough service in one of the qualifying post-graduation job positions, then some or all of your student loans will be forgiven without penalty. This provides a long-term way to get paid to go to college if you don’t qualify for up-front payment opportunities.

In addition to federal student loan forgiveness programs, you can find funding to forgive loans from other career-specific organizations. For example, The Balance recommends checking out Nurse Corps Loan Repayment Program and National Institute of Mental Health Loan Repayment Program if you work in either of those fields after graduation.

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How to Earn Quick Cash on Valentine’s Day

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Earn Quick Cash on Valentine’s Day

Are you going to be free on Sunday, February 24, 2021? If so, then you might want to think about trying to earn quick cash on Valentine’s Day. There are a variety of different ways that you can boost your income with Valentine’s Day gigs. The more creative that you can get, the better. Here are some popular options as well as some more unique ways to earn quick cash on Valentine’s Day.

Most Popular Ways to Earn Quick Cash on Valentine’s Day

Every year, people who aren’t going out on dates on Valentine’s Day make use of the day to earn some side income. There are a lot of gigs that hire you just for that special day.

Valentine’s Day Deliveries

The most popular way to earn money on Valentine’s Day is to work as a delivery driver. Floral companies often hire drivers just for the day. After all, they get many more orders on this one day than they do throughout most of the year. In some cases, they’ll hire flower delivery drivers for the whole week.

Of course, people order all kinds of Valentine’s gifts, not just flower deliveries. Therefore, you might work for a variety of different types of stores as a Valentine’s Day delivery driver.

Moreover, during COVID, a lot of people are going to be ordering in take-out food for the holiday. Therefore, it’s the perfect time to sign up to work for services such as Postmates, Door Dash, Grubhub, Uber Eats, Caviar, and other food delivery apps.

Rideshare Driving

Although a lot of people are staying in for the holiday, many will also go out on the town. Therefore, if you’re signed up to work as a driver through apps like Lyft and Uber, then you’ll probably have a lot of opportunities to earn quick cash on Valentine’s Day.

Sell Your Handcrafted Items

If you already sell items online then make sure that you offer a Valentine’s Day deal. Even though the items won’t ship until after the holiday, if your sale is good enough, people will bite. You can also position it as a non-Valentine’s sale. For example, “lonely today? Buy one of my handcrafted goods to send to someone you care about. It’ll make them smile next week, and you’ll both feel better.”

Unique Ideas to Earn Quick Cash on Valentine’s Day

Although all of the popular options are great ways to earn quick cash on Valentine’s Day, you might be able to earn more if you get more creative. After all, if you can offer a product or service that nobody else is offering, then you can charge more for it.

What can you do during COVID? Take a cue from Meals on Heels, a drag queen group that began delivering meals and a show to people’s doorsteps as a way to continue performing while social distancing. You could come up with a similar idea for a performance – play music, sing a song, show up in costume and do a distance. Promote your services through your social networks and see if anyone wants to hire you as a gift to someone else for Valentine’s Day.

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50 High Income Skills for 2021

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2021 High Income Skills

The world seems like it’s changing so fast, doesn’t it? On the one hand, the global pandemic slowed life down in certain ways. But in other ways, like the ways we work, it has changed things dramatically. If you want to make money, then you have to be willing to pivot. So you might want to brush up on these high income skills for 2021.

What Is a High Income Skill?

Basically, it’s a specialized skill that anyone can learn in order to earn an income of five figures or more per month. Oftentimes, these skills require a college education. However, there are many ways to hack that education. In fact, lots of people have found that they can teach themselves or take shorter certification classes to begin developing high income skills.

Why It’s Important to Learn These High Income Skills in 2021

A lot of people are out there looking for new jobs. If you want to be relevant and in-demand then you need to learn (or brush up on) these high income skills in 2021. Even if you opt to work for yourself, knowing these skills will take you a long way. In addition to furthering your own business abilities, you’ll be able to recognize these skills in people you’re seeking to hire.

Most Important High Income Skills for 2021

We perused the entire first page of Google results to find out what people are agreeing on when it comes to the most important high income skills for 2021. There are three types of high income skills to explore further: skills in technology, trade skills, and skills related to teaching and leadership.

High Income Skills in Technology

Unsurprisingly, most of the high income skills recommended for learning in 2021 are related to technology. After all, we’re living in a mobile app / Zoom world. A lot of life takes place online. Therefore, a lot of people need to help build that online world. If you can get great at any of the following skills, then you should be able to earn good money in 2021:

  1. Affiliate marketing
  2. AI/ Machine Learning
  3. Audio production
  4. Big data analyst
  5. Blockchain
  6. Chatbot marketing
  7. Cloud computing
  8. Copywriting including blog posts, newsletters, and web pages
  9. Cryptocurrency
  10. Cybersecurity
  11. Digital marketing
  12. Ecommerce expert (which incorporates some of the other skills including email marketing and web design)
  13. Email marketing
  14. Mobile / app development
  15. SEO / SEM
  16. Social media management
  17. Software engineering / development
  18. Video production
  19. Web design / development including ui/ux design
  20. WordPresss developer

Some of these are skills that you can put to use immediately. For example, lots of people need help right now with SEO, WordPress development and copywriting. If you’re good at those and put in the hours, then you can earn a good steady income. On the other hand, some of these are cutting edge skills worth developing for a higher future income: AI and machine learning, blockchain, cryptocurrency, and cybersecurity fall into this category.

Sign-up to these technology related freelance marketplaces to earn from your high income skill.

PlatformsBest For: 
FiverrFinding Freelancers
BarkFinding Unique Freelancers
AppjobsGig Economy Professionals

Trade Skills to Learn in 2021

There are plenty of people who are sick of the online world. They want to get their hands dirty. Think of how many people are turning to crafting, bread baking, backyard beekeeping and rooftop farming. We have an internal need for these things.

If you’re smart, entrepreneurial, and a little bit lucky then you might be able to earn a good income doing any of those things. For example, there are knit and crochet designers who also teach, author books, and earn an income from their blogs. Some of them are earning six figure salaries.

Of course, you might also want to simply learn the kind of trade skill that allows you to easily go work for someone else – with the potential to start your own business in the future. If that sounds right to you then consider the following:

  1. Carpenter / construction manager
  2. Dental hygienist
  3. Electrician
  4. Elevator repairman
  5. Home inspector
  6. HVAC technician
  7. Landscaper
  8. Mechanic – for cars, airplanes, and other machinery
  9. Nurse
  10. Phlebotomist
  11. Plumber
  12. Powerline repair technician
  13. Respiratory therapist
  14. Solar and wind power technicians

Teaching and Coaching Skills

Many people are best skilled at teaching others how to do things. Sometimes this falls into the “trade” category. However, the emphasis is really on your ability to help other people develop their own skills and talents. Some of the related high income skills for 2021 include:

  1. Business coaching particularly with a specialty for certain types of businesses
  2. Consulting work
  3. Meditation and yoga
  4. Project management

With all of these teaching and coaching skills, your best bet is going to be if you can do the work both online and offline. In other words, you’ll make the most money with a multi-pronged approach. In addition to teaching or coaching online, you should aim to develop your own online courses, audio books, video tutorials, etc. Put your teaching skills to use in several different ways to create varied income streams that will help you earn the income that you want to earn in 2021 and beyond.

More High Income Skills for 2021

In addition to the three major categories above, you might want to consider skill development in the following areas. These may be a career path and/or a boost to any number of other careers:

  1. Influencer, working with one or more brands
  2. Investing and day trading
  3. Legal and admin skills
  4. Public speaking
  5. Sales, especially of high ticket items including real estate, jewelry, and vehicles
  6. Sales funnel skills, which ties sales in with ecommerce and web marketing
  7. Translation services

Developing Broad Skills for Use Across Careers

Tony Robbins takes a different approach to figuring out the best high income skills for 2021. Instead of focusing on career skills that you can develop, he emphasizes developing your own personal growth skills. Then you can apply these to whatever career path you might choose. Moreover, they’ll help you out if you have to pivot again to a new career in the future. These types of skills include:

  1. Big picture thinking and thinking ahead
  2. Communication skills
  3. Knowing and sticking to what you’re passionate about
  4. Reliability; be someone others can count on
  5. Soft skills (empathy, listening, collaborating)

If you can apply these skills to one of the high income careers listed above then you’re likely to come out ahead in 2021.

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If you enjoy reading our blog posts and would like to try your hand at blogging, we have good news for you; you can do exactly that on Saving Advice. Just click here to get started. If you want to be able to customize your blog on your own domain and need hosting service, we recommend trying BlueHost. They offer powerful hosting services for $3.95/month!