Jennifer Clark

How Much Interest Will I Earn on $100,000?

May 5, 2017 By Jennifer Clark 3 Comments

We go through life hearing of the same financial advice: save money, create a passive income, and start investing. But, whether IÂ invest in a retirement fund or the stock market or a savings account, what interestÂ can IÂ earn on this money? How much interest will I earn on $100,000, specifically?

Interest and Investing

There are different ways you can invest your money. You can put your money away into savings either through a savings account or retirement account; you could even invest funds into the stock market for a potentially high return.

Confusion can ensue, though, when trying to determine what route is best for you and your finances. The problem is that the answer is vague because it is contingent on a variety of factors. Depending on where you choose to invest your money determines how much interest you may receive.

For instance, the average interest on a normal savings account is just 0.06%, according to a 2013 article by Blake Ellis of CNN. In fact, it adds, many of the top banks in the nation actually only have a 0.01% interest rate. So, if you had $25,000 put into a savings account with the average of 0.06%, you’d only earn $15 in that first year. For best results, look for savings accounts that have closer to a 1% annual interest rate.

A certificate of deposit (CD), on the other hand, will earn you more interest over a shorter period of time. While they usually do not require monthly fees, you opt to keep your money in the account for a specified length of time. This can range from a few months to a decade. The interest rate you receive is determined by how long you decide to keep the money untouched in the CD. The Federal Deposit Insurance Corporation (FDIC) note the national rate averages on their site for both regular savings and CD accounts. For a 12 month CD, the average is 0.24% but can be as high as 0.99%, depending on who you choose to go through.

The typical national interest rate earned through the stock market on a large-cap stock is about 7% after inflation, says David Blanchett in this May 2016 article for the Wall Street Journal. Bonds, he adds, are yielding about 2%.

As for retirement funds, specifically 401(k)s, Investment company Morningstar’s Christine Benz told Interest.com that an average of 5% is a good estimate. This, too, depends on your plan and any fees associated with your account.

Now, back to the original question: How much interest will I earn on $100,000?

How much interest will I earn on $100,000?

Again, this is determined by what type of investment plan you use and the amount of time it is invested. Using the above numbers and investment routes, let’s crunch some numbers:

With a standard savings account, $100,000 will earn you $600 in five years.
A CD will yield $11,350 in five years (based on the top rates)
It is possible to earn $35,000 on your $100,000 investment in the stock market, using the 7% average.
Finally, with a 401(k) you may earn $25,000 in five years.

Conclusion

Your $100,000 has the potential to earn you much more as long as you invest wisely and choose plans with high-interest rates. You should also be willing to be patient in order to allow the money to accumulate more. Given the above information, where would you invest your $100,000 in order to yield the biggest return?

How to Buy a Coal Mine

May 1, 2017 By Jennifer Clark 1 Comment

It’s no secret that in recent years, the coal mining industry has taken a serious hit. So, why in the world would anyone want to buy a coal mine? According to a 2014 article by Tim Loh on Bloomberg.com, thermal coal still produced 39 percent of U.S. electricity in July of 2014. Not to mention, the Washington Post announced earlier this year that the first clean-coal plant officially became operational in Texas, which brings hope to the coal industry if other mines can follow suit in the technology. So, if you’ve been looking to get into this market, now may be the time to buy. In today’s article, we discuss how to buy a coal mine.

How to Buy a Coal Mine

Start with research

Before you would begin any project, you should always do your research. This is especially true when you are about to embark on a feat such as this. One major aspect you will want to consider before buying is location. What is the state’s major form of energy? How is electricity primarily powered? What is production like? Is there room for growth? Will you keep their staff or hire your own employees? Take a look at Indiana’s numbers in the early 2000’s, for example. You can see here what information they have laid out for interested patrons.

Have the funds (and a lot of them)

Of course, we hope you would assume that it would take a lot of money to buy a coal mine. But, be prepared to spend millions for your investment. A new mine, as stated by the Indiana Center for Coal Technology Research (CCTR) can cost anywhere from $50 million to $300 million. To purchase a mine already developed, you are likely to spend less on those that were not as productive, particularly if you time your buy well enough. Make sure you have a plan in place, though, to bring production up once in your hands. And, once you do buy the mine, it is suggested to have enough funds to support operations for six months or more until money is a little more stable.

Know the industry

Along with research on locations and production, you shouldn’t buy a coal mine unless you are familiar with the industry. While this may seem like an obvious statement, investors may be overly excited to jump on what appears to be new opportunities with the new clean coal efforts without knowing the rules of coal mining and the cost for distribution and operating first. Some buyers may even want to buy coal mines to transition them to renewable energy producers. Regardless of your goals, you will still need to know the industry, even beyond coal.

Find reliable dealers

Costs of equipment to mine the coal can add up, and if you are purchasing an existing coal mine you will want to evaluate whether or not their equipment dealers were the best in price, quality, and reliability. There are many suppliers who still provide quality without overcharging you. And, regardless of the optimism that may be currently felt for coal, every penny counts in this business.

Find the mines for sale

One of the easiest ways to find mines for sale is the internet. By doing a simple Google search, you can see what operations are looking for buyers. One popular site is simply called MineListings.com. You can also stay up-to-date on coal mining news, such as deals that fall through, on Mining.com.

The steps on how to buy a coal mine can be complicated as different countries have different regulations and rules. Also know that the buying process is not simple as it will take many negotiations, including employee contracts, and at least a year or two before the sale is finalized. Much of the process, however, is similar to starting or taking over any new business: have a plan, know how you’ll cover your costs, know how to handle business transactions, and know the industry.

Have you considered buying a coal mine before? Feel free to comment below or start a conversation in the forums.

How to Get Free Money

April 25, 2017 By Jennifer Clark Leave a Comment

If something is too good to be true, does that mean it is? Not always. This is especially not the case when it comes to getting free money. No, this is not a drill. You can grow your bank account without spending a dime. In today’s article, we will cover how to get free money. Keep reading to learn more.

How to Get Free Money

Previously, we’ve discussed how to make extra money online, but you can certainly get it for free as well. The following list is how to get free money for little to no effort.

Signing up for a bank bonus or credit card

Many banks offer a sign-up bonus when you switch or open an account with them. Typically, they will add up to $250 to your funds, depending on the bank. Even if you already have money in one bank, there is no harm in having multiple accounts. In fact, you should have more than one bank account.

Likewise, your bank may give you free money just for signing up for a credit card with them. Those with great credit will get better deals, of course.

Check for unclaimed assets

Did you know you might already have money owed to you? These assets, also known as unclaimed property, may be stocks, savings or checkings accounts, uncashed payroll checks, customer overpayments, insurance payments, and more, according to the National Association of Unclaimed Property Administrators. The organization states on their website that in the fiscal year 2015, “$3.235 billion was returned to the rightful owners by the government unclaimed property agencies of the $7.763 billion collected.”

To see if you have money owed to you, check out the site here.

FreeEats.com

The Free Eats Network is a platform that makes payments to members through PayPal. Members sign up to view ads on their mobile phones, for which they receive payments. As a member, you will respond to surveys, view ads, and other content. You’ll also be sent messages with links to the company’s surveys or to other content. When you have some spare time or you’re waiting in line somewhere, why not use that time to make money instead through Free Eats?

401(k) Employer Matching Programs

If you have not signed up for your company’s 401(k) program, you should highly consider it (for more reason than one). Some employers will offer to match the funds you put in, which is essentially free money for you. Make sure to speak with your boss about the details of the company’s retirement plan and funding. By failing to do so, you basically throw money out of the window.

MyPoints

If you shop at Walmart, eBay, or Amazon regularly, you’ll want to check out MyPoints. MyPoints is a cash-back site that rewards you points for shopping online. Along with the three mentioned, there are more than 1,900 other retailers involved with this program, as mentioned on their website. The points you earn accumulate and can be used as cash for gift cards and so on with their partnered retailers and restaurants. Plus, when you sign up, they give you a $10 Walmart gift card. Talk about a deal.

The above are just a few ways how to get free money. What ways would you add to the list?

Stitch Fix Costs

April 24, 2017 By Jennifer Clark Leave a Comment

Stitch Fix may be the solution to our shopping woes, but what are the Stitch Fix costs?

Every so often, we need to update our wardrobe, but doing it all at once is overwhelming. Plus, with changing seasons and styles, buying everything all at once may not be cost-effective to your closet, especially if you end up never wearing half of what you buy. But, in this 21st-century, people are becoming more clever with combining shopping and the internet together. One of those clever creations is Stich Fix.

How does Stitch Fix work?

Stitch Fix works as your personal stylist because you are actually assigned to one upon signing up. When you create your login, you fill out a style quiz to learn more about you, what you like, don’t like, size, and more in order for the company to pick out clothes that suit you and your lifestyle. You can determine whether you want to use Stitch Fix for your personal attire, professional life, or a combination of the two.

Following the quiz, you are sent five pieces from a variety of brands right to your doorstep for you to try. These five pieces may include a mix of jewelry, shoes, pants, shirts, dresses, and so on. You only pay for what you keep, and you simply send back the rest with the prepackaged return envelopes they provide in your shipment. Once you decide what to keep or not to keep, you’ll send feedback to your stylist letting them what you loved or didn’t love and why. This helps them to get really personal with your style each time. But, of course, this service is not free. So, how much does it cost?

What are the Stitch Fix costs?

Stitch Fix is like a membership of sorts, except you don’t have to pay monthly. In fact, you pay their “membership” fee based on how often you would like to receive what they call your “fix.” So, with your fix frequency, you’ll pay a $20 “styling fee” each time. This $20, though, applies to your order when you buy any or all of the items included in your shipment. If you end up buying nothing, Stitch Fix still keeps the $20, which helps to cover the costs of sending you the clothes.

You can sign up to automatically receive your fix every two to three weeks, monthly, every other month, or quarterly. If you opt out of automatic shipments, you do cancel your account. Alternatively, if you want to skip a fix, you can do so a limited amount of times throughout the year. Not to mention, you’ll receive $25 in credit for each person you refer to the program. Just make sure they enter your name when they sign up.

The average price point, according to the Stitch Fix FAQ, is $55 per item. You do also receive a 25% discount if you choose to purchase all five pieces in your box.

Is it worth it?

As with anything, Stitch Fix costs can add up over the course of a year. You also have to decide how much you want to keep updating your wardrobe. Some people may find it necessary to keep it going and others may only need it for a short period of time until their closet is updated. The key is to not buy things you do not think you will actually use or wear simply because you will get a discount. This is where you can start to waste money. Signing up for something like this may also not be wise if you do not have a set budget in place or are in a stable financial situation.

Have you tried this clothing service? What do you think of the Stitch Fix costs?

Easter Deals and Freebies

April 14, 2017 By Jennifer Clark Leave a Comment

Holidays are a great time to spend with family and loved ones, but they are also great for another thing: saving money. Throughout the year, businesses host sales at opportune times like holidays. This gives us consumers a chance to snag something we’ve been wanting (or needing) recently at a lower price. Those who do wish to take advantage of specials happening during this spring holiday may be interested in knowing about Easter deals and freebies. The following are just a few that may be right up your alley.

Easter Deals and Freebies:

These discounts will have you hopping for joy:

Retail

Nordstrom Rack: Nordstrom is hosting a “Clear the Rack” sale until Sunday. Enjoy an extra 25% off their clearance items along with more than half-off their spring shoe selection.
Forever 21: The Spring Sale occurring at Forever 21 includes a savings of up to 70% off select styles both online and offline at participating stores. Items included in the sale includes shoes, tops, dresses, bikinis and more.
H&M: If you need some new clothes for the kiddos, you can find tops and bottoms at $9.99 in varying sizes for children 1 1/2 to 10 years old. There are other great deals also available throughout the store for kids clothes, so it’s a great time to update their spring wardrobe.
Target: Save $5 when you spend $25 on “Easter must-haves.” Holiday merchandise includes Easter egg baskets and more. Additionally, you will save $10 when you spend $50 on clothes and accessories using the code STYLE10 as well as on toys with the code TOYS. You’ll also find sales on home decor and outdoor living.
Amazon: Amazon is having a series of amazing deals, from an extra 25% off men’s suits to up to 70% off jewelry, you’ll be able to take advantage of some great savings from the drop ship website.

Food

Dominos Pizza: For $5.99, pick any two or more on select items. You also still have a chance to take advantage of their Member Appreciation Week by earning double rewards through Sunday.
Applebee’s: Applebee’s is hosting a variety of specials this week. For one, you can enjoy two full-size entrees plus an appetizer all for just $20. You’ll also receive $5 off your first online order or app order as long as it is over $25 with the code 50OFF25.
Cracker Barrel: If you don’t have time (or don’t feel like) cooking this Easter, you can order an Easter meal to-go from Cracker Barrel. For just $109.99, you’ll get enough food to feed up to 10 people. You need to provide a 24-hour notice, and the offer ends Sunday. Learn more here.
Mimi’s Cafe: Mimi’s Cafe, which has multiple locations throughout the U.S., primarily in the southern regions, is also offering a take-home Easter dinner. Their offer feeds six to eight people for $89.99. If you would prefer to dine-in, their Easter special includes a three-course brunch on Sunday.

Last-Minute Travel Deals

Booking.com: You’ll find a variety of deals on Booking.com for up to 70% off hotels across the world. Check them out here.
Marriott: Take advantage of 20% off for last-minute traveling this weekend across the United States plus Canada and the Caribbean.
Travelocity: You’ll also find some weekend deals on Travelocity.com under their “Travel Deals” tab. From 40% off with a 24-hour sale to last-minute flight deals starting at $274, you shouldn’t have a problem finding discounts for your Easter trip.

Of course, you should also check out your local stores and shops for Easter deals and freebies. Even if it is just candy for the kids’ Easter baskets, now is a good time to get some Easter gear for cheap. Many restaurants often offer kids to eat free when you dine-in this weekend, so be sure to call and see what you can find.

Will you be following through on any of these discounts this year?

LuLaRoe Alternatives: Where to Find the Styles Cheaper

April 10, 2017 By Jennifer Clark Leave a Comment

LuLaRoe became a hit from their “comfort meets fashion” tagline, drawing women in from across the nation with their unique prints and irresistible material. But, if you have ever perused your friend’s LuLaRoe selection before (and we sense you have) you are probably aware that the clothes are not exactly cheap. So, where can you find LuLaRoe alternatives when you’re on a budget?

Cheaper LuLaRoe Alternatives

If you love the LuLaRoe brand but cannot always afford their clothes, these options may be the right fit (Ha! Get it?) for you.

Anges & Dora

Anges & Dora started in 2013 out of founder’s Buffy Bandley’s garage. The clothing company is similar to LuLaRoe in more ways than one, where independent sales reps sell clothes directly to consumers. Not to mention, their slogan is to bring comfort and fashion together while also empowering women, just as LuLaRoe strives to do. The two clothing companies are similar in price as well, but Anges & Dora wins at the lower price by a hair. For instance, A&D leggings are $22 and LLR’s are $25.

Viv

The Viv collection, available on Amazon, offers a series of styles from leggings to tops. Their clothes come in different sizes and patterns. Many compare this line very closely to LuLaRoe, but it comes at a little less than half the cost.

All For You

Another cheaper alternative to LuLaRoe is the company All For You (A.F.Y.), also available on Amazon. If you love the tops from LuLaRoe but hate the price, give A.F.Y. a try. Many are made of rayon and spandex, which is a similar material to LuLaRoe. However, even though their line comes in different colors, they do lack the interesting patterns. If you are OK sacrificing the interesting prints for price, you can still maintain that same look (and comfort) for less.

Amazon

LuLaRoe leggings are made of polyester and spandex, so you could essentially run a search on Amazon and see what comes up. You may run the risk of purchasing leggings that fall short of your expectations, but it may still be a cheaper alternative to LuLaRoe. For example, these Just One leggings not only come in different prints but are approximately $10-15 cheaper than LLR.

T.J. Maxx

T.J. Maxx chains carry a variety of fashion and home decor brands at a discounted rate. By recognizing what sells and staying up with the trends, they have been able to maintain success. One of those trends they seem to recognize is the LuLaRoe brand. When digging through their extensive leggings and pants section, you’re likely to find a few pairs of leggings that feel practically (if not exactly) the same as LLR.

Facebook Flea Market Pages

Sometimes, people go a little overboard on LLR gear and decide to sell items they rarely wear. If you would prefer the actual LuLaRoe brand over alternatives, your local Facebook pages may be a good place to hunt some down.

Related Articles:

Is LuLaRoe a scam?
What is the LuLaRoe Business Model?
What Does it Take to be a Successful LuLaRoe Consultant?
Commonly Asked Questions About Being a LuLaRoe Consultant
Is LuLaRoe Worth The Price?
Is LuLaRoe a Mormon Company?
LuLaRoe Startup Costs
Is LuLaRoe a Pyramid Scheme

Are you a fan of LuLaRoe? What LuLaRoe alternatives would you add to the list?

Photo credit: Hiram Robles