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Bridging the gap between saving money and investing
Nowadays, people are more reluctant than ever to put all their savings into investment. There’s no denying that everybody’s main goal when investing is to make money fast, but factors such as the lack of accurate or approachable information and the fear of losing all their money may hold people back from stepping up and initiating their investment efforts. [Read more…] about Top 5 Paying Jobs In Real Estate Investment Trusts
Are you planning to move to Boise, Idaho anytime soon? Well, you will have a lot to adjust to when you do. Idaho is a landlocked state located in the northwestern region of the United States. Idaho is bordered by Washington and Oregon to its west, Nevada, and Utah to its south, Montana and Wyoming to its East, and Canada to the north. Just under 230,000 people live in Boise, Idaho. The potato is the state’s number one agricultural cash crop. The potato industry in Idaho was worth over $1 billion in 2020. Idahoans are potato crazy – on New Years’ they drop a giant potato symbol to ring in the new year. And when you eat French fries or tater tots, make sure you ask for “fry sauce,” which is a proprietary mix of ketchup and mayonnaise. Sodas are called “pop,” and not soda. Moving to Idaho could make you an unwitting criminal due to some archaic but unenforced laws. Just in case, don’t ride a merry-go-round carousel on Sundays or give someone a box of candy heavier than 50 pounds. And hating the rock band Nickelback seems to be a civic requirement in the state, so you are warned. Are you still interested in moving there? So, what is the minimum wage in Boise, Idaho?
Before you pack the U-Haul trailer, let’s talk more about the minimum wage in general, the minimum wage in Boise, Idaho, and some other states.
A minimum wage is the municipal, state, or federally required dollar amount that must be paid as a baseline salary for workers.
For example, the minimum wage on the federal level is $7.25. About 29 states have the same minimum wage. However, the federal minimum wage has remained unchanged since July 2009.
What you should keep in mind is that a state or municipal minimum wage can be lower than the federal minimum wage. There are two American states that pay wages a lot lower than $7.25 per hour.
The states of Wyoming and Georgia both pay a minimum wage of $5.15 per hour.
The minimum wage in Boise, Idaho is the same as the federal minimum wage – currently $7.25 per hour.
State legislation has recently been introduced to raise the minimum wage in Boise, Idaho to at least $15 per hour by 2023. The success of such legislation will not be known for some time.
The cost of living in Idaho is relatively lower than in other states. The typical rent ranges between $900 to $1,300. And you can buy a home for as low as $221,000.
A living wage is the amount of money you would need to make relative to the minimum wage to live a comfortable lifestyle. A single adult with no children would have to make at least $23,000 to $42,000 to live comfortably in Idaho.
If you were single with three children, you would have to make at least $76,000 annually. A household with two heads of household and three children would need to make at least $97,600.
Boise, Idaho is considered one of the most affordable, best, and safest places in the United States to live and raise a family. And Boise, Idaho features mild winters and summer and offers numerous opportunities for outdoor adventures all year round.
If you like peace and quiet, Boise, Idaho may be the right place for you. In some areas, there are less than three people per square mile due to the city’s low population density.
The minimum wage in Boise, Idaho is low but could be workable for you since the city has a low cost of living standard. But there are nearby states with higher minimum wages.
The minimum wage in Washington state is $13.69. And the minimum wage in Oregon is $12 per hour. You may want to also look into moving to these two states which also feature a relatively lower cost of living.
The point is that you should save (possibly from apps like SaverLife), create a budget, consider contingencies, investigate employment prospects, and do a lot of planning before you move to a new state.
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Cashback means “money back.” In detail, this means the amount of money that a customer gets back for a purchase or a contract. This amount of money is usually made up of the net price of the product or service purchased, and the cashback rate of the cashback site used. The easiest way to explain it is with the following example: [Read more…] about What is Cashback? How Does Cashback Work?
One old dirty trick is still with us. However, other financial matters are changing quickly. Check out this week’s financial wrap.
The phone rings. Caller ID shows a Washington, D.C. number. You answer and an official-sounding recording says you are in trouble with the Internal Revenue Service (IRS). Or, your social security number has been used in criminal activity. You need to respond quickly.
You are on your way to losing money to a scam artist if you obey the instructions.
“Consumers reported losing more than $3.3 billion to fraud in 2020, up from $1.8 billion in 2019,” states a report from the Federal Trade Commission. “Nearly $1.2 billion of losses reported last year were due to imposter scams, while online shopping accounted for about $246 million in reported losses from consumers.”
The IRS and social security scams have been around for years. But now the same techniques are being used to take advantage of fraud related to COVID-19.
The crimes include stealing unemployment benefits, stimulus checks, fake COVID treatments, and bogus charities.
The tried and true template for all these frauds is the IRS phone fraud. Although it can and has been carried out with texts and emails.
With IRS phone fraud, you get a call like the one detailed above. Fear is a big part of the scheme’s success.
The call seems official because it comes from a Washington, D. C. number. However, scammers spoof calls. That is where false information is used to make the call appear to come from a legitimate source. Some phone providers even offer spoofing services that work like prepaid calling cards.
“Government agencies like the Internal Revenue Service (IRS) or the Social Security Administration (SSA) won’t call, text, or email you out of the blue to demand payment right away,” writes FTC Attorney Emily Wu in an agency blog post.
“The IRS doesn’t initiate contact with taxpayers by email, text messages or social media channels to request personal or financial information,” the service says.
To help consumers, the IRS has posted a list of current scams.
To report a scam call, email or text, contact the FTC.
Here is how the FTC suggests you handle a government imposter call.
You may have heard semiconductor chips are in short supply. The chip drought will short circuit any ideas you had about getting a bargain on your next car.
Semiconductors make up around forty percent of the cost of a new car, according to consulting firm Deloitte. Without them, modern automobiles can not function properly. Auto manufacturers around the world have slowed production as a result of the shortage. That means fewer new cars are coming to market.
Check out Saving Advice’s look into the semiconductor shortage and the impact it will have on your wallet. Our special cover will be available in Sunday’s edition.
The surge in IPOs that began last year has charged into 2021 and is rising. Meanwhile, small investors are able to join the stampede.
Companies raised $174 billion on 494 offerings in 2020, according to FactSet, a financial data and software company.
“In aggregate, IPOs raised $174 billion in 2020, a 150% increase over 2019,” according to FactSet.
The number of companies raising over $1 billion set a record at 28. DoorDash and Airbnb both exceeding $3 billion.
This year is shaping up as an IPO tsunami. Through mid-March, 302 IPOs have raised 102.3 billion, according to Dealogic.
The only sour note is the recent downturn in Special Purpose Acquisition Companies (SPAC).
SPACs are often called “blank check” companies. They are shell companies. These companies raise money through a stock offering to invest in other companies.
SPACs joined in the IPO surge last year. They now have an estimated $1 trillion in buying power, according to Business Insider. However, average SPAC returns are minus 34 percent between January 2019 and June 2020. Many are trading below their IPO price. Consequently, the market seems to be cooling.
IPOs have long been reserved for wealthy and institutional investors. However, SoFi is trying to change that. The investment company is offering IPOs to clients with $3,000 or more in their account. Robinhood is planning to do something similar.
Soon, you may be asked to show your passport when you attend public events. No, not that passport. The one showing you have been vaccinated against COVID-19.
The Biden Administration is considering “vaccine passports”. These credentials would be displayed on free smartphone apps or printed.
The White House, various tech companies, local governments, and universities in the United States are trying to develop a credentials plan.
Internationally, the World Health Organization (WHO) is exploring vaccination passport ideas.
Several airlines are testing a digital travel pass developed by the International Air Transportation Association.
The European Commission is contemplating a “digital green certificate”. The voucher would be for travel within the European Union. It would be proof of vaccination, a negative COVID test, or a previous infection.
Countries and organizations are researching or have announced plans to implement vaccination passports.
Israel is developing a “green pass” to travel. In Demark, a “Coronapas” will be required to enter hair salons, movie theaters, and restaurants, according to the BBC. Meanwhile, Sweden, Estonia, and Greece are also considering issuing vaccine passports.
The potential for chaos is great.
The Federal Health IT Coordinating Council cited the need for one coordinated plan to avoid confusion.
The council stressed that “A chaotic and ineffective vaccine credential approach could hamper our pandemic response,” The Washington Post reported.
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Gas prices, consumer spending on home remodeling, and travel are on the rise while GameStop continues its wild ride and the United States moves closer to issuing a digital currency.
From February to mid-March, gas prices across the United States rose 40 cents per gallon to $2.86. Though prices leveled off this week to an average of $2.88 a gallon, analysts seem more price increases ahead.
“A dip in demand along with a simultaneous increase in supply and refinery utilization has contributed to slower movement in gas price increases,” said Jeanette McGee, AAA spokesperson. “On the week, 32 states had increases of only 3 cents or less. This does not mean gas prices have hit their peak, but is a positive sign for consumers.”
The prime mover in the price of gas at the pump is almost always the price of oil and consumer demand.
In 2020 demand plummeted as the pandemic raged. Oil production was exceeding demand by 3 million barrels a day, according to Forbes. High supply meets reduced demand equals lower prices.
All that changed earlier this month when OPEC+ announced at its March 4 meeting that the cartel is reducing oil production. Saudi Arabia alone has cut one million barrels of oil per day (BOPD). A barrel equals 42 U. S. gallons.
Prior to OPEC+’s actions, U. S. refinery utilization dropped to 56 percent. That was a result in small part due to reduced demand. However, the major cause was the massive storm that hit Texas in February.
Even with the refineries recovering, experts see gas prices being elevated for the near term.
“The sustained OPEC+ production curtailment through April suggests that supply will remain constrained in the near term, even as demand continues to increase,” according to the U. S. Energy Information Administration (EIA). “As a result, EIA expects that further inventory withdrawals to meet rising crude oil demand will keep crude oil prices elevated through at least the end of April.”
Writing in Oilprice.com, David Messler, who worked in oilfields on six continents, also sees oil prices leveling off.
“For gasoline, the primary motor fuel used in the U.S. moves gradually higher in the second half of 2021, and then moderates in 2022, just below the levels of 2019,” Messler wrote. However, his long-term view is less optimistic for consumers.
“Long-term we are expecting a spike in crude prices as shrinking supplies fail to meet rising demand,” wrote Messler. If he is right, that means you will be paying more at the pump down the road.
Around the world, people are traveling and planning to travel for leisure again. In response, hotels, airlines, and cruise ships are cutting prices, expanded bookings, and relaxing cancellation policies.
The World Trade Organization, International Air Transportation Association, and hospitality research firm STR all agree that 2020 was the worst year in the travel business.
However, 2021 and beyond are looking much better.
According to a recent report by Tripadvisor, bookings for domestic travel are on the rise now with international travel picking up steam from May on.
The travel platform noted that about 70 percent of leisure bookings the first week in January were for domestic travel. May through August are the most popular months. Eighty percent of Americans surveyed planned at least one overnight leisure trip this year. About one-third said they were planning three or more domestic trips in 2021.
The rollout of COVID-19 vaccines has been cited as the main reason people are traveling again for pleasure. Seventy-seven percent of those surveyed globally say they will travel internationally if they get the vaccine. In the U. S. the figure is 80 percent.
“Consumer appetite for travel is as strong as it has been since the start of the pandemic and, as our data shows, many people are already actively planning their next big trip – even for trips more than four months out,” said Shibani Walia, senior research analyst, Tripadvisor.
Not all business suffers in a pandemic. Delivery companies are prospering with FedX and UPS posting higher earnings. Amazon and Walmart have also increased profits. And there is a boom in the remodeling industry.
The market for new homes has tightened during the pandemic. Many people found themselves priced out. They turned to remodeling in an effort to:
Harvard University’s Center for Housing Studies, through its Lending Indicator of Remodeling Activity (LIRA), tracks home improvement trends.
LIRA spotted the increase in home remodeling in 2020 when spending on such projects reached $339 billion. The boom is projected to continue in 2021 to $352 billion, according to LIRA.
For a detailed examination of the remodeling boom and its impact on you, your wallet, and how you live, read Monday’s article in Saving Advice.
This was the week veteran Wall Street value traders were expecting GameStop to get its comeuppance. Instead, it got renewed support and saw a continued changing of the guard.
After dipping 34 percent by the close of Wednesday, GameStop stock made up its losses Thursday. Investors started buying again at around $125 a share. The price rose 53 percent.
GameStop closed Friday at $178.84 a share, down about $5 a share.
GameStop stock was beaten down the first three days of the week on expectations that Wednesday’s earnings report would be dismal.
Analysts expected GameStop to hit $1.35 per share on revenue of $2.21 billion. Instead, it earned $1.34 per share on revenue of $2.12 billion.
One bright spot was the company’s announcement that e-commerce sales increased 175 percent last quarter. That accounted for one-third of the company’s revenue for that period.
GameStop has been shifting emphasis to e-commerce in the last five months. To facilitate that pivot, the company recently hired Jenna Owens as its new chief operating officer. She is a former Amazon and Google executive.
More good news came for GameStop Thursday. It was picked as a buy recommendation by short-term stock analyst firm Zacks Rank.
The Federal Reserve’s interest in developing its own cryptocurrency is picking up steam.
Lael Brainard, Federal Reserve Board Governor, told a conference at the Stanford Graduate School of Business the central bank is currently exploring all aspects of digital currency,
The Fed is not alone in its interest in cryptocurrencies. Most central banks around the world are either researching or creating their own digital currencies, according to a survey by the Bank of International Settlements.
Increasing the interest of the Fed and other central banks is Facebook’s proposal to introduce its Libra digital coin as a new global settlement currency. The idea is to back the Libra with existing monetary reserves, primarily the dollar.
It’s the idea that Libra could replace national currencies in international commerce that has drawn the interest of central banks. The fear is that a private company with that sort of monetary control could have political leverage over nations.
Not referring to Facebook or Libra, Brainard noted risks in private companies having too much influence.
“Some of the new players are outside the financial system’s regulatory guardrails, and their new currencies could pose challenges in areas such as illicit finance, privacy, financial stability, and monetary policy transmission,” Brainard told the Stanford conference.
It’s early and there is still a long way to go, but an upswing in travel and single-family renovations are positive economic signs. High gas prices look like they are here for a while. GameStop continues its gyrations and U. S. national cryptocurrency seems on the way.
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If you are one of the 40 million Americans laid off during the pandemic, you know what a blow that is to your finances and self-esteem. But it may also be one of the best things to ever happen to you. You can make your pandemic lay-off a plus.
“What doesn’t kill you makes you stronger,” is an old saying. It applies to fighting through a COVID layoff.
You are stronger now than you were before COVID-19 because you’ve had to be. It is important to remember that. The pandemic is fading, the economy rebounding, and the job market reopening. Now is the time to make your pandemic lay-off a plus.
There are two important things to consider if you have been laid-off.
The first is time. Now you have more of it. Americans devote 90,000 hours of their lifetimes to work. Taking a few of those hours to get a perspective on your life and career is invaluable.
Secondly, is the opportunity to take control of your career path. Because you have only worked in one field, you may feel your options are limited. However, If you want to change your career, now may be the best time to do it.
But what if you can not figure out what you really want to do the rest of your life? Daydream.
Author Neil Gaiman has said most of his ideas come from letting his mind wander.
Think about what gives you the most joy and fulfillment. Let that ruminate in your thoughts and see what comes out.
The work environment and some jobs have changed during the pandemic.
Ambika Nigam is the founder of Zeit, a platform to help people “pivot” from one career to another. Working with his clients, Nigam told Fortune Magazine he has learned the pandemic has brought about several changes in employment.
Changing or continuing your current career path will require personal marketing. Here are a few suggestions.
| Platforms | Best For: | |
|---|---|---|
| Fiverr | Finding Freelancers | |
| Bark | Finding Unique Freelancers | |
| Appjobs | Gig Economy Professionals |
Taking care of yourself is also important. Get outside every day. Stay connected to family and friends. View this time as your new opportunity to plan the future you want.
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