"The two most beautiful words in the English language are: "Check enclosed."" - Dorothy Parker

SavingAdvice.com Blog

Bridging the gap between saving money and investing


Join Now or Login



Work

The Best Hotspot Device: Finding Convenient Free WiFi

By Leave a Comment

best hotspot device

Few things are more frustrating than being unable to access the Internet, especially when you need to make a conference call or sift through hundreds of pages of data immediately for work. You don’t have to be a digital nomad to appreciate the convenience of a WiFi hotspot. However, choosing the best hotspot device takes a little more than just connecting to the internet, and it can get overwhelming.

Choosing the Best Hotspot Device: Which Service is Most Affordable?

One of the most confusing parts about choosing a hotspot device, is figuring out just how much you’re going to pay. Between the cost of the device itself and the monthly service fees, you could find yourself wondering if working on-the-go is even worth it.

Fortunately, you do have options. If you’re looking for a reliable, safe, and affordable hotspot device for those days you’re working (or even hanging out) away from home, here’s how the leading providers stack up.

FreedomPop

You can’t really beat free when it comes to WiFi access, especially if you can get free and avoid depending on the WiFi your local coffee shop provides. You pay $9.99 for the device (which is significantly cheaper than most hotspot devices) and you get 500 MB of 4G free data every month, powered by Sprint’s national network. The only real downfall of FreedomPop’s hotspot devices, is that many people wonder if it’s actually legit. (Short answer — it is.)

If you need more data, upgraded plans include Premium 3 GB FOR $28.99 per month up to Premium 10 GB for $74.99 per month.

Pros

  • Free data
  • No contract required
  • Inexpensive hotspot device

Cons

  • Only 200 MB per month is free

Verizon Wireless

A mobile hotspot device with Verizon Wireless starts at $29.99 with a 2-year contract for the Ellipsis Jetpack MHS900L. Devices can cost as much as $99.99. Then, the hotspot services are available for $15 a month for 1 GB, and if you need to add data, it’s 1GB for each GB.

Pros

  • Well-known service provider

Cons

  • Contract required
  • Expensive devices + monthly fee
  • No free option

AT&T

You can purchase an AT&T stand-alone device for WiFi without an annual contract, but the devices can cost anywhere from $199.99 to $349.99. There are three plans to choose from for service, which cost $25 for 2 GB, $50 for 5 GB, and $75 for 8 GB per month.

Pros

  • Well-known service provider
  • No contract required

Cons

  • No free option
  • Expensive standalone devices + monthly service

T-Mobile

If you don’t need to access your WiFi hotspot all the time, you can prepay for data with T-Mobile. For instance, if you just need a hotspot for one day, it only costs $5 for up to 500 MB of data. Otherwise, you can pay for plans that offer up to 3 GB of data for a month at $30. For continuous service, the least expensive plan is $20 per month for 2 GB of data, and it goes up to 22 GB of data for $95 a month.

It’s important to note that the mobile hotspot device, the Alcatel Linkzone, can cost you as much as $72. And this is without any service added.

Pros

  • Pay as you go plans
  • Inexpensive options only $5

Cons

  • Expensive hotspot devices
  • No free option
  • Contract required for ongoing service

Which Hotspot Device is Best for You?

Each of the leading Wifi hotspot devices has their benefits. However, the additional monthly fees can add up, and in most cases, buying a standalone hotspot device costs you hundreds of dollars more.

As you can see, FreedomPop and its free WiFi plan is beating out most of the leaders in terms of providing service and devices that are affordable and free of limiting contracts. (Currently, you can try it out the 2 GB plan with a 14-day free trial. You can decide after that if you want to upgrade or downgrade to the free WiFi plan.)

Because the free data plan is only 200 MB, there’s a good chance you’ll need to upgrade. Depending on your needs, you could be better off with service with Verizon or AT&T. If you prefer the lowest priced hotspot device, after FreedomPop, Verizon Wireless is the least expensive.

Further, T-Mobile is the only service providing the option of one-day access. This could be the most cost-efficient for you if you don’t regularly need a mobile hotspot.

Do you have a hotspot device? Share your experience with us in the comments below.

Read More

Living on Campus vs. Commuting Which is Cheaper?
How to Make Money Recycling Phones
58 Resources for Digital Nomads to Make Money

Independent Contractor vs. Employee: Which Are You?

By Leave a Comment

contractor vs employee
When you first ponder the difference between being an independent contractor vs. employee, no large differences may come to mind. Normally, these individuals do a lot of the same work. Many times side-by-side in the same company. However, there are very important legal differences between the two employment statuses. So, before you take the gig labeling you as an independent contractor, here’s what you need to know.

What Defines an Independent Contractor?

If you’ve never been hired as an independent contractor, you may be wondering what the difference is. According to the Internal Revenue Service, businesses must examine the relationship between their organization and the worker to determine whether they are an employee or a contractor.

Worker classification is important to the IRS because it decides whether or not an employer is required to withhold income taxes, Social Security, Medicare and unemployment tax on wages paid to an employee. Payments made to independent contractors do not have these items withheld. Instead, they are required to file as self-employed and will need to save money to pay their taxes.

When it comes to the work being done, there is a slight difference between an independent contractor vs employee. Technically, an individual is an independent contractor if the employer only has the right to control the direct result of the work. They will not control what will be done or how. Determining your employment status will depend on the facts of your specific situation. There are also three areas that may help you determine your status.

How To Determine Your Status

  1. Behavioral Control: As stated above, if an employer directs or controls the work performed by an individual, then they are an employee. This type of job will have involved some type of training and will generally have guides and rulebooks.
  2. Financial Control: Generally, employers will invest time and/or money into an employee. The same isn’t always said of an independent contractor. There is often the opportunity for loss, as well as profit. They are generally paid a flat fee instead of an hourly rate or salary.
  3. Working Relationship: Businesses providing benefits for individuals who work there tend to hire employees, not contractors. There is also a sense of permanency to the working relationship between the employer and employee. If a contract is present, you are likely an independent contractor, though this isn’t always the case.

Independent Contractor vs Employee

Those aren’t the only factors though. The chart below lists some distinct (and important) differences between being a contractor and an employee.

EMPLOYEE INDEPENDENT CONTRACTOR
Generally only has one employer. May provide services to multiple businesses at one time.
Has a set schedule for work. Sets their own schedule.
There is a location for an office that he/she travels to for work. Has a home office or pays for office space.
Oftentimes, employees receive benefits like health insurance. No benefits, like health insurane or 401K, are redeemed by contractors.
Directly under the control of the employer. Works independent of the employer.
Under the control of the employer, an employee does tasks as they were trained to do them in the workplace. Has complete control over how projects are completed.
Doesn’t usually spend money or invest in work. Will incur costs associated with work and may invest money into furthering education or items needed for work.
Employees have general experience and education. They receive further training on the job. The entire work relationship is built based on prior experience and education.
Income tax, Social Security and Medicare tax are withheld from pay. No taxes are withheld from pay. However, contractors are encouraged to file taxes quarterly instead of annually, which can be an added stress.
Employees are eligible for unemployment benefits if laid off. Contractors are not eligible for unemployment.
Worker’s compensation is available if an injury occurs on the job. They are unable to collect worker’s comp.
Employers have to have a good cause to fire you and give notice, unless you live in an “at will” state. Unless a term is specified in the contract, the employer can fire you at any time.
Compensation for employees is covered under federal and state wage laws (minimum wage and overtime). Contractors are only paid in the terms of their contract. No overtime hours are paid.
There are workplace safety and discrimination laws protecting employees. Independent contractors are not protected under employment laws mentioned to the left.
In some states, you may have the option to join a union. There are generally no unions for independent contractors. However, some independent unions may be formed, such as The Freelancers Union.

Do you know whether you’re an independent contractor or an employee yet? The IRS has a portion of its website dedicated to small businesses and self-employed individuals with helpful resources.

Benefits of Being a Contractor

The biggest benefits of being an independent contractor compared to working as an employee have to do with opportunity, time, and money. First, most employees are required to work a full 40 hours per week and aren’t able to work for competing companies. Contractors don’t have those limitations. If they are contracted for a project with a media company and another media company approaches them for work, they can take it (as long as their contract doesn’t explicitly say they can’t).

The next perk is being able to set up your own schedule. Contractors are able to pick up side jobs and additional work because they are able to create the hours they work.

Contractors also normally come with a pre-determined price tag. They have a set hourly rate or they will quote employers on a project. This leaves room for negotiation in pay.

The Downside

Although that all sounds great, there are a few downsides to being an independent contractor. The first downer is you don’t normally get benefits and they can be difficult to purchase and set up on your own.

Job security can also be an issue with contractors. Even though they have the power to “create” work for themselves, employers can end their contract at any time. It also lands on the contractor if anything goes wrong with a project, meaning they will have to pay for time and inventory lost.

Lastly, doing your taxes as an independent contractor can be tough. It seems great when you get a full paycheck with no taxes withheld but Tax Day comes faster than you’d think and you will pay.

Perks of Having Employee Status

There are no real costs to having employee status. You won’t likely have to pay any startup costs or any costs associated with your place of work.

On top of that, employees are given a steady pay rate (either hourly or salary). Oftentimes, they are also awarded bonuses if a project goes well. This is a reliable source of income that contractors don’t always have.

As mentioned above, employees also have access to benefits like health insurance and 401K accounts through their workplace. Some companies offer even more including things like a gym membership, food vouchers, and paid travel.

Another perk is getting is having the opportunity to work with and collaborate with other people. Many independent contractors work in solitude. You’ll also have room for advancement as an employee, whereas a contractor is simply working to better his/her own business.

Cons of Being an Employee

One downside of being an employee vs an independent contractor is you have no rights to your intellectual property. This means that any idea you come up with, project you complete, or graphic you design, belongs to your employer. Contractors generally retain these rights.

Another potential downer when it comes to being an employee is working that 9 to 5 every single day. Having the ability to make your own schedule can be liberating.

Finally, employees can hit a point where they aren’t able to make any more money and they aren’t able to climb the corporate ladder any further. Contractors are always able to call clients and get business rolling if they need to make more. Not to mention, they name their own price.

Readers, did you know all the differences between an independent contractor vs employee? Which are you?

Read More

10 Cities with the Best Job Markets

By Leave a Comment

best job markets

If you’re thinking about relocating, finding one of the cities with the best job markets is a must. Otherwise, you may find it difficult to remain in your new home or handle basic expenses.

Luckily, the U.S. economy has largely recovered from the crash of 2008, increasing your total number of options. But, if you want to find a city with one of the best job markets, you might want to start with one of these 10.

1. Fargo, North Dakota

Fargo has below-average unemployment, meaning many businesses can’t find the workers they need. Plus, skilled jobs that don’t require college degrees are fairly plentiful and offer reasonable salaries.

2. Columbus, Missouri

A combination of low unemployment and steady job growth make Columbus a great destination for job seekers. The number of available industries is also increasing, and a rising technology sector is ideal for IT professionals looking to get in on the ground floor.

3. Oshkosh, Wisconsin

With an exceptionally low average commute and reasonable cost of living, Oshkosh is convenient and affordable. The economy is diverse, although a strong forest products sector makes it great for manufacturing professionals.

4. Honolulu, Hawaii

Aside from being a beautiful city, Honolulu’s growth in the real estate, construction, and law sectors creates new opportunities for job seekers. The cost of living can be high, however, so you need to take that into account.

5. Ames, Iowa

Thanks to Iowa State University, technology and engineering companies chose to make Ames their home. Plus, the city is fairly affordable, ensuring your hard-earned dollars go further.

6. Lincoln, Nebraska

Lincoln has become a haven for young professionals and entrepreneurs. The business community is also highly collaborative, speaking to the culture of the area.

7. Lewiston, Idaho

The only seaport in Idaho is in Lewiston, making it a great home for manufacturing businesses. A booming health-care sector and a rise in the educational services industry has also led to a range of opportunities.

8. Des Moines, Iowa

Des Moines offers a diverse job market. Opportunities exist in finance, insurance, construction, real estate, technology, and more.

9. Wausau, Wisconsin

Accounting, sales, and technology professionals may want to call Wausau home. The city has a small town feel and below average commute times, making it an excellent option for a low-stress lifestyle.

10. Minneapolis

For those who prefer big cities, Minneapolis is ideal. The area is full of opportunities, amenities, and attractions, making it highly attractive.

Ultimately, the cities on this list have some of the best job markets around. If you’re thinking of relocating, make sure to check them out.

Readers, have you ever lived in any of these cities — or are you contemplating moving there? Tell us about your experience in the comments below.

Read More

Looking for more career articles? Here are a few to get you started:

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.

 

Side Hustles That Might Make You $100 in a Day

By Leave a Comment

side hustles

Some side hustles are too popular for their own good: when too many people are all doing the same gig — like driving for a ride-sharing company — the excess competition makes it harder to make enough money.

Pick something that isn’t oversaturated and you open up the possibility of making $100 per day you’re on the job. Here are some possibilities that don’t have too much competition.

Trivia Event Hosting

Many bars host trivia nights and the ones that aren’t fully automated actually need human hosts. Typically, you’ll only have to dedicate one night a week per bar — pitch multiple establishments to fill up your schedule.

Children’s Sports Coaching

A lot of cities have sports leagues for children, and many of them need coaches. If you were a star player in high school, consider exploring this fun opportunity.

If you don’t want to coach, you can also see if you qualify to be a referee. This has a lower level of commitment, since you only need to come to games; and it can still be very enjoyable.

Website Testing

If you enjoy providing feedback, being a website tester is a great option. Sites like User Testing pay people to assess the user friendliness of different companies’ websites. All you need is a computer and a microphone to participate; also, the screening process is quick and simple.

Sign Spinning

Every one of those people who spin signs on street corners is likely being paid. The work is simple, although somewhat physical, and you can often listen to music while you twirl away.

Thrift Store Reselling

Shopaholics can put their drive to good use by reselling thrift store finds. All you have to do is find high-quality items, such as designer clothing, and resell them through sites like Amazon or eBay.

Sell Crafts

Sites like Etsy make it possible for crafters to sell their creations. Nearly anything handmade is a potential product. Plus, you can set your own prices and receive shipping discounts through the site, ensuring your items get to their new homes quickly.

Dog Walking

If you love dogs, being a dog walker might be an ideal side hustle. Generally, you take each pet out for between 30 minutes and an hour. If you walk dogs in groups, you can easily earn $100 in one or two outings.

Do you have a profitable side hustle? Tell us about it in the comments section beneath this post.

Read More

Looking for more great side hustle options? Check out these articles:

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.

12 Reasons to Consider a Pay Cut

By 19 Comments

Reasons to Consider a Pay Cut

We are almost hardwired to pursue ever increasing pay levels. Each job should, ideally, give us a salary bump. Yearly evaluations should result in increased wages. In pursuit of ever higher pay, we sometimes miss out on opportunities in life that require us to take a pay cut or to forego money entirely for a time. But to pursue anything other than higher pay goes against what we’ve been taught. But is a pay cut always a bad thing? Not necessarily. Even involuntary pay cuts can turn into blessings.

Reasons to Consider a Pay Cut

Taking a pay cut is never easy but if you have sound reasoning behind it, it could change your life for the better. Now, if you need every cent you currently make the thought of any reduction in pay can bring on panic. But for many of us there is some room to do things that pay less than our current jobs, or to forego a raise if we can get something even more valuable. Here are some reasons to consider a pay cut:

  1. To take a job you love: If you have the chance to do work you love, to work with people you love, or in a place you love but you have to take a pay cut, you have to ask yourself which is more important: Overall happiness or money.
  2. To start your own business: If you want to go out on your own, you’ll probably have to work for less than you’re used to, at least in the beginning. The upside is that you may end up making far more later on and you’ll be doing work that means something to you.
  3. To get better hours: If taking a pay cut means that you can stop working nights, weekends, uncompensated overtime, or holidays, it may be worth it if you value free time and normal hours over money.
  4. To trade pay for more vacation time or other benefits: Sometimes a job offer will come with less pay, but better benefits such as more vacation, better insurance, a good employer 401k match, or stock options. In this case you may find that, although your actual pay has gone down, your overall compensation has increased. If these benefits are worth it to you, the pay cut is a good idea.
  5. To take a sabbatical: You may reach a point where you decide to take the family to live in Europe for six months or to pursue some long held dream. You may not have to quit your job, but you will likely have to agree to greatly reduced pay, or no pay at all. If the reason for the sabbatical is important to you, giving up your pay may be the only way to go.
  6. To move to a lower cost of living area: If you want to move to an area with a lower cost of living, you’ll likely have to take a pay cut. The good news is that you won’t need as much money since your living expenses will be reduced in the new area. This can result in a much bigger savings opportunity over the long term.
  7. To take a “learning job”: If you want to change careers, you’ll probably have to take a pay cut to get your foot in the door with an entry level job. However, you’ll be learning the ropes of your new career so it may result in more opportunities later on.
  8. To get a job in lean times: In tough economic times you may have to take a pay cut just to get a job. When jobs are hard to come by, you may have to take what’s offered no matter the pay. Some pay may be better than none.
  9. To keep a job in lean times: In tough economic times, many employers slash or freeze pay. If your only choice is to quit without another job lined up, you may have to just take the cut until things turn around.
  10. To get a shorter commute: A shorter commute can save you a ton of gas money. If you can get a shorter commute your lower pay may be offset by your gas savings. You’ll also have more free time and maybe be able to sleep a little longer in the morning. That’s worth more than money.
  11. To get a better chance to move up: If your current job doesn’t have many opportunities for advancement, you may have to find another employer. This can result in a pay cut, but if there are more opportunities for advancement you may be better off in the long run.
  12. To save your health (physical or mental): If you hate your job or your boss is a toxic SOB, you may be better off taking a pay cut to go somewhere else. Your mental health is worth more than money. Similarly, if your job isn’t safe or you work around toxic materials, you may be better off leaving to do something else. You can’t replace your physical health.

Not everything has to be about money. Yes, it’s nice to get a raise. Extra money can give you more breathing room or a chance to afford some things you’d like to have. However, there are cases, unique to every individual or family, where a pay reduction may not be the disaster that we’ve been taught it is.

Photo: José Carlos Cortizo Pérez