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How To Make Your Pandemic Lay-off a Plus

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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.

You Are Stronger Now

“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.

Now Is Your Time

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.

Expand Your Career Choices

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. 

A New Economy With New Opportunities

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.

  • Jobseekers and employers are looking to connect the job/employee to a mutual purpose.
  • Geography is no longer a barrier to employment. Even before the pandemic, some employers in high-cost areas were encouraging remote work. Now it is almost the norm in many industries.
  • Adaptability has become more important. Before the pandemic companies looked for a more focused mindset. Now they are looking for people who are flexible in their thinking.
  • Job candidates with a variety of skills and knowledge are more sought after. If you have trained across several disciplines, you may have greater value.

Marketing Yourself for the New Job Market

Changing or continuing your current career path will require personal marketing. Here are a few suggestions. 

  • “Pace yourself,” says Meredith Stoddard, Vice President of Life Events Planning at Fidelity Investments. “Decide how many hours a day you’ll dedicate to job searches, networking, interviewing, and self-discovery.”
  • You want to show a prospective employer you have kept up or added skills. Thanks to online learning, you can take courses and attend free webinars. Many classes offer free certification.
  • Upgrade your resume and Linkedin profile. Searching Linkedin contacts may lead to an interview.
  • Social networking can also help. Both Linkedin and Facebook host professional groups that may present job opportunities.
  • Work from home while you look for permanent employment.  Some job boards that try to screen for legitimate work include FlexJobs.com; Remote.co, and WAHVE.com.
  • You can also sign-up to these Freelance Marketplaces
PlatformsBest For: 
FiverrFinding Freelancers
BarkFinding Unique Freelancers
AppjobsGig Economy Professionals

Conclusion

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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The Weekend Financial Wrap: Your Next Job, Your Home Values, and Your New Opportunity

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Weekend Financial Wrap

If you are unemployed, your chances of getting a job are improving; your house is probably worth more, and you now have an unprecedented chance to own a valuable collectible.

You may have thought the high cost of investing in collectibles, such as art, was too expensive. However, there is a new collectible market you can afford and it is booming. We are talking about NFTs.

What Are NFTs

An NFT (Non-Fungible Token) represents ownership of a unique item on a blockchain. They can be digital files, such as GIFs, JPGs, MP3s, videos, and more, representing art, music, sports cards, and other creative works. 

NFTs have grown into a sizable market. Messari, an online database for the crypto industry, estimates NFTs sales for 2021 will exceed $1.3 billion.  

This month digital artist Beeple (real name Mike Winkelmann) made headlines when his digital collage sold for $69 million at a Christie’s auction. The price tag not only set a record but signaled the arrival of NFT art in the mainstream.

NFT Opportunity

Don’t have a spare $69 million to layout on an NFT? Not to worry. The average price of an NFT is about $2,000. A few sales, such as Beele’s, drive the average up. Most NFTs can be purchased well under $1,000. 

Some artists regularly sell NFTs for a couple of hundred dollars or less. Sports NFTs can go for six figures, but many can be had for under $10. Then there are brands. Taco Bell recently sold a drop of 25 product NFTs for $1.60 each. Within a couple of days one of those sold again for $20,000.

Hot To Buy NFTs

First, understand that when you invest in an NFT, you are actually purchasing a token that establishes your ownership. It’s like a title to your car.

Because they are part of blockchain technology, NFTs must be purchased on specific sites. Some of the most popular include:

  • Rarible – The world’s largest NFT platform. It sells mostly small pieces of digital art for hundreds of dollars and less.
  • OpenSea – Artwork here tends to be higher priced than Rable. It also sells trading cards and domain names.
  • VIV3 – Here you can find a variety of art in low to high price ranges and sports NFTs.

Bottom Line on NFTs

If you want a piece of the NFT market, look for quality and rarity. The best advice is to buy what you know. If you follow sports, but do not know anything about art – stick with sports reels and cards.

Your Home Equity Has Probably Increased

If you own your home, congratulations. One of your most valuable assets has probably increased in value. That is an additional resource that makes your financial life more secure.

Home equity is the amount you owe on your mortgage versus the current value of your home. Equity in the average home has risen 16.2 percent over the last year, according to CoreLogic, a real estate analytics company. 

How To Determine What Your Home Is Worth

The traditional method for finding out your home’s value is to hire an appraiser. However, that is expensive and may only be necessary if you are selling.

There are several sites online for valuing your home. Some will ask for square footage, the number of bedrooms and bathrooms,  and similar information. Others will simply ask for your address.

Among the best of these sites are:

Redfin.com

Eppraisal.com

Ownerly.com

Greater Financial Security

This jump in home equity means your financial position is more secure. If you need more funds to wade through the pandemic, you could tap some of that increased equity.

This uptick in equity could moderate the recent downturn in refinancing. However, you can also use a HELOC or home equity line of credit, to access the money in your home.

Of course, if you are financially sound, you do not have to use the increased equity in your home. You can do nothing and just breath easier. 

Update Your Resume

If the pandemic has put you into employment hibernation, it is time to wake up.

Jobs increased 379,000 in February, according to the Labor Department. That brought the unemployment rate to 6.2 percent. That is a small decline of .04 percent. However, economists and business consultants predict a further decline in March. 

How To Stand Out in the Job Market

Increased vaccinations and reduced COVID-19 cases mean the economy is beginning to reopen. That means more jobs. Look for our article next week, “How to Make Your Pandemic Lay-Off a Plus”, for more.

One of the best ways to make your application stand out is to role-play. Put yourself in the position of the hiring manager. Ask yourself what he/she is looking for. That should be evident in the job posting.

If a job post lists specific qualifications, highlight those in your resume and cover letter.

To really stand out, Do not follow the crowd. Go directly to the decisionmaker. Try to send your cover letter and resume directly to the hiring manager’s email. To find that email, you can search a couple of Chrome extensions: Clearbit and AeroLeads,  or LeadFinder.

One Million New Jobs

Ian Shepherdson, founder and chief economist at Pantheon Macroeconomics, issued a note earlier this month stating the economy “could easily see a one million” increase in jobs.

“The core story here,” wrote Shepherdson, “is that the re-opening of services will be the dominating factor in payroll numbers over the next few months.”

Indeed, leisure and service jobs lead to February’s employment rise. The foodservice industry alone accounted for 286,000 more jobs. Manufacturing and retail are expected to follow.

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Best Places to Put Savings From A Side Hustle

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It’s a hard time to look for work in America, and many Americans are looking. Over 45% of Americans earn extra money by working a side hustle. Most of the Americans who do work a side hustle work an extra 12-hours on top of their primary job. And even after all of that extra work, many Americans barely make half of their primary monthly income with a side hustle.

If you are making money from a side hustle, and want to save it for the long term, then try savings bonds.

AppFess and minimum:Best for:
Digit30-day free trial period. $5 per monthSetting aside automatically
Acorns$1 per monthSpare change investing.
Qapital$3 membershipLetting you set rules to automate savings.

Savings Bond

Are you looking for a good place to stash the savings you generate from a side hustle? Then a savings bond may be a good bet for you.

A savings bond is a U.S. government debt security. In other words, when you buy a savings bond you are loaning the American government money to run its operations.

And just like a traditional bond, a savings bond is virtually guaranteed to payout when needed. As long as the American government exists, your return on investment in a savings bond is guaranteed.

A savings bond is similar to a traditional Treasury bond as an investment vehicle but has several distinct differences.

Unlike a traditional Treasury bond, a savings bond only pays interest after it is redeemed. A savings bond is also sometimes called a “zero-coupon” bond.

A coupon rate refers to the interest rate that is credited against a bond over time. For example, a traditional Treasury bond is credited with interest twice a year. A savings bond gains incremental amounts of interest each month.

Unlike a Treasury bond, which pays out the interest that it accrues when you cash it out, a savings bond does not. You must wait about a year before you can cash out a savings bond.

And if you cash out a savings bond before a period of five years, then you lose the last three applicable months of interest.

Taxes on a savings bond are not paid until the bond is redeemed. Taxes are paid via interest payments with most traditional bonds. And taxes on savings bonds are paid only on a national level.

The biggest difference between a traditional bond and a savings bond is that a savings bond still exists after its maturity date.

Types of Savings Bonds

There are basically three kinds of savings bonds, however, only two still currently exist.

The Series E savings bonds were first created During World War II to help fund the war effort. Series E savings bonds were phased out of circulation in 1980 and are no longer issued.

Additionally, if you own a Series E savings bond, you can still cash them in, but they stopped gaining interest in 1980.

The Series EE savings bond were first circulated in 1980 and become the direct replacement for the Series E. Series EE savings bonds are still issued now.

Additionally, if you bought an electronic Series EE bond after June 2003, the U.S. Treasury guarantees that you can redeem it for twice its face value. And if you hold onto an electronic Series EE bond issued in June 2003 or afterward for at least 20 years, it will earn an annual interest rate of 3.5%.

The Series I savings bond offer an enhanced level of protection against inflation relative to the Series EE saving bond. And all Series I savings bonds offer a fixed rate or variable rate interest rate based on the Consumer Price Index.

You can buy savings bonds for any amount between $25 to $10,000 within a 12-month period.

And you can only cash in a savings bond once it is at least 12-months old. Also, if you cash in a savings bond before its five-year maturity, you will lose at least three months of interest.

The Series EE and Series I savings bond for a period of up to 30-years. If you are saving money from a side hustle, you can use a savings bond as a long-term strategy to keep it.

However, one major drawback of the savings bond is the interest rate.

Savings Bond Interest Rates (And other Drawbacks)

Savings bonds are a great way to save money that was hard-earned from a side hustle. However, the biggest major drawback of investing in savings bonds is that they generate minimal interest.

Currently, Series EE savings bonds only offer a 0.10% interest rate. And the Series I savings bond currently offers a 1.68% interest rate – however, that interest rate can vary according to the Consumer Price Index.

Savings bonds are inherently non-transferable, and you cannot sell them to others. If you buy an electronic Treasury bond, you can transfer it to another person’s account.

Still, if you have a long-term savings strategy in mind, saving money from a side hustle in a savings bond is a good way to go.

Side Hustle Strategy

Paper savings bonds can be cashed at banks, check-cashing centers, and other financial institutions. If you buy electronic savings bonds at TreasuryDirect.gov, then you can credit the money on your account and then transfer it to a bank account.

It isn’t easy to work a side hustle in this pandemic-wrecked economy, so consider every option possible to save more of the money you earn.

Consult a financial advisor if possible when you’re trying to save money for the long term.

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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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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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Do You Know The Minimum Wage in Hartford, Connecticut?

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what is the minimum wage in hartford connecticut

If you’re looking for an entry-level job in Hartford, knowing what the minimum wage is in the city is crucial. Not only will it help you understand why certain jobs pay specific amounts, but it also empowers you to assess whether the work involved in the position feels fair based on what you’ll earn. If you’re seeking out a minimum wage position in Hartford, Connecticut, here’s what you need to know.

What Is the Minimum Wage in Hartford, Connecticut?

Starting on September 1, 2020, the minimum wage in Hartford, Connecticut, reached $12.00 per hour for nonexempt employees. The vast majority of the workforce qualifies as nonexempt, though there are a few exceptions.

For example, the minimum wage for qualifying tipped workers in hotels and restaurants is $6.38 per hour. For bartenders, $8.23 per hour is the minimum. However, in those cases, the worker’s tips have to bring the employee up to the equivalent of $12.00 per hour. If that doesn’t happen, the employer is legally required to make up the difference.

Will the Minimum Wage in Hartford, Connecticut Change?

Yes, the minimum wage in Hartford is scheduled to change. Starting on August 1, 2021, it will rise to $13.00 per hour for non-tipped employees. Once July 1, 2022 rolls around, it will rise again, hitting $14.00 per hour for non-tipped workers. Then, it is scheduled to go up once more on June 1, 2023, reaching $15.00 per hour for employees who don’t receive tips.

Beginning on January 1, 2024, the minimum wage in Hartford could change again. When that day arrives, the minimum wage is tied to the Department of Labor’s employment cost index. Changes to that index can result in minimum wage increases, ensuring the minimum wage ultimately keeps pace with the state’s economy.

However, while that plan is approved, that doesn’t mean federal law changes may not alter the Hartford minimum wage. President Joe Biden has expressed interest in a $15.00 per hour minimum wage. Should that move forward, every state and city would have to increase their minimum wage to meet that mark, as states cannot have a minimum wage that’s lower than what’s required by the federal government.

Still, it isn’t clear whether a federal minimum wage increase will actually occur. It will depend on upcoming legislation, which would require Congressional approval, not just President Biden’s support.

Is the Hartford Minimum Wage Different from the Connecticut Minimum Wage?

No, Hartford does not have a different minimum wage than what’s required for the rest of Connecticut. Hartford currently follows the state’s standard, not one that’s unique to the city.

Do you think the minimum wage in Hartford, Connecticut is fair? Why or why not? Share your thoughts in the comments below.

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