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5 of My Favorite Personal Finance Books

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People sometimes ask how I got into personal finance. The simple answer is by reading. Admittedly, I didn’t know much about money as a young adult. It wasn’t until I graduated college and found myself struggling to pay off my student loan debt that i decided to pick up my first personal finance book. Since then, I’ve been hooked! Here are 5 of my favorite personal finance books.

 

 

1) Rich Dad, Poor Dad by Robert Kiyosaki

Rich Dad, Poor Dad is unique for it’s conceptual descriptions. If you’re interested in wealth building versus simply earning more money, then this is the book for you.

Kiyosaki describes growing up with his father (the Poor Dad) and his friend’s father who was a business owner and mentor (the Rich Dad). In his book, he compares the thinking of his Poor Dad versus his Rich Dad and the lessons he has learned from both.

What I like the most about this book is the story behind it. It’s not a book that spews advice and facts to you. It’s concepts are very simple, but they are effective, and it’s an enjoyable read.

 

2) Total Money Makeover by Dave Ramsey

Although he can be controversial, there’s no doubting Dave Ramsey knows his stuff when it comes to money. Total Money Makeover was one of the first books I read when I was paying off debt, and I used most of his tactics to pay off my student loans.

If you’re struggling financially and aren’t sure where to start, this is a great book. Ramsey’s “baby-steps” map out the exact next step to take. His snowball method for paying off debt has helped thousands of people become debt-free. Defi8nitely worth the read!

 

 

3) Hustle Away Debt by David Carlson

Looking to make more money? Or, start a business in your spare time? Then read Hustle Away Debt by David Carlson.

Carlson, who runs the popular personal finance site Young Adult Money, has been a side-hustler for years. In his book, he talks about how to leverage a side hustle along with your day-job to pay off debt.

Personally, I was inspired by the site Young Adult Money to start my freelance writing side hustle in order to pay off debt. Eventually, I actually started writing for Young Adult Money as part of my side hustle! Without Carlson’s site and book, I wouldn’t have been able to pay off my student loans as soon as I did!

 

4) The Psychology of Money by Morgan Housel

Most people think about the math behind the money, but what about the psychology? The Psychology of Money by Morgan Housel discusses the behaviors associated with personal finance.

If you understand the basics of money, but are interested in why we spend the way we do, then this is a must-read for your list. It’s fascinating to understand the behaviors behind our relationship with money.

 

 

 

5) You are a Badass at Making Money by Jen Sincero

Jen Sincero has a few books in this series, but You are a Badass at Making Money is one of my favorites. If you are looking to increase your income but aren’t sure you can, Sincero’s book is for you. It’s an easy and fun read, and Sincero is genuine and approachable. If you doubt your ability to make more money, then give this book a chance!

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Tips to Find the Money You Need to Make Rent

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Find the Money You Need to Make Rent

 

If you can’t find the money you need to make rent, you’re not alone. Millions of people have lost their jobs or had their hours cut due to the pandemic and are struggling to make ends meet. Here are some tips to help you earn enough cash to cover your bills until things turn around. 

Sell Unwanted Belongings

We all have clothes, books, and electronics lying around that we’re not using. Turn your unwanted belongings into extra cash by selling them on Ebay, Facebook Marketplace, or Mercari. Although you probably won’t earn enough from this to cover your entire rent payment, it will still make a dent in what you owe. 

Pick Up Some Freelance Work

Freelancing is a great way to find the money you need to make rent without leaving your house. If you have a skill like writing or graphic design, you can advertise your services and find gigs on social media sites like Reddit and Facebook. Here are a few of my favorite places to find jobs as a freelance writer. 

You can also cold email businesses to let them know about what you do and see if they need your services. But before you start looking for work, make sure you have a few examples of past projects that you can show to potential clients. If you don’t have any portfolio pieces, you can make a few and put them on a simple website to attract clients. 

Deliver Takeout and Groceries

Many people have been getting groceries and takeout delivered to their homes because they don’t feel safe going out due to the pandemic. As a result, lots of grocery stores are looking for in-store shoppers and restaurants are hiring delivery drivers. You can also pick up delivery work on your schedule by signing up for apps like Uber Eats, Instacart, DoorDash, Postmates, and Grubhub. 

Teach English Online

Many people in countries where English isn’t the primary language hire online tutors to help them improve their diction. You can create a profile on sites like Italki and Preply to find students who need your assistance and will pay you well for it. 

There are also lots of language learning companies that hire native English speakers to tutor kids and adults, including VIPKid, Palfish, and Qkids. They usually pay $15 to $20 per hour, so you’ll definitely find the money you need to make rent if you get the job. 

Additionally, you can find freelance jobs from these marketplaces.

PlatformsBest For: 
FiverrFinding Freelancers
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Apply to Be a Focus Group Participant

Companies that are performing market research often look for focus group participants online. If you land one of these gigs, you’ll get paid $50 or more for a short interview, which will help you find the money you need to make rent. 

One month I made nearly $500 just for giving companies my opinions. Below are a few of the websites I use to apply for focus groups. 

  • Respondent 
  • User Interviews 
  • UserTesting 
  • PingPong 

Donate Plasma

Do you want to get paid and help others at the same time? Scientists are using plasma to try to develop a treatment for the coronavirus, so they need people to donate. You can earn $300 per month or more by donating plasma while helping advance COVID-19 research. It’s a win-win!

If you don’t have stable employment, it’s difficult to find the money you need to make rent. Hopefully, these tips will help you earn enough side income to cover all of your bills. 

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What is the Minimum Wage in Georgia?

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What is the Minimum Wage in Georgia?

 

If you’re job hunting in the Peach State, you may be wondering, what is the current minimum wage in Georgia? 

Wages in the South tend to be on the lower end of the spectrum, and unfortunately, Georgia is no exception. If you have kids or extra expenses like medical debt, an entry-level job that pays the minimum amount may not be enough to keep you financially comfortable. 

To help you determine if an entry-level job will be enough to meet your needs or if you’ll need to pick up some side work, here’s an overview of the minimum wage in Georgia. 

What is a Minimum Wage?

The minimum wage is the lowest hourly rate businesses can pay covered nonexempt employees without breaking the law. Most hourly workers are considered covered nonexempt, except for certain types of employees like trainees and people who make tips.

Currently, the federal minimum wage is set at $7.25 per hour. States, cities, and counties can also pass their own minimum wage laws. Nearly 30 states have decided to raise the minimum wage in their jurisdiction above the federal standard. 

But two states, Georgia and Wyoming, actually have a lower minimum wage of $5.15 per hour. That doesn’t mean businesses can pay their employees less than the federal minimum of $7.25, however.

What is the Minimum Wage in Georgia?

Although the minimum wage in Georgia is technically $5.15 per hour, employers are required to pay their employees a minimum of $7.25 an hour per the federal standard. However, certain employees may be paid less. 

Employers are allowed to pay workers who are in training $4.25 per hour during the first 90 days of employment. Tipped workers can also be paid at a lower rate of $2.13 per hour as long as their tips bring them up to the federal minimum wage. 

Higher Minimum Wages

Some cities in Georgia have a higher cost of living and have raised their minimum wage to ensure that workers can afford their bills. In 2017, Clarkston raised its minimum wage to $15 per hour. Employers in Atlanta also have to pay their workers at least $15 per hour.

Many politicians have been trying to raise the minimum wage in Georgia to $15 per hour for several years. Unfortunately, nothing has come of it so far. But Georgia workers will see their wages increase if President Biden’s plan to raise the federal minimum wage to $15 per hour is successful. 

Is It a Living Wage?

The living wage for each state is the amount of income it takes to cover basic expenses like housing, food, and healthcare. It doesn’t include any extra money for savings, travel, or entertainment. 

According to MIT, the living wage for one adult without kids in Georgia is $15.36 per hour. The current minimum wage falls short of that by $8.11.

Because the minimum wage hasn’t kept pace with the cost of living in the state, you may find it hard to get by with an entry-level job. You might have to live with roommates or pick up side hustles like delivering pizzas to afford your bills. 

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Do you think the minimum wage in Georgia is high enough? Why or why not? Share your thoughts in the comments below.

Read More: 

What is the Minimum Wage in Indiana? 

Side Hustles That Might Make You $100 in a Day 

Do You Know the Minimum Wage in Hartford, Connecticut? 

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. Check out these helpful tools to help you save more. For investing advice, visit The Motley Fool.

What is The Minimum Wage for Florida?

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minimum wage for florida

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

What Is Minimum Wage?

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

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

Federal Minimum Wage

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

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

What is The Minimum Wage for Florida?

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

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

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

Minimum Wage for Florida: 2021 Changes

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

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

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

Minimum Wage for Florida Tipped Employees

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

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

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

No Other Restrictions on Florida Minimum Wage

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

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

Florida Annual Salary on Minimum Wage

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

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How Do You Get Paid to Go to College?

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Get Paid to Go to College

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

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

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

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Fill Out Your FAFSA

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

Apply for Grants and Scholarships

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

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

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

Get Paid to Go To School Through Work or Military Service

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

Military Members Get Paid to Go to School

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

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

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

Corporate Jobs Pay You to Go to School

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

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

Student Loan Forgiveness Programs

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

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

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

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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.

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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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