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Turning Tight Finances Around: How Long-Term Investments Can Generate Cash

04.11.2023 by admin // Leave a Comment

In today’s uncertain economic climate, many individuals and families struggle with tight finances, finding it difficult to make ends meet and save for the future. And, in the short term, you can bootstrap your budget and reduce your spending as well as raise fast cash. However, to truly turn tight finances around a long-term approach is necessary. It includes investing in yourself and using your time to generate cash either through your career, side-hustles or passive investing. And, in parallel, it’s important to commit to a disciplined investment strategy and taking advantage of compound interest. By pursuing both of these, individuals can create a sustainable source of income that can help them achieve their financial goals. In this article, we will explore a few long-term approaches to generating more cash in the future and turning tight finances around.

Don’t Pay Off Your Low Interest Debt Early

It’s always tempting to pay off debt like your mortgage and car loans off early. But, if you got a mortgage or car loan in the last 5-10 years chances are you locked in a low rate. With high yield saving accounts rising above 4% and Treasury bills rising above 5% you may already be able to generate cash by putting extra money in safe investments than putting extra money towards paying down low interest debt early. Even though it may feel better to reduce your debt, do the math and see if it’s better to pay off your debt on time or pay it off early. Given the current economic uncertainty, it’s always better to have a little extra cash in your emergency fund just in case.

Keep Your Existing Job

One of the biggest investments you can make is investing in yourself, and investing in how you spend your time. We moved from the “Great Resignation” to what feels like the “Great Layoff” in a matter of months. You don’t want to be the person that’s the most expensive but delivering the least! That combination usually is high risk for a layoff with the layoffs start. At minimum, make sure you’re performing in the top 50% to reduce your risk of getting laid off.

Increase Compensation At Your Job

You can find a job externally and get that pay raise but be extremely aware of how your skill set matches that pay because you do not want to be the one let go. Another approach is to strategically network, work hard and get a promotion in your current company. Though it is harder to get promoted in the current environment, opportunities do still exist. You’ll want to be positioned well when those doors open so make sure your boss, bosses boss, mentors and sponsors know your career goals. If you do end up getting laid off take these steps to stay financially stable and get a new job quickly.

Corporate Recognition Programs

Does your company have any recognition programs where you can get cash or points to buy something for a good job? Go above and beyond on a current project to get rewarded. Don’t forget, part of increasing your odds of being recognized is to be good at giving recognition to your coworkers when they do a good job too.

Take Advantage of Corporate Benefits

Go to your company’s internal website and really learn about all of your corporate benefits. You could be paying for wellness services and items and turns out your company reimburses part of that. Same with cell phone plans, subscriptions, vacations and more. To really make an impact, focus on areas you’re already spending money so that it results in a savings.

How does your compensation compare to the market?

Check Blind, and Glassdoor for roles that are similar to yours at other companies. Colorado also recently passed an Equal Pay for Equal Work law. You can find jobs posted in Colorado similar to yours to see the salary range. Note you may need to factor in a cost of living adjustment. If you are being paid less than you’re worth, use this as a negotiating tactic.

Look for Promotion Opportunities

Do you know what it takes to get to the next level? Ask your manager what gaps you need to work on to secure that promotion. Ensure that both your manager and their manager know your career goals. Create a targeted plan to look for that next step. If it’s unlikely a promotion opportunity will open up in your current org, know what orgs will likely have roles open that meet your skill set. Then, start networking with those managers and teams.

Buy Treasury Bills

A Treasury bill is a short-term debt obligation issued by the U.S. government. They have different maturity time frames including 3 month, 6 months, 9 months, a year and longer fixed timeframes. T-bills are sold at a discount to their face value. This means you will pay less than face value. Then, you’ll receive the interest + initial principle (face value) when the T-bill is redeemed at maturity. Recently, the yields got as high as 5% in early March, but have cooled off to 4%+ more recently. You can buy Treasury bills at Charles Schwab, other brokerages or Treasury Direct.

Buy Certificates of Deposits

A certificate of deposit (CD) is a type of financial instrument issued by banks and credit unions that allows customers to invest money for a fixed period of time at a fixed interest rate. Recently, CDs have been offering higher interest rates than high yield savings accounts and Treasury bills. A trade-off is customers agree to keep their money in the CD for that specified term. Terms can range from a month to a few years. CDs can be bought through banks and brokered CDs can also be bought through brokerages.

Put Your Cash In a Money Market Fund or High Yield Savings Account

While you’re planning how to best make more money in the long term, put your cash in a money market fund or a high yield savings account. A money market fund is a type of mutual fund that invests in short-term, low-risk securities. Examples of these securities include commercial paper, Treasury bills, and certificates of deposit. These funds aim to provide a higher rate of return than traditional savings accounts or checking accounts while maintaining a relatively low level of risk. Money market funds can be purchased at brokerages like Charles Schwab, Vanguard and Fidelity.

A high yield savings account is a type of savings account that offers a higher interest rate than traditional savings accounts. These accounts are typically offered by online banks and financial institutions. The best yield high yield savings accounts have been offering changes frequently. It’s good to check once a month to see if you’re still getting the best rate.

Series iBonds

The interest rate for Series iBonds are not as high as early last year. So, Series iBonds are a good investment to have on watch although they may not be the best investment now given the current interest rates offered by Treasury bills and CDs. Until April 2023 the interest rate offered is 6.89%. You’ll earn that interest rate for the first 6 months and then will follow whatever interest rate is the set rate.

The Series iBonds are a longer term way to earn extra cash because you must hold for at least a year. After a year passes, you only lose 3 months of interest as penalty up until you’ve held for 5 years. There are some tax benefits too – you never have to pay state income tax on the interest gains! You can only buy up to $10,000 / year per person.

Due to the limitations, the Series iBonds don’t make sense for everyone but are potentially good to consider if you have a large purchase you will make in the next year or two.

Play the Long Game With Investing

Research and Form Thesis with Your Stock Investments

Have your investments been on auto pilot the last few years? Or, have you been picking the “hot” stock of the week or busy “buying the dip”? Learn how to navigate volatility and update your investing strategy accordingly. Learn about what you’re investing in, and technicals. A good place to start is learning about the 4 stages all stocks eventually go through and the stages where you make the most money. Generally, long term investing outperforms short term investing; however, it depends on market conditions and when a person buy / sold. Keep in mind that not all companies perform well over time. Don’t just buy the dip, because it could keep dipping. Do your research, form your thesis and then be patient. When your thesis breaks, sell the stock. Alternatively, put it on auto pilot with index funds and dollar cost average.

Buy Alternative Investments

While most investing discussed is around the stock market and real estate, don’t forget that physical items can be investments too. One study that looked at retired Lego sets found that on average they returned 11% a year. Business Insider found that Rolexes out performed houses, gold and the Dow Jones over the last decade. While previous performance may not be representative of future performance, it’s good to consider alternative investments as part of your investment portfolio.

How do you plan to make more money in 2023?

Unlock Your Coding Potential: Where You Can Learn How To Code

03.21.2023 by admin // Leave a Comment

While it may seem scary to get started, there are many easy, low cost ways to start learning how to code. Learning how to code can open up a world of opportunities for both personal and professional growth. It can help you develop skills in problem-solving, logic, and creativity, and can lead to a career in a variety of industries. There are many resources available for learning to code, including online tutorials, coding bootcamps, and college courses. The key to success is to find the approach that works best for you and to stay motivated and dedicated to the learning process. In this guide, we will explore some of the best places to learn how to code. We will also provide tips and resources to help you get started on your coding journey.

Learn How To Code Through Online Courses

There are many online courses and tutorials available that can help you learn how to code. This is a great option to start with because you can do it from home, it is cheaper, and you can start with a few introductory classes that help you determine which route you want to go. Depending which online courses you select, you have the option to go at your own pace and schedule or attend at a set time with other classmates.

A few options to start include LinkedIn Learning Programming Languages Courses, Coursera’s Coding for Beginners, and Grow With Google.

While this is one of the cheapest options, you also may not be able to expand your network and have connections through the classes to employers.

Learn How To Code Through In-Person Coding Classes

Many extended learning programs through your local school district, community colleges and 4-year colleges offer courses that teach you how to code. There are lots of coding jobs available that don’t require 4-year college degrees. If you learn better through in-person classes, there are plenty of options cheaper than private 4 year college classes.

To find where you can learn how to code through in-person coding classes start by looking at the website for your local school district and local community college. Some schools will also have partnerships with companies looking to hire coding skill sets and you’ll be able to apply for jobs through on campus recruiting and their career center.

Learn How To Code Through Coding Bootcamps

Coding bootcamps are another option to learn how to code. Typically, coding bootcamps last a few months, which is significantly shorter than traditional computer science degree programs.

You can get into the job market faster with a coding bootcamp compared to a traditional CS degree. The curriculum is focused, so if you have your eyes set on a particular job you can choose the coding bootcamp where you’ll learn that particular skill. Bootcamps typically offer hands-on projects and real-world experience that can help you build a portfolio of work. This portfolio can then be used to secure interviews for a full-time job. Bootcamps also offer opportunities to network with other students and industry professionals.

While there are many benefits to coding bootcamps, there are also cons. Coding bootcamps can be expensive, with some programs costing over $10,000. They are also time intensive and require a significant time commitment. It may not be possible to attend a bootcamp with your current work or family commitments.

The quality of coding bootcamps is also not always the same. The quality of education can vary greatly between programs, so it’s important to research and choose a reputable bootcamp with a strong track record of success. Forbes created a list of the best coding bootcamps, and also compares the costs and hiring partners of each bootcamp. While coding bootcamps can be effective for learning specific skills, they may not offer the breadth or depth of education as more traditional four year degrees.

Teach Yourself Through Reading Books And Other Written Materials

Lastly, you can teach yourself coding through reading books and other materials. You can go at your own pace and schedule. This is a good option for those who prefer a more self-directed learning approach and don’t need structure. There are pros and cons to teaching yourself how to code through reading books and other written materials.

Teaching yourself is cost-effective. Books are cheaper than attending a class. Many coding for beginners books on Amazon are around $20 each. And, you can even rent books for free from the library. You can also have flexibility by going at your own pace and schedule and can spend more time on areas you need more practice with.

On the other hand, sometimes lack of guidance from an instructor or mentor can be hard. Like with any self-paced learning, you are only accountable to yourself and sometimes that can result in difficulty staying motivated. Teaching yourself through reading also doesn’t come with hands-on experience which is essential for becoming a programmer. Lastly, coding technologies and best practices are constantly evolving. If you focus only on written materials, they may be outdated.

Where You Can Learn to Code Summary

Learning to code is an essential skill in today’s digital world, whether you’re looking to switch careers or simply want to enhance your technical skills. Fortunately, there are many online resources, courses, and learning platforms available to help you get started. From free coding tutorials to paid courses and interactive coding challenges, our guide covers the best options to suit your needs and budget. Start your coding journey today and unlock your potential as a programmer.

Breaking the Glass Ceiling: Tips for Achieving Fair Pay in the Tech Industry as a Woman

02.14.2023 by admin // Leave a Comment

gender pay gap in the tech industry, wage gap in tech

The tech industry is often seen as a field with limitless potential for growth and advancement, but for many women, the reality is far different. Despite progress in some areas, the gender pay gap remains a persistent issue in the tech industry, with women often earning less than their male counterparts for the same work. A Dice report found in 2020 that women in technology jobs earn on average $16,000 less per year than men in equivalent roles. Additionally, women hold only 25% of all computing jobs, and they are underrepresented in leadership positions in the tech industry. This disparity can have a significant impact on a woman’s financial stability and long-term financial health.

The wage gap for women in technology compared to men is a significant issue. As a woman in tech, it’s important to know your worth and have the skills and confidence to negotiate fair pay. In this article, we’ll provide tips and strategies for breaking the glass ceiling and achieving fair pay in the tech industry.

How to Overcome Unconscious Bias

Part of the wage gap is attributed to unconscious bias that can affect hiring, promotion, and compensation decisions, leading to a lack of representation for women and minorities in leadership positions. So, how do you overcome unconscious bias?

Be aware of the wage gap and understand the factors that contribute to it. This will help you to identify any potential biases or discrimination that may be affecting your earnings.
Research the typical salary range for your role in the tech industry and use that information to negotiate your salary. Several states, such as Colorado and California, recently passed laws that require salary ranges on all job postings. By looking for similar roles posted in those states, you can get a general idea for the salary range. Many other sites such as Glassdoor, ChatGPT and Google Search can also be used to get a salary range for your role. Use this data when you go into negotiate a raise or promotion.
Build a network of other women in the tech industry. They can provide support and guidance, as well as serve as advocates for you in the workplace. Great places to meet other women in the industry include tech conferences and women’s conferences.
Seek out mentors and sponsors who can help you advance in your career and advocate for you when opportunities arise.

Structural Changes Are Also Necessary To Close the Wage Gap

It’s important to note that closing the wage gap also must include structural changes in the industry and the society. Efforts to close the wage gap include increasing representation of women and minorities in technology, promoting diversity and inclusion in the workplace, and advocating for fair pay policies. How can you be a part of these structural changes to reduce the wage gap?

Keep learning and developing new skills, like coding, or consider going into tech sales. Software development and tech sales are both high paying career paths. Learning the skills required for the higher paying jobs at your company will help you increase your pay.
Don’t be afraid to ask to shadow someone who has the job you want. If you already work for the company, it is much easier to move into a role that initially seems like a stretch. But, it’s important to learn on the job and start building the right network. This will help overcome not getting the first interview because you don’t have the right qualifications. Asking for a job referral will also help increase the chance of a first interview.
Seek out companies and organizations that prioritize diversity and have a history of closing the wage gap. For example, at large corporations do they have employee resource groups? A VP or SVP of Diversity and Inclusion? Have they made public the % of their current workforce that are women and what % of their leadership positions are held by women?
Be aware of your rights, and if you face discrimination or unequal pay, do not hesitate to report it and seek legal assistance if necessary.

Laws to Help Drive Change

It’s important to note that the wage gap is not solely caused by discrimination, it’s a complex phenomenon that is influenced by a variety of factors such as differences in occupation, education, experience and hours worked, among other things. However, studies have shown that discrimination in the workplace is one of the factors that contribute to the wage gap. Efforts to close the wage gap have been made with laws like the Equal Pay Act of 1963 and the Lilly Ledbetter Fair Pay Act of 2009, but there’s still work to be done to achieve equal pay for equal work. Though there is still plenty of work to be done, you have the power to help drive change for other women and there are steps you can take to help close a wage gap you’re personally experiencing.

Tips for Achieving Fair Pay in the Tech Industry as a Woman Summary

In conclusion, achieving fair pay in the tech industry as a woman can be a challenge, but it’s important to remember that you have the power to advocate for yourself and negotiate the salary you deserve. Whether you’re just starting your career in tech or are looking to advance in your current role, by understanding your worth, building your negotiation skills, and having the confidence to ask for what you deserve, you can break through the glass ceiling and achieve the financial stability you deserve. Remember, your work and contributions are valuable, and you deserve to be fairly compensated for them.