When you are interviewing for a job, you expect to sit down with an interviewer and provide answers to their questions. But in today’s corporate world, your interviewer may make a much different request. Rather than simply rely on the answers you give, the company that is considering hiring you may want you to do some work for free so that they can assess your skills before extending an offer of employment. While it can be a chance for you to demonstrate why they should hire you, it can also be a situation where you may feel you are being pressured and taken advantage of by the company. If you wonder how to best approach interview assignments, here are some things to keep in mind. What is an Interview Assignment or Interview Project?When a company asks you to complete an interview assignment or project, it will be some sort of task representing the type of work you would be doing on the job, should you be hired. In some cases, it will be an assignment that will only take you an hour or two to complete. But in other cases, it could be an assignment that requires 10 or more hours of your time. For example, suppose you are interviewing for a marketing or sales job. In that case, the company may want you to develop a few ideas on gaining new customers or increasing sales of a particular product. When given an interview assignment or project, you will have to meet a deadline given to you by the company. In most cases, this will range from two days to one week, depending upon the complexity of the assignment. What Does a Company Learn from an Interview Assignment?While you may initially believe the company only wants to get free work from someone they may or may not ultimately hire, they are actually using the assignment or project to learn more about you as a person and potential employee. “Increasingly, companies are asking potential recruits to complete a piece of work or a test as part of their recruitment process,” says Archie Payne, President of CalTek Staffing. “This gives companies a good idea of how candidates think and their approach to work, which helps them identify top candidates.” First, they are testing you to see if you are really as interested in the job as you claim. Most companies that use assignments as part of their interview process believe that applicants who genuinely want the job will look at this as a chance to put themselves ahead of their competitors. In other words, it will help the company find out who is or is not serious about the job and their career. Next, the project will let the company get an up-close and personal look at how you would apply your skills to the role. Even if you have given the interviewer example after example of your work, nothing can match letting them see what you’ll do once you start working with their products or services. Finally, the interview project is a way to test your work ethic. Will you go all-in on the assignment and get it finished well ahead of your deadline? Or will you do only the bare minimum of what is needed and turn it in at the last minute? “The interview process itself is quite deceiving as some people interview really well but perhaps don’t have the necessary skills, which only becomes apparent when they start the job,” Payne adds. “So it is understandable why companies are going this route.” What “Free Work” is Reasonable vs. What is Exploitation?When you are presented with an interview assignment, you’ll have to use your own judgment as to what you think is a reasonable request or one where you believe the company is exploiting your talents and your time. Since each candidate for a job is unique, what may feel like no problem to one person may feel like a big deal to another. Completing an interview assignment will typically be more manageable if you have plenty of free time. However, if you already have a busy schedule filled with work, classes, or family responsibilities, you may think the company is asking too much. A reasonable interview project may involve something as simple as writing a press release about an upcoming event or introducing a new product. On the other hand, an unreasonable project may ask you to complete an events proposal requiring you to develop budgets, staffing, logistics, marketing themes, income statements, and more. This type of assignment would typically take an employee all week to complete. Some people will consider this an unreasonable request. “If a candidate is asked to invest significant time (greater than an hour) to produce something for a client without getting paid, I personally feel this is above and beyond what a candidate should be expected to do,” says Hannah Morgan, Job Search Strategist from Career Sherpa. “However, I can see the employer’s logic. They want to see how you think and work. But the candidate should know what their options are.” “If it is a company that you are truly interested in and they ask you to produce work for free, I would suggest asking the interviewer questions. How much time do you expect a candidate to dedicate to this? What guarantee can you provide that my work will not be used by the company? Are there any alternatives to this – for example, can I provide a sample of previous similar work?” Morgan suggests. But the difference between reasonable and unreasonable interview projects is more than just the amount of time it will take you. “Applicants asked to perform any level of test or take-home work during the hiring process should also consider how far along they are in the hiring process,” according to Kimberly Back, Senior Job Data Content Producer for Virtual Vocations. “For example, candidates who have already passed the second round of interviews are more likely to be asked to complete a real-world performance assignment.” Chances are the company is exploiting you (and other job seekers) for free labor if you are asked to complete a thorough interview project before ever meeting with the employer or having the opportunity to ask them questions about the role. What You Gain from an Interview AssignmentWhen you decide an interview assignment is reasonable enough for you to accept, you stand to benefit in many ways. For starters, it will give you the chance to show the company why you would be the best person for the job. If you take on the project and hit a home run, it may even give you greater bargaining power if a job offer is extended, meaning you may be able to ask for a higher salary or additional benefits. But perhaps more importantly, tackling an interview project will give you tremendous insight into what your day-to-day responsibilities would be like on the job. If you enjoy doing the assignment and do a good job on it, chances are you would also enjoy the job. But if you find the project extremely boring, too time-consuming, or you have no idea what to do or what you’re doing along the way, it’s best to find out now rather than after you accept the job. How to Say “No” to an Interview ProjectWhile you may assume saying “no” to an interview project means the company won’t hire you, that is not always the case. Be honest with your interviewer. If you cannot complete an interview project or do a poor job due to being rushed, you likely won’t get the job. Your interviewer might afford you some flexibility by being honest and expressing your interest in the job. If you are a leading candidate, you may be able to negotiate and complete an assignment that better fits into your schedule, or perhaps not need to complete a new project at all! 1. Offer Your Portfolio and Work Examples“Your time, skills, and experiences are incredibly valuable, which is why you’re interviewing to work for them—not volunteer,” says Olivia Sod, Career Expert from Stomp the Pavement. “Instead, offer a portfolio of your work and use your interview to give clear examples of your past success.” Unless you are brand new to the industry, you should have plenty of real-world examples to use from previous jobs and college assignments that demonstrate your capabilities. 2. Ask for a Smaller Assignment“Accepting to do some free work as part of a job interview can get your foot in the door,” says Paul French, Managing Director of Intrinsic Search. “But, if the assignment is overly demanding, you could say something like, ‘Right now, I cannot commit more than one hour on this assignment, but I am willing to do another smaller test or assignment to showcase my skills.’” However, be prepared for the interviewer to tell you all applicants must complete the same type of project. If you want the job, you’ll need to adjust your schedule to finish the assignment on time. But should you feel the job is one where you can take it or leave it, you may choose to decline the project and look elsewhere for employment. 3. Ask for PaymentThere is a fine line between showing you have the skills to do the job and doing the job for free. “An interview is a discussion to see if an employer and employee are right for each other. The process might involve writing or designing samples, as well as a test, but doing work that the employer would otherwise have to pay someone to do is typically illegal,” says Nance L. Schick, Employment Attorney. If the interview project involves producing something that an employer will actually use to make money, don’t be afraid to ask for a paid trial instead. The company’s response to this request will tell you a lot about what it will be like working for them. If they ask for free work before hiring you, they will likely continue to take more and more from you without properly compensating you. “I believe that doing free work for a job interview is not fair,” says Irene McConnell, Managing Director of Arielle Executive. “Employers shouldn’t ask anyone to do this, especially if someone has a strong portfolio and experience. If someone is spending their time and energy to work for your company, it is your duty to pay them. It is highly unethical if you don’t do as such. Moreover, it is also the individual’s right to be paid for the services they offer.” “In my experience, most trustworthy employers will not only offer to pay you for work that is part of an interview or application process but will insist as a matter of principle,” adds Roger Huang, Director of Growth Operations for Springboard. “I would also factor in the amount of work involved. If they are asking you for hours of your time and refuse to compensate you, that would be enough insight for me into the company’s ethics and views on employee compensation to conclude that it will likely be difficult to negotiate a fair salary and ask for promotions and raises. It might not be somewhere you ultimately want to work.” 4. Use A Recruiter as a LiaisonSince interview assignments or projects are typically reserved for higher-level positions within companies, you may want to consider working with a recruiter during your job search. If you do, they can act as a liaison between you and the company that is interested in your services. If you are working with a recruiter, they can also alert you ahead of time to companies that tend to use the interview assignment as part of their hiring process. In addition, since a recruiter will know the company’s hiring manager very well, they can give you insight into how you can navigate your way through potentially awkward situations, such as negotiating changes to a project request. Protecting Your Intellectual RightsDepending upon the assignment you are given by a company, you may have concerns about protecting the intellectual rights associated with the work you hand over to your interviewer. Though your work is supposed to be used only for evaluation purposes in deciding whether or not to hire you, it is always possible the company could also use your ideas to make millions of dollars – and you may wind up with nothing at all, especially if you don’t get the job. To guard against this, you can get a written agreement from the company that states any work from your project will be used only to evaluate you for the job. If you feel it is necessary, you can ask the company to sign a nondisclosure agreement. However, this may make the company decide to drop you from its list of candidates, so use this approach very carefully. Final ThoughtsIt can be challenging to know if an interview project is a reasonable request or simply a way for a company to get free work from as many people as possible before filling a position. Using common sense and good judgment will help you make the right decision. By doing your best and handing in a project that puts you light years ahead of your competitors, you stand a much better chance of landing the job. More Articles from My Life, I Guess
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With gas prices hitting record levels this year, it’s no surprise that consumers are looking for ways to cut costs. That’s where gas apps come in. These apps help you find the cheapest gas and offer rewards too. You can either install a gas app on your smartphone or use the web browser version if you prefer. Some companies offer free versions depending on the app, while others require a monthly fee. Saving money, especially if you’re living paycheck to paycheck, is essential – and every penny counts. Especially if you’re trying to pay off a loan or get out of crippling debt, saving money at the pump can help you reach your financial goals. Here are the top gas savings apps to try. Gas Apps To Save Money1. GasbuddyGasBuddy is a popular smartphone app that allows users to compare gas prices across multiple locations. The app collects data from its users to provide real-time information about local gas stations, including price comparisons and location maps. People have downloaded GasBuddy over 40 million times since it launched in 2012. 2. Gas GuruGas Guru is a free app that displays gas prices in your local area. Gas Guru uses OPIS (Open Petroleum Information System), making it more reliable than similar apps. 3. AAA Triptik Travel PlannerThe AAA TripTik Travel Planner is a travel guide app designed specifically for Android smartphones. With it, you can plan trips anywhere in the world, including popular destinations like Hawaii, Florida, Las Vegas, California, and many others. You can even use it to find places to eat, shop, explore, and relax while traveling. You can read reviews about restaurants, hotels, attractions, shops, and more. And you can save those locations into your favorites list, so you remember where you want to go next time you plan a trip. Features include:
Related: 15 Job Skills You Can Learn From Traveling 4. MapquestMapQuest is an online mapping service. Founded in 1996, it allows you to calculate gas miles while traveling. The site offers free maps, driving directions, and detailed maps. So whether you’re looking for the nearest cheap restaurant or going to your kid’s soccer game across town, MapQuest can help you get there cost-efficiently. If you own a small business, MapQuest has subscription plans ranging from $0 per month to $799 per month to help drive people to your business. 5. UpsideUpside allows users to earn money back on purchases at grocery stores, restaurants, and other local businesses. Users can redeem rewards via Paypal, bank transfer, gift card, or eGift. This app is available in English only. 6. BPme RewardsGet $5 off fuel purchases at participating BP locations nationwide Save money while fueling up at participating BP gas stations. Get discounts on other products in select retail locations. And enjoy exclusive offers and rewards through BPme Rewards. Visit bpme.com/rewards to find out how you can save money and earn points. 7. Shell Fuel RewardsThis app gets you discounts at gasoline stations. With Shell Fuel Rewards, users earn points based on the amount of money spent fueling up. They can redeem those points for cash back or store credit. The app is free to download and use. There are no ads or in-app purchases. Related: 7 Easy Ways To Save Money (During a Time of Inflation) 9. Speedy RewardsSpeedway offers rewards cards for everything from groceries to travel. But there are some things they won’t give you cash back for — like gas. The credit card company says it’s because those purchases aren’t “necessarily related” to what you’re buying with the card. 10. Google MapsGas stations are now listed directly in Google Maps, meaning you no longer have to search for them online. You can type in your destination and find out where to go. If you want to know the type of fuel sold there, you’ll still have to look up the location. You can use the same feature to check prices too. The feature seems to be rolling out slowly, though, so some people are reporting seeing it already. We don’t know why Google chose to add this functionality. However, it’s been around since 2017, so it may have been added in response to competitors like Apple Maps. 11. Checkout 51The Checkout 51 app is free to download but requires a $20 minimum reward to cash out. Once you’ve reached the $20 minimum, you’ll receive offers based on how much cash you left over. If you’re willing to delay your rewards, you can buy gift cards with your leftover funds. Gift card values range from $5 to $500. 12. FuelGenie AppFuelGenie is one of the fastest-growing apps in the US today. They are proud to offer the most accurate real-time price data and want to reward their loyal customers with discounts on fuel purchases. They have been working hard to make sure their customers enjoy the best experience possible, including making it easy to earn rewards and redeeming those points for discounts on fuel purchases. Their goal is simple – provide the best value for money on gasoline anywhere in the country. The FuelGenie app allows you to locate the lowest prices on gas across all 50 states. You’ll only pay what’s advertised online. With over 300,000 registered users, FuelGenie is already helping millions of people save hundreds of dollars each month on fuel costs. Pros And Cons Of Using Gas AppsThere are pros and cons to using gas apps. Some are free, while others cost $5-$10 per month. The most important consideration when deciding whether to use a gas app is how well it works for you. Here are some things to consider: 1. AccuracyHow accurate is the information in the app? Is it updated frequently enough? How often does it show inaccurate prices? Are they always showing the correct price or only sometimes? 2. ReliabilityIs the app reliable? Does it work as expected? For example, do you get an error message if the app cannot connect to the internet? 3. SecurityAre your details safe? What security measures do they take to protect against hackers? 4. Privacy PolicyWhat privacy policies exist? Will they share your personal information with third parties? 5. FeaturesDo you need additional features such as loyalty programs, coupons, and rewards? 6. SupportDo they answer their support requests within 24 hours? Can you contact them via phone, email, or live chat? 7. PricingWill you be charged monthly or annually? How long will you be charged before canceling? ConclusionIn conclusion, gas apps are a great way to save money without sacrificing convenience. They allow you to track your mileage, set alerts for when you’re approaching certain miles per gallon thresholds, and even help you plan trips based on your current fuel costs. The best part is that most of these apps are free! So download one today and start saving money right away! Related Articles:
This article originally appeared on Wealth of Geeks. Image Credit by ViktorCap via Canva.com Via https://mylifeiguess.com/best-gas-apps/ Twitter has been in the news continuously for the past several months. Elon Musk acquired the social media company for approximately $44 billion, taking it private in a transaction surrounded by drama and intrigue. The media covered the takeover and subsequent court cases with great fervor. Underneath the theatrics, Twitter has been striving to create a profit for its shareholders by leveraging its 206 million active daily users. But how does Twitter make money, considering it’s free to use? The answer is primarily advertising, like most social media companies. What Is Twitter?Twitter is a social media company that was founded in 2006 by Jack Dorsey. He is also the founder of Block, (formerly known as Square). The company went public with an initial public offering (IPO) of stock in 2013. Since then, Twitter has grown rapidly. It is one of the most ubiquitous social media platforms thanks to the seamless connectivity it offers users. Related: 5 Ways to Network on Social Media and Build Powerful Connections What Is a Tweet?A tweet is a short message posted to an account and viewed by the public. Initially, the character limit was 140. Twitter changed it to a maximum of 280 characters later. The tweets are distributed automatically to followers of your feed, which is continuously updated. Twitter Is Free and PopularThe platform is free to use, and thus it has snowballed. Reportedly, the platform has approximately 396.5 million users globally and 206 million daily active users. At least 500 million tweets are sent daily. Most people use it to scour news or entertainment content. Many entrepreneurs, celebrities, and politicians use Twitter to make announcements and build significant followings. For instance, President Barack Obama has the most followers, with approximately 133.3 million, making him the most account on Twitter. The number two person is Elon Musk, who now owns Twitter, with 116.7 million followers. Interestingly, the most followed business is YouTube, with about 77.7 million followers. Related: How To Make Money on YouTube – A Detailed Guide How Does Twitter Make MoneyDespite Twitter’s large user base, it has struggled to make money consistently over the years. The firm makes money primarily in two ways: advertising and data licensing. The large base lets businesses send advertising tweets to users. Twitter’s revenue was around $5.08 billion in 2021. That is more than double its 2017 revenue of approximately $2.44 billion. With growth like that, one expects Twitter to be profitable. But operating costs and expenses have risen just as fast and included hefty litigation charges of $765.7 million in 2021, leading to a net loss of around $221 million. AdvertisingThe primary way Twitter makes money is through advertising. In 2021, advertising comprised about 89% of the firm’s revenue at about $4.5 billion. Advertising revenue growth is double-digit and increased 41% from 2020 to 2021. The company’s proprietary algorithms create targeted ads. Advertising formats include Promoted Ads, Twitter Amplify, Follower Ads, and Twitter Takeover. Ads are always tagged as promoted in a user’s feed. Before Elon Musk purchased Twitter, the cost varied depending on the type of advertisement. Promoted Ads are regular tweets that advertisers buy to place their product or service in a large group of user feeds. The cost can be up to $200,000 daily for the most popular Twitter topics. The price is determined through an auction and is based on pay for performance or pay for the impression. Follower Ads suggest new accounts on Twitter for users to follow based on similar interests. Promoting a Tweet is about $0.50 to $2 per action, while a promoted account costs $2 to $4 per new follower. Trend Takeovers place ads adjacent to a trending topic to obtain a view of the most current and popular topics. Advertising is tailored to users. The algorithm ensures the ads get placed in the correct feeds based on times, search results, profile pages, and tweets. As a result, advertisers can target users based on different criteria and grow their audience. They can also pay for ads to appear at the top of the trending topics list timeline. Data LicensingThe remaining 11% of Twitter’s revenue is from data licensing and services, which is the second way it makes money. In 2021, revenue from this segment was about $571.8 million. This revenue grew more slowly but at a respectable 12.3% between 2020 and 2021. This revenue stream comes from subscriptions to other businesses and software developers. The data provides them with historical and real-time user trends and demographics. OtherIn this segment, Twitter makes money by selling user fees for MoPub, its mobile ad exchange. Users buy and sell advertising inventory, and MoPub matches buyers with sellers. However, Twitter sold this business for roughly $1.1 billion in cash at the start of 2022. The Twitter Blue service has been widely discussed in the news because Elon Musk wants to charge $7.99 per month for verification services. Only legitimate accounts that pay will receive the blue checkmark. Before, they gave checkmarks to the accounts of well-known people. If this move is successful, it could represent a new and untapped revenue source for the company. Main Competitors Are BiggerOne reason Twitter struggles to make money is that the company competes with much larger companies for ad dollars. For example, Facebook is much larger. Its parent company, Meta Platforms (META), had nearly $118 billion in revenue in 2021, many times that of Twitter. Similarly, the parent of Google and YouTube, Alphabet (GOOG, GOOGL), had almost $258 billion in revenue. In addition, other social media companies, including Instagram, Snapchat, TikTok, and Pinterest, are vying for ad dollars. Snapchat, owned by Snap (SNAP), was founded later than Twitter and is growing faster, reaching just over $4.1 billion in revenue in 2021. Pinterest (PINS) is also growing revenue faster than Twitter. Also, companies like Amazon.com (AMZN) and Microsoft (MSFT) are more significant players in regular online ad revenue, albeit not in social media. However, LinkedIn, owned by Microsoft, is a multi-billion-dollar business in the social media market. The bottom line is that the field of competitors is crowded, and Twitter is a relatively minor player, making it challenging to grow revenue consistently and maintain profitability. Moreover, newer entrants are growing faster. Advertisers seeking the greatest bang for the buck may choose something other than Twitter because of its relatively small size. For example, Facebook has nearly three billion users, YouTube has 2.5+ billion users, and Instagram has almost 1.5 billion users. Even TikTok, Snapchat, and Pinterest are larger. Hence, advertisers may choose alternatives to Twitter because they can reach a more significant audience. The Business Model Is StagnantTwitter struggles to make money because the business model is relatively stagnant. The company has focused on advertising sales as its core source of revenue. Initially, the firm increased its user base quickly, but as more competition entered the social media space, sustaining that growth got harder. Advertisers focus on the number of users and engagement. For example, a platform like Facebook retains its users in a closed environment, and they spend roughly 21 to 22 minutes per day on the site. But Twitter users are seeking news and entertainment and typically spend, on average, only six minutes per day on the platform, limiting engagement. Elon Musk Buys TwitterBesides Twitter’s challenges in making money, it has recently experienced controversy. Elon Musk offered to buy the firm on April 25, 2022, for $54.20 per share or $44 billion. Seemingly, he changed his mind, but after many months and a court case, the transaction closed. The deal was completed at the end of October 2022, taking the company private. Only some people could buy Twitter on their own. But Elon Musk is the wealthiest person in the world, making a fortune primarily through his ownership of Tesla stock. Musk is making rapid and seemingly hectic changes to Twitter. He had reduced the headcount to less than half of the number before his acquisition and fired top management. In addition, he has set up a content moderation council, made changes to the homepage, and is pursuing a reboot of Vine. One consequence of Elon Musk’s purchase and rapid changes is that some advertisers are sitting on the sidelines. Twitter remains a popular social media platform, yet some people are decamping for competitors, like Mastodon, an Open Source network where you don’t post tweets but “toots.” The alternate service claims it had gained one million new users since October 27, when Musk took over. How Will Twitter Make Money in The FutureTwitter will probably change in the future, but it continues to make money the way it always has via advertising and data licensing. Advertising will always remain important, but Twitter is exploring pay-per-view capabilities where users post videos behind a paywall. Other possible options to make money in the future include allowing users to sell products. A subscription-based model with tiered pricing is another way Twitter could make money. However, competitors like Facebook are free, representing a barrier to significant changes. Related Articles:
This article originally appeared on Wealth of Geeks. Image Credit: Urupong via Canva.com Via https://mylifeiguess.com/how-does-twitter-make-money/ I wish I could say that I’m unfamiliar with the experience of trying to survive the holidays while broke. Unfortunately, I’ve experienced more than my fair share of holidays with no money, so I can empathize with those of you who are currently experiencing this reality. In my case, I was broke during the holidays several times because of overspending and then the worst experience was when my mom lost her job. I ended up supporting the two of us on student loans and my part-time work at Starbucks. When I say that I get being broke during the holiday season, I truly understand how this feels. I’m now several years removed from those stressful times, but I do find myself reflecting on them from time to time because they’ve shaped me into the person I am today. I often wonder what things would be like if I’d decided to ignore my debt or that paying off my debt would be impossible? The thought honestly scares me. Instead, I would like to share how I survived numerous holidays when I had no money. I used several strategies to make it through those times, and I hope that they will help you too. Focus On GratitudeWhen my mom and I were living in my studio (yes, a studio) and I was trying to get through graduate school and just hold myself together, I would take some time to focus on what I could be grateful for. At the time, gratitude looked like the following:
By the way, I discovered a Moroccan family of around 10 people living on the first floor in the same amount of space that my mom and I were – with two small kids. They’d immigrated to the United States and were doing their best to get on their feet. Every adult had a job and they never complained about their circumstances. They’d experienced worse. Their place was immaculate. And, they were very giving people. They would always offer us food, conversation, and just were great neighbors to have during that time. Meeting that family and observing their gratitude during what had to be a stressful time truly humbled me. If they could live with 10 people in a studio, I could manage to live with my mom in a studio. I’m not going to lie, though, it was freaking hard. But, we made it work. Related Article: Do You Struggle With Expressing Gratitude? Be HonestI’m going to keep it real and say that I experienced a lot of financial shame at that time. And, I felt very embarrassed to be in the situation that I was in. I would later find out that almost 50% of African-American women will find themselves supporting a relative or family member financially at some point in their life. I had to be honest with the people around me about what I could and couldn’t do during the holiday season. I could afford to go on a coffee date with friends, but there was no way that I could afford to purchase gifts for you. Ironically, during this time, I became really clear about my love language – which is time. It made me happier to spend time with friends and family than to spend time buying gifts for them. And, buying gifts that I couldn’t afford would have made a bad situation even worse. Related Article: 7 Things To Do When You Can’t Afford Christmas Side-HustleFigure out ways to generate cash so that you can ease the financial pressure that you’re feeling. The holiday season is a great time to find part-time work. Many retailers begin looking for seasonal workers in October and may employ those workers until the end of December or the first couple of weeks in January. I was dealing with so much financial pressure that I had to find extra money. Here are some side hustle jobs that I worked during that time:
Related Article: How to Include Your Side Hustle on Your Resume Lower Your ExpensesMy financial situation was a perfect storm of overspending before my mom lost her job, bad financial habits, and under-earning. Even though I don’t believe you can out frugal a financial crisis, I do believe that you have to lower your overhead so that you can make a dent in the situation. Here are some of the things that I did that lowered my monthly expenses. Oddly enough, my housing expenses were pretty low.
My exchange process continues to work for me today because it allows me to be honest about what I want in my life. Even when I was broke, there was no way that I was going to eat bad food. That didn’t align with my values specific to health, wellness, and quality of life. I had to think creatively about how I could continue to enjoy the quality of life that I enjoyed while still in debt. Take a BreakThis piece of advice is a bit controversial. Let’s be clear, I’m not telling you to go broke taking vacations around the world. Instead, I would like to make the point that you sometimes need to take a break and be kind to yourself – even when you’re broke during the holidays. I gave myself permission once a week to take a break from thinking about my money situation. It helped me manage the feeling of overwhelm that I would have to fight on a daily basis, especially during the holidays. Keep Things in PerspectiveWhen my life was financially hard, it felt like things would never change. What I’ve come to realize was that I was in a financial season in my life. It was a financial season that really sucked. It really did. I had so many bill collectors calling me that it felt like nothing I did would even make a difference in my situation. But, each day I kept trying. Some days were successful and other days sucked. I just kept focused on my goal, pay these bills off. And, I’m happy to say that I’ve paid off around $60,000 in debt. I’m no longer getting dozens of collections calls a day, a ridiculous number of emails a day, or endless pieces of mail related to all of the debts that I owed. The holidays that I had to survive without money haven’t been forgotten and I hope that if you leave with anything from this post it’s to keep the faith, stay focused, and be kind to yourself. You’ve got this. You can survive the holidays when you have no money. Image Credit: Kaspars Grinvalds via Canva.com Via https://mylifeiguess.com/holidays-when-you-have-no-money/ Being unemployed is incredibly difficult. With employment rates being greatly affected thanks to the pandemic and the recent mass layoffs in the tech industry, you probably know someone close to you that’s been laid off, let go, or looking for a new, better job. Giving your unemployed friends and loved ones a thoughtful gift could really go a long way. Think about what sort of things they need or that would help them out the most, depending on their situation. Here are some practical gift ideas, great for any occasion that will not only show them you care, but can help them through this challenging time. Gift Ideas To Help Your Job SearchJob searching resources and supplies make great, thoughtful gifts to give to someone who is unemployed. Many of these ideas will continue to be useful after they land that new job, too. What Color Is Your Parachute?This is one of the highest recommended books when it comes to job hunting and career advice. Back when my dream job turned into a nightmare, I used an earlier version of this book for advice, encouragement and to help figure out what was next for me, career-wise. How to Win Friends and Influence PeopleAnother go-to for job hunters, this updated adaptation is full of practical advice for succeeding in your personal and professional life. It’s a great resource to improve your communication, leadership and efficiency skills. Kindle Paperwhite E-ReaderThere are literally thousands of books that can benefit someone looking for a job, exploring their career options, or upgrading their job skills. Rather than picking just one or two that you think would help your loved one, why not give them access to them all? Portfolio BinderThis zippered portfolio binder is the perfect companion to any interview. Keep your documents in order, your resume looking pristine, and business cards handy – with a notepad to write down anything important. Leather Briefcase/Laptop BagKeep your portfolio, laptop and all your other job search related items together and ready to go with a professional, high-quality (but not bulky) briefcase. 5-Piece Desk Accessories SetStaying organized while job searching is crucial, but can be tough. A good accessory set can help keep your desk and all your pens, pencils and important paperwork and stationery in order, so nothing gets misplaced. Office Supply Bundle PackKeep your office supplies handy with this box set. Including colorful sticky notes, note paper, pens, tabs and labels. 216 Piece Set of Binder Clips, Paperclips & Push PinsJob hunting can require a lot of paperwork, especially if you’re applying in multiple fields or to multiple locations. Step up your organization game even more with pins, paperclips and binder clips. Classic Black BlazerIt’s important to look professional when dropping off resumes, attending networking events, and for interviews. A classic blazer is a quick, easy and affordable way to take your current wardrobe pieces up a notch. Check out a similar look for men. Wool Pea CoatFor the days that a blazer alone won’t cut it, a quality pea coat is another perfect gift idea for the unemployed person on your list. Stay warm and looking professional at the same time. Mini Sewing KitHelp avoid any interview wardrobe malfunctions with a 100 piece travel-sized sewing kit. Mend a fallen hem, pin shut a loose button, or quickly address any other potential issue. A Good UmbrellaHaving a good umbrella on hand will help keep you dry, clean and professional looking on those dreary days. With a lifetime guarantee and a vented double canopy, this umbrella won’t flip or break, and is small enough to fit into your bag or leave in your car. Thank You CardsAnother important part of job hunting is sending a nice thank you card after an interview or other important networking event. Sure you could simply send an email, but why not stand out instead by sending a handwritten thank you? Business Card Holder CaseSpeaking of networking events, having a place to store business cards might come in handy. Yes, they still matter, even in this digital age. The holder can also be used to store your loyalty and points cards. A Day PlannerKeep all those application deadlines, interviews, and other priorities in one place. With this planner, you can also record your goals and to-do lists, too. Printer InkBetween your resumes, cover letters, and applications, actively looking for jobs requires a lot of printing. Even though many companies have moved the application process online, bringing a printed copy of your resume to your interview is highly recommended. Having printer ink at home is so much easier than having to go to the library or print shops all the time. Just be sure you get the right brand and cartridge type for the printer they have. Grammarly PremiumImprove your prospects by making sure your resume, cover letter, and email correspondence are all error free. The premium version of Grammarly offers the same features of the free version, but takes it further. It’s more advanced features include plagiarism checking, genre-specific styles, and vocabulary enhancement suggestions. A Portfolio or Professional WebsiteA professional portfolio website is a great way to impress potential new employers and share all of your accomplishments beyond what can fit on a resume. With affordable monthly hosting and a domain name registration, there are many free and paid resources available to spruce up the design or enhance your content to really stand out of the crowd. Gift Ideas To Help You Take Care of YourselfSelf care is crucial no matter who you are or what’s going on in your life. Here are some great gift ideas to support mental health for the out of work loved ones in your life. (Or maybe you’ll want to treat yourself, too?) Journal or NotebookBeing between jobs can be a very stressful time. You need a healthy outlet to express your emotions. Journaling for even as little as 5 minutes a day can clear your mind, improve your memory, and reduce stress and anxiety. Aromatherapy Spa Gift BasketThis gift box set includes everything you need to relax with a little spa treatment at home. This kit contains 20 different items including bubble bath, body butter, an aromatherapy scent candle, a bath pillow and essential oils. Perfect to help you unwind after a long day of pounding the pavement, or to stay calm the night before an important interview. Deep Kneading MassagerGoing to a massage therapist can get expensive, quick. But that doesn’t mean you have to miss out. This heated massager has an ergonomic design and flexible strap to reach your shoulders, neck, back, legs and feet. Blackout CurtainsThese are the exact curtains we have for our living room (this color, too). They really do blackout the light, and also help reduce noise and insulate around the window. Hang them in your bedroom to help improve your sleep. White Noise Sound MachineAnother way to get a better nights sleep is to drown out those nagging thoughts with a white noise sound machine. This one has numerous sounds to choose from, and lets you control the volume level, too. Sunrise Alarm ClockOn the flip side, you don’t want to end up sleeping through important events. Rather than checking your phone all night to make sure your alarm is set, only to be to woken up by a buzzer or ringtone, why not wake up in a more natural way? Casual PantsAs tempting as it can be to stay in your pajamas all day, the simple act of getting dressed can do wonders for your productivity. But at the same time, putting on a full suit or a nice dress just to wear around the house is a bit much. Comfortable, casual clothes are the perfect in-between. Loose Pullover Casual TopOn that same note, a nice pull-over sweater paired with yoga pants or leggings and a tank-top can make you feel more put-together, but still comfortable. Check out my Self Care Gift Guide for even more self care gift ideas and suggestions. Including inexpensive, unique gift ideas to help you sleep better, relax, improve your health and well-being, spruce up your workspace and more. There are over 50 ideas all for under $50 each! More (Budget-Friendly!) Self Care Gift Ideas → Gift Ideas to Help You Learn and GrowTaking courses while between jobs is a great way to spruce up any resume, brush up your skill set, or learn something new! Some you can do from the comfort of your own home and on your own schedule, while others will get you out of the house and interacting with other people. Annual memberships make great gifts, or sign-up for a class together! Eventbrite.caFind local events and classes, both free and paid, to increase your knowledge, network, or enjoy a night out without spending too much. Lynda or LinkedIn LearningOffering a free month trial and free access with many library cards, earn certificates from over 6,000 courses. SkillshareGet a free trial, followed by unlimited access for less than $12 a month to all of their 24,000+ courses. UdemyWith courses starting at $12.99 each, you can get lifetime access to any of their over 80,000 courses. Your Community ResourcesBetween your local library, community centers, employment centers, arts and non-profit organizations, health units, counseling centers, credit and debt counselors, schools and upgrading programs, there are numerous courses and supports available to you. Many for free or at affordable rates. Gift Ideas To Help Your HouseholdBeing out of work can really impact your family members or the other people you live with, as well. Giving gifts that everyone in the household can use is a great idea. Budget Planner & Expense Tracker NotebookIf you’re between jobs, you need to keep your finances on track. Creating – and sticking to – a budget is one of the best ways to do so. One of the best financial tools out there is this budget planner and spending tracker notebook. Cash Budgeting EnvelopesOne of the easiest ways to stay on budget is to ditch those debit and credit cards and use cash instead. A gift set of 5 different colored magnetic reusable cash envelopes fits perfectly inside most wallets. It’ll keep your cash safe and your spending in check. Foodie Gift BasketGift baskets make great personalized gifts. This gift basket designed for foodies includes an assortment of meats, cheeses, and gourmet snacks for everyone to enjoy. Or you could build your own handmade gift basket, an include things like cookbooks, mugs, a cutting board, and hot sauce. Portable ChargerNever miss an important phone call or email due to a dead battery again. With a portable charger, you can charge your phone, tablet, E-Reader or laptop while on the go. Programmable ThermostatGifting a programmable thermostat is a good way to keep your bills low and stay on budget. The Nest Thermostat learns your personalized habits and automatically adjusts the temperature, saving you money. Garment Fabric SteamerKeep your interview and business attire looking crisp and wrinkle-free without relying on the dry cleaners with a good fabric steamer. Amazon Echo with AlexaThere’s a lot you can do with an Echo and Alexa to help keep your life in order. Set alarms, listen to music or audiobooks, make hand-free calls or send messages, or check the weather, traffic, your calendar and more. Emergency Roadside KitDon’t let car troubles be the reason you miss out on a job interview. Packed with over 40 items, including a first-aid kit, be prepared for all sorts of emergencies. Desk with StorageIf there isn’t a designated office or workspace at home, making one can be as simple as getting a nice desk. It’s small and compact enough to fit just about anywhere, but has a large tabletop to spread your work out, with storage space to keep yourself and your paperwork in order – and off the kitchen table. Filing CabinetAdd more storage space to your desk or office with a filing cabinet. Perfect for keeping all of your important paperwork organized. Gift Card IdeasWhen in doubt, you can’t go wrong with a gift card or gift certificate. It’s probably one of the best gifts for someone that’s unemployed so that they can decide to shop for what they need most. They are also great for those last minute gift giving needs. Gift Cards for Pretty Much Anything:
Gift Cards for Clothes and Personal Care:
Gift Cards for Entertainment:
Gift Cards for the Household:
Gift Ideas to Help That Don’t Cost A ThingOne of the best gift ideas for someone who’s unemployed would be to get them a good job. If only it were that easy, right? But there is a lot you can do or give that isn’t a physical gift at all. Just be sure to always respect their boundaries. You want to support them, not add to their stress. Related: Asking Santa to Put a New Job Under the Tree? Here’s Help Give The Gift of Your KnowledgeShare any job leads that would be suitable for them. Especially if you have a personal connection at a professional organization and you can put in a good word for them with the employer. Introduce them to anyone that can enhance their professional network or that could make a great mentor. If you’re tech savvy and they aren’t, offer to spruce up their resume so it passes the 6 second glance test, help them develop a personal portfolio website, or create an easy-to-fill-out job searching spreadsheet for them to use. Attend classes, courses or events in your area together. It’s so much easier to attend these sorts of things with a friendly face by your side. Let them know about any programs or community supports that are available to them. Give The Gift of Your TimeSpend quality time with them. Get them out of the house. Attend a class or networking event together. Babysit. Drive them somewhere. Invite them over for dinner. Review and edit their resume and cover letter. Practice interview questions with them. Give them the pep-talk they need. Remind them of all the talents, skills and abilities they have. Listen to their frustrations and struggles. Check in with them regularly. Just be there for them. Knowing that they have you’re support can mean more than anything else. Whether you are looking for a Christmas gift during the holiday season, a birthday gift, a graduation gift, or just want to give gifts from the heart, this list can help you find the perfect gift for your unemployed family member or friend. YOUR TURN:What would you add to the list of practical gift ideas for the unemployed loved one on your list? Please leave a comment and let us know! Image Credit: studioroman via Canva.com Via https://mylifeiguess.com/practical-gift-ideas-for-the-unemployed/ Bored of cubicle life and wondering how to become a digital nomad, live anywhere, make money online and have a healthy work-life balance? Becoming a digital nomad is a new dream for many people, and it is a perfect way to make money and have more freedom and flexibility. You can travel the world while working remotely and doing what you love. There are so many job opportunities today that allow you to work and travel. Yet how do you make the switch? How can you be set up for success? You can make it work with proper guidance and a detailed plan. Let’s get started. Step 1: Understand The Digital Nomad LifestyleBeing a digital nomad involves using technology to work remotely, often while traveling. While this lifestyle is becoming increasingly popular, you must understand how it works. For starters, digital nomads are not always “on vacation.” Most of them work just as hard – if not harder – than those who have traditional jobs. The difference is that they have the freedom to work from anywhere in the world as long as they have a reliable internet connection. They can often work in coffee shops, coworking spaces, or even from home. Of course, this lifestyle is not for everyone. It can be challenging to stay disciplined in remote working when there are so many distractions. Staying connected with family and friends while living a different lifestyle can also be tricky. However, nomadic life can be an enriching experience for those who can make it work. So, your first step should understand all nuances of a digital nomad lifestyle. Step 2: Identify a Skill and Create a PlanYour goal is to achieve location independence while you work anywhere, be it work-at-home or a coffee shop in another country. Whether you are a software engineer, graphics designer, or into project management or consultancy services, there is a way to find freelance work or a company that hires remote workers. That is why it is crucial to identify a skill you enjoy and use it to your advantage to find flexible work or a remote job. It could include website design, copywriting, graphic design, software development, or abilities like photography, sales, or tutoring. If you are comfortable going independent, you can become a freelancer and work with clients. Some of your best options are to become a freelance writer, virtual assistant, graphic designer, web developer, or customer service representative or get into online teaching, bookkeeping, graphics design, web design, customer support, affiliate marketing, etc. On the other side, if you want to be independent and become a digital creator, you can become a YouTuber or a blogger. So, start researching and looking into the different jobs available to you. Related: 25 In-Demand Skills Needed for Digital Nomad Jobs Step 3: Prepare to Launch and Start FreelancingAfter identifying a skill or business idea, create a plan. Set goals, draw up a budget, research potential clients, and create a schedule. After you have drawn a plan for your business, you can start freelancing and make money. Your primary focus should be finding clients and shifting to a consultancy model where you can build a remote team. If you are getting paid to do freelance writing, you can start seeing clients on Upwork and slowly move towards finding independent jobs and gigs. You can also look into job boards like Problogger. Alternatively, pick up an online business like Amazon selling or blogging. In that case, you should start working on creating a website, marketing your products or services, and setting up systems like payment processing. If going independent scares you, find fully remote jobs with companies like VIPKID, CheggIndia, Rev Transcription, etc., or find a job with companies that allow full-time remote work. Many companies with a fully distributed team are looking to hire remote workers. If this is what you want, check out Flexjobs, a job board, to find telecommuting and work-from-home jobs. They weed out scams which makes the task of any job-seeker easy. It is also a great time to start building an online presence for yourself and your business. Launch a website, blog, and social media accounts. You will also need to work on setting up contracts and payment systems, ensuring you have all the required documents, and understanding the tax laws applicable to you. Whatever you decide to do, make sure you build a detailed plan which includes multiple revenue streams. It will ensure that you are not relying on one source of income and can always have a Plan B on the table in case something suddenly falls through the cracks. Step 4: Get Your Business or Freelancing to a Sustainable LevelNow it’s time to reach a sustainable income level before you hit the road. You will need to focus on building your business, relationships with clients, honing your craft, and networking while you still work. You must have at least twelve months of money if nothing works out. Not only will it give you confidence, but it will also give you a safety net should something go wrong. Related: 30 Places to Learn New In-Demand Skills for FREE! Step 5: Reduce Your Location-specific Ties and ExpensesWhile you are building your online business and preparing to become a digital nomad, start reducing your location-specific ties and expenses. Get rid of unnecessary items, and sell your vehicle and other large items. Move to a more affordable place for rent, cancel your subscriptions, pay off your credit card debts, etc. By reducing your overhead costs, you can quickly save up money and have a greater level of autonomy too. Step 6: Join Digital Nomad CommunitiesConnecting with fellow digital nomads and freelancers is essential to the travel and work lifestyle. Joining online communities and attending meet-ups will keep you motivated and get you networking with nomads. You never know who could be helpful for your business, and you may even find people that can help you with business deals. Connecting with others will set you up for success. Step 7: Explore Different LocationsBefore you decide where to go, understand how much you earn per week, month and year so you can stick to a workable budget for the destination. For example, if you make $30/hr with your online business, you need to know whether you can easily cover your expenses with this income. With that in mind, start finalizing your first location. You can always start by picking up a city in your own country, and one of the benefits of doing this is the availability of taking on part-time jobs that can pay weekly. If not, look for cities or countries that offer a lower cost of living and the services you need to run your business (especially high-speed internet). Research different areas online, talk to people who have been there before, and get feedback on their thoughts about the location. Also, explore whether or not different countries offer visas that allow digital nomads to stay for long periods. Researching before you move can ensure your transition into a digital nomad is as smooth and successful as possible. Step 8: Just Go For It!It’s all about taking a leap of faith and going for it. Digital nomad life is not easy, and there will be challenges. But with hard work and dedication, you can make your dreams come true! Wrapping UpMaking money online has never been easier, but the digital nomad lifestyle requires planning and hard work. Working from home or living anywhere and working is more challenging than it sounds. You must decide your skill set, build your online business or freelancing career, and be disciplined in your schedule. Once you have a solid foundation, begin reducing your location-specific ties and focus on saving money for the road. And finally, join digital nomad communities and explore different locations before you leap into the unknown. With hard work and dedication, you can make your dreams of traveling the world and embracing nomadism in its true sense! Start planning your journey today and be anywhere around the world! Good luck and happy travels. This article originally appeared on Wealth of Geeks. Image Credit: Canva Pro Via https://mylifeiguess.com/fast-track-your-digital-nomad-life/ You Don’t Need Special Skills to Survive the Recession–You Need Resilience Few people truly have job security. Between the pandemic, the recent mass layoffs in the tech industry, and the looming recession, most (71%) Americans worry about losing their jobs. And they have good reason to be concerned. We all know someone who’s been laid off, or we’ve been laid off ourselves. More alarmingly, most managers (87%) say they would likely lay off employees in the event of a recession. A new survey found that unlike the Great Resignation, where employees were leaving their job en masse, 77% of Americans plan to stay put because of the growing economic uncertainty. It’s scary not knowing where your next paycheck will come from. No industry can guarantee job security, but workers can protect themselves. How? By becoming resilient. This learnable skill will help you keep your job, find a new one, or start a business. Hybrid and Remote Workers May Be the First To Be Let GoAccording to the Insight Global survey, tech workers are more concerned about their job security (83%) than other workers are. While the tech industry has been relatively immune to the economic downturn so far, it is starting to feel the effects. Big names like Twitter, Meta, and Amazon have all announced layoffs in the past few months, and smaller startups are also feeling the squeeze. Many downsized positions are hybrid or remote, which may signify what’s to come. 60% of managers surveyed by Beautiful.ai said remote workers would likely get cut first. The survey adds that hybrid workers might be more at risk of losing their jobs than fully remote employees due to the added overhead costs. Whether you work remotely or not, if you want to survive a layoff, you must take matters into your own hands and be prepared for the unexpected. Related: Have You Been Laid Off From Work? Avoid Making These Mistakes Put Yourself FirstIt may sound harsh, but your employer doesn’t really care about you. They care about their bottom line. You are the only one responsible for your personal and professional development. Take the initiative if you suspect you are at risk of a layoff. Don’t sit back and give your employer all the power. You can either go all in and do everything you can to keep your job or start looking for something else now. Don’t wait for word from your employer—they may not give you any warning. Build Your SkillsThe fear of a recession is motivating 73% of workers to learn and improve their skills or take on new projects, the survey by Insight Global found. And it’s a smart move. Building your skills will make you more valuable to employers and more marketable in case you lose your job. Those with the skills and knowledge that businesses need will be in high demand. Fortunately, there are many ways to learn new skills, even on a tight budget. Many online courses and webinars are available for free. If you’re currently employed, you may find opportunities to hone your skills within your current role. Make Yourself IndispensableDespite layoffs, 59% of managers surveyed admit to “labor hoarding” talented workers, refusing to let them go. So if you decide to stay and fight for your job, do whatever it takes to make yourself indispensable. Become an expert in your field. Be reliable. Make your manager’s job easier. Participate. Find solutions. Make it hard for them to replace you. Prove that you are worth keeping around. But remember, even if you do everything right, there is no guarantee you will keep your job. Get Your Finances SortedKnowing where you stand financially can help you decide your next career move. If you do lose your job, how long could you survive off of your savings? Those with a lot of money saved have more flexibility and can take more risks than those without. For example, 54% of workers surveyed say they would be willing to take a pay cut to avoid a layoff. Only some people can afford to take a pay cut, though. More than half (56%) of American workers don’t feel prepared for a recession or know how to prepare for one. Start by creating a budget and sticking to it. Make sure you are not living beyond your means. Then build up your emergency fund to cover at least three months of living expenses. Doing so will give you breathing room if you lose your job. Related: Yes, It Is Possible to Stop Living Above Your Means (Find Out How!) Create Your Own Source of IncomeWhy rely on your employer as your only source of income? Having multiple income streams is a great backup plan. A report by Insuranks.com found that 93% of American workers have a side hustle, with 44% needing an extra income to make ends meet. Having a side hustle makes you less vulnerable to financial instability. The extra income can help you build savings or pay down debt. If you are let go, you still have some money coming in. It also teaches new skills that will look great on your resume. Kickstart Your Job SearchNo matter how secure your job is, it’s time to brush off your resume. Update it to highlight your new skills, accomplishments, and responsibilities. Did you get a promotion or receive any awards? Be sure to add those, too. Even if you don’t plan on looking for a new job, you never know when an opportunity–or a layoff–will come knocking. Keep your resume updated regularly, and be prepared to send it out at a moment’s notice. Pay attention to who’s hiring. If you see a position that interests you, don’t hesitate to apply. The worst that can happen is you don’t get the job. But if you don’t apply, you definitely won’t get it. Related: Here Are 23 of the Best Recession Proof Jobs Resilience and Your Mental HealthThe constant threat of losing your job is overwhelming. Insight Global found that 53% of those employed during the Great Recession still feel anxious about being laid off. This anxiety can hold people back, both personally and professionally. When you’re under a lot of stress, it’s easy to let your health fall by the wayside. But, people who take care of themselves are more resilient and able to adapt to challenging situations. Make sure you’re eating right, exercising, and getting enough sleep. Establish a work-life balance. Choose to be optimistic. And remember that worrying won’t change the outcome. There are things that you can do to control your destiny, and this is a time when it is imperative to stay focused and determined. More Career Articles:
Via https://mylifeiguess.com/recession-proof-your-career-with-resilience/ Millions of Americans work full-time to ensure they pay their bills and keep a roof over their heads. And many of those millions would love to work fewer hours without sacrificing their pay. It’s a matter of working smarter, not harder. Take it from someone who owns an e-commerce website and has accomplished precisely that. Pay the Bills by Working 5 Hours per WeekEric Ferguson, who owns an online car parts business, Andy’s Auto Sport, says he works five hours per week to manage the company and has earned a full-time salary. He’s 44 years old and still far from the average retirement age of 61. Ferguson has owned the business for years and used to work full-time. In 2018, his perspective on the company and his work shifted. He decided he could let other people perform the business’s core functions in exchange for more freedom with his time. Since that transition, Ferguson only works on the highest-level tasks, such as reviewing the company’s operational reports and having staff check-ins. His five-hour work week is well below that of most American workers. According to Statista, the average American works approximately 34 hours per week. The business has remained profitable enough that he has continued taking a full-time salary despite working fewer hours. Related: Stop Ignoring Hard Work if You Want to Succeed! Trading Work Hours for Free TimeWhen asked what he does with the extra time, Ferguson said, “I have the freedom to pursue whatever I want. I spend more time with my family. I sometimes take big bike rides in the mountains near my home. Being entrepreneurial is also like a hobby to me, so I still explore business ideas for fun.” He says it was hard to get used to the free time at first. “I’d take a bike ride on a Tuesday in the middle of the day and feel guilty about it. Since childhood, I have oriented myself toward working relentlessly. It took a while for me to be at peace with not always going pedal to the metal with work.” Ferguson says he recognizes how fortunate he is to be in this situation and is very grateful. “I feel like I can do what I want in life while still earning income to support my family. I couldn’t ask for anything more.” How He Pulled It OffFerguson pointed out a few items when asked what the keys were to accomplish this lifestyle. Choose a Business Model That Gives You FlexibilityFerguson says his company’s business model is a crucial ingredient to being able to live a lifestyle like this. For one, it’s an online business that lends itself to working remotely. Ferguson doesn’t have any commute time and can put in hours whenever he sees fit. He says, “Working from home to manage an online business is great from an efficiency standpoint. If I get the urge to work, I just do it. I can do 15 minutes of highly productive work any time I want, rather than forcing myself to work in a specific time slot when I may not be ready to be productive.” His car parts business also uses a drop-ship business model, meaning they do not warehouse any of the products they sell. They work with suppliers to fill customer orders, and his company never sees the products. He can save time managing physical inventory. Related: No Experience? Here Are 11 Work From Home Jobs You Can Start Today Do a Whole Lot of Search Engine OptimizationAnother key to the success of Ferguson’s business is the search engine optimization work he did early on. Search engine optimization, also known as SEO, is trying to get visibility in search engines like Google. He spent a lot of time trying to get his website near the top of Google’s search results. He focused on terms related to the types of car parts his company sells. He said, “A lot of the SEO work I did early on is still paying dividends to this day.” He made SEO a focal point of his work effort for years, a primary reason for his company’s overall success and its ability to continue generating income despite his reduced involvement in the business. Work More Hours Early in LifeBefore switching to five-hour work weeks, Ferguson spent a lot of hours at work regularly. He often worked all night, putting in 60 hours a week in his company’s early years. In other words, no one just handed him a five-hour workweek. He had to earn it. The extra hours he put in earlier in life translated to fewer hours later. For many, that tradeoff may not be worth it. For Ferguson, it’s a tradeoff he’s very thankful he made. It’s possible to earn a full-time salary by working just five hours per week. As Eric Ferguson proves, you can succeed with a suitable business model and focused effort. Photo Credit: Canva Via https://mylifeiguess.com/five-hour-work-week/ For young entrepreneurs out there, this article is for you. We will provide a list of easy-to-launch business ideas for teens to start in 2023. There are plenty of teenagers in the world today that are crushing it as young entrepreneurs (and we want you to be next!) From YouTube stars to auto detailers, there are many options to consider when deciding on your first small business idea. So how do you know which business model is suitable for you? Unfortunately, you’re the only one that can answer that question, but we want to help inspire you to take that first step in your journey as an entrepreneur and business owner. In 2023, there will be more opportunities than ever to start your own business. Starting a company used to require significant upfront investment and a staff of employees. Still, today we’re able to get a business off the ground with little or no money and connect with our potential customers through free channels such as social media and other online forums. When considering our list of business ideas for teens to start, we wanted to ensure we provided ideas that require little to no investment up front (we understand your teens don’t have any money!) but with massive earnings potential on the backend. So with all that said, let’s first talk about what to look for if you fall into this younger generation of future business owners. Business Ideas for Teens: What To Look ForOf course, when considering business ideas for teens, there are some limitations to factor in. Certainly, teens don’t have much capital sitting around. Some may not have a car or even a driver’s license. Of course, school commitments put a limit on working hours too. So here are a couple of things to look for when considering which business makes the most sense for your particular situation. Location Independent or Close to HomeMost teens are kept in one location due to schooling. Therefore, teens can either have a location-independent business (usually online) that they can run from anywhere or else start a business near their home. Of course, this will depend on where you live, but there are opportunities to make money around the neighborhood. Flexible ScheduleSmall businesses take time to start and grow, but teenagers have limited control over their time. They have teachers, parents, and siblings dictating schedules. So we need a way for teens to work on their own time, knowing they can’t be on call 24/7. Low Startup CostsThe best business ideas for teens require little or no money. (After all, who really wants to ask their parents for money?) We don’t recommend it, and you don’t need it to start with one of our recommended ideas! Related: What Are the Best Side Hustles for You? These 15 Questions Will Help You Decide 15+ Business Ideas for TeensWithout further ado, here are our top business ideas for teens to start in 2023. First-time entrepreneurs understand that creating a sustainable business takes time, effort, and a little bit of luck. One big mistake we see people make all the time is chasing shiny objects or the latest get-rich-quick scheme that’s being pushed all over YouTube. Take time to think about what you’re good at, what sets you apart, and above all, make sure you choose a business you want to start! It seems obvious, but you need to do something you like doing. Otherwise, you’ll get burnt out and quit before seeing any real success. Related: 30 Places to Learn New In-Demand Skills for FREE! 1. Start a BlogFor teens keen on building their personal brand, we recommend starting a blog. A blog can be anything you want and will evolve over time. Further, there are many ways to make money from a blog in today’s online landscape. To get started, sign up for a domain name such as ‘yourname.com’ and start writing about topics that interest you. From there, you will want to be much more specific regarding your target audiences based on topics in your niche. Related: Learn the Secret of How to Make Money Blogging 2. Sell on EtsyA growing number of young entrepreneurs are making a living on Etsy. The platform connects sellers with millions of potential customers, making it a great way to get a business up and running in a relatively short time frame. If you’re into crafts and design, start listing some of your creations and improve as you go along. You may end up with your own website once your small business starts to take off! 3. Lawn CareLawn care is on the list. Most adults hate mowing lawns and would pay you to take care of their yards. That is easy because your potential customers are all within a bike ride away. Look for yards that need upkeep. Stop by and talk with them about helping with their lawn care. Once you get a couple of clients around the neighborhood, word of mouth should do the rest! Depending on the number of lawns you cut each week and the size of the yards, you can start bringing in some decent money. 4. Wash CarsCar washing is a great business idea for teens at home during the summer. Create a flyer detailing your car washing services and put it in mailboxes around town. You can do this with a free service like Canva and offer to clean cars while they are on vacation for the weekend. Depending on your level of service, you can charge a pretty penny for these services, especially if you are doing a complete interior detail. Once you get some recurring clients, start hiring a few friends to help you with the workload! 5. YouTubeYouTube is another business model we highly recommend for teens looking to make extra money. Creating engaging videos can be challenging, and take some time to build an audience on YouTube. Still, if you stick with it, you will continue to improve, and eventually, people will start to pay attention. Once you build a loyal audience in whatever niche you choose, you will have a sustainable business. We love this business model so much because the sky is the limit. Similar to blogging, there is no limit on how much money you can make on YouTube. 6. StreamerPlaying video games used to be a hobby, nothing more. Today, the gaming industry allows you to turn your digital talents into a thriving small business. Studies show the gaming industry’s value could reach $321 billion by 2026, a number almost unfathomable ten years ago. While big gaming companies make most of that money, streamers can earn a significant income. The ability to draw viewers’ attention and effectively promote products to the audience is critical and can be very rewarding. 7. Pet Sitting or Dog WalkingPeople like to travel, which leaves them with the constant question of what to do with their pets. Ask your friends and family to use you to watch their pets while they are away. Another idea would be to offer to board their pets during the day while you’re on summer break! 8. HousekeepingEveryone likes a clean house, but no one wants to clean. People will pay big bucks for a clean house and usually like to have the house cleaned every week or two, which means recurring revenue. Let’s say you wanted to commit to cleaning two houses per week. You need four clients if your clients want their homes cleaned every other week. Charge $200 per visit. Do the math – $1,600 per month for only cleaning two houses a week! 9. Run ErrandsAnytime you solve a problem, there is an opportunity to make money. Most people would love you to help them with their errands when they need more time to finish everything. Offer to do grocery shopping or drop the kids off at soccer practice. Once you’ve built up a good list of clients who call when they need your help, the money will start rolling in to complete reasonably simple tasks. If you don’t have a car, offer to do their shopping online! 10. Seasonal ChoresThis one is obvious. Have a leaf removal business in the fall, snow removal in the winter, mulching in the spring, and mowing some yards in the summer. The best part about this business is the opportunity to make money year-round from the same clients repeatedly. Consider you have ten clients and two visits to their houses each month. For each visit, you charge $80. So 20 visits per month at $80 per visit, that’s $1,600 for pretty easy work. Add some bonus services like gutter cleaning for more cash in hand! 11. Retail ArbitrageStarting a retail arbitrage business could be the perfect business idea for tech-savvy people who like spending time on their computers or mobile device. The idea here is to purchase sale items from discount stores and list them for sale on online marketplaces such as Amazon, eBay, or Facebook Marketplace. When you do this at scale, you can make a big profit. 12. TutoringDo you get good grades? Become an academic tutor! Parents will always want what is best for their children, but not all children do well in school. Offer to help their kids with their studies and charge an hourly fee. That is a great way to make some extra money after school. 13. Sports LessonsMaybe the classroom isn’t your thing, but you’re a good athlete for your high school football or soccer team! Stop by a couple of the Junior Varsity (JV) or middle school games and chat with the parents. When they bring up their kid, mention that you would happily pass around with them on the weekends or after school. Again, parents want to support their children, and a lot of times, a kid would rather work on their shot with someone they look up to on the varsity team rather than their parents! 14. Child Care ServicesParents love their kids but need a break from them now and then. Babysitters are always in high demand, and parents are willing to pay good money to have someone they trust to look after their kids. Have your parents reach out to their friends about your ability to babysit or hang around some after-school events to offer your services. Another option is to talk to parents with young kids in your neighborhood. 15. Graphic DesignerIf you enjoy creating graphic designs with software applications like Adobe Illustrator or Canva and think you’ve got a knack for it, consider starting your own graphic design business. You can create an online store for your designs or start an account on a freelance platform like Fiverr or Upwork. Related: 300+ New Side Hustle and Small Business Ideas Final ThoughtsThere are many ways to make money and start your own business as a teenager. Just because you’re young does not mean that you’re not useful. It also doesn’t mean you’re not valuable! Teens generally don’t have as many bills or expenses as adults, which means you can charge less money than a big company while providing a similar service. Plus, most adults would rather pay a teenager trying to make extra money than trust their jobs to other adults they aren’t familiar with. As you start your own business, you will continue to improve at what you do and make more money as you progress. Even if you don’t make a ton of money and ultimately shut your business down as life happens, the knowledge and skills you will learn are invaluable and will make you a better person in the long run. Of course, if you’re reading this article, you’re already a step ahead and have a bright future! This article originally appeared on Wealth of Geeks. Image Credit: Canva Pro Via https://mylifeiguess.com/business-ideas-for-teens/ Stock trading appears complex to newbies. Yet to experts, it is a well-organized system with discernible patterns. Everyone wants to jump into the market and make money, but can you succeed without a ton of resources and workforce to master the daily intricacies of stock analysis and trading? Fortunately, this goal is becoming a reality with Artificial Intelligence (AI) trading software. You can leverage this cutting-edge technology for trend analytics, risk mitigation, stock analysis, and trade execution. What Is AI Stock TradingAs the name implies, AI trading software uses artificial intelligence to generate and execute a trading strategy for stock investing. For years, brokerage firms have used machine learning and algorithmic forecasts to help online brokers and stock traders lower risks, buy or sell shares, trade options, and diversify portfolios. The technology and modeling used to be quite expensive. However, online AI-based trading solutions make the technology much cheaper and more readily available. As a result, AI is becoming a widely used tool for stock market trading. Related: 4 Recession-Proof Stocks Worth Investing In How Does AI Stock Trading Work?1. Analysis and PredictionAI trading tools gather and analyze millions of data points from users and the markets to generate advanced stock and option trading scenarios. Besides technical analysis, AI can also use market sentiment data, analyst ratings, trending news, earnings reports, etc., to provide investment advice and recommendations. 2. ExecutionAI can help you save time and reduce costs by enabling rapid judgments and actions, which are crucial in stock trading, where every second counts. These models can be used to invest at optimal stock prices, minimize risk, and balance diversified portfolios as market conditions demand. 3. Closed Loop LearningTrading techniques based on AI become more sophisticated as computer models gain knowledge and context from previous results. As a result, AI now provides undeniable advantages over manually picking investment choices. Pros of AI Stock TradingThe use of AI trading solutions has several advantages that make them both a wise counsel for novice traders and a very potent tool for seasoned investors. Related: How to Invest in Stocks: A Beginner’s Guide 1. AI Lacks EmotionArtificial intelligence removes performance declines brought by inherent biases, impulses, and human mistakes. AI’s lack of emotion may be a drawback in other endeavors, but it is a huge advantage in stock trading. 2. AI Requires Less Time for ResearchConsider how many hours you spend each day researching to trade stocks and options. AI trading software plugs into essential data sources, which compile the data points and research required to make informed decisions. 3. Lower CostsAs a result of higher productivity and automation of AI stock trading systems, traders require less workforce and computational resources. Even though there are subscription costs for AI trading software, AI reduces the overall costs by lowering the time it takes to conduct analysis, compare data and formulate an executable strategy. 4. Quickly Create Reports and Practical ChartsBy quickly producing customizable reports and graphs, AI helps reduce the amount of manual work to be done by the trader. It can rapidly create information on demand, show it on screens, and continuously update it. 5. AI Keeps ImprovingNew and more potent Neural Processing Units get frequently released due to the advancement of AI technology. The AI algorithms in online trading systems constantly learn and enhance their precision. 6. AutomationStock trading with AI does not require ongoing human supervision or coordination. That is because AI systems can carry out different sets of operations automatically. As a result, whether you’re a novice or an expert stock trader, you can use AI to buy and sell stocks by monitoring stock pricing, setting screeners, and executing limit orders. The Drawbacks of Stock Trading Using AIAI trading software could be more flawless and perfect. Like a double-edged sword, AI has its benefits and a few cons. Here are some of them. 1. Monitoring Is RequiredAI trading software executes all its functions based on pre-programmed code. Poor quality code, unexpected scenarios, and other variables can cause errors. As an extreme example, Knight Capital lost about $440 million due to a glitch in trading software that bought and sold millions of shares for 45 minutes without triggering a stop-loss. In this scenario, a human trader would’ve pulled the plug quickly. Since the software’s code did not include a kill switch, no one at Knight Capital could shut it down for 45 minutes. It is critical to ensure that AI trading systems are monitored properly, as they are not foolproof. Humans are still required to address anomalies quickly. 2. Simulated DataAI stock trading relies on testing strategies based on past performance and historical data applied to simulated market conditions. If traders set it and forget it without paying attention to economic conditions and breaking news, AI-based trades can result in losses. In the real world, it may be necessary to formulate out-of-the-box trading strategies based on the context only humans can understand. 3. Higher Cost for Custom SolutionsAI trading software provides standardized data, analysis, and recommendations to all users. Most online traders or brokers rely on custom strategies based on their experiences. Including these in AI models to gain a competitive advantage could be very expensive. Large firms may consider this option, but for individual trading, it is best to look for AI trading platforms that support some level of custom inputs to adapt the system to your strategies. The Best AI Trading PlatformsHere are some widely used AI trading platforms to help you get started. Trade IdeasEstablished in 2003, Trade Ideas caters to investors, traders, and market professionals of all expertise levels. Trade Ideas continuously scans the market to identify the most profitable daily opportunities based on a million different trading scenarios. The real-time scanner selects securities from the thousands of equities available on North American stock exchanges, including the NYSE and Nasdaq. You can also build your custom scanning parameters, identify opportunities, run simulated trades and backtest against recent historical data. The software provides up-to-date news, breakout alerts, and custom charting capabilities. Another notable feature is the innovative ‘stock racer’ tool. Stock racer lets you create custom filters and select a list of various stocks to ‘race.’ For example, you can race five stocks to see which one experiences the most significant stock-price change in the next 15 minutes. The software visualizes the race over your selected duration, applying various performance metrics along the way. At the end of the race, you can see the winning stocks and trade them directly by connecting to your Etrade online brokerage account. It’s a fun and engaging way to compare stocks. TickeronTickeron offers a wide range of AI-driven services to investors, including day-trading, swing-trading, and crypto trading. It uses AI to spot patterns to help traders make better decisions for trading options, securities, exchange-traded funds (ETFs), mutual funds, crypto, forex, etc. The pricing structure is a bit complicated, as you can select just the features that work best for you. For example, you can choose AI robots that analyze crypto, forex, and stock markets to find the best opportunities. Alternatively, you can select the trend analysis tool to see trends and form your strategy. The best feature of Tickeron is the marketplace. You can exchange watchlists, simulated trades, and model portfolios with other users if you want to learn how to trade. You can also apply screeners and mimic AI-powered model portfolios to maximize profits. Blackbox StocksThis online stock trading platform includes AI technologies allowing traders to buy or sell stock options. Market scanners, volatility indicators, proprietary algorithms, and real-time quotations, among other tools, expedite trading and improve decision-making, giving platform users a competitive edge. Additionally, BlackBox provides all subscribers with free lectures for beginners on investment strategy, tax advice, and live webinars to start investing. Related: Invest with These 6 Brokerages and Get Free Stocks Frequently Asked QuestionsIs AI Stock Trading LegalBoth algorithmic trading and AI trading are legitimate. Because these technologies make the work of trading stocks safer and more straightforward, algorithms and automation are becoming irreplaceable to digital trading. Is AI Trading The Same as Algorithmic Trading?AI trading and algorithmic (or “algo”) trading are different. Algo trading applies particular trading rules to a computer program that executes stock trading on the user’s behalf. The programmer, not AI, sets the rules and frequently reflects the trader’s perception. As opposed to algorithmic trading, AI systems use machine learning and analysis of complicated market conditions. That is to forecast market volatility more accurately and make trading decisions. The Future of TradingAI shows no signs of slowing down. Using AI for stock trading has its pros and cons, but combined with human intuition and monitoring, it can be hugely beneficial. It’s clear that as AI models get better, they will form the backbone of formulating successful investing strategies in the years to come. This article originally appeared on Wealth of Geeks. Photo credit: Canva Via https://mylifeiguess.com/is-ai-the-future-of-stock-trading/ |
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