This is where your path to financial freedom begins...

The tax season is almost here. Prepare for tax season with advice that can help you eliminate April woes. You may even be able to file your taxes for free if you meet specific income-level requirements. Last year I volunteered to file taxes for free with the United Way's RealSense program under the IRS's Volunteer Income Tax Assistant program. Well, this year, I'm back at it! I will volunteer with AARP Tax-Aide to help seniors file their tax returns. To find out if you are eligible to file for free, visit the IRS's website and search for a VITA center near you . Before you go, here are a couple of tips to help you prepare to file your taxes. As an Advertiser , this post may contain affiliate links to E-file. Gather Your Documents If you are not going to file your taxes on your own, it's essential to ensure that you have all the appropriate documents. Having all the necessary documents can reduce the number of trips you need to make and expedite receiving your refund if you are due one. The most common documents you may need to take with you are your W-2s, interest income statements, identification documents like your social security cards and photo ID, unemployment income, mortgage interest, and charitable donations. The least common documents are gambling income or losses, jury duty records, and even canceled debt. Canceled or forgiven debt is considered taxable income, and you must report this on your tax return. File Your Taxes Securely Online After you've gathered your documents, it's time to file your tax return. Filing your taxes online can help you complete your tax return in the comfort of your own home. Using E-file , you can file your taxes securely and quickly. You can also choose to save all of your tax return or for your future goals. If you qualify for E-File's Basic Software, you can also file your federal tax return for free. 3 Effective Ways To Manage & File Your Taxes Research Potential Deductions When filing your tax return this year, you may be eligible for numerous deductions. So, will you file using the standard deduction or the itemized deduction? It depends on whether or not you have eligible expenses that will lower your tax rate even further using the itemized deduction. Expenses like mortgage interest, real estate taxes, medical expenses , or charitable contributions you've paid can increase your eligibility to itemize. If you don't have these types of expenses, then you may automatically be required to take the standard deduction. You can qualify for other deduction credits, such as educational expenses, qualified childcare expenses, educator expenses, and even retirement savings credits. To help determine your eligibility, you will receive documents of any expenses paid from eligible institutions. Consider Saving Your Tax Refund Once you have filed your taxes and found out that you're eligible for a refund, consider saving a portion or all of your refund. Before clicking the submit button, most tax software asks you to purchase savings bonds with all or some of your refund. This automatic saving method can help you build your future wealth. Savings bonds  are a safer alternative than other investments when investing in your future wealth. You can also consider using a portion of your refund to reduce your debt. Paying down debt is considered saving since you reduce the interest you pay on past purchases. No debt? Then consider building or increasing your emergency fund. We all know that unexpected events occur, so having an emergency fund can reduce the need to use credit cards or loans to cover emergencies. See my feature on Yahoo, where I discuss how to manage your tax refund.   Evaluate Your Tax Withholding My final note is that receiving a refund may not always be a good thing. If you constantly receive a large refund when you file your taxes, then your withholdings on your W-4 form may need to be adjusted. Receiving a large refund can mean that your withholdings are incorrect and that you have too much of your income withheld from your pay. Having too much tax withheld is a free loan you give the government every time you get paid. If you need assistance filling out your W-4, visit the IRS's website and use the withholding tool to determine your best options.

Reintegration into society after being released from prison is crucial to rebuilding your life. It involves finding stable employment, reconnecting with family and friends, and addressing any challenges that may arise during the transition. This process often requires patience, determination, and support from various community resources. However, there's a light at the end of the tunnel because you have career options. Owning Your Own Business Depending on your business type, a background check or credit check won't be required. Starting a service-based business that doesn't require a business license can create a source of income immediately. Some options are becoming a writer, proofreader, or even a tutor. You could also become an app developer or web designer if you're skilled with technology. These jobs can be completed virtually without direct contact with the public and don't require a business license. Chef or Baker There are many individuals who work or own restaurants, and they have a criminal record. This can be a great option if you find it difficult to get a job after prison. Many restaurant owners hire felons so that they can get back on their feet and because they've also been in the same or similar situations. It's a way for them to give back to the community and help those in need. Little experience is needed, and you can work your way up quickly if you're considering becoming a chef as your career option. See my feature in What is a Good Career Option for a Female with a Felony? Southwest Airlines Yes! Southwest Airlines does hire individuals with certain felonies. You can find a job as a ramp agent where you would be responsible for loading and unloading baggage. Being a ramp agent is a fast-paced job that requires you to be outside and lift heavy items. You will also be able to work independently or with a team where you're not constantly being micromanaged. Labor Jobs Working in a factory can help you make ends meet. These jobs can pay minimum wage or the prevailing union rate in your area. A lot of skill is not required, and most employers will train you to learn the job or drive heavy equipment. If you excel in a manufacturing environment, you can even have the opportunity to gain a supervisory position. Opportunities for these jobs are high turnover, so employers are constantly looking for new employees. State Laws Check your state's laws because some states require that employers only go back seven or ten years when looking at your criminal history. So, if it's been a significant amount of time since you've been convicted, your criminal history may not show up when you apply for a job.

Assisting a family member financially can definitely put a strain on your budget. It's important to set clear boundaries on the support you're able to offer to prevent becoming their personal ATM during tough times. By sticking to these guidelines, you can support your family without feeling overwhelmed by guilt. Five things to consider before lending money to a family member: Decide how much you can afford to lend. Agree on the terms of the loan. Make sure the loan doesn't strain your relationship. Prepare for the loan not to be repaid. If you feel uncomfortable, don't do it. 1. Decide how much you can afford to lend. When a family member asks for money, determine how much you can afford to lend that family member. Look at your budget and consider your future goals before agreeing to loan your family money. If loaning your family member money will cause you financial strain, you should consider declining their request for financial assistance. If you have room in your budget to afford your monthly and future expenses, then you may have some room to provide them with a temporary loan that doesn't affect your financial future negatively. 2. Come to an agreement on the terms of the loan. You will want to make rules around the repayment terms of the loan. Consider the following questions: How much will they be required to repay you monthly? How much interest will you charge them, if any? How long will they have to pay you back? Will you allow them to pay you back early? What are the consequences of paying you late? Will you require them to sign a loan agreement, or will the agreement be a verbal understanding? Consider that a written agreement is important to protect everyone involved, especially for substantial loan amounts. 3. Make sure the loan doesn't put a strain on your relationship. Lending money within a family can strain relationships, especially if it starts affecting household finances. It's crucial to align with your partner on financial matters and ensure that any loans to family members do not hinder your shared goals. I've observed instances where lending money to family members has caused conflict and financial strain in relationships, leading to disagreements or even separate finances due to the impact on bill payments and joint goals. See my feature in Erika.com How Should Married Couples Split Finances? 4. Prepare for the loan to not be repaid. Be prepared to lose both the money and the relationship. Although the loan you gave to your family member may have been with good intentions and the hope of being repaid, there is still a possibility that you may not receive the money back. In such a situation, there are two potential outcomes. The first option is to forgive the loan and decide not to lend money to that family member in the future. It's all part of the learning process, isn't it? The second scenario is to pursue legal action by enforcing the loan agreement and suing the family member for the unpaid amount along with legal expenses. It is crucial to remember that this course of action could damage your relationship with the family member being sued and possibly affect your rapport with other family members who may believe that forgiving the loan would be the better approach. 5. If you feel uncomfortable, don't do it. Ultimately, if you are hesitant about lending money to a family member, you are entitled to decline. It is important to assess the character of your family member and their capacity to generate the necessary funds independently. If you have any doubts about their repayment ability, trust your intuition. Moreover, if the family member can earn the money themselves, you can help them explore ways to manage their finances better and potentially reduce their reliance on borrowing money from you.

Teaching your children about family finances will benefit them presently and in the future. Understanding finances can enable children to develop a positive money mindset and habits as they mature. Explaining the family budget, letting them know about your financial goals, and asking them if they have any questions lets children know that it's okay to talk about money openly. The Family Budget Opening your monthly budget tracker and showing your children your income and expenses may seem daunting. However, once your monthly budget is complete, a sense of relief can open up communication lines. Your child may see the income first and be surprised at the amount of money you show them but don't stop there. Review the monthly expenses with your child; they will see a decrease in available funds. This can be a wake-up call to your child and educate them that there is a cost to everything. It may also uncover some unanswered questions that lingered in their mind. See my feature in Conversations To Have Once Your Teen Starts Earning Money . Prepare Your Children for Generational Wealth Goal Review You may have additional funds available now that the budget has been reviewed. It may be helpful to discuss your financial goals with your child so that they understand that this is not "leftover money." This can also be a method of instilling goal-setting into your child's life. Setting goals around money sets a sense of purpose for saving and earning money. Saving to save may not have the same value as saving for a purpose. Ask Questions Creating a dialogue around money lets your children know that discussing money is okay and encourages meaningful family conversations. You can ask your child if they have any money-related questions to continue the conversation. If you don't have the answer to their questions, you can let them know that. It can be a learning moment for everyone and enable you to improve how you manage your family's finances. Teaching your children today can set the foundation for their financial decisions throughout their lifetime. See Warren Buffet's  6 tricks to teach kids about money . Explore Financial Literacy Through Books Reading books about money can be an excellent way to introduce financial literacy to children. It can help them understand the value of saving, the importance of budgeting, and the consequences of overspending. Books can also provide a fun and engaging way to explore financial concepts that might seem daunting or boring otherwise. By reading about characters who make smart financial decisions, children can learn to make better choices in their own lives. Check out these three books to begin the journey today!

Looking for a  hobby that can double as a profitable side hustle? I've gathered ten unique perspectives from CEOs and founders on this topic. From the unconventional venture of ghost hunting to the creative pursuit of blogging for passive income, these hobbies offer a fun and fulfilling way to spend your free time. They can also help to generate a steady stream of income. So why not broaden your horizons and explore these exciting opportunities? As an Amazon Associate this post may contain affiliate links. 10 Hobbies That Can Be Profitable Side Hustles Ghost Hunting: An Unconventional Business Venture Investing in Startups: A Risky but Rewarding Hobby Monetizing Social Media: A Modern Side Hustle Writing: A Profitable Passion Real Estate Investing: A Scalable Side Hustle Baking: A Delicious Way to Earn Extra Metal Detecting: Unearthing Hidden Treasures for Profit Pet Training: A Niche Market with Potential Photography: A Creative Outlet for Passive Income Blogging: Creating Passive Income through Writing Crocheting: No Experience Needed Ghost Hunting: An Unconventional Business Venture Going against the grain, it can be said that a lot more hobbies can be turned into a side hustle than one might think. Take ghost hunting, for instance. This hobby involved a lot of learning, doing, and purchasing the right equipment. Eventually, selling that equipment became a side hustle, and now it's a business called Spirit Shack. In the beginning, there would have been many doubters if the idea of turning this into a side hustle was proposed, and there wasn't a direct path to making it work. However, finding the right rhythm eventually led to the creation of a unique business that has a market and earns money. Sam Ashford , Director, SpiritShack Investing in Startups: A Risky but Rewarding Hobby It may not exactly be a side hustle, but investing in startups is a project that I enjoy and am passionate about. It is also a very good avenue to earn a passive income. In my downtime from my main project of co-founding a gaming website, I engage in either business-related advising or working with startups. The startups that I am usually drawn to have the potential to assist future generations; they are generally linked to educational purposes. While holding substantial risks, a startup can have a massive future payout if successful. Basically, we provide capital to a budding business, and in return, we own rights to a portion of the business and its profits. This is not only a good income opportunity but also a method of creating generational wealth for your future descendants. Neal Taparia , Co-Founder, Cribbage Online Monetizing Social Media: A Modern Side Hustle Social networking is a thriving industry with enormous earning possibilities. If you know how to earn likes on Instagram or go viral on TikTok, social media may be the ideal location for your side hustle. There are numerous social media side-hustle options available, such as photo/video editing, social media administration, caption writing, and scheduling. Alternatively, you can grow your own page and use it to your own liking, such as affiliate marketing, online selling, advertisements, and more. These are valid ways to generate income from your scrolling hobby on social media. The best part about this side business is that you can do it from anywhere in the world! Samantha Hawrylack , Founder, How To FIRE Writing: A Profitable Passion If you love to write a journal before bed and have the skills to write stories and articles, you may monetize your hobby. Writing can help you generate a side income. If you have skills and a passion for writing, you can pitch to different clients or companies with your outstanding writing samples. You can be a copywriter for advertising content, as they are in high demand. Also, you can diversify your hobby by creating short e-books for major platforms. You will make a reasonable sum of money as your side hustle. Perry Zheng , Founder and CEO, Pallas Real Estate Investing: A Scalable Side Hustle Real estate investing can start as a hobby and become a serious side hustle—or even a full-time business. This is a lesson learned from my grandfather, who earned enough through real estate to have consistent income streams long after his early retirement. It's scalable (start small and buy more rental properties as your income grows). It's recession-proof (people will always need affordable housing), and you don't need to be an expert to get started. Ryan Chaw , Founder and Real Estate Investor, Newbie Real Estate Investing Baking: A Delicious Way to Earn Extra Baking and selling homemade treats is a hobby with great side hustle potential. It's a win-win—you enjoy baking, and others get delicious goodies. There's a demand for homemade and unique treats, making it a viable income source. You can start small, sell at local markets or online, and gradually build a customer base. The low initial investment and flexible hours make it suitable for busy schedules. Plus, your passion for baking adds an extra touch to your products. With consistent quality and creativity, it's a great way to earn some extra bucks. Ann Young , CEO, Fix The Photo Help to get you started! Bakerpan Silicone Muffin Top Pans Non Stick The Bakerpan Silicone Muffin Top Pans are designed to release your tasty treats from the pan effortlessly. Their solid weight ensures durability and effectiveness in shaping marshmallows and other tasty treats while also being easy to clean in the dishwasher. Metal Detecting: Unearthing Hidden Treasures for Profit One hobby that can become a steady income is metal detecting, just like my friend, who often spends weekends doing it. He explores different areas with a metal detector and finds various items, some of which have surprising value. Many people lose rings, coins, or other valuable metal objects; a skilled hobbyist with a good metal detector can find them. After cleaning and sometimes restoring these items, my friend can sell them to collectors or others who appreciate their value. It's a hobby that can pay for itself and generate extra money. It's exciting and rewarding, making it a great side hustle. Martin Potocki , CEO, Jobera Sunpow Medal Detector Overview Enjoy detecting with your child at home or pack it for travel to your favorite treasure-hunting spots. Detects targets up to 10 inches deep, surpassing others by 2 inches. Ensures detectability even at a rapid pace with robust anti-interference capability. 5 Robust Detection Modes: All Metal Mode: Identifies 7 target types. DISC Mode: Filters out 5 targets sequentially. Notch Mode: Discriminates among 4 categories. Pinpoint Mode: Locates the target precisely. Volume Mode: Adjusts audio levels. Valve stem height ranges from 36.2" to 47.2" for all ages! Pet Training: A Niche Market with Potential One hobby with the potential for good money is helping pet owners with pet training and resolving problems. Most people own pets today but get frustrated when their pets destroy things, seem out of control, or appear untrainable. Those who have had pets, taken classes with their pets, or love and know about animals are a perfect fit to help. Since it involves working with the pet and pet owners in the home as a personalized service, you will be in a unique niche that pet stores and obedience schools aren't offering. You can charge decently, and it can be fun as well. Bruce Tasios , CEO, Tasios Orthodontics Photography: A Creative Outlet for Passive Income One hobby that holds the potential to generate a consistent income as a side job is photography. In today's digital age, photographers can monetize their art by selling it online to a worldwide audience. This can be accomplished through stock photo websites, print sales, or even bespoke commissioned projects.   Furthermore, photographers can offer their services for special occasions such as weddings or business events. Photography is an ideal side hustle due to its flexible nature, creative outlet, and potential for passive income through online sales. As businesses increasingly recognize the importance of high-quality visuals, the demand for professional photography services continues to rise. Photography is an ideal side hustle due to its flexible nature, creative outlet, and potential for passive income through online sales. As businesses increasingly recognize the importance of high-quality visuals, the demand for professional photography services continues to rise. Khurram Mir,  Founder and Chief Marketing Officer, Kualitatem Inc. Blogging: Creating Passive Income through Writing If you love to write and have been thinking about getting paid to do so, blogging is a great option for you. There are tons of websites out there that will pay you to write about a certain topic, product, or service. You will need to research and find the right websites that will be the best fit for you, but once you do, you will create passive income by writing content for them. Matthew Ramirez , Co-Founder, USMLE Test Prep Crocheting: No Experience Needed I love to crochet and even crocheted blankets for my daughter when she was born. I still have them over 18 years later. I hope to pass them on to my grandchildren. Crocheting requires no experience at all and you can start with a simple blanket to clothing that's both trendy and cozy. Why is Crocheting the perfect side hustle? Crochet Kits for Beginners by Cookie Box - Relaxing, Fun and Creative Hobby! Suitable for Everyone: Crocheting is an enjoyable pastime that caters to individuals of any age or skill level. It's a calming and entertaining activity that allows you to craft adorable plush toys. Craft and Bond: Crocheting is an excellent means to bond with loved ones. Whether you're creating with children, friends, family, or enjoying some solitary moments, it's a fulfilling and enriching pursuit. Handcrafted with Care: Presenting a plush toy that you've personally crafted carries a unique sentiment. It's a genuine gesture that recipients will cherish. Stress Reliever: Crocheting not only serves as a creative outlet but also as an effective method to relax and alleviate stress. Do you have a hobby that has been lucrative for you? Feel free to share in the comments.

As a parent, you want the best for your children, and it's natural to want to help them succeed. However, as your children become adults, it can be challenging to navigate the transition from providing financial support to allowing them to fend for themselves. It's important to consider factors such as their age, their level of self-sufficiency, and their career prospects when deciding how much financial support to provide. At the same time, it's essential to encourage independence and foster financial responsibility among your adult children. With open communication and mutual understanding, you can help your children succeed while also maintaining your financial stability. Tips for Ending Financial Support for Your Adult Children Have a Conversation Set a Deadline Reduce Your Support Gradually Offer Other Types of Support Be Patient Have a Conversation As a first step, it's important to have an open conversation with your adult child regarding your financial expectations. You can start by expressing your pride in their achievements and emphasizing your desire to see them succeed. However, it's equally important to let them know that you can no longer provide financial support. Be honest and direct in your approach while also conveying your understanding and support for them. Set a Deadline It's helpful to set a deadline for when you will stop providing financial support after having a conversation with your child. This allows them time to prepare and make necessary budget adjustments. If you see that they are continually pushing that deadline or not making progress, take the time to inquire about what's hindering their progression, so they know you are serious about your support ending. Reduce Your Support Gradually If you're currently providing a lot of financial support to your adult child, it may be helpful to reduce your support gradually. By gradually reducing your financial assistance, you give your adult child time to adjust to the change and start developing their own financial planning skills. This can help them take control of their finances and become more self-sufficient in the long run. Offer Other Types of Support Just because you're no longer supporting your adult child financially, it doesn't mean you can't still help them succeed. There are various ways you can offer support, including but not limited to, emotional support, practical advice, or helping with job searches or other important tasks. Emotional support can come in the form of being a listening ear, providing words of encouragement, or even just spending quality time together. Practical advice can range from anything to do with finances, relationships, career, or education. For instance, you can offer guidance on how to create a budget or how to network effectively. Additionally, you can use your own experience to provide valuable insight into the job market or offer tips on how to improve their resume. By providing support in these various ways, you can help your adult child navigate through the challenges of adulthood and ultimately succeed. Be Patient Transitioning to financial independence can be a challenging process for many adult children. As a parent, it's important to understand that this may take some time and require patience and support. Here are some additional tips for couples who are struggling to stop supporting their adult children financially: Don't feel guilty.  It is normal to feel guilty about cutting back on financial support for your adult children. However, it is important to remember that you are not responsible for their financial well-being. They are adults, and it is their time to learn how to support themselves. Don't give in to emotional blackmail.  Your children may try to guilt-trip you into continuing to provide financial support. Don't give in. Remember that you are setting a boundary for their own good. Be prepared to say no.  It is important to be prepared to say no to your children when they ask for money. If you keep giving in, they will never learn to be financially independent. Stopping financial support for your adult children can be difficult, but it is important to remember that it is in their best interest. Following these tips can make the transition easier for couples.

If you're on a budget, finding a spring break destination that your family can enjoy can be challenging. However, there are ways that you can spend a fulfilling spring break with your family without breaking the bank. From taking the family on a road trip to enjoying the outdoors, here are five ways to answer the question, "What's an affordable spring break vacation you can enjoy for families with children?" As an Amazon Associate this post may contain affiliate links. How to Spend Spring Break with Your Family Go on a Camping Trip Plan Daily Events in Your City Plan a Road Trip Visit State Parks Explore Myrtle Beach 1. Go on a Camping Trip A camping trip in a national park is an affordable way for families to enjoy spring break vacations. Many national parks have campgrounds offering affordable tent or RV camping rates. You can find reasonably priced park entrance fees and purchase them in advance online to save even more money. During the day, families can explore the park's hiking trails, go on ranger-led programs, and participate in other outdoor activities such as wildlife watching, fishing, or kayaking. At night, families can gather around the campfire for s'mores and stargazing. Camping trips also offer the opportunity to disconnect from technology and enjoy quality time together as a family without the distractions of everyday life. It's a chance to slow down, enjoy nature, and create lasting memories. Lilia Koss , Community Manager, Facialteam See my feature in   What Foods to Bring Camping   2. Plan Daily Events in Your City Your city may have undiscovered attractions or locations that you've yet to visit. From waterparks to zoos to museums, there are multiple ways that you can keep your child entertained. Most of these attractions have special discounts for children on spring break. The draw is that if you receive a discount during spring break, the business suspects that you may want to frequent them in the future if you receive a discount and enjoy your experience. Your child's school may also have coupons, or free access passes during spring break. Visiting sites in your local area can eliminate the need to schedule a flight or book a hotel that would be required if you went out of town to visit attractions. Annette Harris, Founder,  Harris Financial Coaching   It can get chilly when you're cruising or in North Carolina, so this is one of my favorite outfits to wear ! Check it out here: 2 Piece Lounge Set for Travel 3. Plan a Road Trip There are a few options for families looking for an affordable spring break vacation. Consider planning a road trip! Traveling by car reduces airfare expenses and allows you to explore more of your destinations since you're not limited to one airport. You can have plenty of great road trips throughout the United States that don't need to break the bank and will show you a more organic view of the country. Asker Ahmed , Director and Founder, iProcess See my feature in   How parents are approaching Spring Break during Covid   4. Visit State Parks State parks provide excellent opportunities for families with children looking for affordable vacations. Whether you camp in a tent or rent a cabin, state parks offer something for everyone and every budget. With activities ranging from fishing, hiking, swimming, boating, and even horseback riding, there is plenty to keep the kids busy. And nothing is better than relaxing around a campfire in the evening while making s'mores. Vacations are about spending time together and building memories. State parks provide the perfect opportunity to do this without breaking the bank. Andrew Adamo , VP, Bullion Shark 5. Explore The Beach Folly Beach and Myrtle Beach, South Carolina, are popular spring break destinations for families with children. Springtime is ideal for hitting the beach, as the water is warmer and not too freezing. There are also many water parks, arcades, and miniature golf courses throughout the greater Myrtle Beach area that will surely be a night of fun for any youngster. Alexandre Robicquet , Co-Founder and CEO, Crossing Minds See how I'm spending spring break this year in this Haven Life article ! Where are you going for spring break? Leave a comment below.

If you are a military retiree, disabled veteran, or receiving a retirement annuity, you should have seen an increase in your payment benefit payment. The 2023 Cost of Living Adjustment (COLA) was the largest increase since 1981. The increase received by eligible recipients has come at the right time for some who have found it difficult to cope with inflation. Most people ask, now, what do I do with the increase in income? Here are a few tips to help you manage your increase in income. As an Advertiser , I earn from advertisements listed on this site. Managing Your COLA Adjustment Evaluate Your Budget Increase Your Grocery Budget Create or Increase Your Emergency Fund Save for a Future Goal Invest Some of It Evaluate Your Budget Evaluating your budget to review your monthly income and expenses can help determine if you will have a surplus or deficit. A budget surplus will allow you to have some room to cover your variable expenses or treat yourself to a few incidentals that may occur. A budget deficit can show you where you may need to cut costs so that you don't overextend your income. When evaluating a budget surplus or deficit, you should also look for ways to cut costs, increase your savings, or invest your earnings. See my feature in   6 Things To Do Now, If You're Worried About a Recession Increase Your Grocery Budget Why would you increase your grocery budget? Some individuals may find that with the increase in income, other benefits like SNAP and other DCFS benefits may decrease. It may not happen immediately, but your current income will be evaluated as you renew any aid you receive. It's important to ensure that you have money set aside, so you and your family can have enough to eat. Amazon now accepts SNAP EBT and P-EBT  in all states to make it easier to shop for groceries. On the other hand, if you've found that it's been challenging to afford groceries from month to month, then the increase may come right on time so that you can purchase the necessary food for yourself or your family. Create or Increase an Emergency Fund Unexpected expenses always seem to occur when you least expect them. A cold front may come through in the winter, or your air conditioner may break at the worst moment if it's a scorching hot summer. Without an emergency fund covering air conditioner repair costs, you may have to get a loan or put the expense on a high-interest credit card. Have you ever had your dryer stop drying your clothes or your freezer leak ice onto the kitchen floor? If you didn't have money set aside or an emergency fund, you probably had to sign up for a store credit card to replace your broken appliance quickly. With the unprecedented COLA increase, now is the perfect time to establish the emergency fund you may have needed all along. Save for a Future Goal After you've evaluated your budget and determined that you have a budget surplus, you may have a goal in mind that you have been planning to save for. Do you dream of purchasing a home, or a car, funding your education, or even going on a much-needed vacation? You may now have the means to do just that. Start with setting a SMART goal. Specific, Measurable, Attainable, Realistic, and Time-Bound goals that are written down are often achieved rather than naught. Take the time today to write down your short-term or long-term goal. See my feature in   Control Your Finances By Setting SMART Goals Invest Some of It Investing can come in many forms. Whether increasing your retirement contributions with your employer or finding a reputable broker to help you navigate the stock or bond market, investing your current income or your COLA increase can help you plan for your retirement future. It could even help you achieve retirement earlier than you had initially planned. When looking for a broker, look for one with low transaction fees and no minimum balance requirements. This is especially important if you only plan to trade occasionally and have limited funds to invest. Compare the fees charged by different online brokers to find the best value for your money. Before investing with a broker, check them out on BrokerCheck to ensure they are in good standing http://www.finra.org/brokercheck . Additional Resources on COLA Find out more about current and historical retired pay   and disability COLA increases. What are you planning to do with your increase? Need guidance setting up a plan? Reach out to me to see how we can work together: Talk to Annette .

Are you interested in learning how to remain relevant, acquire new knowledge and competencies, and stay ahead of the curve in your field? I have gathered six strategies from professionals across various fields to help you navigate the path of self-learning and skill development during your career. These strategies range from embracing adaptability and new technologies to leveraging networking and mentorship. With insights from an HR Director to a Sr. Corporate Investigator, these tips will assist you in enhancing your career growth. By following these expert tips, you can remain relevant, acquire new knowledge and competencies, and stay ahead of the curve in your field. 6 Strategies for Maintaining Self-Learning and Skill Development in Your Career Embrace Adaptability and New Technologies Schedule Regular Learning Appointments Set Challenging Goals for Learning Implement the 5-Hour Learning Rule Teach Others to Reinforce Learning Leverage Networking and Mentorship Embrace Adaptability and New Technologies In the fast-paced realm of the job market and technology, adaptability is essential. I keep a keen eye on emerging trends and willingly adjust my learning approach as needed. Sometimes, this means stretching myself out of my comfort zone and into new areas of training and development just so that I can maintain relevance. This means, for me, learning to use new software and technology, which doesn't always come easily! With trends in employment heading towards more of a skill-based workforce in the digital age, you have to make a conscious commitment to professional development in order to stay relevant. As a Career Advisor and a Professional Growth Specialist, I see the importance of maintaining self-learning and skill development across all industries and sectors. This flexibility isn't a choice, but staying agile offers exciting opportunities to learn, grow, and excel in your career. Katharine Gallagher , Professional Growth Specialist of Education, Career, Recruitment, Productivity, Business Schedule Regular Learning Appointments Make time and create dates to learn. Days are hectic and busy. Just like scheduling lunch or a monthly hair appointment, schedule time to learn. Define the time parameters. Maybe start with once a week. Or, perhaps, 10 minutes a day during lunch. Take a walk during lunch and use the first 30 minutes to listen to a learning podcast so you can get two for the price of one. Learning and unlearning are key. Decide which books to read this year. Time: Once a month or quarterly. Be consistent and give yourself a goal. Goals can be achieved once written down. I will read one book a month or every two months, and by the end of the year, I will have read 6 books. Fill in the gaps and make it work for you. Avid learners infuse those learnings and share them with others via social media platforms such as LinkedIn or Instagram. Learning is essential and should be ongoing. Change it up every year and make it fun. This is a priceless value to pass on to children. Tanya Turner, MBA, SHRM-CP, PHR , HR Director, SALTO Systems, Inc. Set Challenging Goals for Learning I set challenging goals to keep me going. When I decided to learn Korean, I set a goal to read a short Korean book in six months. This kept me focused and motivated throughout this time period. I dedicated at least 20 minutes each day to learning and repeating vocabulary. I have after-work lessons two times a week. I also use Duolingo (I'm on my 181-day streak already!). In my free time, I watch K-dramas with subtitles. The combination of these approaches definitely yields results. Kseniia Mykolaienko , CMO, Parentaler Implement the 5-Hour Learning Rule Maintaining continuous learning in my career is anchored by the "5-Hour Rule": dedicating at least five hours per week to learning. This could be reading industry journals, taking online courses, or attending workshops. For instance, I allocate one hour daily before my workday starts to delve into a new topic or tool. This habit not only keeps me updated with industry trends but also sparks fresh ideas and perspectives. By ritualizing learning, I ensure it's an ongoing, integral part of my professional journey, allowing me to adapt and thrive in a constantly evolving landscape. Richard Frankel , Disability Lawyer, Bross & Frankel, PA Teach Others to Reinforce Learning Teaching others is a powerful way to solidify your learning. When you explain a concept, guide someone through a process, or mentor a colleague, you reinforce your understanding of the subject matter. It forces you to break down complex ideas into simpler, digestible parts, which deepens your grasp of the material. Teaching also encourages you to stay current and adaptable in your field because you need to explain what you know and how it applies to the evolving landscape. Witnessing someone else's growth and success through your guidance is immensely satisfying. So, whether it's conducting workshops, mentoring junior team members, or sharing insights with peers, teaching can enhance your expertise while benefiting those you educate. Sacha Ferrandi , Founder and Principal, Source Capital Leverage Networking and Mentorship Networking and seeking mentorship is a crucial strategy for self-learning and skill development. Through conferences, webinars, and online communities, I actively engage with professionals in my sector. Building a solid professional network allows me to access a multitude of expertise, exchange ideas, and learn from others' experiences. Mentorship is also essential. I seek mentors who have accomplished what I want to do and meet with them regularly to acquire insights and assistance. Their advice and opinions help me identify areas for improvement and provide direction for my professional development. Similarly, I give back by coaching others strengthening my knowledge and skills. Timothy Allen , Sr. Corporate Investigator, Corporate Investigation Consulting

To help you with preparing to ask for a raise, I asked HR managers and CEOs for their best insights. From communicating challenges you overcame to presenting tangible numbers and results, there are several tips that may help you ask for a raise in the future. So, what's one thing to consider when asking for a raise? Preparation Tips for Asking for a Raise Communicate Challenges You Overcame Consider Asking For Perks Prepare for the Worst Ask for More Than You'd Settle For Make Sure Your Industry is in Good Shape Expect a Waiting Period Determine Why Your Boss Should Give You a Raise Come Into The Meeting Well-Prepared Plan a Year Ahead Consider Your Timing Present Tangible Numbers and Results Communicate Challenges You Overcame Your boss and company must see your real growth. Therefore, instead of raving about your achievements, narrate the stories of how you encountered a challenge, made a superior result, and solved an issue. When we're nervous, we often demonstrate the victories. But, taken out of context, those victories may be challenging for another person to understand. Therefore, you need to communicate the whole story without telling the brief. It will show your boss how you think, how you approach work, and how you will take on cumbersome responsibilities in the future. So, never forget to consider proper communication. - Eden Cheng, PeopleFinderFree Consider Asking For Perks It's understandable you might want a raise for doing impressive work. However, if the company has a tight salary band, you might ask for perks instead of a monetary raise. For instance, you could ask for a more flexible schedule until the company can pay your target salary. As long as you continue to meet employer expectations while you are waiting for your monetary raise, enjoy the perks you can negotiate for yourself in the meantime. - Janice Wald, Mostly Blogging Prepare for the Worst One thing to consider is that you may not get it, and it is important to be mentally prepared for such a scenario. The best thing one can do in this situation is to ask their boss, "What would I have to do to get a raise?". In that way, you get a list with all requirements, and you can use it as leverage during your next negotiation about the raise. - Magdalena Socha, PhotoAiD Ask for More Than You'd Settle For It's important to do your research on how much you should be making in your position/industry. With that number in mind, you can decide what amount you would be happy settling for. Whatever you would be happy with, ask for more in your meeting so that you have wiggle room when the company (likely) counters you with a lower number. - Kristine Thorndyke, Test Prep Nerds Make Sure Your Industry is in Good Shape Especially in post-corona times, economic conditions are dynamic. Over the last two years, some industries have suffered more than others. Consequently, employees should study the shape of their industry and their company before asking for a raise. In some cases, the company might not be able to increase the payment at the moment. - Tomek Mlodzki, PhotoAiD Expect a Waiting Period When you ask for a raise, don't expect an immediate answer. Your boss likely won't have the permissions required to immediately increase your compensation. There are additional leaders involved, budgets to consider, and other employees who may have recently asked for a raise as well. All of these factors may be taken into consideration, which may take some time. Don't give up, but don't be disappointed if you walk out of the room without a bigger paycheck. - Logan Mallory, Motivosity Determine Why Your Boss Should Give You a Raise Think about your level of contribution to the team in the past year and what giving you a raise would mean for your boss. Has your performance indicated that you've made significant impacts to the company? Would giving you a raise retain you and push you to work harder? Putting yourself in your boss's shoes will help you think of ways that you can spin your request for a raise to make it mutually beneficial. When you do meet with your boss, make the initial conversation career-focused, including a performance review and what you and your boss's goals are for you moving forward. From here, you will better understand what exactly you can bring up when you do ask for a raise. - Jacob Dayan, Community Tax Come Into The Meeting Well-Prepared Asking for a raise and salary negotiations are not something to be taken lightly! With every negotiation you initially complete with a new company, the rest of your salary increases are based directly on that number in most cases. You need to make sure it's a salary that's fair and worthy of the time you are sacrificing away from your family to go to a company and gift them 40+ hours each week. Here are 5 key takeaways: Identify your range, considerations of the proper range, and remember the lowest number is typically what recruiters remember. Research the role, industry, and geographical pay rates on Glassdoor or Salary. Figure out your Unique Selling Proposition (USP) and value offerings that relate to the targeted role and re-emphasize this at the negotiation table. Evaluate reasons to negotiate your salary (education, experience, skills, cost of living, multiple offers, etc.). Discover ways to increase your perceived worth. - Matthew Warzel, MJW Careers LLC Plan a Year Ahead An employee should plan well ahead of time when asking for a raise. A year before, have a discussion with your boss. Tell them your goal of getting a raise in 12 months. Offer to achieve specific goals and ask if there are any others that you could achieve that would help the company's bottom line. I suggest an opening to the discussion such as: "I would like to talk about specific goals I can achieve over the next year to earn an x% raise. I can assist our company in reaching its financial goals by doing x, y, and z in order to show my commitment to our success. Are there any others I should add? Does this work for you? If your employer isn't open to this discussion, then spend the next year looking for another employer. - Jean Prejean, Guardian Computer, LLC Consider Your Timing When asking for a raise, the main thing to consider is timing. Showing your skills and possibilities to contribute to the project within the right time is essential as this can define a yes or no. That doesn't mean you should wait for the perfect time because it will never come. But yes, you should be aware of the movements that facilitate the acceptance of your request. Usually, they happen at critical moments (for those who like to take risks) or soon after outstanding achievements. - Thaina Geniselli, Financer.com Present Tangible Numbers and Results Don't JUST ask for a raise. Raises are usually given when an employee consistently delivers high-quality work that positively impacts the organization. And if you're not sure if your work is providing those types of results or if you can be doing more to achieve success… ask! When you have tangible numbers and results to share with your manager, present them meaningfully, reinforcing the value and impact you bring to your organization, and ask to chat about a compensation adjustment based on your recent performance. - Mike O'Callaghan, eMoney Advisor, LLC For additional tips, see my feature in How To Ask For a Pay Raise  on Wealthy Single Mommy.

In this article, we delve into the financial dynamics of relationships where women earn more than their partners. Four women, including a DebtCC spokesperson and a co-founder, share their strategies for navigating financial decision-making. From embracing goal-setting for financial success to adopting an income-sharing arrangement, these insights provide valuable perspectives on managing finances in a relationship. Navigating Financial Decision-Making When Earning More Than Their Partners Embrace Goal-Setting for Financial Success Manage Finances with Multiple Bank Accounts Foster Transparency in Financial Discussions Adopt an Income-Sharing Arrangement Embrace Goal-Setting for Financial Success Learn from the wealthy and embrace the powerful combination of goal-setting and a growth mindset for achieving financial success. Imagine attending a networking event and engaging with a successful entrepreneur who has amassed significant wealth. They stress the importance of setting clear, specific, and achievable goals to guide your short-term and long-term actions. Goal-setting is not merely about envisioning success; it involves breaking down larger objectives into smaller, actionable steps. This approach lets you track your progress and focus on what truly matters. Moreover, they emphasize the significance of writing down your goals and regularly reviewing them to maintain motivation and momentum. By documenting your aspirations, you commit yourself to achieving them and reinforce your dedication to the pursuit of financial success. Loretta Kilday, DebtCC Spokesperson, Debt Consolidation Care Related: How to Begin the Process of Combining Finances Manage Finances with Multiple Bank Accounts Talking about money is a least favorite subject for many. One way to avoid it is by having multiple bank accounts. This method I have used for almost six years, and money is never an issue. Consider having: One bank account each where your money is paid into. This is your personal account. One shared account where you both agree on your input based on your percentage split. This account covers all your bills, so you never have to pester each other about them. Pay the total agreed amount of all combined household bills (plus a small percentage more to cover any surprises). (Optional) One bank account for fun money! You can both agree on a percentage amount to pay into the "fun" pot, which goes toward dinner, nights out, etc. The idea is to remove the day-to-day irritation of finances. Agree on your percentage inputs upfront and stick to it. If the earning difference bothers one partner—though it shouldn't—they're not reminded of it every month. Zoe Ashbridge , Co-Founder and Senior SEO Strategist, forank Foster Transparency in Financial Discussions We have a similar income, but my partner also identifies as female. The key to the success of our financial decision-making is our ability to communicate clearly, regularly, and effectively. We believe in open discussions about our financial goals, expenses, and savings. By being transparent with each other, we can make informed decisions that benefit both of us and strengthen our relationship. We've found that trust and mutual respect are crucial in navigating financial matters, ensuring that each partner's voice is heard and that we work together as a team toward a secure and prosperous future. Rachel Zimmerman , Performance PR Manager, Taktical Digital Adopt an Income-Sharing Arrangement An effective strategy we use is an income-sharing arrangement. Regardless of who earns more, we agree to share our incomes in a predetermined ratio. This promotes financial equality and ensures both partners benefit from the combined income. For example, if I earn more, we might agree to split our incomes 60/40. This approach challenges traditional gender roles and fosters a sense of partnership. It allows us to make financial decisions based on our shared resources rather than individual incomes. By embracing this strategy, we create a more equitable financial environment and work together towards our financial goals. Yoana Wong , Co-Founder, Secret Florists What's Next? Managing financial decisions can be challenging when a woman earns more than her partner. Here are some additional tips to help: Communicate openly and honestly about financial goals and priorities. Create a budget together and stick to it. Review your budget regularly. Discuss long-term financial planning, such as retirement and investments. Assign specific expenses where one partner pays for the rent and the other could pay for the insurance. Seek help from a professional resource. By following these tips and working together, couples can get on track to successfully manage their finances despite income differences.

What are the benefits of achieving financial independence? Can it truly impact my life? Financial independence can truly transform your life in countless ways. It can empower you to take control of your finances, make informed decisions about your spending habits, and achieve a sense of security and peace of mind. You'll have the freedom to pursue your passions and goals without being hindered by financial constraints. So what does it mean, and how do you accomplish it ? I'm glad you asked. Why is being "financially independent" so important? Financial independence is a remarkable achievement that brings true financial security. It means handling any financial challenge that comes your way without relying on outside help. The journey to financial independence takes careful planning, effective money management, and the ability to weather any economic storm. But the end result is worth it—a life of financial freedom and the ability to achieve your dreams. When will I know if I'm financially independent? Achieving financial independence is a worthy goal allowing you to live a life free from debt and financial uncertainty. It means having enough financial resources to sustain yourself for an extended period, giving you the peace of mind to focus on other aspects of your life. Financial independence is about being self-sufficient and not relying on outside sources of income. To achieve it, you must plan carefully, work hard, and have a long-term perspective on your finances. With determination and effort, you can attain the freedom and security that come with financial independence. See my feature in What is Fire? Financial independence, retire early Can I work a 9 to 5 and gain financial independence? Gaining true financial freedom is daunting if you rely solely on your employer to provide your income. The reason is these sources are susceptible to unexpected disruptions. For instance, businesses may go bankrupt, employees may face layoffs, and government aid may only sometimes be available due to changes in eligibility conditions. Therefore, building up your savings and expanding your investment portfolio is crucial to achieving financial independence. By doing so, you can prepare for unforeseen circumstances and secure a stable future. How can I enhance the likelihood of achieving financial independence? To attain financial independence, it is highly recommended to concentrate on three crucial aspects: diminishing your debts, increasing your savings, and investing. It is feasible to work on all three facets at the same time. By paying off your debts, you can substantially reduce the interest you are incurring, thereby saving more money. As your savings pile up, you can explore various investment opportunities such as retirement accounts, stocks, bonds, or mutual funds. Doing so can establish a diversified portfolio that will help you attain financial stability and independence. What can my employer do to help me gain financial independence? Employers who wish to cultivate a culture of financial independence among their employees have found that offering a 401k plan or other retirement benefit offering is an excellent way to do so. Some employers have implemented automatic enrollment upon hiring to ensure that as many employees as possible take advantage of this benefit. This means that new employees are automatically enrolled in the 401k plan as soon as they become eligible, without any need for them to take any action. This has proven to be an effective way to encourage employees to invest in their retirement as soon as possible. However, some employees may need more encouragement and information to take advantage of the 401k plan. To address this, some employers hold enrollment events and seminars. These events provide employees with valuable information about the benefits of investing in a 401k plan and guidance on how to get started. By attending these events, employees can gain knowledge they may not have obtained independently. Finally, some employers provide employee assistance programs to help employees with their financial needs. These programs can be especially beneficial for employees who are facing financial difficulties and have no other resources to turn to for help. By offering confidential financial guidance, these programs can help employees get back on track and work towards financial stability and independence. Overall, employers who take these steps to support their employees' financial well-being are likely to see positive employee satisfaction and retention results. See my feature in Forbes Why is it Normal For You to Worry About Retirement Before You Retire? Is there a disadvantage to employers in assisting employees in achieving financial independence? Employers must prioritize the financial independence of their employees. This fosters a sense of appreciation and contentment among workers and ensures that they are financially secure as they near retirement. I have had discussions with several retirees who were unaware that their employer did not offer a 401(k) plan, leaving them entirely dependent on their pension. Unfortunately, they later discovered that their pension was insufficient to cover their monthly expenses during their retirement. Therefore, employers must provide their employees with the necessary tools and resources to achieve financial independence and ensure long-term financial stability. Are you aiming for financial freedom in the future? If yes, it's vital to work towards financial independence. By doing so, you can liberate yourself from the weight of debt and steer clear of working solely for a brief retirement period of 20 years or less. Get started on your journey today by scheduling a free financial coaching consultation to see how you can make a plan for the future.