It’s never too early to start planning for retirement. If you want to retire early (before the age of 62), the sooner you start, the better. Retiring early can provide you the financial freedom you want to explore the world and enjoy life. That said, it takes a lot of discipline and hard work. If you’re dreaming of early retirement, here are five financial tips to get you on track.
1. Set A Goal & Start Sooner Rather Than Later
Retiring early is a goal in and of itself. It’s a great goal to have, but it lacks clarity. What does an early retirement look like to you? Do you want to retire at 55 or 60? What lifestyle do you want in retirement? The more specific you can be with your goals, the better. You’ll be more likely to follow through on concrete goals than abstract ones.
Setting a target savings amount is a great first goal in your early retirement plan. How much money do you need in the bank to retire? It depends on your lifestyle, debt, and investments. Most importantly, it depends on how young you want to be when you retire. The younger your retirement age, the more you’ll need to save.
If you want to retire between 40 and 50 years old, you can expect to need anywhere between $1 and $2 million in savings. Don’t forget to factor in inflation. As prices increase over time, your retirement income will need to keep pace. By considering these factors, you can develop a retirement plan and passive income strategies tailored to your specific needs and goals.
2. Make A Budget You Can Stick To
Once you have your goal amount, it’s time to start saving. The best way to save money is to make a budget and stick to it. Determine what you need and want in retirement and reduce your spending now.
Start by looking at your current expenses. Then, track where you are spending your money for one month. At the end of the month, review your spending and make changes accordingly. Find areas where you can cut back even a little bit. Every little bit helps when you are saving for retirement.
Once you have a good handle on your expenses, start setting aside money each month for your retirement savings account. Again, use your goal as a reference point, but don’t get discouraged if your savings alone aren’t enough to reach your goal quickly. Instead, put your savings into an interest-bearing account and let the money grow over time.
A 401k or IRA can be an excellent option for retirement savings. With these accounts, you can have your employer deduct money from your monthly paycheck and deposit it into your account.
Whether or not you’re on an employer-sponsored retirement plan, it’s vital to set up an automated savings protocol. Automated savings instantly pulls money from your paychecks so you can adjust your spending without thinking about it.
3. Supplement Your Income
In addition to regularly contributing to an interest-bearing savings account, you can reach your retirement goal faster by finding ways to supplement your full-time income.
One option is to invest in a side hustle. A side hustle is a way to make money outside of your full-time job. This can be anything from starting a blog to becoming a rideshare driver. Look for something you enjoy doing that won’t take up too much of your time.
Another option is to use real estate as a retirement investment. For example, owning a rental property can be a great way to build long-term wealth. The rental income can supplement your monthly expenses or contribute to your retirement savings account. At the same time, the appreciating value of the property acts as another savings account.
As your income increases, your savings should increase, too. Extra money is great, but you don’t want to let it inflate your budget. If you depend on the additional income from your side hustle, you might push yourself farther away from your early retirement goal.
4. Optimize Your Taxes For Early Retirement
One of the critical considerations for anyone looking to retire early is how to optimize their taxes. While several strategies can be employed, some are more effective than others.
One strategy is to use tax-advantaged accounts such as a 401(k) or IRA. Contributing to these account types can lower your taxable income and reduce your overall tax liability.
Another strategy is to ensure you take advantage of all available tax deductions and credits. This can help to lower your taxable income and increase your refund.
Finally, consider setting up a SEP IRA or Solo 401(k) if you are self-employed. These retirement plans offer significant tax advantages and can help you save for retirement more efficiently. Utilizing these strategies can minimize your tax liability and maximize your chances of achieving early retirement.
Taxes vary from state to state, so consider researching places with tax laws that support your retirement goals. For example, Florida is a popular option because it has no state income tax and a desirable warm-weather lifestyle. Similarly, retirees choose Texas for its tax-friendly laws and affordable cost of living.
5. Diversify Your Investments
When it comes to retirement planning, diversification is key. Diversifying your investments means having different assets, such as stocks, bonds, and real estate. This helps to protect your savings from market volatility and allows you to take advantage of various growth opportunities.
Diversifying your investments also lets you take advantage of different retirement taxation strategies. By spreading your funds across various assets, you can reduce your tax burden and retire sooner.
Early Retirement Can Come Sooner Than You Think
While there are no guarantees in life, following these tips should help you on your way to a comfortable early retirement. Remember to set realistic goals and start right away! The earlier you start saving for retirement, the more time your money has to grow. Save faster by choosing interest-bearing accounts and supplementing your income.
With patience and perseverance, you can reach your early retirement goals and enjoy the financial freedom that comes with them. How have you started planning for your early retirement?
So, you’re thinking of buying a home. Congratulations! Owning a home is one of the most significant milestones you can achieve. But before you start signing any paperwork, there’s one essential step you need to take: creating a budget. Your budget will determine how much house you can afford, and it’s important to be realistic about what you can and cannot afford.
Not sure where to start? Look no further. This guide will give you everything you need to create a budget for your homebuying journey.
How To Know How Much Home You Can Afford
When you’re ready to buy a home and wondering how much you can afford—especially if you’re a first-time homebuyer—a good rule of thumb is the 28/36 rule. This rule states that monthly housing costs (mortgage payment, taxes, insurance, etc.) should not exceed 28% of your gross monthly income. Additionally, your total debt obligations (housing costs plus any other debts like car payments or credit card bills) should not exceed 36% of your gross monthly income.
This rule is a good general guideline to follow when you’re trying to determine how much house you can afford. However, it’s important to remember that every situation is unique, and you may need to adjust these numbers based on your circumstances. Ultimately, the best way to figure out how much house you can afford is to speak with a qualified lender who can help you understand your options.
Know Your Numbers
Once you have a rough idea of your price range, it’s time to start making a budget. To do so, you’ll have to calculate your income and expenses. Income includes your salary, investments, and other sources. For expenses, you’ll need to consider fixed costs like utilities and existing rent or mortgage payments and variable expenses like food and entertainment.
Another good number to know for the home-buying process is your credit score—generally, the lower your credit score, the higher your down payment. You will also want to factor in any existing savings and debt repayment. Once you have all these numbers figured out, you can start creating a budget that works for you.
Consider All Expenses
When making your budget, don’t just consider the mortgage payment; factor in things like maintenance, homeowners insurance, property taxes, HOA dues (if applicable), and any necessary repairs or renovations. It’s also important to set aside money in an emergency fund if something unexpected comes up after moving in, like a leaky roof or broken furnace.
Another cost to remember is the closing cost. When buying a home, you can expect to pay various fees at closing. Typically, closing costs are between 2% and 6% of the home’s purchase price. Closing costs can include various fees, such as loan origination fees, appraisal fees, title insurance, etc. In some cases, you may be able to negotiate with the seller to have them pay some or all of the closing costs.
Now that you know how much house you can afford, it’s time to start saving up! The first significant expense in the home-buying process will be the down payment. Depending on your mortgage type, you’ll likely need anywhere from 3% to 20% of the purchase price for a down payment. If possible, try to save even more than that so that you can avoid paying private mortgage insurance (PMI), an insurance policy that protects the lender in case you default on your loan.
The more money you can put down up-front, the lower your monthly mortgage payments will be. In addition, you’ll have more equity in your home. So start saving now for that down payment and beyond, and you’ll be one step closer to achieving the dream of homeownership.
Stick To Your Budget—No Matter What
The final and most crucial step in making a homebuying budget is sticking to it—no matter what! It can be tempting to stretch yourself thin financially to get the “perfect” house but resist the urge. It’s better to buy a home within your budget and make improvements as needed than to blow your entire budget on one property and end up with nothing left over for repairs or improvements down the road.
One way to stick to your budget is to sit down and make a list of the essential features for your new home and the ones that would be nice to have but aren’t deal-breakers. This will help you stay focused on your must-haves and resist temptation when you see a home with all the bells and whistles.
Buying a Home on Your Budget
Homebuying can be exciting, but it’s important to remember that buying a home is a big financial decision. Therefore, when purchasing a home, it is essential to stick to your budget. Creating a budget might seem daunting at first, but it doesn’t have to be. By following these simple steps and being mindful of your financial limitations, you can create a budget that works for you—and helps make your homeownership dreams a reality. Good luck!
What Is Trending In Photography In 2022?
Photography trends evolve every year and adjust to consumer expectations. Therefore, designers should monitor visual industry tendencies to understand their target audience and create successful, eye-catching commercial projects. Keep reading this article to explore current photography trends for 2022.
5 Recent Photography Trends To Follow
In 2022, modern photography tends to achieve simplicity and human emotional reflection. As a result, creators focus on capturing genuine people and unordinary color combinations.
1. Dramatic Scenery
Dramatic scenery includes contrasting colors, close zoom, and lighting effects. As a result, pictures frequently look theatrical and non-realistic. Nonetheless, dramatic scenery is much appreciated in digital projects, allowing creators to make eye-catching visuals. This way, you can grab attention and interest customers to examine brands longer.
Dramatic photography can be a good solution for companies that seek extraordinary ways of presenting their products. Make models’ poses look mysterious, create a complete story, find unusual angles, and capture high-contrast shots to present your products in a new light. These techniques are also popular in movie poster creation. In addition, dramatic photography calls cinephiles to watch the story until the end.
Earlier, photographers focused on scenery idealization. With well-considered angles and staged postures, models looked flawless in such images. However, there was a lack of authenticity. People’s lives are inseparable from sincere emotions like boundless happiness or quiet sadness. In 2022, photographers increasingly moved away from idealization. Instead, they strive to capture the true nature of human beings and the world around us. People enjoy authentic photos due to their connection to real life, raw moments, and genuine emotions.
Brands actively transmit sincerity in their commercial promotions. For example, many websites, brochures, and corporate materials contain real photos of company employees. This is because authenticity is an efficient way to convey a brand’s honesty and personality.
3. The Intertwining Of Reality And Fantasy
Mild post-processing has become a technique often resorted to by digital creators. With it, photographers can intensify their compositional ideas. In 2022, creative minds tend to intertwine reality and fantasy, denoting a remarkable trend in the photography industry. Such visuals represent ordinary things from unexpected angles, which looks thrilling. Surreal scenes contain fantasy elements and unimaginable touches. For creators, such photography is a visual technique to create vivid, emotional narratives.
Pictures, where reality and fantasy are intertwined, can help designers develop engaging marketing campaigns. You can use these visuals in your advertisements to make them memorable. However, your images should convey specific messages and not be oversupplied with unordinary ideas. Your audience may not figure out such complex narratives.
4. Fading Shades
You can dramatically change how people perceive your visuals by experimenting with color shades. For years, creators preferred intensity, while 2022 completely transformed the concept. As a result, pictures with fading shades look a bit melancholic. However, this brings a distinct charm to a composition. Muted tones can also help you create contrast between primary and secondary objects.
In 2022, many brands reduced vivid business publications on social media. Soft, dimmed illustrations replaced them. Such pictures can be suitable for companies offering unique products like crafted jewelry or perfumery.
5. Vibrant Accents
The same scenes can be perceived differently depending on accents. The simplest way of highlighting necessary compositional elements is colorization. For example, your background can be dull, while the main object is brightly shaded, e.g., in green or blue. In 2022, creators often use rich colors as accents.
Companies can create contrast between two dark and one bright color when designing their brand books and corporate materials. For example, use black and gray as auxiliary shades and blue as a primary contrasting color.
What Is The Most Trending Color In Photography?
The Pantone company annually presents The Color of the Year, which significantly influences the photography and design industries. The color of 2022 is Very Peri. As presented by Pantone, this is a shade of blue that conveys carefree confidence and daring curiosity. Try to implement this color into your creative project and see how successful it can get.
Where To Download Licensed HD Visuals
Stock content marketplaces are the most reliable sources for seeking trendy, licensed pictures. On these platforms, professional and amateur photographers sell their artwork that you can utilize for personal and commercial designs.
Depositphotos is an international stock content marketplace featuring 168+ million royalty-free images. You can download HD photos, vectors, illustrations, icons, clip art, infographics, videos, music tracks, and sound effects on the platform. In addition, the library is regularly replenished, allowing you to enrich your design projects with current visuals.
Browsing depositphotos.com/stock-photography.html, you can find picture collections on specific subjects like nature, business, and culture. Use the advanced searching system to navigate the variety of content easily and quickly download an appropriate file. It allows sorting files by date, contributor, point of view, orientation, number of people, color, origin, and location.
What Stock Photos Are In Demand?
Stock photography trends are volatile. They are formed depending on business preferences at a particular time.
1. Traveling Alone
Traveling is an exciting activity during which you discover the world. Although most people tour with family, colleagues, and friends, exploring natural landscapes alone can be an uplifting experience. By capturing such moments, photographers depict how people can interact with nature while also highlighting the importance of unity with it. Photos like this are in great demand among sports gear companies.
2. Dynamic Cityscapes
Tall gray buildings have become an ordinary sight for city dwellers. But what if you could look at them from another angle? Images depicting modern urban dynamics from unusual angles are among the most popular stock photos. Large technological companies and real estate agencies can use such visuals to give their customers a feeling of scale.
3. Environmental Protection
The importance of environmental protection has been an exciting topic over the last few years. Humanity mercilessly drained natural resources for a long time. As a result, the greenhouse effect, poor air quality, and animal extinction can undermine a carefree future for the next generations. In 2022, a growing number of companies strive to contribute to environmental sustainability. This trend can evolve into the true philosophy for socially responsible brands.
4. Vintage Lifestyle
As the tendency for simplicity and sincerity is gaining momentum in 2022, consumers prefer watching ordinary people’s lives in promotional materials. Film and matter filters can enhance and make your lifestyle photography look vintage. Such scenery is trending on stock content marketplaces, as it can complement any design project, from corporate websites to business cards.
Appealing photographs are indispensable marketing tools for digital creators. Using bright visual narratives, you can convey proper messages to consumers and change the perception of your project. Nonetheless, shooting patterns vary yearly, reflecting people’s expectations. Therefore, designers must track commercial photography trends and implement them into their creative projects.
One of the most significant changes you must make when starting or operating a small business is adopting business banking instead of conventional banking. Business banking is a specialized type of banking that offers services and features specifically aimed at small businesses. This account can help you manage your finances more effectively, save money, and improve your business operations.
In addition to traditional deposit accounts and loans, many banks offer special services such as cash management, credit card processing, and merchant services for small businesses. Here are seven reasons to consider business banking if you’re still on edge about switching to business banking.
1. You Can Earn More Interest
Interest rates on online business banking products are often higher than those conventional banks offer. This is because business accounts are aimed at a different target market – businesses that need to grow their cash flow. The higher interest rates help encourage businesses to keep more money in their account, which can eventually be used to reinvest back into the business or for other purposes.
2. You Get More Flexibility
Business banking products offer more flexibility than traditional banking products. As a result, you can tailor your account to suit your specific needs better. For example, many business accounts offer overdraft protection, giving you peace of mind in an emergency. Other accounts may provide special features, such as rewards programs, which can help you save money on everyday purchases.
3. You Can Build Better Credit
The creditworthiness of your business is important for many reasons. A good credit score will give you better terms and rates if you want to get a business loan. A good credit score can also help you get approved for lines of credit and other financing products. Business banking can help you build better credit for your business by offering products that report to business credit agencies instead of personal credit agencies. This can help improve your chances of getting approved for future financing.
4. You Can Access More Services
Business banks offer a wide range of services that can benefit small businesses. For example, many banks provide cash management services to help you manage your cash flow. These services include direct deposit, automated clearinghouse (ACH) payments, and wire transfers. Cash management services can help you reduce accounting and administrative costs and save time.
5. You Can Get Rewards
Many business banking products offer rewards programs to save money on everyday purchases. For example, some business credit cards offer cash back or points that can be redeemed for merchandise, travel, or gift cards. Rewards programs can help you stretch your budget by giving you discounts on the things you need to purchase for your business.
6. You Can Save On Fees
Business banking products often have lower fees than traditional banking products. For example, many business checking accounts have no monthly maintenance fees. This can save you significant money over time, especially if you keep a large balance in your account. In addition, other standard expenses, such as ATM fees, may also be lower with business banking products.
7. You Can Get Specialized Advice
When you work with a business bank, you’ll have access to specialized advice and support from bankers who understand the unique needs of small businesses. This can be extremely helpful when you’re trying to grow your business or make important financial decisions. For example, you can get advice on cash flow management, borrowing money, and choosing the right insurance for your business.
Business banking can offer many benefits for small businesses. If you’re looking for a way to save money, earn more interest, or get specialized advice, business banking may be right. Talk to your banker about business banking products and services that can help you reach your goals.
The world is full of endless opportunities. To make a decent living, you don’t necessarily need a college diploma, degree, or experience to find easy jobs that pay well. Instead, with the right work attitude and skills, you can venture into a rewarding, fulfilling occupation that matches your desire or talent while offering plentiful options for people who value work-life balance.
Easy, good, paying jobs include pet care, dog walking, home sitting, technical writing, patient care, delivery driving, massage therapy, and political science jobs. Most of these jobs only need the skill set and perhaps a post-secondary qualification.
This article will cover many other jobs that pay well yet don’t have many requirements or work experience. So read through this article and find one fitting for your skills.
What Is An Easy Job?
An easy job is one you can do without any formal training or one that you can easily find. Easy jobs are typically stress-free and easy to find. Usually, these jobs do not have educational requirements such as a college degree or possibly a high school diploma. Some easy jobs offer On-the-job training,
List Of 35 Easy Jobs That Pay Well
Many easy jobs are readily available and offer a reliable source of income. Whether you want a part-time or full-time job, the list below can help you select one that matches your skills or passion.
1. Interior Designer
To be an interior designer, you must have the know-how and skills to do an ideal job for your clients. Training in interior design is just enough for this role. However, an advanced level of interior design may require a college diploma or even an advanced degree. The more advanced and skilled you are, the more you will earn from this role.
With skill and qualifications in interior design, you can choose to work for a company or as a self-employed interior designer and earn well. However, it is important to note that the income from interior design varies depending on the number of clients you have in a particular period if you are self-employed. For salaried designers, the average wage is $48,700 per year, according to Salary Explorer.
2. Voice Actor
Voice acting is more of a talent than a skill. These people sell their voiceovers for use in video games, cartoons, audiobooks, narrations, and promotions, among other avenues. Most voice actors work from the comfort of a recording studio. According to Zip Recruiter, it is a rewarding career that can earn an average of $36.68/hour in the United States.
Easy Jobs That Pay Well Without Experience
There are also so many jobs that do not necessarily need experience, yet they pay well. This includes but is not limited to the following:
3. Product Tester
A product tester has varied roles from one company to the other. However, the generic functions include checking quality to ensure that the products meet quality requirements, inspecting materials from the suppliers before they are used in the production process, and carrying out some complex testing of products using necessary tools.
You can qualify for this role and earn good money if you have the skills. According to Salary Statistics, a product tester can make about $55,098/year.
4. Personal Driver
You can help your clients drive on their behalf as personal drivers. Some people prefer to have private drivers than to drive by themselves. This job is one of the easiest and most rewarding since your job will revolve around your client.
To become a personal driver, you may only need to have a valid driver’s license and be cleared by criminal departments, among other requirements. In this role, you will earn a handsome salary averaging $42,900 per year, according to Talent.com.
5. Dog Walker
A dog walker is tasked with walking dogs around, too, and from home and taking care of the dog and its needs while on the walk. Dog walkers require a better understanding of the dog. It is a job you can do if you are passionate about dogs. The average pay for a dog walker in the United States is $14.95/hour, according to Indeed similar jobs.
Easy Jobs That Pay Well Without A Degree
There are so many jobs that don’t require you to have a degree. Some just need a college diploma or a skill to perform. These jobs include the following:
6. Flight Attendant
To become a flight attendant, it would be best to have at least a high school diploma and work experience in the same field. There are also physical requirements and others depending on the airline. In addition, you need some soft skills in handling and responding to clients’ queries and drug screening to ensure you are fit for the entry-level position.
Flight attendants earn a median salary of $56,278, according to Glassdoor. It can be high or low, depending on the airline you work for.
7. Virtual Assistant
There is so much that you can do as a virtual assistant. Being a broad field, you can become a virtual assistant in an area you like. For instance, you can help in blog management, updating content, responding to client emails, and managing social media accounts, among other roles.
In the United States, different statistics show that the average wage for virtual assistants is $20.51 per hour. This role is mainly paid based on the number of hours you work rather than monthly.
8. Real Estate Agent
As a real estate agent, your task will be to help clients rent, buy, and sell their properties, such as plots or homes. This job requires that you have a high school diploma and a real estate license.
Of course, you don’t need experience. So long as you have a license, a decent client base, excellent marketing skills, and a few other qualifications and skills, you can easily find these jobs without hassle. According to Glassdoor, the average pay for a real estate agent is $80,146 per year.
9. Administrative Assistant
This career path can start from an entry-level position. You only need a few formal educational requirements and administrative skills to be an administrative assistant.
As an administrative assistant, your administrative tasks include answering calls, scheduling appointments, keeping records, producing memos, maintaining office files, preparing reports, and possessing impeccable customer service skills, among other functions. This, therefore, requires organizational skills, written and verbal communication skills, problem-solving, time management, and attention to detail, among other skills.
According to salary explorer, an administrative assistant earns approximately $51,800 annually. But, of course, this can change depending on the nature of the office or from one employer to another.
10. Delivery Drivers
The role of a delivery driver is to deliver items to customers. Varied roles depend on the company you are working for. Therefore, you need to follow specific guidelines and your employer’s schedule.
A valid driver’s license to become a delivery driver is an employment requirement. However, it is one of the most accessible jobs that does not require a lot of qualifications or a college degree.
The other job functions include preparing items, inspecting, loading, delivering to customers, and asking for feedback. Sometimes, delivery drivers are expected to collect customer payments after delivering the goods.
Salary Explorer reports that working as a delivery driver would earn about $13,000 on the minimum and up to $42,600 on the maximum. However, this can change depending on the company you are working for and your job responsibilities.
11. Data Entry
Data entry jobs don’t require a university degree. However, it would help if you had some basic computer skills and attention to detail. Your job as a data entry clerk or specialist will be to input data from the source to the relevant files, compile and analyze information to ensure it is well placed, and review data for accuracy, among other roles.
This job is typically rated hourly; most of the time, it is a remote job where you can work from home. On average, this role makes about $16.67/hour, according to Indeed Jobs Statistics.
12. Massage Therapists
If you are passionate about this area, you can earn good money by performing therapeutic massages for your clients and soft tissue manipulation to help them achieve what they want. Whether for relaxation, pain, or stress relief, you can help clients with a therapeutic massage that suits their needs or situation.
Comparing the different earnings in different countries, a massage therapist earns an average salary of about $27,200 minimum and $86, 600 per year at the highest.
13. Personal Trainer
When it comes to workouts, a personal trainer comes in handy. They are responsible for individual training on one-on-one fitness instruction for private clients or group sessions. They also ensure that the client adopts a schedule of routine activities and training to achieve what they want for their bodies.
There are so many roles and responsibilities that a personal trainer can do. This includes advising the clients on lifestyle and nutrition changes and implementing the latest training techniques to achieve the best for the clients.
On the remuneration part, a personal trainer earns handsomely. A personal trainer in the United States is paid $70,300 on average.
14. Tour Guide
Being a tour guide is an option for people who enjoy travel. You only need post-secondary education to qualify for this in most touring companies.
As a tour guide, you are tasked with thrilling responsibilities such as preparing travel itineraries, helping clients become familiar with the places they visit, advising clients on different destinations, and translating with the local languages where it may apply.
The average hourly rate of a tour guide’s earnings is $14.56/hour, according to PayScale. And according to Salary.com, the average salary range of tour guides as of March of 2022 is $33,114 in the United States.
Easy Jobs That Pay Well Part-Time
Apart from the engaging jobs you can do full-time, there are so many other good-paying jobs that you can dedicate a few hours in a day and earn well. These jobs include:
15. Pet Sitting
A pet sitter is someone left in charge of pets while their owner is away from home. They typically stay in the owner’s house so the pets can remain in their familiar environment.
General care activities include feeding and nurturing pets, providing exercise, including walks and playtime, cleaning up after the pet, and possibly administering medications.
It is a job that does not require formal education, training, or formal certifications and pays well. You can earn an average of about $11/hour or $22,368 per year just from caring for pets.
16. House Sitter
A house sitter is a person who stays in the house when the owner is away. This ensures that the house does not remain unoccupied, especially if the homeowner is away for an extended period. They perform all the necessary tasks, such as clearing bushes around the house, ensuring the place is well-kept and switching the lights. They also do general house maintenance and cleaning. This type of job has no education requirements, and you can make your schedule.
According to PayScale, a house sitter’s average hourly rate is between $12/hour and $15.18/hour, according to salary explorer. That makes about $31,580 per year on average.
17. Fitness Instructor
As a fitness instructor, you don’t need to work full-time. Instead, you can dedicate a few hours in the evening or early in the morning to train your clients. But, of course, you can get a part-time job as a fitness instructor in any gymnasium, earning about $22.41/hour.
This is another job that you can do during peak hours. You can dedicate your few evening hours to this role and earn per hour worked. As a bartender, your job description includes mixing drinks and ensuring that the alcohol tastes to suit customers’ needs, among other roles.
As a bartender, you will earn about $3 – $21/hour, according to Glassdoor, depending on your state or country.
19. Beauty Consultant
As a beauty consultant, you will work directly with the clients to help them choose beauty products that match their needs or skin. You will also be tasked to respond to clients’ queries on their beauty needs and complaints, among other roles.
Being a beauty consultant is something that you can do on a part-time basis. Therefore, you can be paid on the number of hours worked daily rather than biweekly or monthly.
The average wage per hour, according to Indeed Statistics, is $15.39. Therefore, the more hours worked, the more earnings you can get from this job.
20. Freelance Writing
This is another well-paying job that you can do part-time. To be a freelance writer, you need basic writing and research skills to help you develop unique and high-quality content that will match clients’ requirements.
According to Zip Recruiter, the average income you can make from freelance writing is about $30.39/hour. Therefore, to earn big from this, you must perfect your writing skills and dedicate a reasonable amount of time.
Blogging is another area you can earn while working a few hours a day or a week. This, however, is a long-term investment since you may not see instant results. You need time to invest before you can begin earning from it.
Of course, this is one of the most flexible jobs you can do since you are the one to determine how much time to invest in developing and growing your blog. Blogging has seen a rise in job growth over the years. In fact, roughly 409 million internet users read about 20 billion blog pages monthly.
As a blogger, your work will mainly be to develop content within your niche and do basic SEO for your blog, among other tasks. However, if you follow all the best blogging practices, you will eventually earn good money.
22. Social Media Manager
As a social media manager, you will be tasked with creating social media posts, answering your audience, and maintaining audience records, among other roles. Therefore, you will need basic communication and interpersonal skills to engage well with your audience in this job. Although this career path doesn’t require formal education, a degree in communications would be beneficial as a social media manager.
According to Indeed Statistics, as a social media manager working part-time, you earn about $22.55/hour. It is an easy job that pays well depending on the number of hours worked each day or week.
23. Online Coach
Being an online coach means coaching your audience in an area where you are well placed or qualified. For example, it could be business or any other subject you have studied and are well knowledgeable in.
As an online coach, you can fix your program to suit your availability, and in this job, you can earn some excellent money, whether directly from your subscribers or your employer. Online coaches work for themselves and charge enrollment fees to their clients in most cases. According to Zip Recruiter, the average pay for an online coach is $15.87/hour.
Babysitting is an easy job that doesn’t require much experience or skill. This task can be done by any responsible adult, college student, or high schooler and involves taking care of a baby or child when their parents are away.
According to Talent, a babysitter’s salary is $24,375/year in the United States.
25. Cleaning Person
A cleaning person does all the necessary cleaning of the home or office. This job entails sweeping or mopping the floors or using vacuum cleaners. In addition, a cleaning person ensures that all the places in the house or office, including windows, ceilings, toilets, kitchen fixtures, and sinks, are cleaned while on the clock.
This job earns about $26,600 per year, according to Salary Explorer.
26. Marketing Managers
The role of a marketing manager is to ensure that the products, services, and business are received well on the market. This job is done through promotions and ensuring that the company constantly communicates with the market audience.
The roles could differ from one company to another, but basically, it involves all the promotion and marketing of the company or products.
A marketing manager can earn approximately $67,696 per year, according to PayScale. In addition, senior and experienced managers can make an average salary of up to $81,000/year.
27. Patient Care
Patient care is one of the most straightforward jobs for anyone, regardless of their level of education or expertise. This job entails taking care of the patient’s welfare and daily needs. This includes checking and monitoring their vital signs such as pulse rate or temperature, keeping their rooms tidy, and assisting the nursing staff in basic functions such as administering drugs and essential treatment, among other roles.
Salary Explorer says this job pays well and is less stressful than many other jobs. For example, a patient care job earns $45,100 as the minimum, which is well above the national median.
A librarian’s primary work is to arrange learning materials in an organized manner and help learners find what they need quickly in the library. They also keep records of library learning materials and borrowed ones from the users.
A librarian’s roles and daily tasks can vary depending on the size and type of library where they work. For example, some libraries are located in towns where the public can access them, and most are in schools. Becoming a librarian generally requires a master’s degree in library science.
As a librarian in the United States, you can earn a median salary of $63,000/year. This is slightly different from other countries, and the size of the library can also determine how much you can earn.
29. Personal Stylist
If you are passionate about fashion, you can make a career as a personal stylist. As a personal stylist, you don’t need an associate degree or a college diploma. Instead, you can earn a good income from this fantastic job with just a postsecondary education.
In this role, you will be helping clients to match clothing that is suitable to their taste and what they do or ones that suit their needs. This could range from styling professionals, artists, or someone looking for casual wear.
30. House Painter
A house painter does all the painting works around your home. This job does not require a degree or a diploma. You can earn decent money from doing this job with just painting skills, whether self-employed or working for an established painting company.
According to Salary Expert, working as a painter in the United States can earn you an average income of $53,458 per year, but this can vary from country to country.
31. Park Ranger
A Park Ranger, also known as a park warden, is a person entrusted to protect and manage a private or public park. Their primary role is to ensure that the environment of the park and the animals are protected.
It is one of the most straightforward jobs that earn handsomely. The average salary a park ranger can earn is $39,594 per year, according to PayScale.
32. Personal Shopper
Personal shoppers help customers in their shopping by giving them assistance and advice to do with products, shipments, and purchases. There are varied roles that a personal shopper can do, and it is a well rewarding job without many educational requirements.
According to Glassdoor, the average wage of a personal shopper is $30,586 per year. This can vary depending on the responsibilities and from one country to another.
33. Web Developer
To become a web developer, you need the skill and the experience. Then, when you have the skill, you can work as self-employed and earn big from it.
In this job, you will be helping clients with web development and software programs, among other services in which you have expertise. It is a well-paying job, and your charges will depend on the project you are undertaking.
According to Money US News, if a web development firm employs you, you will earn a median salary of about $77,000.
34. Private Tutor
This type of work does not need any experience. However, if you are knowledgeable in specific subjects or have undergone training, you can help students on their educational path in particular topics where you are competent.
Basic job responsibilities include preparing lessons and assigning them some homework where you will help them understand the subjects better. You can also administer some tests, correct them, and identify their weaknesses so that you can help them where they need help.
The salary of a private tutor is mostly paid per hour. Therefore, the more hours worked, the more earnings you get. According to Indeed Statistics, a private tutor’s average hourly earning is $23.27/hour.
35. Event Planning
As the name puts it, event planning is a job that entails planning and coordinating event activities, booking venues, getting necessary event tools, and coming up with the program, among other functions.
Generally, an event planner ensures that the planned event goes as smoothly as planned and that the guests receive a proper schedule of activities, are fed well, are entertained, etc. With this, you don’t need to have a university degree but rather some skills and training to help you become a fantastic event planner.
PayScale reports that an event planner earns an average annual salary of $48,030/year in the United States. This can vary based on your experience, state, or country where you reside.
Frequently Asked Questions:
What Is the Easiest Job That Pays The Most?
In my opinion, a house sitter is the best paying and easiest job. PayScale reports that a house sitter earns an average of $31,580/year just doing simple home jobs like switching on security lights when the homeowner is away.
What Is A Fun Job That Pays Well?
Dog walking is a fun job that pays well. You can earn an average of $14.95/hour in this role. However, not everyone can be a dog walker since the job entails walking around, so you need to understand the dog’s language.
From the discussion, you can do many easy jobs and earn a good salary without experience, a college degree or diploma, or those you can do part-time. The list is just endless, with many jobs that give workers ample opportunities for growth. You only need to know your strengths, passion, and skills to align yourself in a career that you will enjoy while putting yourself in a decent financial situation.
Asking for a raise is not an outrageous request. On the contrary, it is expected in any organization for people to ask for a raise and any boss with experience managing staff knows that. This, however, may feel awkward on your side, and you may feel nervous even to begin this kind of conversation with your boss.
To ask for a raise, you need to schedule a meeting with your boss at an ideal time, then showcase your accomplishments, the praises and positive feedback you have received after completing your previous projects, the awards you have achieved, and even the educational qualifications you have recently achieved among other things.
The above is not enough to ask for a raise. You need to know everything regarding asking for a raise. You need to know the perfect time to ask, how to ask for a raise, why you should ask, and how to approach the negotiation table, among other things you need to know. Therefore, this article reveals everything you need to know before negotiating with your manager for a salary raise.
How To Ask For A Raise And Why You Should
It would be best if you did not ask for a raise because perhaps your peers are earning more than you, or you want to offset your debts. However, there must be a good reason to ask for a salary adjustment, and your boss should be convinced that you need a raise.
Therefore, you should look for an approach suitable for you and your boss. It is important to note that asking for a raise is like selling yourself, so you need a perfect time and a suitable and convenient timing that would favor your request. Some of the best ways to ask for a raise include the following:
Get On The Calendar
It is important to schedule a meeting with your boss on a convenient date. It is also important to note that you should ask for a raise in person, and emails are discouraged since you need time to convince the boss of your request.
However, sometimes your boss may want you to discuss the matter over email, and that is a different case since you need to learn how to use email to ask for a raise. Sometimes, your boss may prefer a video call, which also works as an in-person meeting.
Getting on your calendar is the best thing to do to avoid inconveniences during your discussion with your boss. They should be available to discuss with you so that you can deal with the situation.
Choose The Right Time To Ask
Timing matters, and not every time is the best to ask for an increase in salary. The company’s performance is the first thing to check when asking for a raise. If you have performed well in the previous quarter and the company is doing well, then it is good to ask for a raise.
Some instances that are not good for asking for a raise are when the company is facing tough times such as a financial crisis, layoffs, or when your boss is facing some personal issues. It is important, therefore, to check your boss’s mood and how they have been feeling about you and your performance of late.
What Is The Financial Health Of The Company?
Check the numbers and how the company is financially before considering a raise. Your request for a raise can only work when the company is doing well. For example, how did you perform in the last quarter? This will be critical since the company will only consider a raise when there is a positive trend or growth in the company’s profits.
How Is Your Manager’s Workload?
If your manager is too busy and occupied with many tasks to complete, it would be better to wait for a time when the workload is reduced. But, of course, you need time to discuss, and your manager also needs time to listen to you. Therefore, pick a time when your boss is not too overwhelmed with many commitments.
Most of the time, especially in the last quarter of the year, your boss may be too occupied with many tasks they need to complete before the year’s close. So instead of asking for a raise, you may even better your chances by asking where you can help so that when you ask for a raise later, your manager will feel the impact of what you are asking for.
When Is The Best Time Of Year To Ask For A Raise?
Most company managers do annual performance reviews once a year, which keeps their employees focused on their roles and motivated to deliver their best. It is, therefore, essential to consider asking for a raise before the annual review begins.
In addition, you should ask for a raise before your manager submits the annual budget for the company. In most cases, businesses’ budgets run from July 1st to June 30th, while others run from January 1st to December 31st. Therefore, it is crucial to know the budget cycle of your company so that you can ask for a raise before the annual budget is completed.
Have You Successfully Completed A Significant Task Or Project?
It is always prudent to ask for a salary bump when you have just completed a significant project successfully. This will give your request more weight, and your boss is likely to consider your request.
If your competence and skills are indispensable, and perhaps the company relies on you so much for that, then it is wise to ask for a pay raise when the next project is due or just about to start. However, you should be careful not to give your boss some ultimatums that would otherwise damage your long-term relationship.
Research Salary Trends
Research the salary trends and know what your competitive salary should be. Then, you can compare your salary with those of other employees and the average earnings for that role in different cities or states. Perhaps you are being underpaid in your role compared to others in the same position.
Know Your Worth
Your worth in the company or institution you work for is shown by how much your services are relied upon by the management. If your skills, competence, and level of contribution in your field are something that the company cannot do without, then you should know you are an asset, and that should give you a head start to bargain for your raise.
Therefore, the value you offer the company should be proportionate to your salary, and if you feel you are offering too much for low pay, you need to negotiate for a raise.
Always Bring Data + Numbers
You need to be equipped with exact numbers and data on how you have performed in your role over the years. For example, list your achievements and projects you have successfully completed and even the awards you have achieved in that role.
For instance, if you are a salesperson, you need to tell your boss the exact achievements you have made, the number of deals you have brought to the company, and the profits that the company has made from such deals or sales.
Of course, you must have a substantive reason to make your company consider your salary raise. If your performance in the company is outstanding and everyone knows about it, then you will have an easy time with numbers.
Consider Your Qualifications
Your employer will always take into consideration your skills, educational qualifications, and the years of experience you have worked in that company before approving your pay raise. If you have furthered your studies or achieved more professional qualifications that are invaluable in your job, then you need to consider that.
It is important to note that the more you are qualified for your role, the more the employer will want to retain your skills, and that will give you an upper hand when asking for a raise. You are more likely to be successful than if you have not added to your bucket of qualifications.
Consider What You’ll Bring To The Team In The Coming Year And Beyond
After you have tabled your past accomplishments, you also need to bring to the table what you will be able to accomplish in the next year and beyond. Your employer must see a commitment that you are passionate about your role and working hard to achieve the company’s targets.
Make A List Of Your Accomplishments
As I have noted, your employer cannot just add you more salary before they are convinced with numbers. Therefore, since your last raise, document all your achievements, projects, and even the awards you have earned, if any. The more tasks you have accomplished successfully, your chances of getting a raise are higher.
Collect All The Positive Praise You’ve Received Since Your Last Performance Review
You must also prove to your boss that you have received positive feedback based on your last performance. This is important because it shows your worth to the company and how your input has significantly impacted the company’s results.
Identify A Target Salary Range Or Pay Increase
You need to know the best salary range to ask for. For example, if you are asking for the first time after you have stayed in the company for only a few years, it would be reasonable to ask for an increase of not more than 6%.
If you have worked for years with the company, you can ask for a 10% to 20% increase depending on your accomplishments, performance, and other factors. In addition, if you have additional responsibilities, that would also affect the range you need to ask.
Be Prepared To Negotiate
Don’t be fixed on your request for a raise since you may end up without a solution. Instead, it would be best if you were flexible in negotiating. For instance, if you are asking for a 15% increase, your boss might not be willing to offer the whole 15%, but they may be ready to provide you with an increase that is less than what you are asking for.
In addition to that, when your boss is opposed to what you want, be willing to negotiate. For instance, they may say no, but some reasonable negotiation, such as asking your boss how much they are willing to offer, is an excellent way to negotiate a salary increase.
Rehearse Your Script
Rehearsing is a way of combating fear and anxiety that would easily take hold of you if you are unprepared. Therefore, you should prepare your talking points so that you are sure of what to say and what to avoid.
It would help if you had a written script before meeting your boss, then rehearse how you will begin your request when you get to the meeting. It is important to include all the professional reasons in your script on why you need a raise and to avoid personal reasons such as the cost of living, debts, or an increase in your rent, among other personal issues.
You must be confident in what you want. Don’t shy off because, as I noted earlier, it is common to ask for a raise. Even if you will not get it, there is nothing wrong with asking. However, to be confident, you must know why you are asking for a raise and should be prepared with the answers to any question you might be asked.
It is also important to note that your boss must see your confidence in you. Therefore, you must maintain eye contact, smile, and be specific about your wants. Don’t beat around the bush or start with unnecessary stories.
Start With An Opener
An opener is an introduction. When you meet with your boss or manager, they will wait for you to begin the conversation; therefore, you need a good introduction. In your introduction, it is good to acknowledge the time you gave to articulate your issues in a meeting.
It is, therefore, reasonable to begin with an acknowledgment, then immediately go to what you want without beating around the bush. At this point, also show that you are excited about your job and role in that company.
Follow Up With Specifics
Sometimes the manager may want to know why you need a raise. If they are open to facts, show your justifications with facts and the projects you have accomplished in the past, your achievements, and everything that would justify a raise. That means you should expect follow-up questions and prepare well before attending such a meeting since you need to be clear with facts.
Therefore, it is crucial to list all your accomplishments, experience level, and specific figures that your manager might want to know.
Let Your Boss Know What’s In It For Them
Don’t show that you are likely to quit if not given a raise. Instead, demonstrate that you are passionate about your role in the company. In addition, don’t give ultimatums since that may work against your reputation even if you were an asset in that role. Instead, let your employer feel comfortable that you are in for them, even if they are not ready to add the exact percentage you are asking for.
Be Ready For Questions
When you ask for a raise, you will get questions from your boss to justify why you need a raise. But, of course, it will not be easy, so you need to prepare to answer any question that might come your way.
Being ready for questions means you should have all the information about your accomplishments and the numbers and facts you might need to prove or justify the need for a raise. Some questions are as simple as, “why do you need a raise?” but in itself, it is a question that needs a well-thought-after answer.
Thank Your Manager
Thanking your manager should be the first thing and the last thing to do before leaving. But, first, when you meet, you should thank them for the opportunity given to discuss your raise request.
Also, when you are about to leave, just after you have finished the conversation about your salary negotiation, it is a good idea to thank your manager or boss for the time and everything regardless of how your discussion went, whether you were successful or not and give your manager time to consider your request.
How To Ask For A Raise [An Example Script]
“Thank you for giving me time to discuss my salary. I am passionate about my role in this company, and I have gone the extra mile to ensure that I become successful in my projects. I achieved a 30% sales growth during the last quarter after successfully completing ABCD projects. I am, therefore, asking for a 10% increase in my salary.” I hope this is a good time to ask since I already have other added responsibilities and projects to accomplish, and that would help me keep the focus on how to achieve my targets for this quarter and the next.”
What To Do If They Say “No” To Your Raise Request
After you have negotiated with your employer and didn’t succeed in your plan, it does not mean you are not valuable to that company. It could be the issue with timing or not enough metrics to convince your employer. Therefore, it is important to consider doing the following:
How To Recover From A Failed Raise Conversation
Your request will not always be a ‘yes.’ For example, your employer may deny your request for a salary increase, which may create a bad feeling for you and your company if you were not prepared for a “no”. Therefore, it is important not to have high expectations when you have requested a raise and to know that a “no” may be one of the responses you should anticipate. If your raise conversation failed, then you need to do the following:
Focus On The Future
Perhaps your employer, at the moment you are asking for a raise, has already made the annual budget or has a plan to consider annual salary increases for all the employees shortly. Then it is important to focus on improving yourself and your skill level to earn an increase in the future. Don’t be discouraged or slack on your job since that would not add anything positive in the future or help you with a potential increase.
Know Why You Were Denied A Raise
If your manager says no to your salary request, you should know why they are unwilling to give you a salary raise. Of course, if you have a decent manager who is approachable, they will provide clear reasons to leave you satisfied to wait for another time to ask for a raise.
Think About A New Job
Not every boss values the input of the workers. Some employers might not attribute the company’s success to that of the hardworking staff; in most cases, they undervalue the employees. If you are working for an employer who doesn’t care about the welfare of the team and rewarding achievements, you might need to consider getting a new career in this hot job market.
Frequently Asked Questions:
Asking for a raise is never an easy thing to do. You may feel you have not achieved enough as an employee to ask for a raise. It could also be your first time asking for a raise, and you are nervous about it. Therefore, the following are some common questions that most people ask would be helpful.
What Is A Good Percentage To Ask For A Raise?
Most statistics indicate an ideal pay raise of 10% – 20%. However, the percentage or figure in mind to ask for will depend on many factors, including the individual level of your accomplishments or the number of projects you have successfully accomplished, your performance, and even the length of time you have gone without an increase, among other factors.
How Much Of A Raise Should I Ask For After 2 Years?
How much you should ask for a pay raise after two years will depend on many factors. For example, are you new to the company, and is this your first time asking for a raise? Or have you worked with the company for a long time? For example, if you have just completed two years in the company, you should ask for a raise of about 2- 6% of your base salary. On the other hand, if you have worked for the company for many years, asking for a 6 – 10% raise off your current salary is ideal.
Can You Get Fired For Asking For A Raise?
Asking for a raise is an everyday practice. You cannot be fired for asking for a raise. However, if you are new in your role and perhaps nervous about asking for a raise, you should know it is customary to ask for a raise.
However, consider your value in the company, accomplishments, performance, and how the company is doing before asking for a raise.
Therefore, something to worry less about is whether you can be fired since employers or managers with experience dealing with the staff know it is normal for employers to request a pay raise.
Is A 10k Raise Too Much To Ask For?
It depends on how much you earn per month. For instance, if you earn over $100k a year, asking for a $10k increase is not much since it is within a reasonable bracket of 10 – 20%. Therefore, it is important to keep your salary increase request between the recommended percentage I have mentioned as it would be reasonable to your employer.
Asking for a raise is never an easy task. This is especially true if you are doing it for the first time. You may feel nervous about approaching your boss and negotiating over a salary increase since you may be asked some questions that you had not anticipated.
Therefore, it is good to note that asking for a raise is a usual practice. You should be prepared with everything you need, including your accomplishments, qualifications, and everything you might need to back up your negotiation.
Bitcoin was introduced to the public in 2009 as the world’s first decentralized digital currency. Since then, crypto has been on a rollercoaster ride, with prices rising and falling unexpectedly, influenced by many factors, but steadily climbing the ladder to become the most well-known and valuable asset in its class.
Given its volatility and unpredictability, Bitcoin is a highly speculative investment, so there’s a lot of guessing and uncertainty around it, giving rise to all sorts of predictions and conflicting opinions regarding Bitcoin investments and evolution.
As a result, it’s virtually impossible to accurately predict what the future will look like for Bitcoin or any other cryptocurrency, for that matter. However, we know some things for sure, and one of them is that Bitcoin has a fixed supply of 21 million coins.
While there are other cryptocurrencies that, just like Bitcoin, come with a cap on the maximum number of coins to be issued, that’s not the rule in the crypto market. For example, Ethereum, the second-largest digital currency by market cap, has no limit on the total amount of coins that can be mined.
Therefore, many people wonder why Bitcoin has this feature and how it may influence the evolution of crypto in the long term.
Why Does Bitcoin Have A Supply Limit?
Bitcoin’s elusive creator Satoshi Nakamoto designed the cryptocurrency with a limited supply in mind from the beginning. That limit was set at 21 million coins, after which all mining would cease, and no other coins would exist.
Although no one has ever discussed directly with Bitcoin’s inventors to find out what prompted them to make this decision, and there has been no official statement from them in this respect, experts believe there are several reasons for this approach.
First of all, Satoshi wanted to create a digital currency that would serve as a medium of exchange, just like fiat currencies, but without the implication of a third party like a bank or government to oversee the tractions. If the mining process wasn’t controlled and too many coins would emerge on the market, that would lead to inflation, so the best way to avoid this issue was to set a fixed upper limit that would keep price fluctuations in check.
This doesn’t mean that Bitcoin is not subject to price swings, as can be seen by analyzing the price chart, but scarcity allows for a certain level of control over its value.
Another incentive for creating a limited coin supply was the desire to mimic the most sought-after metal on the planet – gold. One of the reasons why gold is such a valuable commodity is because it has a finite supply. The process of extracting gold is challenging and complex, and there’s only so much gold you can mine from a site until the resources run out.
That’s precisely the model that Bitcoin follows, thus earning the name of digital gold.
Bitcoin’s creators had a clear vision for the digital asset but had to find a solution to put their idea into practice. And so they came up with a strategy that would allow them to gradually release only small amounts of coins and avoid overcrowding the market with the full supply.
New coins emerge when a new Bitcoin block is created roughly every 10 minutes. The duration is established by the difficulty of the algorithms used in the process. The level of difficulty changes after approximately 2000 blocks to keep mining in balance.
To further control the timing and the number of coins that enter the market, Bitcoin also introduced the notion of halving. Therefore, the number of coins that make up a Bitcoin block is reduced to half every three years and nine months (or after every 210,000 blocks).
Bitcoin’s Supply In Figures
If Bitcoin continues to rely on the mining and halving strategies it has employed so far, it is estimated that 21 million coins will be reached by 2078. After that point, there will be no coins left to be mined.
However, there’s no consensus on when this might happen due to the changing nature of the crypto environment and the many variables that may influence the process. Some sources maintain that the limit could be reached by 2040.
What we do know is that at the moment, there are little over 19 million coins in circulation. That means there are less than 2 million Bitcoins left to be mined, so we’re getting closer to the end every day. But one crucial aspect that needs to be mentioned is that out of the total 19 million coins that have been mined to this day, approximately 20% are being kept in inaccessible wallets, amounting to a value of almost $140 billion.
So, there’s a difference between the total number of coins that have been mined and the number of coins in circulation.
What Will Happen When The Limit Is Reached?
At this point, one question on everyone’s minds is what will happen when the total Bitcoin limit is reached? Unfortunately, as we’ve already mentioned, providing exact predictions about what will happen with Bitcoin in the near or distant future is not a realistic expectation. Yet that doesn’t stop experts and analysts from speculating on the matter.
Some assume mining will no longer be profitable as block rewards will decrease. The only solution to the problem would be an increase in Bitcoin price that may or may not happen. After the entire supply is mined, miners can earn a profit by continuing to validate transactions and earning the associated fees.
A rise in Bitcoin price is also expected as we inch closer to the supply limit. It’s likely that investors and HODLers will amass Bitcoins and keep them in their wallets, leading to an increase in Bitcoin value.
Only time can tell if these theories and predictions will ever turn into a reality, so for now, the best thing anyone can do is keep a close eye on the market.
College is a great time to start thinking about the future. Indeed, you are working on personal development and acquiring a future profession. But investment is another factor to consider. In this guide, you’ll find all the fundamentals and tips on how to start investing as a student.
Why Invest During College?
Some might argue that it is not a great time as many students live on a budget and have little experience managing finances. However, it is an opportunity to learn those skills and earn money to cover the loans or housing.
After all, investment is a long-running game. The earlier one starts, the higher the profits will be. Also, there is an argument about time. This activity should not be approached as gambling. It requires planning and research, which can be time-consuming.
Students are already loaded with coursework and college assignments. This is a valid point. However, if a student is interested in growing assets, there is always a simple solution. One can opt for a paper writing service like WritePaper.com to have more free time for other responsibilities. It is a professional academic writing platform that delivers expert assistance to every student in need.
Experienced professionals offer writing, proofreading, and editing help with all types of college papers. This is an excellent way to keep up with the curriculum even if you lack time or confidence in your skills.
The reasons to start making investments as a student are:
Sure, any investment comes with some sort of risk. But with enough research and consideration, it is possible to meet all your objectives.
What To Know Before Investing
Do not rush into the game. Start by following simple tips, namely:
Before one starts, one needs a brokerage account. Then, you can go to a traditional broker, use an investment app, or choose a Robo-advisor. The last option is the most affordable. Some of the solutions are even free, like Q.ai.
Top Field to Invest for Students
Savings and Certificates of Deposit
This is probably one of the safest ways to manage money. At the same time, the revenue won’t be immediate or tremendous. Investment is not limited to trading stocks. You can also store money safely while gaining interest rates.
This is a good start if you have money to put into a savings account or certificate of deposit.
Individual Retirement Account
An IRA is another safe way to manage finances. Retiring requires a lot of money, so starting as early as college is great. However, it is mainly for students who combine education with a job because you need reportable income to open an IRA. Then, you can start saving money from your salary for the future.
IRAs also give tax advantages compared to regular brokerage accounts. With it, you can defer taxes on any profits or dividends, which is an advantage. You can also deduct contributions from the taxable income you have.
Passively Traded Funds
This is a simple way to begin investing. Low-cost index funds and ETFs offer diversification while less effort from your side. In addition, such funds come with lower trading costs. But they are not for getting rich quickly. Instead, the goal here is to grow your finances passively, safely, and steadily.
Real Estate is one of the most reliable fields for investment. The main downside is that one needs a decent amount of money to start. Therefore, it might not be available for most students, yet it is a valuable option.
And you need to have a good understanding of the market and current trends. Buying a house makes sense if you plan to live there for more than five years before selling it. If you are planning to buy and rent or re-sell properties, you need to know all ins and outs of the industry to make good ROI.
If you do not have a budget, you can still focus on Real Estate but do through the ETFs.
Buying a stock means you are purchasing a piece of a company. The profit depends on how many stocks you have, the company’s value, and the time you decide to sell it.
It is riskier than previous options, but one can play safe. You can buy stocks through apps and online brokers.
The profitable industries to consider are:
The best approach is to diversify your portfolio. For example, do not put all the money in one company or industry but choose several. This will lower the risk of losing money at once.
A bond is a loan to a company where investors lend their finances to a specific business. Based on that, they receive interest. The profit depends on how much you can offer and the proposal. It probably won’t bring the most revenue, but it is an excellent way to diversify your portfolio even more.
Investment might not be the first thing that comes to the mind of a college student. It is a huge field with a lot of variables. But the earlier one starts, the easier it will be. Start with simple stocks, CDs, or IRAs. Investing offers the opportunity to have financial independence and stability early in life.
Anyone in the finance field can see that finance is indeed one of the best career options to pursue. If you are interested in a job in finance, the field is packed with a variety of options related to banking, investment, planning, and analysis. Being a broad field, you can identify the field that you are most passionate about and then grasp what it takes to succeed in that particular field.
Finance is a good career path. The first thing that makes this profession suitable is the compensation package. As I may put it, a career in finance can be lucrative, with other great benefits and bonuses. In addition, it comes with many opportunities for specialization and job stability, among other benefits.
However, pursuing a career in finance is not straightforward since there are numerous options and different areas of specialization. In addition, various finance degrees will lead you to a career in finance that you need to know. In this article, you will learn the different types of finance employment and other insights you may need to understand.
What Is Finance?
Finance is a broad term for managing money, assets, and currency. It also includes borrowing, investing, saving, budgeting, raising funds or capital, and expenditure. It is thus classified into three broad categories: public finance, corporate finance, and personal finance.
Is Finance In High Demand?
The finance industry is packed with many lucrative jobs in high demand. As mentioned earlier, the industry is vast, so many finance careers pay well. Most of these jobs, however, require one to have a bachelor’s degree in any business field and a finance major or professional qualification.
According to the Bureau of Labor Statistics, employment in financial and business operations is expected to grow by 8% between 2020 and 2030. In that period, about 750,800 new jobs will be added, which will interest many people specializing in finance or related fields.
Some jobs in high demand in the finance industry include accountants and auditors, cost estimators, budget analysts, financial analysts, loan officers, market research analysts, logisticians, and purchasing managers.
Is Finance A Stable Career?
The job market is loaded with many financial careers and opportunities and continues to grow yearly. However, it is a stable career and is not over-saturated like most other occupations. One good thing about a finance career is that it is a broad field and employs a lot of finance graduates.
If you are pursuing jobs in finance, therefore, you should not feel intimidated by the unproven facts or myths regarding the industry. Almost all sectors of the economy have a good number of financial professionals, be it public accountants, auditors, or any other opportunity related to finance.
Types Of Finance
As I noted earlier, finance is a broad field subdivided into sub-categories, where each represents the financial space it operates. The most common types are personal, public, and corporate finance.
Personal finance is a management practice where individuals utilize and manage their finances. This includes managing expenditure, budgeting, saving, and investing, among other plans. Personal finance also involves income generation and overall financial planning.
Main Components Of Personal Finance
Personal finance encompasses different main components or areas. These refer to an individual’s practices to manage and grow finances to meet future goals. These components include the following:
Saving refers to keeping money for the future. Since there are inevitable occurrences that would require you to have or spend some money, it is one of the best practices to put some money aside, whether as cash, in a bank account, or in any way that you can liquidate immediately.
Spending refers to payments for goods and services for personal consumption. Spending includes individual family costs and expenses such as payments for cleaning services, child care, food, health care, and travel, among other costs.
While spending money, it is important to have a budget so that you do not spend what you have not planned for. That will help you achieve financial stability since your money is always planned out before you can spend it.
Income is the money you get from your investment sources or your remuneration, among other things. For example, the income may come from your salary, profit from your business or investment, social security or pension, or income from your rental properties. In personal finance, this is the foundation of your finances since, without income, you will not be able to spend, save, or transact anything involving money.
Investing And Protection
Investing money is a way to multiply your income over a certain period of time. This involves putting your money in areas such as the stock market that are likely to make your money grow or increase with time.
On the other hand, protection refers to taking measures against your finances that would act as a guard from unforeseen events that would otherwise drain your income. This includes insurance and retirement planning, among other protection measures.
It is also called government finance, which is how the government raises and spends its revenue from taxes and income from state projects and investments. Public finance is also a broad term that involves budgeting government money, payment for services, and other activities related to managing the government’s finances through fiscal policy.
This is how the companies, businesses, or corporations deal with the issues of finances, such as capital structuring, investment decisions, funding sources, and the financial or monetary impact of the financial management policies. It also involves working capital management and capital budgeting.
Types Of Careers In Finance
As I indicated earlier, finance is a broad field, and from personal and public to corporate finance, there are a lot of opportunities or careers in each of the finance sectors. The area of finance alone employs millions of graduates in different financial fields, and some of the best jobs include but are not limited to the following:
This is one of the banking sections that deal with helping organizations or individuals raise capital and helps them in other financial consultancy services regarding investments. Investment bankers act as a link between investors and security issuers and also help in acquisitions and mergers.
In addition, investment bankers are skilled in accounting, corporate finance and valuation, financial statement analysis, and financial modeling, among other requisite skills. As a result, investment bankers can help new investment firms or businesses go public with those skills.
The average salary of an investment banker is $101,295 per year, according to PayScale. From the salary statistics, you can note that investment banking is one of the most rewarding sectors for its employees.
These experts work to help businesses or individuals in matters to do with expending money to make a profit. They are skilled in quantitative skills. Their work involves gathering data, analyzing historical facts, and organizing that information for decision-making regarding investments in bonds, stocks, or any other type of investment.
To become a Chartered Financial Analyst, you must complete a bachelor’s degree in accounting or finance, with a minimum of four years experience, and pass the three CFA exams.
It is also important to note that financial analysts face a lot of workload stress, and the work is complex, unlike most other professions. However, a financial analyst’s job pays well and averages $63,195 per year, according to PayScale.
Financial Consultant Or Financial Advisor
There are so many finance consultancy jobs, and this requires one to have a bachelor’s degree in business related and specialization in finance or other relevant specialization options. As a financial consultant or advisor, you will offer financial advice to clients about financial services, investment, planning, savings, and budgeting, among other key financial insights.
According to PayScale, the median salary of a financial consultant or advisor in the United States is about $71,959 per year. Therefore, it is one of the well-paying career options you should consider.
The roles of a financial accountant include tax planning, preparing annual, quarterly, and monthly reports, managing tax payments and internal audits, preparing a budget, monitoring and reporting the inconsistencies in accounting, and keeping up with financial regulations, policies, and practices, among other functions.
The average salary of a financial accountant in the United States is $57,438 annually, according to PayScale. Regarding education requirements, you need a bachelor’s degree in finance-related options such as accounting, finance, or economics.
To become a quantitative analyst, you need to have a bachelor’s degree in a finance-related field, and you will work as a specialist dealing with financial issues analysts for better decision making. In addition, it requires excellent mathematical and statistical skills since it deals with complex business models for different sectors of the economy.
When it comes to remuneration, the average salary of a ‘quant’ is $86,167 per year, according to PayScale statistics.
The purpose of risk management is to prevent losses that would come as a result of unprecedented occurrences. Therefore, as a risk manager, you will be tasked with identifying those risks, evaluating them, and prioritizing efforts to minimize the impact they would otherwise have on the business.
According to different salary statistics, risk managers earn decently, and the average is about $90,423 per year, according to PayScale statistics.
Economic analysts, as the name says, are tasked with analyzing economic events and their impact on the business. They work with a considerable amount of data to review, research, and document reports about the findings for financial forecasting and use in feasibility studies, among other functions.
When it comes to remuneration, the average salary of an economic analyst in the United States is about $62,994 per year, according to PayScale.
Portfolio managers work with clients to ensure that they make the best investment choices. They are skilled and competent in analyzing the markets and devising workable investment strategies, among other functions. In addition to that, they also help the clients in the buying and selling of investments.
A career as a portfolio manager is one of the most rewarding ones in the field of finance. According to Salary statistics, you will earn an average salary of about $101,370 per year.
To become a budget analyst, you need a bachelor’s degree in any financial field and a skill set that includes communication, analytical, math, and writing skills, among others. It is one of the best careers to pursue. It involves reviewing the company’s budget, making recommendations about the budget, and overseeing the company’s or organization’s spending, among other functions.
On the remuneration part, the average salary you can earn working as a budget analyst in the United States is $63,006 per year, according to PayScale.
A financial planner is a specialist tasked with helping clients meet their long-term financial goals by assisting with their current financial needs, such as investing, budgeting, retirement, savings, and insurance, among other vital areas.
However, a financial planner’s duties can vary from one company or organization to another. Still, most of them require one to have a bachelor’s degree in business and specialization or major in finance.
Financial planning is a career that earns well. You can make an average of $65,613 per year as a financial planner in the United States, according to PayScale statistics.
Private Equity Associate
Private equity associates identify the best investment opportunities, look for investors to raise capital, and do due diligence before the company undertakes any investment. As a private equity associate, you will be tasked with all the processes, from identifying the investment opportunity to raising capital and investing the same money.
To become a private equity associate, you need a bachelor’s degree in finance, accounting, or economics, among other related fields such as mathematics and statistics. In addition, you will earn handsomely for this role since the average salary is about $96,614 per year, according to PayScale.
The role of an actuary is to maintain contact with clients, price insurance policies, advise companies or corporations on how to go about regulatory standards to balance capital, and help implement risk management software, among other functions.
As an actuary, you need strong mathematical skills such as probability, calculus, and statistics, analytical skills, problem-solving, computer skills, and finance skills, among others. In addition, you will earn handsomely in this position, and the average salary is about $99,340 per year, according to PayScale.
As the name puts it, a security trader refers to a person who does trading of stocks, among other commodities offered in the stock exchange market. As a security trader, you can work for an individual or company that buys and sells stocks and other assets on the stock exchange.
Therefore, to venture into this career, you need strong analytical skills and qualifications in any finance-related field, such as economics. In this role, you will earn an average of $69,782 per year, according to PayScale statistics.
Hedge Fund Analyst
One of the best things about being a hedge fund analyst is that it pays handsomely. Even entry-level positions in this field are lucrative. It is perhaps one of the best-paying options compared to other fields.
As a hedge fund manager, you will be tasked with doing quantitative research on securities and market sectors to identify the best trade areas. According to Salary statistics, the average base salary for a hedge fund analyst is $94,800 per year.
Being a finance assistant is the best way to start your career in finance. There are so many entry-level finance jobs that require graduates in the field of finance to serve as financial assistants.
As a financial assistant, you will be tasked with preparing balance sheets, reconciling bank statements, processing tax payments, and updating the company’s financial spreadsheets, among other functions as may be assigned.
According to Talent statistics, financial assistants in the United States earn an average of $48,217 per year. It is, therefore, one of the best careers with significant growth opportunities.
Pros And Cons Of Finance Careers
Finance careers are well-rewarding and stable, where the jobs are constant throughout the year. However, it is a challenging and stressful field with a workload that requires competent personnel to handle.
In addition, most professions in the field require one to have a bachelor’s degree or an equivalent qualification. Some of the pros and cons of these finance careers, therefore, include the following:
Pros Of Finance Careers
Finance careers come with tremendous advantages and plenty of opportunities for growth. They are well-rewarding, stable, and full of great opportunities. In addition, it is a broad field, and you can easily specialize in an area you are passionate about. Some of the advantages, therefore, include the following:
Of course, finance careers are lucrative. Most professions requiring qualifications in specific fields such as accounting, finance, and even professional courses pay handsomely. The average salary of finance jobs is $94,000 annually. This, therefore, shows that a career in finance is worth undertaking and where you get the best high-earning entry-level positions.
Good Work Hours
In most finance careers, you are not confined to long working hours like in other professions. Some even have flexible schedules where you can choose suitable work times, enhancing a better and balanced lifestyle.
In addition, as a finance professional in most fields, you don’t need to work overnight or overnight shifts since most jobs will require you to perform a specific number of hours during the daytime. Therefore, you will have a good balance of work and personal life.
Finance is one of the best fields where you will get the satisfaction you want and an opportunity to grow and advance your career. Most fields in finance will give you a chance to grow to become your best in that field.
Therefore, if you want to advance and grow in finance, it is crucial to consider accumulating your experience and skills by furthering your studies in the area of your specialization. For instance, if you are a finance manager, you have an opportunity to grow and become a chief financial officer (CFO).
Diversified Career Options
As I mentioned before, the finance field is vast and has a lot of options that you can specialize in. In addition, due to the many career types and options in finance, you can choose one that fits your area of specialization.
Some of the best examples of finance career options include financial planner, financial analyst, budget analyst, insurance underwriter, investment advisor, auditor, accountant, credit analyst, and risk specialist.
Cons Of Finance Careers
Where there is an advantage, there is also a disadvantage. For example, finance careers are lucrative and have diversified fields for growth, among other benefits I have discussed. However, it also comes with some disadvantages that include the following:
Though finance careers are lucrative, some also come with high-stress levels due to the nature of the jobs that require one to meet some targets or tight deadlines. For instance, sales agents or managers must meet targets that the company has set to continue holding their positions or grow in their careers.
For instance, the tax season and the last quarter come with a lot of workloads for the staff, and this requires one to complete a specific number of tasks that may come with tight deadlines.
Most finance jobs or careers require a bachelor’s degree in any relevant business field. However, the degree program can take about four years of study, and hence it may take longer for one to achieve their dreams in finance. In addition to that, some jobs will require one to have some professional qualifications such as CPA or CFA qualifications.
Common Types Of Finance Degrees
Some different programs and degrees would confine you to becoming a finance specialist in any sector, and these degrees may vary from one university or college to another. However, some common degrees in this field include business, specializing in finance, arts, economics, and science.
Frequently Asked Questions
Due to the nature of finance, most graduates and students who want to pursue a career in finance are sometimes torn between competing choices. Naturally, this comes with numerous questions that anyone in the field or passionate about finance may ask. In that regard, some of the frequently asked questions about a finance career include:
How Long Does It Take To Get A Degree In Finance?
A degree in finance can take you four years of study to complete. In most universities, that is equivalent to about eight semesters divided into four academic years. Therefore, if you are passionate about a career in finance, you should prepare for the four years that your degree course will take, whether you are doing a BA or a BS in finance.
Is Finance A BA Or BS?
Finance is available in both options as an art and as a science. There is. Therefore, a strong relationship between arts and science is helpful in financial planning and management, among other practices.
As an art, finance is a discipline that involves the relationship of the people with money, customization of ideas, and creativity of a finance individual in dealing with money matters.
On the other hand, finance as science involves using scientific methods derived from scientific-based areas such as mathematics and statistics to solve money problems and financial issues.
Therefore, both BA and BS finance options are available. Both are important and interrelated in how money operates in the economy and the management and planning of the same.
The query of finance and whether it is a good career path or not is what I have discussed above. In a nutshell, finance is a promising career, and it does not just pay well, but it is also stable and has many career opportunities. Most finance fields are lucrative, and opportunities for career advancement make them one of the best career options to choose.
If you’re considering getting married, you may have heard that prenuptial agreements, or “prenups,” can be an excellent way to protect your assets.
However, you might not realize that a prenuptial agreement before marriage isn’t just for the wealthy. There are many good reasons to consider signing a prenup before marriage, no matter your financial situation.
A prenup is a legal document you and your fiance sign before getting married. The contract outlines each person’s financial rights and responsibilities during the upcoming marriage and what will happen to your assets in the event of divorce proceedings.
Common Prenup Misconceptions
However, there are many misconceptions about prenups, so let’s clear some of them up. First, anyone with any assets or debts should consider signing a prenup. Even if you don’t have much now, you may acquire marital property or obligations during the marriage, so it’s better to be safe than sorry.
Another common misconception is that prenups are only for protecting substantial assets. While this is one function of a prenup, it can also do much more. For example, a prenup can state how a marital piece of property will be divided if the marriage ends in divorce.
It can also outline each spouse’s financial future responsibilities during the marriage and set limits on spousal support if the marriage ends in divorce.
What Does A Prenup Do?
A prenup can do many things, but it is most often used to protect assets and premarital property, which includes anything from a family home to a small business. It can also set out how finances will be handled during the marriage, such as who will pay bills and whether joint bank accounts will be opened.
In the event of couple divorces, a prenup can also help ensure that each spouse gets what they are entitled to under state law. Without a prenup, state laws on community property division would apply, which may not be fair or equitable.
Who Needs A Prenup?
There is no one-size-fits-all answer to this question, as every couple’s situation is unique. However, there are some circumstances in which a prenup might be particularly useful:
Pros And Cons Of Prenuptial Agreements
Like any decision, there are both pros and cons to entering into premarital agreements:
How Much Does A Prenup Cost?
The cost of a prenuptial agreement depends on the complexity of the prenup and the number of assets involved. Simple prenups can cost as little as $500, while more complex ones can cost upwards of $5,000. However, the average cost of a prenuptial agreement is between $1,500 and $3,000.
When Should Someone Begin The Process Of A Prenup?
If you’re considering a prenuptial agreement, starting the process as early as possible is important. Ideally, it would help if you began discussing the possibility of a prenup at least six months before your wedding date.
This will give both parties ample time to negotiate the terms of the agreement and have it drawn up by a family law attorney.
What’s The Best Way To Initiate The Prenup Conversation?
Some couples find it easiest to bring up the topic of a prenuptial agreement during casual conversation. Others prefer to sit down with their partner and have a more formal discussion about why they think a prenup would be beneficial.
There is no right or wrong way to initiate the conversation — ultimately, whatever method makes you both most comfortable is what’s best.
What Should A Woman Ask For In A Prenup?
There are several things women commonly ask for in prenuptial agreements, including:
Protection Of Separate Property
Protection of separate property, such as any assets owned by either party prior to marriage (e.g., homes, investments, inheritances, family business, life insurance policy). These things can be protected in a prenup, so they remain separate property after marriage.
Equal Division Of Marital Property:
In some states, marital property (i.e., property acquired during marriage) is automatically divided equally between spouses in the event of divorce or death.
However, if you live in a state where this is not the case, you may want to include language in your prenup specifying how you would like marital property divided in these circumstances.
A woman may request that her husband agree to pay alimony (spousal support) in the event of divorce or death. The amount and duration of alimony payments can be specified in a prenuptial agreement.
Waiver Of Rights To Certain Types Of Property:
In some cases, it may make sense for a woman to waive her rights to certain types of property (e.g., retirement benefits) in exchange for greater ownership of other types of property (e.g., real estate).
What Should A Man Ask For In A Prenup?
Just as there are certain things that women commonly ask for in prenuptial agreements, there are also certain things that men often request. These include:
Protection Of Separate Property:
As with women, men may want to protect any assets they owned prior to marriage in a prenup so that they remain separate property after marriage.
Equal Division Of Marital Property:
In states where marital property is not automatically divided equally between spouses in the event of divorce or death, men may want to include language specifying how they would like this type of property divided.
Waiver Of Property Rights:
Men may waive their rights to certain types of property (retirement benefits) in exchange for greater ownership of other types of property (for example, real estate).
Child Custody And Visitation Matters:
In some cases, men may want to include language in their prenuptial agreement specifying their rights and responsibilities with regard to child custody and visitation in the event of divorce.
Can You Create Your Own Prenup?
You can absolutely create your own prenuptial agreement, but some requirements must be met in order for the agreement to be valid. For starters, both parties must be of legal age and be of sound mind. The agreement must also be signed by both parties voluntarily, without any coercion or duress.
It’s important to note that simply having experienced family lawyers draw up the agreement does not make it legally binding. In order for the premarital contract to hold up in court, both parties must fully understand the terms of the agreement and sign it willingly.
How To Draft Your Own Prenup
If you decide to draft your own prenuptial agreement, there are a few things you’ll need to keep in mind. First, include all pertinent information, such as each person’s full name, address, and date of birth.
You’ll also need to list all assets and debts belonging to each party and any financial obligations (such as child support or alimony) that either party may have.
Once you’ve gathered all this information, you’ll need to put it into writing clearly and concisely. Again, it’s important to use simple language that both parties can easily understand; avoid legal jargon as much as possible.
Each party should then sign the document in front of a witness (or notary public), after which it will become a legally binding contract.
Making A Valid Prenup
There are a few key things to keep in mind if you want to ensure your prenup is valid. First, as we mentioned before, both parties must be of legal age and have sound minds when they sign the agreement.
Second, both parties must sign the agreement voluntarily; if any coercion or duress is involved, the agreement may not be valid.
It’s also important that both parties fully understand the terms of the agreement before signing it. This means that each party should have their own legal representation review the document before putting their signature on it.
Finally, the agreement must be signed in front of a witness (or notary public) in order for it to be legally binding.
What If One Party Won’t Sign The Prenup?
If you’ve gone through all the steps to create a valid prenuptial agreement and one party refuses to sign it, there’s not much you can do. The best course of action would be to get legal advice by consulting with divorce attorneys to see if there are any options available.
In most cases, however, if one party refuses to sign a prenup, it won’t be used in the event of a divorce or death.
What Can Happen If You Don’t Make A Prenup?
If you don’t make a prenuptial agreement before getting married, you’ll still have some protections under state law.
For instance, most states have laws that protect each spouse’s separate property (such as assets acquired before marriage or inherited during marriage). However, these laws vary from state to state, so it’s always best to consult with an attorney beforehand.
Without a prenup, any property acquired during the marriage will typically be considered joint property and will be subject to division in the divorce settlement. This means that each spouse could end up losing half of their assets if they decide to get divorced down the road.
Prenups vs. Postnups
A postnuptial agreement is similar to a prenup, but it’s made after you’re already married. Like a prenup, a postnup can spell out each spouse’s rights and responsibilities during the marriage and what will happen if the marriage ends in divorce. Some couples choose to have both a prenup and a postnup.
But whether you have one or both agreements depends on your unique situation.
Does A Prenup Protect Your Money?
Yes, but only if it is valid under state law. To be valid, a prenup must be fair and reasonable, and both parties must enter into it willingly with full financial disclosure.
What Prenups Don’t Cover
Prenups can’t cover everything. For example, they can’t:
If you try to include any of these things in your prenup, the court may not enforce it. That means that if you get divorced, the court could ignore the provisions in your prenup that address these topics.
Frequently Asked Questions:
How Long Does A Prenup Last?
A prenuptial agreement is typically valid for as long as the marriage lasts. If you have a change in circumstances (like having children), you can always amend (change) the agreement later.
Can I Get Rid Of My Prenup?
Yes, you can void (cancel) your entire prenuptial agreement if both spouses agree to do so in writing—even if one spouse changes their mind after signing it. In addition, you can also void specific provisions (sections) of your prenup if both spouses agree to do so in writing. This is called “severability.”
The severability clause states that even if one part of an agreement is found unenforceable by a court, the rest of the agreement still stands.
Who Keeps Track Of What Was Agreed Upon In The Prenup?
It’s best to keep copies of all financial records related to assets and debts brought into the marriage and any gifts or inheritances received during the marriage. Ensuring there’s no dispute later about what was supposed to be included in the division of property upon divorce.
How Do I Enforce My Prenup?
If your spouse doesn’t hold up their end of the bargain, you can take them to court to enforce the terms of your prenuptial agreement. But enforcement can be complicated and expensive, so it’s always best to work things out with your spouse first.
What If My Spouse And I Can't Agree On Something In Our Prenup?
You can try mediation or arbitration if you and your spouse can’t agree on a particular issue. These are alternatives to going to court, and they’re often less expensive and time-consuming.
As you can see, a prenuptial agreement is not just for the wealthy. It is a contract that can protect both parties in a marriage financially. If you are considering entering into a prenuptial agreement, there are some things you should know.
Prenuptial agreements can outline the division of assets in case of divorce or death. They can also spell out financial obligations during the marriage, and if done correctly, they can be enforceable in court.
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