The Complete Guide To Helping My Teenager Find The Right Job

The following post is by MPFJ staff writer Travis.  Travis is a customer blogger for Care One Debt Relief Services, and also appears weekly at Enemy of Debt.  Travis candidly shares his personal journey to pay off $109,000 of credit card debt and the tips he’s learned along the way. As a father and husband he provides a unique perspective on balancing debt, finances, and family.

Being the father of a fifteen and a half year old boy, there’s a lot of talk at my house about driver’s licenses, cars, and part-time jobs.

My wife and I mutually decided that we would be supportive of, and even encourage both of our kids to get a part-time job once they reach the appropriate age.  After all the financial lessons we have tried to teach them to this point, having a part time job and having to pay some actual bills such as their own car insurance as well as filling up the tank every now and then for the privilege of using a car just seems like the next natural progression in their financial education.

My son is becoming more and more interested in getting a job.  As his social life expands, so does his need for monetary funds.  While working out one day he started asking me questions about having a part time job as a high school student.  I was impressed with his thought process, his questions including the following:

• How many hours a week would I expect to work?
• How much would I get paid?
• How often would I get paid?
• How much in taxes would be taken out?

As our conversation progressed, I realized that I had stumbled upon a whole new subject matter that required my parenting and educational skills.  I answered all his questions as generically as I could, then I told him we needed to back up and start at the beginning.  There were a few things I wanted him to think about:

Age Requirement

My son does not turn 16 until January.  There are many businesses that will not hire someone until they are 16 years old.   We have to decide whether he wants to attempt to get a job now, or wait until he turns sixteen and he has more options for potential employers.

Type of Work

I wanted him to think about what kind of work he would like to do.   He has an interest in technology, so he expressed an interest in working at the Best Buy close by our house.    He also stated that he would prefer not to work fast food,  but would work at a Dairy Queen.  I think that has more to do with the fact that some of his friends already work there.

The point I was trying to drive home was it is not a good idea to apply just because a business is hiring.  If you don’t think you would enjoy the job, then he likely wouldn’t do his best and end up in a bad situation.

Shift Frequency

My son likes to hang out with his friends, and we also have very high expectations for his grades.  I wanted him to think about how many days a week he would be willing to work that would allow him to maintain these other aspects of his life.

I emphasized that he should not only expect to, but he should want to pick up weekend shifts.  It gives him the ability to get a long shift in without worrying about it conflicting with the school day and homework.

Shift Times

Some businesses open early, some are open late.  I told him that as a restaurant cook in high school, sometimes I would open the kitchen early on weekend mornings, or be the closer at night.   Again, being flexible and willing to work those extreme shifts on weekends would get him additional hours, and thus earn him additional money.

He did express an interest in late night shifts, but said he would prefer not to get up early on weekends.

“Dad, do I really get a choice with all of these things?” he asked.

I smiled as it was a perfect transition to what I wanted to about next.  An interview is traditionally thought of as an employer questioning and evaluating a potential employee.  However, it is important to remember that it is just as much an employee evaluating a potential employer.   I told him that an interview is his opportunity to gather information to decide if the job he is interviewing for is a good match for him.

Other questions he may want to ask during an interview may include:

Time Off

Things will come up when he needs to ensure he has certain days off.   He will need to find out the policy or procedure for employees to request time off.

Promotions / Pay Increases

When I was in high school I worked at a restaurant.  I started as a dishwasher, but was asked to train as a cook.  It was considered a promotion, and came with additional pay.   High school students may not have much of an opportunity for promotions and pay raises, but it does happen and is a good questions to ask of any potential employer.

I felt it was also important to tell him that even if he is offered a job, he can turn it down if he determined during the interview that it just wasn’t a good fit.

I also wanted to make sure he understood that this same job hunting process applies to not only looking for a part time job in high school, but can also be used when he’s looking for a full time job to start or further his career.

He nodded his head in understanding and asked, “So, can we pick up some applications?”

How about you all? Did you have any jobs while you were a teenager? What were they?

Do you think you will (or are) encouraging your children to find part-time work while they are in junior high or high school? Why or why not?

Share your experiences by commenting below! 

***Image courtesy of Stuart Miles at FreeDigitalPhotos.net

How To Keep Your Kids From Turning Into Rich Brats

The following is a post by MPFJ staff writer, Derek Sall. Derek is the owner of the blog, LifeAndMyFinances.com, where he teaches people how to get out of debt, save money, and become wealthy.

Have you ever stopped and really studied kids today? The typical kid demands money from his parents, avoids you because he is playing an important video game, and ignores all advice because he assumes you are old and know nothing. Kids today are brats. There is simply no sugar-coating it.

So, how can you keep your kids from becoming rich brats?

Do you have young children and are afraid that they will become ungrateful and disrespectful like the rest of today’s children? If you do nothing, then this fear will likely come true, but if you are intentional, your children could grow up to be resourceful, generous, and wise stewards of their money.

Step One: Start when they are young

The key to raising children is to start good habits when they are young. Instead of doing everything for them until the age of 10 and then suddenly imparting chores on them, teach them how to pick up their toys soon after they turn one. At this point, they might only be able to pick up one toy and put it away, but you must praise them for this and encourage them to pick up a greater ratio of their toys with each passing month. By the age of three, they should really understand how to clean up and play nicely with their things.

As you instruct them how to pick up after themselves early, you must also teach them about money at an early age. Now, obviously they won’t be able to balance the checkbook while they are still in diapers, but kids are learning about money every day whether you teach them or not. They see you at the store when you buy groceries and they notice your payment at the cash register. In order to give your children a better understanding of money early, I would encourage you to use cash instead of credit cards. Kids understand money, but credit card payments are a little more difficult to grasp.

Now that your kids understand the value of responsibility and the importance of money, begin combining the two. When your children are able, give them certain chores that merit a payment – something like drying the dishes or setting the table. Pay them immediately for their hard work so that they understand what they are being paid for.

Step Two: Show them what their money can buy

When your kids begin earning money, they will likely want to go out and buy some things. At this point, they might have only saved up $5, and they really want to buy a brand new video game (which costs $60). As hard as it may be, take them to the mall with you and bring them into the store. Show them the cost of the video game they want and let them know that the video game simply costs too much for them to buy. If there are discounted games in a bin, bring them over to it and show them what their money can afford to buy. If they do not want any of these games, then teach them their two options: (1) wait and save up the money for the new game, or (2) purchase only what they can afford at the moment.

By allowing your kids to earn money through chores and by not giving into their wants (by simply buying the game for them), your kids will certainly not turn into rich spoiled brats. Instead, they will turn into hard working young adults. If your kid really values that video game enough, he will go back home and immediately come up with a list of things he can do to earn more money. Then, once he works hard enough and finally has the funds to purchase the game, either of two things will happen: (1) he will decide not to buy the game because he has worked too hard to spend his money on something so frivolous, or (2) he will purchase the game and take excellent care of it! No longer will he leave that game out on the floor or kick it around in anger. He will carefully place it back in the box, put it on its appropriate shelf, and make it last forever.

How about you all? Do you have any more advice on how to keep your kids from becoming rich brats?

Share your experiences by commenting below! 

***Photo courtesy of https://www.flickr.com/photos/stevegatto/362852690/in/

Mid-Year 2014 Financial Goals Check-In and Progress Update

Happy first few official days of Fall 2014 everyone! I hope you’ve been enjoying the milder temperatures, some pumpkin and Octoberfest beers, and have been able to get outside every once in a while!

The past few months have been very much action-packed, hence the reason I am about 2 months late getting this “mid year” financial goal check-in post up!

I finished up my PhD in Chemical Engineering on August 25th (also involved losing my health insurance coverage, but that is a whole separate post in itself), got married on September 20th, have been knee-deep in the post-PhD job hunting/interviewing process, and am currently on my honeymoon in Belize until October 2nd. The picture to the right is one of the wife and I on our wedding day.

Back in January of this year, I set my financial goals for 2014. Since the year is now more than half finished, I figured it would be a good time to sit down and take a few minutes to review how I’ve been doing thus far in reaching or NOT reaching (in some cases) the various targets I set for myself. 

Overall, I would rate the 1st 3/4 of the 2014 year as being top-notch from a personal perspective, but a great deal of mixed feelings from a financial and professional perspective.

The financial markets have done pretty well, the wife and I executed our wedding on September 20th perfectly, I was able to finish my PhD in exactly 4 years, and I was able to max out my Roth IRA contributions for the 2014 year already.

On the other hand, even though I started the job hunting process last September, it has taken longer than I expected this time around to solidify. Couple this with us being very busy preparing for the wedding in September, we are currently living on my cash savings until I secure a job. Additionally, both the wife and I are having to pay for our own health insurance – mine being through healthcare.gov marketplace, and hers being a COBRA extension from her job she discontinued at the end of August, which in total between the two of us is around $850 per month. All of this, plus paying lawyers around $2000 (at least initially, we may get some of this trust account/deposit money back) for our pre-nuptial agreement, has caused me to be in a more “reactionary” personal finance mode versus what I am used to in saving a substantial portion of my income. In addition, since I am not currently receiving a paycheck, I have had to temporarily pause all non-essential savings and charity donation initiatives.

So, here goes, a progress update (in bold below) on how I’ve been doing so far in 2014 reaching my financial goals. Enjoy, and I look forward to reading any comments you all have!

Short Term (Less Than 1 Year) Goals

• Continue building, optimizing, and balancing a Three-Legged Stool for Retirement.
  • On Track. 
    • Currently, I am at a 34%, 37%, 28% split of my assets between tax-deferred (regular IRA / 401k), taxable, and tax-free (Roth IRA / 401k) account types. The goal is to try to keep each category’s allocation close to 33%.
• 1) Contribute maximum allowed for 2013 Roth Individual 401k.
  • Complete.
• 2) Contribute $5500 (or ~$458 per month) to my Roth IRA with Vanguard this year (maximum allowed)
  • Complete.
• 3) After maxing out Roth IRA for 2014, contribute equivalent amount ($5,500) in taxable Vanguard mutual fund account.
  • Not On Track / On Hold.
    • With me currently being “unemployed” and all of the financial changes mentioned above surrounding the wedding and honeymoon, I have placed this goal on hold until things stabilize and I find a job.
• 4) If have additional funds available after completing #3 above, contribute >=20% of blogging income to Individual Roth 401(k) with Vanguard.
  • Not On Track / On Hold.
    • This is on hold for reasons similar to #3 above.
• Reach short-term net worth target for this year.
  • Achieved/complete.
• Maintain target 6-9 months of expenses in cash reserve emergency fund in Dollar Savings Direct account.
  • On Track.
• Put together Purpose-Focused Financial Plan together with wife, including long-term and short-term financial goals. Also read up on marriage/couples/family finance books as well.
  • On Track, looking to finalize in 4Q2014.
• Organize new joint / individual financial accounts for wife and I. Integrate our two finances together.
  • On Track. 
    • So far, we have successfully set up and are using a joint checking account and joint savings account with Ally Bank. The way our pre-nuptial agreement is configured is that when we get back to a position to save money again, we will contribute money to each of our retirement accounts.
    • Another part of integrating our two finances is that I am tracking every penny/dollar we are spending for the next few months to get a complete picture of all of our recurring financial commitments and patterns.
• Evaluate whether or not to rollover some of tax deferred retirement accounts to Roth status since tax bracket low.
  • On Hold since excess cash for taxes is not available right now for this type of rollover. 
• Rebalance mutual fund portfolio to meet asset allocation target %’s (70% equity, 30% fixed income overall).
  • On Track. 
• Keep maintaining zero-based budget that I have set up to strategically manage my personal finances.
  
  • On Hold. 
    • Since we are not currently receiving any income, there is not much of a need for zero-based budgeting since we are in “get by” mode.
    • Once we start receiving income again, we will resume the use of this budget system to help us achieve our short and long term savings goals while still keeping the bills paid.
    • One intriguing piece of this budget system we are working on now is creating our joint zero-based budget now that I am married.
• Towards end of 2014/after get married, evaluate if need to obtain life, disability, and long-term care insurance.
  • On Track. 
• Have draft of my will + wife’s will (which she needs to draft) reviewed by a lawyer. Also try to use same lawyer to create wedding contract for our wedding in September 2014.
  • On Track. 
    • We are in the stages of finalizing our wedding contract. Once that is signed and finalized, we will use one of our 2 lawyers for drafting wills, but that would likely take place after I land a job.
• Create and keep updated a Google Document listing out all of wife and I’s account types/locations in event either of us is injured.
  • On Track. 
    • We currently updated this with my wife’s asset accounts as well.
• Continue to save $50 per month for trip to Grand Canyon or Niagara Falls as part of freedom life values account.
  • On Track for most of year, but currently On Hold since am currently unemployed. 
• Invest $500 in Microloans with Microplace.com to support Latin American micro entrepreneurship. This equates to $42 to invest per month.
  • On Track for most of year, but currently On Hold since am currently unemployed.
  • Since Microplace.com stopped accepting new investments in January of 2014, I have had to find other alternatives for this goal. Two good ones I have found are Kiva.org and now Vested.org. Vested.org is currently my preferred provider since they offer return of principal as well as some level of interest rate of return. Kiva.org only provides return of principal. Both seem to be dependable so far!
• Invest $25 each month ($300 total for year) in Lending Club A Safety Grade Person-2-Person loans.
  • On Track for most of year, but currently On Hold since am currently unemployed.
• Donate $1,500 to Multiple Sclerosis Foundation in 2014 (5% of take-home pay in my graduate school research assistantship job).
  • Complete.
• Fund raise $5000 for MS 150 bike event in June 2014.
  • Complete. raised $5,571 (approximately). 
• Save 3% of take home pay each month (after taxes) for Dream Account.
  • On Track for most of year, but currently On Hold since am currently unemployed.
• $30 per month save for doing running races / bike rides as part of health life values account.
  • On Track for most of year, but currently On Hold since am currently unemployed.
• $20 per month save for buying fresh vegetables as part of health life values account.
  • On Track for most of year, but currently On Hold since am currently unemployed.
• Save ~20% of (blogging income minus amount of income deferred to Individual 401k with Vanguard plus untaxed graduate fellowship income from my research job) in a DollarSavingsDirect.com online savings account in preparation for 2014 taxes and to pay quarterly estimated taxes.
  • On Track. 
    • So far this year, my quarterly tax payments have been above 20% of my blogging income, so I have mostly just been focusing on paying those.
• $30 per month save for trips to visit friends/family in other states as part of friends/family and freedom life values account.
  • On Track for most of year, but currently On Hold since am currently unemployed.
• $10 per month save for purchasing food for backpacking trips in the Blue Ridge Mountains once a month as part of health life values account.
  • On Track for most of year, but currently On Hold since am currently unemployed.
• Execute any business tax deductions I can for 2013 taxes.
  • Complete. 
• Send out 1099-MISC for staff writers for 2013-2014 taxes.
  • Complete. 
  • This was an interesting process since not all of the staff writers were a) living in the United States and b) received over the $600 threshold limit for needing a 1099-MISC.
• Use 1% home value home maintenance fund to fix various small things that are broken around my condo after 3.5 years of use. These things include a closet door off the hinges, the light-switch in the bathroom not working all the time, the bathroom towel rack holder coming unscrewed, and some pipes under the sink that need to be re-caulked. This will especially be important if we sell our condo this year in the event of a move. Once I get these things repaired, I will then need to replenish the depleted funds in the home maintenance account.
  • On Track. 
  • We had the bathroom light fixed, the hot water heater replaced, and the pipe under the kitchen sink fixed. However, there are still some other minor items that require attention if we are to sell the condo.
• Execute 4 estimated tax payments for blogging + graduate research fellowship income on the following dates – 1) April 15, 2014, 2) June 16, 2014, 3) Sept. 15, 2014, and 4) Jan. 15, 2015.
  • On Track. 
• Maintain a total of $1600 for health expenses for dogs we adopted (for annual health checkup, Frontline/Interceptor, and miscellaneous health emergencies/treatments needed.
  • On Track. 
  • In some sad news, we received word that our greyhound, Coaty, had to be put to sleep while we have been on our honeymoon due to bone cancer causing his humerus to shatter.
• Help friends become debt-free.
  • On Track. 
• Continue investing in long-term content growth of blog.
  • On Track. 
• Determine if it is more efficient to file taxes jointly or separately once wife and I get married in September 2014. Also optimize (minimize) tax bracket by balancing tax-free and tax-deductible/deferred retirement savings.
  • On Track. 
  • Since the 2014 tax earning year is not yet over, this will be something to evaluate in December. However, my initial calculations reveal that it will be more tax efficient for us to file jointly.
• Save >50% of after-tax / take-home income.
  • Was On Track until finished graduate school. 
• Save $1 per day in Making Future Child a Millionaire Account, invested in the Vanguard Total World Stock Market ETF.
  • On Track. 
  • Currently this account’s value is $243! Nice.
• Save $10 per day as a sneaky trick to stash away even more money.
  • Completed. 
  • This worked really nicely to save up some extra cash for the current unemployment period I am going through. The total that I was able to save in this way was $2400 between January and end of August.

Mid-Term (3-5 years out) Goals:

• Continue contributing maximum allowed to Roth IRA and Individual Roth/Traditional 401k each year using dollar cost averaging.
• Reach intermediate net worth target (~2X my current net worth).
• Own a rental property by 2018.

Long-Term (greater than 5 years out) Goals:

• Obtain a net worth of $1,000,000.
• Own a home free of mortgage payments.
• Own a vacation home in the mountains or a ski resort.
• Accumulate enough funds not have to work, but will probably anyways because I would get bored. 

How about you all? How have you been doing on the goals you laid out for yourself in 2014? What technique have you found is most effective in holding yourself accountable for your goals you set?  

Share your experiences by commenting below!

How I Am Financially Motivating My Children

The following post is by MPFJ staff writer, Melissa Batai.  Melissa is a freelance writer who covers topics ranging from personal finance to business to organics to food.  She blogs at Mom’s Plans where she shares her family’s journey to healthier living and paying down debt.

Do your kids get an allowance?  If you’re like most parents, they probably do.  According to a study by the American Institute of CPAs, “61 percent of parents pay an allowance” with the average allowance totaling “$65 a month, or $780 a year.”  I was a bit surprised by how much kids receive on average every month.  Even more surprising, “only 1 percent of parents say their kids save any of their allowance.”  That’s a lot of dough to blow through every month.

One of my desires as a parent is to teach my kids to be smart money managers.  I do use a chore system to pay their allowance and have them save a portion.  Over the years we’ve experimented with different chore/allowance systems, but finally, I’ve found one that works perfectly for our family.

What We Used to Do and Why It Didn’t Work

For years, we’ve had a chore chart for our ten year old son.  We decided on a mix of chores he does because he’s part of the family (i.e., these are unpaid) like clearing the table when he’s done eating to chores like cleaning the bathroom that are paid.

We used to have a chore chart where he earned money based on the difficulty of the chore–making his bed paid 25 cents, while cleaning the bathroom paid $3.00.  I never forced him to do chores.  If he didn’t want to do his chores one week, he wasn’t paid.

Let me tell you, there were quite a few weeks when he didn’t do many chores and only earned a dollar or less.  When he wanted to buy something, he’d suddenly diligently do his chores.

While this system saved us money on paying out for chores, the fact is that he is a part of our family; he’s one of five people in our family making a mess every day, and if I didn’t want to live in a messy house or didn’t want to do all the household chores myself, I needed him to share some of the household burden.

We needed a new system.

The New Chore/Allowance System We Love

This summer I reread America’s Cheapest Family Gets You Right on the Money by Steve and Annette Economides.  I took particular interest in their chore system.  For their children, each child had the potential to earn 4 allowance points a day.

I modified their system a bit.  This is what I came up with for our kids:

Morning Point–The kids get this point if they make their beds, get dressed, brush their teeth, put the dirty clothes in the laundry, etc.

School Point–The Economides homeschool like we do, so their kids got this point for doing their schoolwork without having to be nagged and having a good attitude.  If a child isn’t homeschooled, he could get this point for completing homework and working hard in school.

Chore Point–Depending on age, a child has to complete a set number of chores every day.  For instance, my 10 year-old has to complete 3 chores while my 4.5 and 6 year-olds only need to complete 2 chores a day.

Round Up Point–At the end of the day, everyone finds 3 things that have been left out to put away.

In addition to these basic points, the kids also have the opportunity to earn a bonus point each day.  I give these bonus points if the kids treat one another nicely, help out if they see someone needs help, or choose to do an extra chore or two.

If kids get at least two bonus points a week in addition to earning all of their regular points a day, their earnings are doubled.  The Economides compare it to an employee who goes above and beyond at her job and is rewarded with a bonus or a pay raise.  The lesson here is that hard work is noticed and rewarded.

For chore point, they can choose between age appropriate activities that I’ve written out for them.  For instance, my 10 year old can choose three chores for the day from a list that includes:

• Clean, sweep and mop bathroom
• Sweep the front sidewalk
• Change the cat litter
• Empty the dishwasher
• Vacuum the living room, etc.

Why This System Is Working

I was initially surprised this system works because the pay is much less than I was paying with my other chore system.  My son gets 15 cents per point, so if he gets two bonus points in a week and can double his money, the maximum he can earn is $9.00.  Yet, he’s much more motivated with this system.  I think it’s because he knows he has to get all of his points each day if he wants the chance to double his money.  (He loves having the chance to double his money.)

Another key to his motivation is that he can choose his three daily chores from a list of 8 to 10 chores.  With the old chore system, I think he got bored doing the same chores over and over.  He can switch his chores up every day now.  (In fact, I encourage him to switch them up.  So Monday he might vacuum the bedrooms, but he won’t do that again until later in the week.)

Motivating Him to Save For College

The possibility to double his money is working so well that I decided to experiment.  If I offered to double his money for college savings would it work?

My husband and I, for the last few years, have been in no position to save for college.  Our plan is that our kids will go to college at the university where my husband is employed so they will get greatly reduced tuition.  Yet, we still should be saving in case they don’t want to go to the college where my husband works.

I told my son that whatever he saved for college each week, my husband and I would match.  I didn’t know how much this would motivate him since for a 10 year old, 18 is a lifetime away.  However, it’s worked better than we had planned.

Opening the Door to Financial Discussions

Now that he has the match in his mind, my son is frequently asking me financial questions.  Where will his money go when he’s saving for college?  This allowed me to talk to him about investing and earning interest on investments.

We also discussed saving for retirement and that the younger you start saving the more you can have in your retirement fund thanks to compound interest.  He finds it fascinating that he can save for retirement at a young age with less money and have more in his retirement fund then someone who puts large amounts of money in a retirement fund starting in her forties.

I can see the wheels turning in his head.  Yesterday, he asked me if he put $50 in his college fund, would I still match that?  If he put in $250, would I match that?  Of course I will.  I’m delighted that he’s thinking like this, and I hope we are putting him on a path to financial independence.

How about you all? What have been your best strategies to teach your kids about money and educating them on smart financial decisions?

Share your experiences by commenting below! 

***Photo courtesy of I’d Pin That

Ever Thought of a Career Opportunity Abroad?

The following is a guest post. Enjoy! 

The Small Print

According to the Isle of Man government website, those who have been educated or have lived on the island for more than five years will have priority for employment on the island. Employers on the island may employ workers from outside the Isle of Man from the EEA, only in the event that there are no current residents who have applied and meet the requirements for the job.

But regardless of whether you’re a current resident or not, what does this tiny island have to offer career wise?

Technology Companies

Unlike traditional companies, which require a permanent establishment (PE) to conduct their business, such as a shop or hotel, technology companies are based online and therefore have a geographic spread of customers and staff. As tax systems look to the PE and ‘Management and Control’ of a company to calculate corporate tax, there is no need for technology companies to base themselves within areas of high tax jurisdiction. The Isle of Man is therefore a popular choice for technology companies to base themselves and benefit from the tax advantages.

The growing number of technology companies on the island has therefore opened up a new line of career opportunities, and as they often require specialised skill sets such as Internet marketing, SEO and programming it is not uncommon for them to look outside of the island for suitable employers.

Tourism

In 2012, the Isle of Man welcomed 294,460 visitors keen to relax in peaceful countryside, explore the island’s wildlife, from wallabies to basking sharks, dive ship wrecks, sample fresh seafood and explore the Island’s Viking ancestors. The range of outdoor, cultural, historic and annual activities has seen tourism figures increase year on year, opening up an array of career opportunities for current and prospective residents.  According to government data, there is a typical demographic profile of tourists: 75% of visitors to the island are over 45 years and 70% of tourists have visited the island before.

Career paths in the Island’s tourism industry include anything from marketing to hospitality and management. So whether you want to become a diving instructor, organise events or run a b&b, there are plenty of options.

Food and Agriculture

75% of the Isle of Man’s land is used for agriculture with farmers producing around 29,085 tonnes of food each year. The majority of livestock on the island are cows (used for beef production) and sheep (used for wool as well as lamb meat). Although the Isle of Man is not in the EU, 60% of its red meat and milk is eligible for European and international trade. The islands other exports include oats, seed crops, red wheat, oilseed rape and linseed.

As most of the island’s farms are passed down through families, job opportunities in the farming sector do not come up frequently. As the island’s population is only 80,000, there is also limited opportunity for local trade. However, with the introduction of the Isle of Man Food and Drink Festival, and a growing number of excellent restaurants on the island, the food and agriculture industry does benefit from the island’s tourism. There are therefore career opportunities in the hospitality sector (restaurants).

How Much Money Do You Need to Be Happy?

The following is a post by MPFJ staff writer, Derek Sall. Derek is the owner of the blog, LifeAndMyFinances.com, where he teaches people how to get out of debt, save money, and become wealthy.

In our society today, there is always a wanting for more. You may live in a house that is perfectly fine for your current needs, but that house up the road that has 500 extra square feet with a pool in the back just looks so much better! Surely everyone would be happier with more amenities and more space, right? Well, not necessarily.

The Research Regarding Money

According to the research of Forbes magazine, the standard amount for happiness is around $75,000. Those that earn more than this really don’t gain much from their extra income. They still have a nice house, but maybe it’s just a little bigger. They might still own a boat, but it has a few extra feet on the front. And, they still receive (and can afford) a valuable education. Extra money beyond the $75,000 amount is merely spent on extras that truly don’t provide much more in the way of happiness.

Why Is It That We Always Think We Need More?

So for those of us that have read this Forbes article, we can buy the fact that happiness does not increase greatly after that $75,000 mark, but why then do all of us continually strive for more?  Why are we all spending our precious time to acquire more and more money, which in turn buys us an increasing supply of stuff?

This is the question I have been asking myself lately, and I think that it’s an important question for all of us. Sure, it might be nice to earn more money than we have right now, but how much money do each of us really need to be happy? And how do we decide what this amount is for us?

The Quest for Understanding Your Happiness

It is easy to think that additional money would make you happy. Instead of going out to eat once a month, you could eat out every weekend. Surely, this would increase your happiness right? Or what about that new car that you have always wanted? If you were able to buy those new wheels, life sure would be sweet wouldn’t it? Then you would be happy! Honestly, I really doubt it. An increase in stuff will not make you happy, and the earlier you realize this the better.

If you are anything like me, when you talk to others, you are not talking about your recent money-making quest or about your big raise at work. No, you are talking about your wife, your kids, your experiences, and the fun things you have done in life. Relationships and experiences are what creates happiness, not money.

So how much does it cost to have these relationships and to create memories through experiences? Honestly, it doesn’t cost that much at all. I currently earn quite a lot of money (in comparison to the average family), but I only find myself spending about $25,000 a year. I travel, I give, and most importantly, I spend a large part of my time with those that I love. In the grand scheme of life, money does not play that large of a role in my overall happiness. As long as I am able to buy the necessities without stress or worry, and I have a little extra to have some fun once in a while, I can really be quite happy.

What about you? Do you always feel like you need more money to be happy? Perhaps you just need to change your perspective!

Share your experiences by commenting below! 

***Photo courtesy of https://www.flickr.com/photos/marinadelcastell/8916590367

5 Money Lessons You Only Learn In Your 60s         

The following is a guest post. Enjoy! 

From splurging on holidays to paying for university fees and student bank loans, spending whilst we’re young doesn’t seem to matter too much at the time but it can drastically affect our bank balances later in life.

Here are five money lessons which you are only likely to learn once you’re in your 60s. As this article from McCarthy & Stone shows, you’re not old until you’re 90 so you’ve got plenty of time to take heed of these lessons and whip your bank balance into shape!

1. How to manage your finances online

If you’re still learning how to manage your finances then now may be the time to start saving ‘properly’ for the future. A huge number of people in this day and age will work well into their retirement and those still in employment after the age of 60 may like to take this opportunity to manage their finances online.

Speaking to an advisor at your local bank is a great place to start as he or she will be able to tell you a little more about the best ways to save for your future. The best thing about modern day banking is that it can be managed at the click of a button.

2. It is never too late to learn something new

More individuals than ever before are treating retirement as the start of a new life as opposed to the end of an era. Both learning new skills and accepting new challenges is certainly one way to enjoy later life. It’s also a great way to earn a little extra pocket money post retirement.

3. Get what you’re entitled too

When you reach a certain age, there are innumerable benefits, grants and extra payments available. Such payments help towards everything from the weekly shop to fuel bills and further study. If you’re not receiving any of these extra grants at present then now is the time to suss them out.

Certain insulation companies may even offer those on a low income free boilers, and cavity wall and loft installation for no charge, so it’s worth investigating.

4. I should have started saving sooner

Once you reach the age of 60, it’s important to consider a retirement plan. You may be a few years off from retiring but despite this, having a plan in place is a must. You may quickly begin to realise that you should have started saving sooner. Just because your retirement is coming up, doesn’t mean payments for your household bills, child’s study fees and car insurance will suddenly cease.

5. Saving trumps spending

Even after realising your savings fund is a little overdue, it’s never too late to start. Instead of spending each and every day, learn to stick to a budget and enjoy the rewards. By eating out rarely and only treating yourself on the odd occasion you will make these perks more meaningful and boost your savings to support your future – what’s better than that?

You can find more tips like this by clicking on this great article on 12 things learned after being made unemployed when aged 60 or over.

Re-Energize Your Marriage Without Spending a Dime

The following post is by MPFJ staff writer, Catherine Alford. Cat is a freelance personal finance writer who blogs at www.BudgetBlonde.com. 

If you want a way to pep up your marriage but don’t have a lot of extra cash at the moment, here are some ideas for getting back on track without breaking the bank.

Learn Something New Together

We often get bogged down in a routine, and I find the older people get, the less inclined they are to learn something completely different and new. Sometimes we get stuck in our ways or stick to what we know, but the truth is, there are so many things out there that you can do with your spouse that will enhance your own life and each others. For example, maybe you can learn a language together. Practice together and quiz each other. Then you can promise each other that if you get really good at it, perhaps plan a trip to France or Spain or Costa Rica and try out whatever language you learned.

You could also learn to play tennis or golf or scuba dive. When my husband and I learned to scuba dive, I was absolutely terrified. He went down in the water first and I just couldn’t do it. I started crying with the instructor on the surface of the water.  The instructor then went down to get my husband to ask him to come back up and help me. He calmed me down, told me it would be okay, and then held my hand so we could go down in the water together. Sometimes overcoming fears together is a great way to reemphasize the trust and compassion you feel for each other.

Watch Your Wedding Video

The last time we watched our wedding video, it was so sweet and romantic. I want to start a tradition where we watch our video every year on our anniversary with our kids. I think it would be fun to have our kids see us so young. It’s only been a few years, but I feel like both my husband and I look so different. Anyway, there’s just something sweet about watching the moment when you got married again. I’m so glad I got the video. It’s actually one of the best things we purchased in all of our wedding expenses.

Take a Long Walk

Fall is the perfect time to get outdoors. It’s hard for my husband and I to go anywhere because it literally looks like we’re packing for a three day trip with the amount of things we have to bring for our infant twins. Still, we always feel good when we get out the house and get some fresh air.  It’s a great way to work out arguments or have tough conversations because usually when you’re outdoors, you tend to remain more level in your conversation, and you feel a little better being surrounded by nature.

Try to Date

Dates are still expensive when you’re married! I see a lot of couples trying to commit to a date night, and while that seems really nice to me, it also seems really out of my budget. So, one way to still have date night without the expense is just to have it at home. You can plan an entire date with a movie and a certain dinner that you can make for your spouse or together. If you have kids, you can do all of this after they go to sleep. It takes a little bit of thought, but it’s something they will really appreciate. There are even entire websites devoted to thinking of fun date ideas you can do at home with your spouse. I love anything that means re-energizing a relationship without having to pay a huge expense.

Talk It Out With Friends

I think sometimes we often think our frustrations or issues with relationships are unique to us. Just the other day, my husband and I were hanging out with friends, and we realized that the men and women had a lot of the same issues. We were joking and teasing each other about it, and it was a fun, relaxed conversation about how my friend and I always want to talk to our husbands the second they get home because we both work from home all day. However our husbands, after long days of talking to patients at the hospital, kind of want downtime and want to be left alone. So, by talking it out with friends in a way that was fun and joking, we were able to get past a small hurdle. I find a lot of times it’s good to bounce ideas off of friends when you need an unbiased opinion about something!

Ultimately, there are tons of ways to re-energize your marriage than just the tips listed above. It just takes a little bit of thought, a little bit of advanced planning, and a lot of initiative and motivation to add a positive change to your life. However, once you do, I think you’ll start reaping the rewards right away.

How about you all? Do you have any other ideas on ways to improve or re-energize a marriage while on a budget?

Share your experiences by commenting below! 

***Photo courtesy of https://www.flickr.com/photos/dlytle/10334814055/in/

How To Sprint Up The Corporate Ladder

The following is a post by MPFJ staff writer, Derek Sall. Derek is the owner of the blog, LifeAndMyFinances.com, where he teaches people how to get out of debt, save money, and become wealthy.

Have you just started working in Corporate America and are wondering how to get ahead? Or, perhaps you have been stuck in the same job for a number of years and are interested in climbing the next rung of the ladder? Wherever you currently are in your corporate walk, I assume that you would like to get to the next level. Take this advice and you will not only get to the next rung of the corporate ladder, but will be on a sprint to the top.

1) Dress to Impress

This step is incredibly basic, but if you dress like your boss’s boss instead of like a fry cook, people will notice and they will be more prone to respect you and your opinions at work. If your boss wears a tie, then you should wear a tie. If your boss wears a suit jacket, then you might want to follow suit as well (pun intended). Not only will your coworkers respect you, but you begin to respect yourself a little bit more as well.

2) Speak with Confidence

Nobody promotes a mousy employee. If you cannot speak up in meetings or give your differing opinion to your boss, then you will simply not reach the next rung of that ladder. Confident speakers may not always be right, but everyone is aware that they are in the room. And, in order to get promoted, people first need to know that you exist, and then they need to know that you have the confidence to lead others.

3) Take any Leadership Experience You Can Get

When you first start working in Corporate America, it is incredibly rare that you will be gifted a manager’s job. Chances are, you will start at the bottom of the ladder and then will need to prove yourself worthy before moving the next level up.

In order to make a move into a manager position, you likely need to have some sort of leadership experience under your belt. This could be accomplished by volunteering as a Board of Director for a local non-profit. You might also get some leadership experience by taking on projects at work and leading a team of coworkers. If you succeed enough as a leader in these roles, your bosses will begin to notice and will feel comfortable in giving you that promotion.

4) Continue to Educate Yourself

If you want to move up at work, never stop educating yourself. If your employers value a bachelor’s degree, then earn one. If they think an MBA is important, head back to school and earn this degree as well. Also, without their coaxing, continually learn about areas that interest you. If you work in accounting, but are interested in credit instead, ask those that are working in credit if you can help them with some of their work. Do this for enough areas in your work and you will suddenly be the knowledge source for many leaders within the company. If they know that you have the knowledge, they will not even hesitate to promote you when the time comes.

5) Apply to Open Positions When Appropriate

If you have a good handle on your current job and feel that you can take on a more challenging role, don’t be afraid to look at the open jobs that are available in your company. If you have truly been working hard and have been getting the attention of the leadership team of the company, then you will almost be expected to apply for the job. Even if you do not get awarded the position, this action still lets them know that you are interested in advancing within the company. The next time another job opens up, you might not even need to interview for it. They’ll just give it to you since they know you have earned it and are interested in advancement.

If you take action on these five items, you will almost certainly find yourself advancing up that corporate ladder.

How about you all? Have you climbed the corporate ladder? What did you do to succeed?

Share your experiences by commenting below! 

***Photo courtesy of https://www.flickr.com/photos/chefranden/155267057/in/

Does Home Insurance Cover Rented Items Inside Your Home?

The following post is by Jesse Hughes. Enjoy! 

There’s every chance that you may have items in your home that are rented; they do not actually belong to you. There is always a chance that a problem may befall your property and you may have to claim on your home insurance, but are rented items covered when this happens?

When you’ve purchased an item, and have it in your home, you know that you should claim for it on your home insurance plan should there be a problem in your home, such as break in and theft. You may not necessarily think the same way about a rented item. Keep reading about your home & contents coverage options, you can learn what kind of cover you’re eligible & exactly what you’re covered for.

Your home insurance covers all items that you have a financial interest in

When you take out home insurance you are covered for the property in your home in which you have an interest. If you have bought a TV for instance, this will be covered. What you may not know is that you are also covered for items you rent.

Although you haven’t purchased these items you are spending money on renting them so you are disadvantaged by not having the item available and you are responsible for the item. It’s a different situation to if an item in your home belongs to someone else who is not living there. You don’t have any interest in items like this so your home insurance does not cover the replacement of them.

The rules with regard to cover for personal items do not just apply if you own your own home. If you rent a property then you will need to purchase renters insurance to cover the cost of the personal property you own. The same rules apply with this insurance.

What do your need to consider when you purchase a home insurance policy?

When you’re looking at buying a home insurance policy you need to shop around to see which plan suits you the best. You may want to opt for a higher deductible in order to keep the amount of your premiums at a lower level. You may also be able to get a good deal on your plan if you get your home insurance and vehicle insurance from the same company.

The one thing you need to make sure you do is to check the policy in detail before you buy it to make sure that it covers everything you need. If you have items in your home that are especially valuable you will probably need to get these items insured separately as they may not be covered under a general policy. You should be able to discuss this with your insurer when you go to purchase a policy.

Don’t forget you need to make sure that you have enough cover for the property you have purchased and any property that you are renting. If the worst does happen you don’t want to be in a position where you are out of pocket because you haven’t got sufficient home insurance cover.