Matt McFarland writes on cnn.com: “Want to make more money? Generally, getting older does the trick. But something curious is playing out in the ridesharing world. A new survey finds that the younger an Uber or Lyft driver is, the more they report making. Drivers over the age of 61 reported making the least amount per hour, $14.57. The highest earners were people between 18 and 30, who pulled in $17.98 an hour. The survey was conducted by Harry Campbell, who runs a popular ridesharing blog, The Rideshare Guy. He surveyed 1,150 drivers who subscribe to his email list. Uber and Lyft don’t pay different rates depending on a driver’s age. The gap in earnings emerges based on how many rides a driver can pack in an hour, and if they are benefiting from surge pricing and bonuses. For example, ridesharing companies sometimes offer incentives if a driver picks up passengers in a popular neighborhood during a certain timeframe. Driving on Friday and Saturday evenings is especially lucrative, according to Campbell, but some older drivers may not want to work such a late shift. Younger drivers generally have an easier time mastering the technology aspect of the job, as well as the physical demands.” (cnn.com)
8 Books That Help Billionaire Elon Musk to Succeed in Life
Billionaire Elon Musk is well-known as a book lover. It’s said that he read the entire Encyclopedia Britannica at age nine and would pore through science fiction novels for more than 10 hours a day. No wonder his voracious reading habit plays a crucial role in his amazing success in life. Here are eight books that help Elon Musk to succeed in life:
- “Structures: Or Why Things Don’t Fall Down” by J.E. Gordon
- “Benjamin Franklin: An American Life” by Walter Isaacson
- “Einstein: His Life and Universe” by Walter Isaacson
- “Superintelligence: Paths, Dangers, Strategies” by Nick Bostrom
- “Merchants of Doubt” by Erik M. Conway and Naomi Oreskes
- “Lord of the Flies” by William Golding
- “Zero to One: Notes on Startups, or How to Build the Future” by Peter Thiel
- The “Foundation” trilogy by Isaac Asimov
Americans Buy Homes at Fastest Pace In Decade
After the homeownership rate fell to the lowest in more than half a century, Americans came out with strong sentiments as the economy improves to buy existing homes in January at the fastest pace since 2007. The supply of available homes has now dwindled to record lows. Christopher Rugaber reported: “Steady job gains, modest pay raises and rising consumer confidence are spurring healthy home buying even as borrowing costs have risen since last fall. Some potential buyers may be accelerating their home purchases to get ahead of any further increases in mortgage rates. With few homes available for sale, buyers are pressured to rapidly close a deal as they find a suitable property. The typical house for sale was on the market for just 50 days last month, compared with 64 days a year ago. Strong demand is pushing up median home prices, which jumped 7.1 percent from a year earlier to $228,900.” (usnews.com)
Don’t Waste Your Money on Fitness and Health Apps
Fitness apps are getting more popular lately. So should you consider getting one of these apps? Don’t waste your money on fitness and health apps as scientists warn that these apps might be doing more harm than good because they don’t work but force people to focus on ambitious goals that they will never reach.
The Guardian reported: Greg Hager, professor of computer science at Johns Hopkins University, said that in the absence of trials or scientific grounding it was impossible to say whether apps were having the intended effect. Hager cited the one-size-fits-all targets provided by some fitness trackers, such as the Fitbit, which sets users a goal of taking 10,000 steps a day. Hager claimed the 10,000 steps target dated back to a 1960s Japanese study that showed there were health benefits for men who burned at least 2,000 calories per week through exercise — roughly equivalent to 10,000 steps each day. An early pedometer was known as the manpo-kei, which means ‘10,000-step meter’ in Japanese. “But is that the right number for any of you in this room?” Hager asked. “Who knows. It’s just a number that’s now built into the apps.” “We have an incredible number of apps in the wild basically being downloaded by people who may or may not understand what they are actually telling them or what the context for that is,” he said. “Until we have evidence-based apps you could amplify issues. I mean, imagine everyone thinks they have to do 10,000 steps but you are not actually physically capable of doing that, you could actually cause harm or damage by doing so.” (theguardian.com)
The Best Retirement Account You Don’t Know About
A health savings account (HSA) is a triple-tax-advantaged account that allows individuals to save for current and future healthcare costs. The triple-tax advantages of HSA includes: (1) The contributions are tax-free, (2) the interest and dividends grow tax-free, (3) and the withdrawals are tax-free if spent on qualified medical expenses.
Your health savings account is a powerful tool to help you save and pay for qualified medical expenses today, tomorrow and in the future — even in retirement. Alicia Hudnett explained at CNN Money on why HSA is the best retirement account you don’t know about and why you should use it: “An HSA combines the best features of all the various tax-advantaged retirement accounts available. If used correctly, money goes in tax-free, grows tax-free, and comes out tax-free… An HSA account is similar to other retirement accounts in that the account is portable and moves with you, the funds roll over from year to year, and you can invest the money in the account for the long term. Even if you use some of the funds during the year and are able to save only a portion of your yearly contribution, you can invest the balance, making this another opportunity to save for your retirement years.”
Financial Red Flags in a Relationship
Personal finance blogger Allan Liwanag writes: “One of the truths about relationships is that a good relationship is not just about love, trust, commitment, and all those other words with big meanings. It’s also about money or how to deal money to be specific. I’m not saying relationship is just about money and that you need to think about it before you go in a relationship or in marriage. All I am saying is that it is part of a relationship. I’ve seen quite a few of couples or families go through difficulties in life such as divorces, disagreements, and fights because of financial issues.” Before addressing the core issues, you need to recognize these red flag signs which include lying, not talking to each other about money and using too much credit. You can then work toward financial peace by tackling these red flags in the relationship.
Not every couple is compatible on points of personal finance but by watching our for the financial red flags in a relationship can help you preventing devastating consequences in the future. Watch out for incompatible spending habit and divergent view about saving. Talk honestly to each other and discuss a way to get along in financial harmony so you don’t have to be with the person for the wrong financial reasons. [Read more…]
No Big Boss: Swedish Company Eliminated CEO so Nobody is in Charge!
Katie Hope reported on BBC about the Swedish company where nobody is in charge:
Three years ago, Swedish software consultancy Crisp decided that the answer was no. The firm, which has about 40 staff, had already trialled various organisational structures, including the more common practice of having a single leader running the company. Crisp then tried changing its chief executive annually, based on a staff vote, but eventually decided collectively that no boss was needed. Yassal Sundman, a developer at the firm, explains: “We said, ‘what if we had nobody as our next CEO – what would that look like?’ And then we went through an exercise and listed down the things that the CEO does.” The staff decided that many of the chief executive’s responsibilities overlapped with those of the board, while other roles could be shared among other employees. “When we looked at it we had nothing left in the CEO column, and we said, ‘all right, why don’t we try it out?'” says Ms Sundman.
Yes! Free Meals Are Back on Delta Flights
In an effort to cut costs, many airline carriers eliminated free meals and increased baggage fees. However, soon Delta will bring back free in-flight meals to passengers in the main cabin on long flights. The free in-flight meals for economy class will start on March 1 on flights between New York City’s JFK airport and Los Angeles and San Francisco. More routes with free meals will be started on April 24 including Orlando, Seattle and others. Delta claims to be the only U.S. carrier to offer free meals on some transcontinental flights. The meals vary depending on flight times, and passengers will be able to choose from different offerings. For instance, morning fliers can choose from a breakfast sandwich, a breakfast medley or a fruit and cheese plate. Passengers flying during the day will be offered a mesquite-smoked turkey combo, a Mediterranean whole grain veggie wrap or fruit and cheese plate. “We are all about making our Main Cabin experience the best it can be for our customers and offering free, high quality meals is a big part of that experience,” said Allison Ausband, Delta’s senior vice president of in-flight service. (CNN Money)
Five Signs Your Company is Hoping You Will Quit Your Job
Job board site Monster describes some cues regarding your company that might try to spur you into quitting. Monster reported: “If your company no longer has a need for you, why wouldn’t your boss just let you go? Well, from an employer’s perspective, it’s much easier for them if you can be encouraged to leave on your own. Whether via a firing or a layoff, if a company takes the initiative to cut an employee loose, there’s more paperwork involved and it creates a stressful atmosphere for those left in the office.” Here are five signs your company is hoping you will quit your job:
- Your boss is turning into a micromanager: “You’re used to being left alone to do your work and have enjoyed the supportive feedback of your boss for as long as you can remember. Suddenly, your boss begins nitpicking all your work and doling out frustratingly vague criticisms. Bad sign.”
- Your company now wants to document everything: “Most employers have some sort of progressive discipline process that, when used properly, gives an underperforming employee the opportunity to improve,” says Lowman Smith. However, if the company wants you gone and implements this with little advance notice, it may be an attempt to psych you out—or “a form of intimidation to make you feel insecure or stressed enough to start looking for a new job,” she says.
- You’re not being groomed for the future: “When you’re not getting new projects assigned to you, it’s a sign the boss isn’t interested in your future with the company,” says Jim Thibodeau, president and owner of StaffScapes, an HR consulting firm in Denver. “Similarly, if you see others in your office receiving more professional development, it may be time to reassess your career path.”
- You’re getting the silent treatment: “Communication is vital to every department in every company. Your presence at meetings, on calls and at events, as well as on email correspondence, gives you access to this constant flow of information. When you’re abruptly cut off or pushed out of the circle, take note—especially if other co-workers remain in the loop.”
- Your boss is taking your work away: “A company is like one big team, so if you’re used to being a starting player and then all of a sudden you get benched in favor of other players, you’re right to feel suspicious.”
12 Million Americans Have Hidden a Credit Card or Bank Account from Their Partners
An estimated 12 million Americans have hidden a credit card or bank account from their romantic partners or spouse, according to a new CreditCards.com survey. Relationship experts warn, though, that keeping a hidden bank account or credit card is a risky move with potentially explosive consequences. Electronic snooping can reveal the truth and lead to a lack of trust that imperils the relationship. “Any time you get into these kinds of things where you are operating behind the scenes, it usually comes out at some point,” says Corey Allan, a marriage and family therapist in the Dallas area. “We can’t keep things hidden, especially in today’s technological world. Any spouse who has any kind of suspicion can become a detective and find it.” The survey also found that older folks are more likely than younger ones to have maintained a secret account. (creditcards.com)
Stock Markets Are Setting the Longest Record-Setting Streak in 25 Years
Stock markets are on brink of best win streak in a quarter century. U.S. stocks on Wednesday were looking at their longest record-setting streak in 25 years as the Dow industrials, S&P 500 and the Nasdaq Composite all climbed. If all three indexes close higher on Wednesday, it will mark five consecutive days of all three setting record highs at the same time, the longest such streak of simultaneous records since a six-session string ended Jan. 3, 1992, according to Dow Jones data. (marketwatch.com)
Buying a Home is a Fine Decision, Just Not a Financial One
The U.S. homeownership rate fell to the lowest in more than half a century as rising prices put buying out of reach for many renters. The homeownership rate reached a peak of 69.2 percent in June 2004, but it has steadily lowered. Buying a home is still a fine decision, just not a financial one. As Taylor Tepper explained on MSN Money: “Homeownership comes with a host of risks, too. You’re sinking a large portion of your savings into an asset that’s expensive to maintain, and may be extremely difficult to sell. People move, jobs change, markets tank, life happens. There’s no guarantee that you’ll want to live in the same area in two years, much less that your family situation will remain constant… The truth is that, for most people, buying a home is as much about sentiment as it is about dollars and cents. Indeed, young renters who aspire to homeownership do so to control their living space, have a sense of privacy and security, and establish a place to raise a family, according to Fannie Mae. They want a home for the freedom it confers. Don’t like those cabinets? Hate the carpet? You can generally do what you please if you’re the owner. You have to pay for that freedom, and it doesn’t come cheap. But it’s worth remembering that whether to rent or buy isn’t a clear-cut decision. And it’s certainly not only about finances. Rather it’s a reflection of your particular desires — which means you should think deeply about what it is you’re after. If you’re looking to leverage your savings to build more money for the future, you could easily end up disappointed. You’re likely to be more satisfied, however, if you’re trying to create something lasting for you and your family.” (msn.com)
Study Links Working Remotely to More Stress and Insomnia
Medical Xpress reported: “Working outside an office may spare you from commutes and interruptions by colleagues but it also makes you more vulnerable to unpaid overtime, stress and insomnia, the UN said Wednesday. A new report from the United Nations International Labour Organization studied the impacts of working remotely, with technological advances continuing to revolutionise conceptions of the workplace. Based on data taken from 15 countries, the ILO found that employees were more productive while outside of a conventional office but noted it also brought risks of ‘longer working hours, higher work intensity and work-home interference.’ The report drew distinctions between employees who regularly work at home, highly mobile people constantly working in different locations and those who split time between an office and another site. All three of those groups reported higher stress levels and more incidents of insomnia than those who always work at their employer’s premises. For example, 41 percent of highly mobile employees said they felt some degree of stress, a figure that was 25 percent for office workers. A full 42 percent of people who always work from home or from multiple locations reported suffering from insomnia, compared to 29 percent for people who work at their employer’s site.” (medicalxpress.com)
NFL Standout Failed at Personal Finance and Jailed for Not Paying Child Support
Former NFL wide receiver Robert Meachem is behind bars after failing to pay nearly $400,000 in child support and alimony. Meachem, 32, can be released once he paid his ex-wife, Andrea Rhodes. The couple divorced in 2014 and agreed to split custody of their two children. Over his eight-year career in the NFL playing for the Saints and the Chargers, Meachem made more than $20 million. In 2012, Meachem also signed a lucrative long-term deal with the Chargers that included $14 million in guaranteed money. By failing to manage his personal finance, Meachem doesn’t have enough money to pay the child support and alimony. In fact he had to borrow money from former NFL associates to get by. According to the Advocate and NOLA.com, Meachem testified that he believed much of his money had been taken by a former officer of one of his charitable foundations and another assistant, since he didn’t pay enough attention to his bank balances. (espn.com)
How to Achieve High Credit Score
How good your credit score determines what loans you will qualify for and the interest rate you will pay. A high credit score means that you will pay a much lower interest rate over a lifetime. Hence, with a high credit score you will save more money by keeping more cash in your wallet. Here are 7 steps to achieve high credit score by Bankrate:
- Watch those credit card balances. One major factor in your credit score is how much revolving credit you have versus how much you’re actually using. The smaller that percentage is, the better it is for your credit rating.
- Eliminate credit card balances. “A good way to improve your credit score is to eliminate nuisance balances,” says John Ulzheimer, a nationally recognized credit expert formerly of FICO and Equifax. Those are the small balances you have on a number of credit cards.
- Leave old debt on your report. One of the ways to improve your credit score: Leave old debt and good accounts on as long as possible, says Ulzheimer. This is also a good reason not to close old accounts where you’ve had a solid repayment record.
- Use your calendar. If you’re shopping for a home, car or student loan, it pays to do your rate shopping within a short time period.
- Pay bills on time. One of the biggest ingredients in a good credit score is simply month after month of plain-vanilla, on-time payments.
- Don’t hint at risk. Sometimes, one of the best ways to improve your credit score is to not do something that could sink it. Two of the biggies are missing payments and suddenly paying less (or charging more) than you normally do, says Dave Jones, retired president of the Association of Independent Consumer Credit Counseling Agencies.
- Don’t obsess. You should be laser-focused on your credit score when you know you’ll soon need credit. In the interim, pay your bills and use credit responsibly. Your score will reflect these smart spending behaviors.
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