For many households, meal preparation on a budget can be stressful because of budget constraints and the hassle of finding various food options. The stress could also come from shopping with an endless grocery shopping list or finding the time to cook during a hectic week.

Let’s get right into how to create a monthly meal plan on a budget!

For families worried about budget and time constraints, a monthly meal plan is an excellent option to save money on groceries while having meals prepared hassle-free on a budget.

What Is A Monthly Meal Plan?

A monthly meal plan is simply a way of organizing all the meals you would like to prepare in a month based on budget, ease of preparation, and preference. A meal plan is an excellent option for you if you find yourself consistently overspending on groceries, and yet you have a limited budget.

It is also a good option if you find yourself lacking the energy to cook after a long day at work or an evening of activities with your family.

Planning Your Meals Ahead Of Time

Most pre-planned meal plans are organized around each day of the month and include breakfast, lunch, and dinner options. Since meal plans vary for each family, you can create yours based on your household’s monthly budget, needs, and preferences.

For example, you could design your meal plan around a stringent budget, allowing only one day a month to dine out. Your meal plan could also include one day a week dining out with the family as a treat, with specific meals planned for the remaining six days.

However, we only meal plan dinners for our family since breakfast and lunches are much more on the go than dinner time.

How To Plan A Month Of Meals On A Budget- Simple Steps

Depending on what you want to accomplish, a budget-friendly monthly meal plan will give you a way to know in advance how much you’re going to spend on food for an entire month. Rather than looking back over the month and again wondering how many spontaneous Starbucks purchases and hungry grocery trips you went on, a plan will set you up to spend exactly what you want.

Budgeting For A Meal Plan

It is crucial to make a budget for the month before starting your meal plan. When making a budget, it is best to start by listing all your expenses, starting with fixed and variable costs. Fixed expenses are those that you expect each month, and these usually remain consistent throughout the year. They might include rent, utility bills, auto and home insurance premiums, and internet or cable bills.

On the other hand, variable expenses are those that change each month and are sometimes avoidable. These might include entertainment, gas, or even groceries. They could also include upcoming events such as birthdays, holidays, and travel.

How Much Should You Spend On Meals?

Once you have allocated a portion of your budget for fixed expenses, you should set aside an amount for variable expenses. It is vital to allocate portions that correspond to your needs and consumption realistically.

For example, if your household consumes $500 worth of food a month on average, you should not set a grocery budget for $400, as you will likely be over the budget when you go grocery shopping. Likewise, if you set a budget for $600, you might find that you are spending on a lot of unnecessary items, and yet you could have saved that money.’

Here are a few budgeting methods you can use to plan for meals effectively.

Cash Envelopes

One of the most efficient ways to avoid food budget problems is to use the cash envelope method. This method relies on setting aside cash in envelopes for specific expenses. This method works best with variable costs because it motivates you not to spend all the money in each envelope.

It also prevents you from overspending when you go shopping because you use only cash available, not a credit or debit card. For example, if your food cash envelope contains $500 for the month and you find yourself with $520 worth of items at the store checkout, you are forced to return some things to remain within budget.

Using the cash envelope system also allows you to save more each month because any leftover cash can be transferred to another envelope for savings or reallocated to a different envelope. If you spend more on certain expenses and run out of money in those envelopes, you can always transfer cash from an envelope containing surplus.

Cash envelopes are also a great way to visualize where you are spending your money. This can help you to rethink your spending habits and adjust your budget accordingly.

Track Your Spending

You could also track the amount of money spent on groceries each month to determine which food items last longer and which run out quickly. The cash envelope system is an excellent way to track spending habits because you can track how much cash is left in the food envelope.

It is also a good idea to list the prices of items at your local grocery store before heading out to shop. This will allow you to estimate how much you will spend on each item beforehand. This helps compare spending from different months and determine which food items are more expensive than others.

Using this knowledge, you can decide which items fit within the budget and needs of your household.

Check Your Inventory

Chances are that if you checked your pantry, refrigerator, or freezer before shopping for groceries, there are items that might soon be expiring or have already expired. In many households, people might purchase items and only use small portions, storing the excess amounts for later use. It is easy to forget about these portions, only for them to go bad in the refrigerator or pantry and generate food waste.

Checking your inventory while meal planning is an excellent way to ensure that your food budget is appropriate. If you find that you are consistently throwing out a lot of food, it could be a sign that you are purchasing a lot more food than you can consume.

On the other hand, if you find unused food items in the pantry, refrigerator, or freezer while doing an inventory check, it means that you do not have to spend on these items on your next grocery trip. Using this method will help to save on unnecessary food costs.

Use A Website To Create Recipes Around Ingredients You Already Have

Several great websites on the internet let you enter your existing ingredients, and it will suggest recipes to make based on what you already have. These sites and mobile apps are an excellent way to plug in your existing ingredients and save you lots of money and significantly reduce your grocery spending.

Super Cook

Super Cook has been featured in Time, The Washington Post, and Life Hacker as a great way to reduce monthly food costs.

With the Super Cook website and mobile app, you simply put in the ingredients you already have and the app will spit out great recipes you can make with your ingredients!

Allrecipes Dinner Spinner

Similar to Super Cook, the Allrecipes corporation created a similar app to help people plan meals with ingredients they already have on hand.

Try the Allrecipes Dinner Spinner App here

Organizing A Meal Plan

Once you have finished making a budget for your meal plan, you can start writing down ideas for meals. For a monthly meal plan, it is best to markdown meals for each day of the month. While this can seem stressful, it is a fun process that should inspire creative ideas for recipes, food combinations, and even themes for individual meals.

Here are some creative ways to organize your meal plan.

Using Printables And Meal Planning Templates

Rather than writing out days and corresponding meals on a blank piece of paper, you could use a printable calendar. You can mark down meals for each day of the month on your printable, along with relevant recipes by ingredient.

To make this process faster and more fun, you can break down each week’s days by type or meal preparation level. For example, you could cook dinner on four days of the week, leaving two days for leftovers and one day for a themed family dinner.

A printable makes the organization of the meal plan easier and helps with the grouping of meals. If you barely have time to cook using long recipes during the week, you could even set up easy dinners that repeat every other day or every two days.

With a printable, you can also plan long-term and act short-term. By planning for the whole month, it allows you to think about possible ideas for each week and gives wiggle room if you change your mind as the month goes by. You can also experiment with a sample week to see how the process works before fully adjusting to a schedule.

If you prefer flexibility, you could even shop every week, changing options as you go while maintaining your budget. For example, you could change protein options each week from meals with meat to those without.

It is also essential to leave the printable open to adjustment such that you do not feel stifled by the meal options available.

A printable can also help with reminding your family of the meals for each day of the month. This is also helpful in reminding your children of easy recipes they could make by themselves or which packed lunches to pick from the refrigerator, such as hot dogs for lunch.

Get Creative With Menus and Recipes

get creative with menus and recipes when meal planning on a budget

Writing out a meal plan also allows you to experiment with different types of menus and recipes. For a monthly meal plan, you can find many simple recipes and meal planning favorites that will provide variety and simplicity in meal preparation.

A great way to plan out meals is to make menu plans and allocate recipes and menus to different weekdays. Having go-to recipes on your weekly meal plans takes off time and stress if you can make an easy meal in the shortest amount of time. Similarly, you could plan to have your favorite recipe on a stressful day, allowing you to relax as you prepare dinner.

A good menu plan also uses key ingredients for multiple meals in the week such that you can cook less often but have more meals. For example, you use tomato paste or parmesan cheese for cooking a pasta dish and a chicken sauce, and you can plan to have these meals cooked in the same week.

Many websites offer limitless recipes perfect for your family. Many of these are easy recipes with step-by-step instructions, making it easy to follow along. Trying out these recipes can be a great way to experiment with new flavors and dishes. You could also try out different combinations of sides and main dishes.

For example, you could combine green beans with potstickers. It can also be a fun family dinner activity to try out new recipes for their potential as family favorites.

Plan Around Your Schedule

The benefit of menu planning is that you can make it work based on your schedule. This means that you can plan to cook heavy meals when you have more time and lighter meals when you are super busy.

A neat strategy to prepare heavy meals on busy days is to cook using a slow cooker or crockpot.

With the different sizes of slow cookers available, you can choose a size and type that fits your needs and preferences. For example, you can use a large slow cooker to make heavier meals that can last a few days, such as meat dishes. You can use a smaller slow cooker for cooking meals such as rice or mashed potatoes, which can be eaten in one seating.

Our Secret Meal Hack

To speed up slow cooker meals, an Instant Pot found on Amazon is an excellent tool to whip up meals in a snap!

If you have lots of free time (I envy you), you could also make meals from scratch. It might be cheaper for meals such as pastries to bake from scratch using individual ingredients than with a prepackaged mix. For family night activities, you could even make a homemade pizza using ingredients from scratch.

The benefit of such meals is that you could easily have leftover ingredients to use for the next time you prepare the meal.

On the other hand, you can plan to have frozen dinners on busy nights. A frozen pizza would be a great option at the end of a busy day because you just warm it up in the oven. You could even plan theme nights for frozen dinners, such as Italian night featuring a meatball menu.

Grocery Shopping Using A Meal Plan

Once you have your meal plan set, it is time to go grocery shopping. As you plan to go grocery shopping, you should have a list of items to shop for, based on your budget, meal plan, and inventory check. Making this list will also help determine whether the groceries you intend to buy fit your food budget.

Save Money With Cash Back Apps

Here are some tips on saving money while grocery shopping while also sticking to your meal plan.

Use Rewards Programs

If you have not tried one already, rewards programs can save you anywhere from a few cents to hundreds of dollars when you shop for groceries. Some of the popular rewards programs, such as Ibotta and Fetch, provide customers with the option of scanning receipts after purchasing items to redeem points that can be used for cashback rewards.

Fetch Rewards

Fetch is a free rewards app that allows you to scan your store receipts to the app and receive cash back for your purchases. By taking a picture of your receipt with your phone, the app will do the rest of the work to save you money on eligible purchases.

Click here to try Fetch Rewards for free!

ibotta

According to recent statistics, the average ibotta user saves $150 a year on groceries. By using the ibotta app on your mobile phone, you can look for deals and top dollar cash back items to purchase at your local grocery store.

Click here to download ibotta for iPhone | Click here to download ibotta for Android

Some credit card companies offer cash back for shopping at specific stores, but this can be tricky if you try to save money. It is tempting to overspend when using a credit card at checkout. The benefit of using rewards programs like Ibotta is that they partner with thousands of retailers, giving you the flexibility to shop for groceries while earning rewards.

These retailers include grocery stores, clothing stores, and home improvement stores, which means that you can plan all your household spending at as many stores as possible. You can also link your loyalty accounts to your favorite retailers, allowing you to earn more rewards. Rewards programs are great for shopping in stores like Walmart, which has a selection of groceries, household items, and clothing.

Rewards programs such as Fetch also allow you to earn rewards for purchasing brand name items at different stores. This is a great option if you prefer a specific brand item listed under the rewards program. With busy schedules involving grocery shopping, cooking, and spending time with family, a rewards program gives you a few days after purchasing items to scan your receipts and redeem rewards.

Buy Items in Bulk

buy items in bulk to save money

Bulk buying groceries can also save you money each month on items your household tends to consume faster. In most stores, items sold in bulk are cheaper than those sold in smaller quantities. For example, it might be cheaper to purchase food items such as dry beans or flour in bulk for the month than buying smaller amounts each week.

If it fits within your budget, a membership at a wholesale club such as Costco, Sams’ Club, or BJ’s can save you hundreds of dollars over time. These stores are especially beneficial to large households since they sell most of their bulk items, unlike traditional grocery stores.

You could easily find items such as salmon or chicken breasts sold in bulk at Costco, Sam’s Club, or BJ’s at budget prices. When you buy food items in bulk, you also have the option of cooking a large meal that can be eaten over several days, saving you time and money.

Buy Items In Season And On Sale

It is also a significant investment to buy fruits and fresh vegetables when they are in season. You will probably get larger quantities at much lower prices than if you buy them offseason.

Local farms and orchids are great places to buy fruits during the season. If you are open to experimenting, you can preserve fruits for a few months by either freezing, canning, or drying them. Chances are fruits and vegetables sold during the season are also much fresher than those sold in the offseason.

Buying items on sale is also a great way to save money, especially when they are seasonal. You can observe trends for things that usually go on sale around specific times and use this to your advantage while meal planning. If you planned and budgeted for sale items, it could save you a lot of money if the items went on sale around the time you anticipated.

Buy Items to Make Your Own Beverages

Most people spend a lot of money on beverages such as tea, coffee, or juice, yet they could make these themselves. It is far cheaper to buy coffee beans, grind them, and brew coffee in the comfort of your home than buying coffee from Starbucks every morning. You could also purchase tea leaves and brew tea yourself rather than purchasing tea from a coffee shop.

Best of all, these activities could be a fun addition to your morning routine.

Similarly, you could buy fruits in bulk to make your fruit juices or smoothies, rather than purchasing these from a coffee shop or store. You have the option of making your homemade fruit juices and smoothies healthier since you can substitute ingredients containing artificial sugar with natural sugar.

You also end up making larger quantities of homemade juices when you buy fruits in bulk, compared to the smaller prepackaged quantities of juice sold in stores.

Eliminate Unnecessary Items

If you are looking to save even more on your budget, you can eliminate those food options that you think are not healthy or those you consider treats. For example, rather than buying juices, you could stick to only drinking water. You end up consuming less sugar and hydrating more as you drink more water.

You could also switch from buying unhealthy snacks such as cookies and sweets and buy healthy options such as fresh fruits and vegetables. Snacks like sweets and cookies might be more expensive than more nutritious snacks like baby carrots or apples.

Another strategy is to buy alcoholic drinks such as wine and beer only on special occasions and holidays. Alcoholic beverages are generally more expensive than non-alcoholic drinks, and preserving alcohol for special events makes it even more special.

Use A Monthly Meal Plan Service

Let’s be honest, few of us have the free time to put together our own meal plans. My wife and I have subscribed to monthly meal planning services that will deliver a set amount of dinners based on our ingredient preference and budget. Here are a few meal planning services we have tried and would recommend.

#1. HungryRoot – $40 Off Your First Order

HungryRoot is the current meal subscription service my family uses. We enjoy the wide selection of available recipes that are vegan friendly.

How it works

Tell HungryRoot what food you enjoy – no meat, no gluten, love pasta? They will tailor their recipes to your likes.

HungryRoot will shop for you or you can choose your own items.

Items are shipped with easy recipes: meals ready to eat within 10 minutes.

No more trips to the grocery store

Try HungryRoot and save $40 off your first order here!

#2. eMeals – Free 14 Day Trial

eMeals is quickly becoming one of the top competitors in the monthly meal planning space. eMeals uses an approach where they provide you with a mobile app to help you pick the best recipes to fit your lifestyle each week.

You can create your grocery list and send your grocery list directly to stores such as Amazon, Walmart, Kroger, Instacart, or Shipt!

By taking the planning out of it, emeals helps families save time and money by doing the heavy lifting on the front end so you can enjoy homecooked family meals each week.

Try eMeals here for 14 days – free!

#3. Freshly

freshly How To Monthly Meal Plan On A Budget

Freshly boasts an impressive 30+ menu of all-0natural dishes which are cooked by chefs and sent fresh directly to your home. The average cook time for these great meals is only 3 minutes!

Freshly Pricing

Freshly offers four separate plans:

4 meals per week – $11.49 per meal

6 meals per week – $9.49 per meal

10 meals per week – $8.99 per meal

12 meals per week – $8.49 per meal

*You may cancel your subscription at any time

Click here to try Freshly today

#4. Blue Apron – New Customers Save $60 Over Their First 3 Orders

Blue Apron is one of the original meal planning services which continues to thrive.

How it works

Choose your meals which range from customer favorites and health-conscious options to the more particular consumers, including Keto and Vegan.

Your items are shipped directly to your door in an insulated container with recyclable ice packs and packaging.

Comprehensive recipe cards are delivered with your meals that you can use over and over again.

Click here to try Blue Apron today and save $60 as a new customer

#5. Green Chef – Save $60 On Your First 3 Boxes

Green Chef focuses their meal planning on four main meal plans:

Keto

Balanced Living

Plant-Powered

Carb-Conscious

With this simple yet effective menu strategy, they concentrate on providing quality to their customers rather than quantity and a million different food options.

Click here to try Green Chef and save $60 on your first three boxes.

#6. Hello Fresh

HelloFresh is one of the cheaper overall options and routinely run discounts and specials for new customers. Because they focus on fresh ingredients, their menu can change on a weekly basis depending on the availability of fresh produce.

How it works

Skip meal planning and grocery shopping with step by step recipes and meals brought right to your door.

Set your meal plan based on your food preference and choose from 22+ weekly fresh recipes.

Meals are delivered three times a week and you can cancel or delay your subscription at any time.

Click here to try Hello Fresh and the latest promotion!

Meal Planning Should Be Fun

Although it might seem overwhelming and tedious, meal planning should be fun. It is a process in which you can experiment with different recipes and menus while hopefully discovering new family favorites.

Once you get accustomed to budgeting and meal planning, you will be overjoyed at how much you are saving and how much you learn about different food options.

This post originally appeared on Arrest Your Debt.

As Bitcoin reaches the dizzying all-time heights of over $20,000 at the end of the year 2020, it seems to be one of the most talked-about investments. While it’s not widely accepted as mainstream currency at this point, the buzz around this cryptocurrency is still increasing rapidly.

Besides the ever-changing value of a Bitcoin, what else is there to know about it and how it can help us towards a greener future?

It may seem a complicated concept, but you only need to know a couple of things to get started with these investments.

Here are some of them to get you started.

What are Bitcoins, and where did they come from?

Bitcoin is an innovative payment method that was created in Japan 12 years ago in 2009, by an anonymous person under the alias of Satoshi Nakamoto.

Bitcoin is not money that can be physically held in your hands–it is a digital cryptocurrency that can be used to purchase goods and services online.

This paperless payment and investment method were created to allow people to buy merchandise anonymously while adding to the efforts of creating a more sustainable world.

The digital currency system means that transactions can be completed without anybody knowing who the payment was sent from or where it went.

Additionally, Bitcoin allows international payments to be made cheaply and easily since they are not tied to any currency or country with any regulation. Small businesses may favor them as bitcoin means that there are no credit card fees to cut into profits.

Many people bought Bitcoins back in 2009 as an investment hoping that they’d increase in value over time.

Where can I get Bitcoins?

You can acquire bitcoins by providing goods and services to Bitcoin users, trading paper currency for Bitcoins, or Bitcoin ‘mining’.

Various websites will sell Bitcoin to investors that offer secure accounts that protect your assets from being accessed by scammers and hackers.

They are kept securely in a digital wallet on your computer or through a website that will manage your Bitcoin account for you. There is no limit on the number of Bitcoin wallets any person can have. You can get specific software to prevent the tracking of IP addresses.

What is Bitcoin ‘Mining’?

Bitcoins become minted when they go through the ‘Bitcoin Miner’ that attempts to find a new block in the Bitcoin chain network. Mining involves offering your computer to Bitcoin, and once a new block is found through working through various complicated puzzles and mathematical equations, the owner of the computer will receive 50 Bitcoins.

Where can I spend Bitcoin?

As its popularity grows, more and more businesses are beginning to accept Bitcoin as payment.

Due to their anonymous nature without having to go through banks, many people will favor Bitcoin where they have the opportunity to spend it. Physical businesses should display signs indicating the acceptance of payment in Bitcoin, while websites and online retailers should list it as acceptable at their point of sale.

This post originally appeared on Arrest Your Debt.

Some people believe renting is a good idea and others think renting is a waste of money. Those who think renting is a waste of money often have firm beliefs, as do those who have rented their entire life. However, these opinions are usually based on their specific personal circumstances rather than facts or mathematical equations.

When I was much younger, I vowed to never rent because I felt it was a waste of money. Why would I pay off another person’s mortgage when I could get a loan and buy my own home? Let me give you a little insight as to how that viewpoint punched me right in the face.

My Dumb Mistakes Make Me An Expert!

It was 2004, and I was 21 years old. I was young and dumb and recently landed a pretty good career. Compared to my past job of waiting tables, this new career greatly increased my income. I was living with my parents at the time, and they were charging me minimal rent.

I wanted to move out and get my own place, as you can imagine, but I didn’t know where to look. I did know one thing – I wasn’t going to rent an apartment. I was going to get a loan and buy a home.

Renting Is A Waste Of Money, Right?

My opinion was that apartments and rentals were a waste of money. Why would I help pay off another person’s mortgage? I was no fool – or so I thought. If you remember the housing prices in 2004-2005, you remember how incredibly inflated they were. I found I could not buy the type of home I wanted because everything was so expensive.

At 21 years old, I couldn’t get pre-approved for enough money to buy a large single-family home as I wanted. Rather than giving up and renting something cheaper, I took my pre-approval letter and worked with my realtor to find the nicest thing I could buy at the top of my price point.

If you have been through the home buying process, you know that banks (at least 16 years ago) would pre-approve you for amounts much higher than you could afford. My 21-year-old self didn’t understand that, and there I stood with a letter saying how much money someone was willing to give me.

Interest Only Loans Should Be Illegal

After looking around for a relatively short time, I fell in love with a 2 bedroom, 1 bath condo. I had to have it, and it was right at the top of my pre-approval amount. Unfortunately, I didn’t have the money to put the 20% down for a conventional loan – so I did the next “best” thing. I got an 80-20 loan with a 5 year ARM ( also known as an interest-only loan).

I paid 80% of the total purchase price with one mortgage, and the other 20% was another bank loan to give me the down payment. For 5 years, I would be locked into a low-interest rate, making my monthly payment “affordable.”

After 5 years, the interest rate changes depending on the state of the market.

As I type this I want to punch myself in the face. I was paying only interest on my loans and nothing on the principle.

What in the world was I thinking?

I wasn’t – that was part of the problem. In reality, the interest-only loan was pretty much the same as renting. I was making the bank rich, and I wasn’t paying the home off.

I was 21 and very dumb – and definitely not thinking what could happen after the 5 years was up. What a moron I was (and sometimes still am!). Well, as you can imagine, after 5 years, my luck ran out, and my payment skyrocketed. I could not pay the higher monthly payment and was left with an embarrassing stain (forclosure) on my credit for the next 7 years.

What I Should Have Done – Renting Versus Buying

If I could tell my 21-year-old self anything about this process, I would tell him to use some common sense and stop relying on emotion during purchases. This would have been the best process for me:

1. Stay at my parents as long as I can until they kick me out and continue to stockpile as much cash as I can for a large down payment on a house.

If I couldn’t take living with my parents anymore, find a place to rent with a reasonable lease that would allow me to stockpile cash for a large down payment on a house – or pay cash for the house!

2. I went out into the world thinking that renting was a stupid idea. Turns out I rented my small condo for 5 years and then left with a foreclosure on my credit report. If I had rented a home or apartment, chances are I would have been able to be smarter with my money and would have avoided the interest only scenario.

Renting a small apartment would have allowed me to save up at least 20% to avoid paying extra each month to pay for private mortgage insurance.

Use A Renting V. Buying Calculator To Make Your Decision

It can be difficult to crunch all the numbers yourself to determine if renting or buying is right for you and your family. Luckily, there are smart people out there who design calculators for just this scenario.

The people over at MortgageCalculators.info have a great free Rent or Buy Calculator which helps you quickly decide if it makes more sense to rent or buy, depending on your unique situation.

Their interactive calculator allows you to put in anticipated mortgage details related to:

Monthly rent payment (used as total monthly home expense)

Mortgage term in years

Annual interest rate

Private mortgage insurance

After providing this information, the calculator allows you to add other important fields to show how affordable (or not) purchasing a home will be for you.

The next information you can calculate involves:

Annual property taxes

Annual Homeowners insurance

Monthly HOA fees

From here you can play with the numbers to see how much of a downpayment you need to make to get the monthly payment where you want it to be. In addition, the calculator shows how much money in interest you will pay over the life of the loan.

If you want to give the calculator a try for yourself, you can use it here for free.

Use A Rent Affordability Calculator

If you have made the decision that renting is right for you, a rent affordability calculator should be your next step. Don’t rely on your gut to determine how much you can afford, use a free calculator like the one here.

So Is Renting A Waste Of Money?

It depends. If you do not have a substantial amount of cash saved up to make a significant down payment – renting for a few years is the smarter move. If you want a home and have a significant amount of cash saved up, you can either purchase a home or continue to save until you can pay for it in cash!

Yes, it is possible to pay for a home in cash without being a millionaire. It takes persistence and patience, but it can be done. Unfortunately, I did not start with a good financial choice, which hurt me many years later.

Even after my dumb mistake, I was able to purchase another home and pay it off when I was 36 years old! If you want to read more about how my wife and I paid off our mortgage in five years, and how you can too, head over to this post.

Are you a financial expert because you have made mistakes and learned from them? Or are you in the process of becoming a subject matter expert? Either way, I assure you it is possible to get out of your mess and to improve your current situation.

Before you purchase that home, understand that adding a mortgage on top of mounting debt is a recipe for disaster. Get that debt paid off first before you go into further debt with a home loan!

This article originally appeared on Arrest Your Debt.

Choosing the best healthcare plan for yourself can be quite daunting, as many factors should be considered. The HDHP vs. PPO debate continues to rage on as medical benefits continue to become more confusing. Before deciding between these health plans, take a quick look at the following factors: pricing, coverage, list of diseases and conditions included, pre-existing conditions, etc.

The two most common premium healthcare plan options offered by employers are:

High Deductible Health Plan (HDHP)

Preferred Provider Organization (PPO) Plans

When comparing a high deductible health plan and a preferred provider organization plan, you should understand that neither is necessarily better than the other in all circumstances. However, both health care plans offer a wide array of similarities, differences, and advantages that may help you choose the right plan for you and your family.

What Is An HDHP (High Deductible Health Plan)?

Do you want higher deductibles but a lower premium? Well, that is exactly what you get when you opt for an HDHP plan. If you decide to go with this option, you will have to pay less money each month. However, you will have the option of more out-of-pocket costs for medical expenses before insurance coverage begins.

Therefore, if you’re willing to pay higher deductibles and want to pay less, HDHP is here to help.

However, before you write off high deductibles, there are several strategies you can use to lower your deductible, which may save you money in the end.

What Are the Pros And Cons Of High Deductible Health Plans?

According to the Bureau of Labor Statistics, in 2010, only 15 percent of the employers offered an HDHP to their employees. However, by 2018, the percentage reached an impressive 45 percent. This is because more and more people are looking to maximize their savings by paying lower monthly premiums but being willing to pay the higher deductible and higher out-of-pocket maximums.

However, this plan does come with its own set of pros and cons, which may make or break your decision.

The Pros Of HDHP Plans

Let’s take a look at the pros associated with the HDHP health care plan.

Lower Premiums And Higher Savings

The first and foremost benefit of opting for an HDHP plan is you will pay lower monthly premiums. How much lower depends on the coverage paid by your employer. However, most plans offer significant discounts in contrast to traditional PPO and HMO plans.

By opting for a lower monthly payment, you can easily cut down on health care costs and save money on health expenses.

This is an amazing option considering that health care costs are consistently rising, and people are getting a little anxious about paying high medical expenses – especially when they are relatively healthy.

Therefore, an HDHP plan allows them to pay lower premiums and enjoy a wide array of medical benefits without stretching their financial budget.

Health Savings Accounts (HSA) – The Secret HDHP Weapon

The second most important benefit of using an HDHP plan is the associated tax shelter with this health care plan. If you decide to go with the HDHP, plan to open a Health Savings Account (HSA). This triple tax-free account allows you to enjoy the following benefits and options to pay for your medical bills:

Make tax-free contributions

Generate tax-free growth

Use tax-free withdrawals for medical expenses

This way, you will not have to pay any additional tax on your health expenses, and you can save up tax-free money to be used for your future medical expenses.

This is yet another important feature and benefit of an HDHP plan that allows you to maximize your savings and easily cater to your medical bills and expenses without having to put a strain on your financial budget.

How A HSA Plan Works For You

Many employers who offer an HDHP offer additional HSA Plan benefits. For instance, many employers will contribute a certain dollar amount into your HSA if you elect to subscribe to an HDHP with an HSA.

If your high deductible health plan has a yearly family deductible of $3,000 out of pocket, it’s not uncommon for your employer to contribute $1,000 to $1,500 into your Health Savings Account at the beginning of the year. This lowers your total out of pocket maximum to only $1,500 until your health care is covered in part or whole by co-insurance (if you have a $3,000 deductible).

As you can see, HDHPs are beneficial for employees and employers, and employers are becoming more willing to help employees fund these types of accounts.

Using pre-tax dollars for your medical care, the HSA is an extremely valuable tool to lower healthcare costs.

Things you can use HSA funds for:

With an HSA, you are given an HSA debit card and can make tax-free purchases with these funds at even traditional retailers.

Primary doctor regular checkups and office visits

Preventative care

Prescription drugs

Dental care

Continuous medication

Hospital care

Purchases for medical items at local retailers (aspirin, cold medication, etc.)

Investing HSA Funds

If you have built up a few thousand dollars in your health savings account, you also have the option of investing these funds in mutual funds. Not only can you invest tax-free, but your account will also grow tax-free!

The tax advantages of the HDHP with an HSA are second to none.

More Providers In Your Network

Another benefit you will get to enjoy if you opt for an HDHP plan is a broader provider network. This way, you will be able to get help from a wider array of physicians and primary care doctors who can cater to your medical requests and requirements at any time.

The list of providers in your network becomes longer with the help of an HDHP plan. Moreover, with the help of a long list, you can also enjoy health care benefits while traveling to other cities or even states.

Employer Match And Co-Insurance

This is yet another benefit of using an HDHP plan. If you decide to go with this plan, as stated earlier, many employers will match or offer an additional contribution to your HSA. This means that you will be able to claim more free money for your medical expenses if your employer offers you the HDHP health care option.

The Cons of HDHP Plans

Let’s look at the associated cons of using an HDHP plan for your health care requirements.

A Higher Deductible

This plan comes with a higher deductible, which means you will have to pay more out of your pocket for your medical costs. However, these cons can easily be offset by the defined maximum of your HDHP plan. You can use your monthly premium savings or the HSA to pay for your medical expenses.

Not Enough Support For Regular Visits

Another con of using the HDHP plan is that it may not help you with your chronic condition or frequent doctor visits. If you have to regularly visit the doctor for a chronic condition, an HDHP plan may not be the best option. You will have to pay more out of pocket for these visits – until you reach your deductible.

However, after reaching your deductible, most costs are significantly covered by co-insurance after being met (depending on your specific plan)

What Is A PPO (Preferred Provider Organization) Plan?

PPO stands for a preferred provider organization plan, and this plan is perfect for you if you want the advantage of a lower deductible and a wide range of specialty services and in-network providers. However, you may have to pay more in monthly premiums, but you will save money on a lower deductible.

These plans have been around longer than HDHP plans, and this is why these are also known as the traditional health care plans in the market. Let’s take a look at the associated pros and cons of PPO plans.

What Are The Pros And Cons Of PPO Plans?

Here are the upsides of using a PPO plan.

The Pros of PPO Plans

Lower Deductibles And Co-Payment

If you choose to go with a PPO plan, you will pay a lower deductible than its counterpart, an HDHP plan. If you frequently need medical care, the idea of a co-payment rather than the full out of pocket costs per visit can be an enticing benefit.

This way, you will only have to pay as little as possible before your health care plan starts covering most of your medical costs.

Lower Out-Of-Pocket Maximum

With the help of a PPO plan, you will also have to pay a lower maximum out-of-pocket cost than the counterpart HDHP plan.

This way, you will only have to spend the minimum amount of money on your medical expenses. Your health care benefits and health care plan will cover most of your medical expenses, therefore, allowing you to save as much money as possible.

The Cons of PPO Plans

Higher Monthly Premiums

If you decide to go with the PPO plan, you will have to pay higher monthly premiums to take a toll on your financial savings. Whether or not you use your health care plan in that month, you will have to pay a higher monthly premium.

Smaller Network of Providers

Moreover, another disadvantage of using a PPO plan is the preferred provider wrinkle. If you decide to go with a PPO plan, you may have a smaller list and network of possible providers than an HDHP plan.

Moreover, to save money and get the best rate on your medical care, you will have to stick to that list, and you will have to make sure that you find a preferred provider within that list. If you decide to go for someone out of your network and preferred providers list, you will have to pay a high out-of-network bill.

No Access To A Health Savings Account

Unfortunately, an HSA is only available when combined with an HDHP. An HSA is not available to employees who elect a PPO plan.

What Is The Cost Difference Between HDHP Plans And PPO Plans?

Based on your current medical needs, deciding between an HDHP vs. PPO plan comes down to three scenarios:

Both plans cost you the same in the end

You save more money with a PPO plan.

You save more money with an HDHP plan.

To properly understand the cost difference between HDHP plans and PPO plans, we will look at examples to see how these two options compare.

Real-World Examples

Imagine you are a healthy human being who is looking to save money on premiums and wants to take advantage of the HSA option. Therefore, you will go with an HDHP plan.

The plan comes with a $150 monthly premium, and it sounds like an amazing reduction in your monthly expenses. However, the overall annual deductible is $3,000.

On the other hand, if you are currently going through a chronic condition and frequently visit the doctor, you can opt for a PPO plan. It will come with a monthly premium of $450. It may sound like a huge deal at the moment, but your overall detectible will be an annual amount of $900.

Therefore, if you are a healthy human being, an HDHP plan sounds better for you. A PPO plan sounds better if you have frequent doctor visits.

However, we still need to compare both of these options’ costs and see which one is a better fit for modern-day employees. Let’s put everything into perspective.

Using the above scenarios, the total annual premium you will pay if you decide to go with an HDHP plan will be $1,800, whereas the total annual premium for your PPO plan will be $5,400.

The overall annual deductible will be $3,000 for an HDHP plan, and the overall deductible for the entire year will be $900 for your PPO plan.

At the end of the day, the total cost before coinsurance supported by your company and health care plan will come out to $4,800 for your HDHP plan and $6,300 for the PPO plan.

According to these numbers, it will look like that both of these options come pretty close in terms of the total cost before coinsurance. However, we still have to consider the HSA option supported by the HDHP plan and see how this factors into the total cost before coinsurance.

How Does An HSA Factor Into The Overall Cost

One of the major benefits of using an HDHP plan is the additional benefit of your employer’s associated HSA option. This tax-free account gives you the final edge over PPO plans and stands out on top.

This HSA helps pay for additional medical expenses. Your employer will help you set up a tax-free account that can come in handy to pay for higher out-of-pocket expenses.

The HSA Offers Several Additional Benefits:

The lower premiums result in lower annual medical costs out of your pocket. This means you have to pay a lower amount to cover your frequent doctor visits and pay a lesser amount of money for your health care options and medical care.

Secondly, you can easily save up for a rainy day in a completely tax-free investment option, and you can also withdraw this money without having to pay any tax for sudden medical expenses. This way, you can have tax-free money for your medical costs.

Here is how an HSA can help you cover your medical expenses if you decide to go with the HDHP option:

All the money you put into your HSA is completely tax-free, and you will not have to pay any additional tax to cover your medical expenses. You can save this money for a rainy day without having to pay any tax and make use of this money to cover your additional medical care charges and healthcare costs.

Benefit 1:

Another important benefit of using an HSA is that you can easily request the funds to be invested, and the growth will also be completely tax-free. This means that any additional money you earn by investing your existing capital will be free of additional charges and taxes. You will be able to enjoy more money to cover your medical expenses and medical costs.

Benefit 2:

Another amazing benefit of using an HSA is when you withdraw the money, the money will also be tax-free as long as you use it to cover your medical expenses and not for unqualified expenses. This means you can easily use this money for your medical bills without having to worry about paying any additional charges of taxes on the withdrawal process.

If you decide to go with an HSA your money will not expire at the end of every year. Instead, your money will be rolled over to next year, and it will be constantly saved and accumulated as long as you have the account.

Additionally, all your savings and earnings from the investment will also be rolled over to the next year, and you will end up with a lot of savings in your account to take care of your medical bills.

An HSA also offers you the option of using the employer match on your contributions. This way, you can enjoy similar perks as a 401k for your medical expenses.

Benefit 3:

If you currently work for an employer and use their health care option to open an HSA, your account will not be closed when you leave the job and find a new company. This way, you will be able to use your HSA for as long as you want, and you will not have to stay in a single place or company to keep using your health care benefits.

Benefit 4:

Lastly, if you still have funds in your account when you turn 65, the laws for your HSA will change, and you will be able to enjoy a wider array of health benefits from the same HSA. This means that you will not be required to use your HSA money and savings for only medical expenses, and you will be able to use the saved amount for a retirement plan.

Which Plan Is Better? PPO Vs HDHP?

Choosing the right plan type can be quite tricky and difficult. Preventive care is something that not everyone can enjoy, but you can let your health care plan serve you with the right health insurer.

Before you finalize the decision to choose between an HDHP plan or a PPO plan, every health insurer recommends a few questions you need to answer to understand which plan would be a perfect fit for you.

How Often Do You Have To Visit The Doctor?

The first question that you need to answer is how often do you actually go to the doctor. If you have to visit the doctor frequently and you have to visit the doctor every month, an HDHP plan may not be suitable for you as it comes with higher deductibles, and the copayment only kicks in on higher payments as per the insurance company policies.

Therefore, you will have to pay a lot of money out of your own pocket to cover your medical expenses before the copayment takes in, and you may end up losing money with an HDHP plan with higher pocket expenses.

Therefore, if you have to visit a doctor every other week, it may make sense to go with the PPO plan to allow you lower deductibles that can easily take care of frequent doctor visits. This way, your employer’s copayment will kick in as soon as possible with the help of lower deductibles.

Are You Currently Suffering From Any Chronic Condition?

Another question that you need to answer before choosing between an HDHP and a PPO plan is whether you have a chronic health condition requiring intensive and frequent treatment.

If you have a chronic condition and the monthly charges are higher than the detectible for your HDHP plan, then an HDHP plan with an HSA can work to your benefit.

On the other hand, if you have a chronic medical condition, but your overall monthly medical expenses will not exceed your deductible, you should go with a PPO plan. This way, even smaller medical expenses will be taken care of with the help of your chosen health care option, and you will not have to pay higher premiums.

How Often Do You Go To The Emergency Room?

Another question that you need to answer before choosing between the two options is your emergency care trips ratio. How many times do you have to visit the local emergency care center or a primary care physician for emergency medical treatment?

If you have to visit the emergency care center frequently, an HDHP plan with an HSA will be your best bet. However, if you rarely visit the emergency care center and do not have to worry about paying a lot of money out of your pocket, the PPO plan may be more suitable.

Do You Have Any Expensive Medical Costs Coming Up?

Another important factor you need to consider is whether you have a planned surgery or operation coming up in the next year. If you are currently going through a medical condition and you have surgery planned for the coming years, you need to go with an HDHP plan with an HSA as it will offer you higher deductibles and will make sure to take care of your medical bills without any hassles.

On the other hand, if you do not have a planned surgery coming up in the next year or any other expensive medical costs, a PPO plan may save you money.

An HDHP plan will make sure to take care of your expensive medical bills with the help of higher deductibles. Moreover, the HDHP plan will ensure that you get the recommended and required medical coverage from your employer’s tax-free account option.

Do You Have Any Family-Related Medical Expenses?

If you are married or expecting a baby within the next year or the coming few years, you need to go with an HDHP option. An HDHP with an HSA plan will easily take care of your pregnancy costs and your baby’s medical expenses as well.

Therefore, this is another question that you need to ask yourself whether you plan to have or raise a family in the coming years. If you do want to have a family in the coming years, you need to take advantage of the HSA associated with the HDHP plan, and you need to make sure to get higher deductibles and a wider array of medical benefits for yourself and your family.

This way, you will not only be able to enjoy tax-free rainy day medical coverage for yourself, but you will also be able to take care of your multiple family members without any problems with a high deductible plan and employer contribution.

Are You Currently Supporting A Spouse’s Medical Costs Or Child’s Medical Expenses?

If you have to pay alimony or other medical expenses for your kid or wife, you have to go with the HDHP plan to help you take care of higher medical expenses.

This means that you will not only be able to take care of your personal medical expenses, but you will also be able to easily cover all the medical expenses related to your child or spouse without any problems.

You will not have to put additional strain on your financial situation by planning ahead, and you will be able to easily take help from the copayment option offered by your employer in the form of an HSA tax-free account.

You can also save up money in this HSA and invest to earn tax-free growth over the coming few years to easily take care of your children’s or spouse’s medical expenses.

Is Choosing A Preferred Health Insurer An Issue For You?

Another important factor when choosing between HDHP vs. PPO is the flexibility in choosing a health insurer. As we have already discussed, the HDHP plan offers a broader array of medical providers, and you can easily choose from a long list of doctors and primary care physicians for your benefit.

Moreover, a broader list of healthcare providers will also allow you to get health benefits when you move or travel to other cities. On the other hand, if choosing a preferred doctor is not a big issue for you, you can always go for the PPO plan as it will offer you lower deductibles and take away your preference in choosing a doctor.

So, if you want more options and want to get a second opinion from a wide array of doctors, you need to go with the HDHP option, whereas, if you are not that influenced by your choice in a preferred doctor, you can go with the PPO plan.

A lot of people are interested in consulting specialists for their medical requirements. Therefore, if you also need access to a wide array of medical specialists, you need to choose the HDHP options so that you can enjoy a broader array of health care providers.

The PPO option will not offer you the ability to choose specialists on the go, and you may have to pay out-of-network bills to see the specialists.

What Is The Bottom Line?

Both options are beneficial in their own unique way. If you want an option that offers you lower premiums, a tax-shelter option, an employer match, and a broader network of providers to help with your health care benefits, you should choose the HDHP option for your health care coverage.

On the other hand, if you want an option with a lower annual deductible and lower out-of-pocket maximums for your medical coverage, you should go with the PPO option that does not offer you the ability to choose from a wide list of preferred healthcare providers.

Moreover, if you are a healthy and young individual, the HDHP option with an HSA is your secret weapon to invest your medical savings in a tax-free environment for future medical needs.

On the other hand, if you have to frequently visit the doctor’s office and have a chronic condition, you should go with the PPO healthcare option as it will take care of all your out-of-pocket expenses without you having to meet really high deductibles.

Moreover, if you also have to support multiple family members’ medical expenses with your own health care plan and mutual funds, you need to choose the PPO health care option as it will allow you to easily take care of several family members without having to put a strain on your budget.

Additionally, if you have any expensive medical costs coming up in the next few years or you have to seek emergency care every other month constantly, you need to choose the PPO option as it offers lower deductibles that will easily allow the health care plan to cover your out-of-pocket maximums and will allow you to save more money by taking care of your medical bills from the copayment option.

Lastly, if you care about the ability to choose from a wide array of specialists for your special medical requirements, you need to go with the HDHP option that will allow you to choose from a wide array of health care providers and specialists that you can see without having to pay any additional charges of price.

The HDHP plan will also offer you the option of opening up an HSA that will allow you to put aside money for rainy days without worrying about any taxes. This is a great option as you can save up a lot of money and earn from investments without paying any taxes on your money legally.

The final choice depends on your personal preferences, medical conditions, insurance premiums, insurance coverage, and elements that greatly influence your healthcare option’s overall choice.

This post originally appeared on Arrest Your Debt.

With economic downturns a regular occurrence, American workers continue to question their job security. This pandemic has brought to light that having an economic recession-proof job is rare – but is it impossible?

According to the U.S Bureau of Labor Statistics, the U.S.’s highest unemployment rate since the Great Depression was in April of 2020, with over twenty million people filing for unemployment. When the weekly bonus unemployment money ended on July 31st, 2020, many people questioned the economy’s ability to bounce-back.

Is there such a thing as a group of people having recession-proof jobs or recession-proof careers? Is there a way someone can protect or prepare better for the next dip in the economy? These questions will be answered here.

It is essential to know and understand that no career choice offers one hundred percent protection from an economic crisis. In a perfect world, these jobs would exist; however, they do not. However, some career fields offer more economic crisis resistant jobs than others.

These jobs are in the medical field, first responders, teachers, public transit, utility workers, financial advisors, mail delivery, and other essential workers.

We will go into more detail with each profession and the types of jobs they offer below. This article also details the educational requirements, national average salaries, and retirement plans offered to each category.

Healthcare Professionals / Jobs In Healthcare

No matter how the economy is doing, there will always be a need for health care and some form of health insurance. From car accidents to people getting sick and dying, there will never be, nor has there ever been a period in human history when medical advice and services were not needed.

While there is a possibility of work hours being cut during tough times, healthcare professionals are less likely to lose their job than other professions. The healthcare profession has continued to see steady growth during the current economic crisis and remains a top career choice regardless of economic conditions.

1. Doctors

The amount of years required to become a doctor is between 11 to 14. To become a medical doctor, you will need to earn a bachelor’s degree and attend medical school before enrolling in a residency program. Also, there are many career-related examinations to demonstrate proficiency in the student’s chosen specialty.

This education is required before given a permanent position at a hospital.

Average Salary

The national average salary of a doctor is a little over $106k per year. Doctors have a habit of retiring later in life than others in other professions for multiple reasons. Typical retirement packages for doctors include 401ks, pension plans, sound investments, and traditional IRAs.

2. Surgeons

Like doctors, to become a surgeon, you must obtain a bachelor’s degree before going to medical school and completing a residency program. However, unlike doctors, surgeons must get a doctorate before starting their practice, which means more years spent in higher education and additional requirements.

Average Salary

The national average salary for a surgeon is a little over $374,000 per year. The typical retirement packages for surgeons are 401ks, retirement packages offered from their employer, investing, and traditional IRAs.

3. Nurses

Nurses require a shorter time in the classroom compared to other medical professionals. They require only a Bachelor of Science in Nursing. Chamberlain College of Nursing is a popular school that many students hoping to be nurses attend to obtain their basic skills and certifications. Students also need to pass the NCLEX-RN exam.

Average Salary

The national average salary of a registered nurse is over $69k per year. Typical retirement plans offered to nurses are pensions, 401Ks, and an IRA or Roth.

4. Anesthesiologist

While an Anesthesiologist may seem like an easy job to some, it requires a high education level. Besides receiving a bachelor’s degree, one must complete a minimum of a master’s degree, complete a residency period, and choose a fellowship to specialize in a specific medical area. Also, there are stringent exams they must pass to obtain their licenses.

Average Salary

The national average salary for this field is a little over $258K per year. The retirement plans offered for anesthesiologists are 401K plans, traditional IRA plans, and if provided by their employer, a pension plan.

5. Ultrasound Tech

The educational requirement to become an ultrasound tech depends on the location they want to work. Some states require only a sonography certificate, while others require an associate’s or bachelor’s degree in the same subject.

Average Salary

The national’s salary average of almost $74K per year. The retirement plans offered for ultrasound tech is a 401K.

6. Phlebotomist

The educational requires to differ from state to state. However, studying is anywhere from 40 hours to eight months to receive a phlebotomy certification.

Average Salary

The national average is almost $32K per year. Due to the lower salary offered, phlebotomists must be financially conscious and actively saving for retirement through employer-sponsored retirement plans if a pension is not offered.

7. Chiropractor

To become a Chiropractor, one must obtain a Ph.D. degree in Chiropractic studies and receive state licensing to practice. This educational period equates to three years of understudy and four years for the actual Doctorate itself.

Average Salary

The national average for a Chiropractor is a little over $70K a year. Retirement options that Chiropractors are to have an IRA or another type of saving.

8. Lab Techs

In most states, the educational requirements to become a Lab Tech is a bachelor’s degree. However, other locations may only require an associate degree depending on the medical field’s needs in that particular state. Several certificate programs exist to make yourself more competitive if you seek a job as a lab tech.

Average Salary

A little over $86K is the national salary average for this profession. Depending on the Retirement packages offered by an employer, one could receive a 401k or a pension.

9. Physical Therapists

This career requires a doctoral degree in physical therapy. The number of years it takes to get a doctoral degree will vary upon the school and program. Some schools will allow you to obtain both a bachelor’s and master’s degrees simultaneously, while others do not.

It is essential to investigate the states with job openings because each state pays differently, and some may only require an associate degree.

Average Salary

The national average salary is $84K per year. Retirement options are 401K or 403b plans.

10. Occupational Therapy

Occupational Therapists require a minimum of a master’s degree. They can opt to go for the “National Board for Certification of Occupational Therapists” certificate if they want more knowledge of their field. In addition, therapists must get their state license before practicing.

Average Salary

The national average is a little over $80K per year. The retirement plan options with this career depend on the options the employer offers. Besides having an IRA and a possible 401K, one should investigate other options to prepare for retirement.

11. Hospice Workers

It may be surprising, but the general minimum educational requirement to become a hospice social worker is a master’s degree.

Average Salary

On average, they make a little over $68K per year. This occupation is not emotionally easy because hospice care workers deal with death daily or weekly. These employees are also required to help the terminally ill patient’s families navigate this traumatic time. This career’s retirement options are better than most because most hospice workers receive a generous 401k or pension plan.

Besides the occupations listed above, other healthcare professions to consider are:

Mental health care worker

Physician assistant

Personal care aides

Eldercare

Social workers

Nursing aides

Home health aides / Assisted Living / Senior care providers

Support staff in Psychiatric Units

First Responders / Public Safety

Anyone who signs up to be a first responder puts their life on the line. These jobs test a person’s mental and physical strength in ways other professions do not. While being a first responder is not a safe job, you are normally rewarded with a comfortable retirement plan to deal with the stress levels. No matter the economic climate of the country, there will forever be a need for public service.

12. Law Enforcement

The minimum educational requirement is a High School Diploma or a GED. However, some state departments may require an associate or bachelor’s degree. Other conditions to become a police officer are being at least 18 to 21 years old (depending on the state), having a clean record, and completing the entrance exam and the police academy.

Average Salary

The national average salary for law enforcement officers is a little over $65K per year. Most police officers receive a pension for their retirement.

13. Corrections Workers

Like the continual need for line-level police officers, correction officers will always be needed to manage the jail and prison systems to ensure safety and security for both prisoners and the public.

Average Salary

On average, employees in Corrections earn an average salary of $36k – $55k per year. Corrections workers usually have state or county managed benefits and are eligible for pensions if the jail is not privately owned.

14. Firefighter

The minimum education required to become a firefighter is a High School Diploma or GED. However, some do go on to study fire science to further their career. In training, firefighters must successfully graduate from the fire academy and elect to pursue an Emergency Medical Technician certificate.

Average Salary

The national average salary for a firefighter is a little under $50k per year. Fire Fighters receive a retirement pension.

15. Emergency Medical Technicians (EMT)

The minimum educational requirement to become an EMT is a High School Diploma or a GED. They must have ambulance driver training and successfully earn an EMT certificate, which can take anywhere from one to two years.

Average Salary

Their national salary average is almost $37K a year. The retirement plan offered from EMTs depends on the employer, but many will receive a pension or employer-sponsored 401k.

Public Sector

Public utility careers offer both more recession and depression proof jobs because the public still needs working utilities and roads no matter which economic cycle we are in. Some people look down on some of these jobs, not knowing the protection and high income these jobs provide to the people who do them.

16. Electrician

The primary education required to become an electrician is a High School Diploma or GED. Potential electricians need an electrician certificate or associate degree either at a trade school or through the electricians union to receive training. These types of utility services will continue to be in strong demand regardless of negative economic activity.

After formal schooling, employees work in an apprenticeship status, including technical and job training. Upon completing the program, a formal electrician’s license must practice this trade in a solo capacity. On average, the schooling will last between one to five years, depending on what one’s state law mandates and the school one goes through.

Average Salary

The annual salary average is almost $50K for electricians. There is a union for electricians that can be joined for additional benefits. Retirement plans available are entirely dependent on the employer. In the case of contract work, it may be in the employee’s best interest to fund their IRA plan. Some unions have bargained for pensions, but these are quickly going away.

17.Trash Collector

The educational requirement depends on what the employer wants. However, having a High School Diploma or GED would be the bare minimum. On-the-job training would be provided.

Average Salary

The annual average salary for a trash collector is over $41K. It can be a union job if one decides to join. Retirement plans differ from employer to employer, but a general 401K plan is available.

18. Plumbers

Recent High School Graduates are eligible to obtain a plumbing career without additional college credits. However, similar to electricians, plumbers must complete an apprenticeship that can take a few years, which is done in partnership with a plumber union or a trade association.

Average Salary

The national average of a plumber is almost $54K a year. Depending on if one is part of the league and if the employer offers a retirement plan or not, retirement options include a pension, a 401K, or an IRA.

19. Cable/Internet Installer

Even though people cut expenses during a recession, businesses will still require internet and phone services. Installing and fixing cable wires and connections will always be needed due to multiple factors, including the need for high-speed internet due to web-based remote meetings.

Average Salary

The national annual average for a cable installer is $41K, and the minimum educational requirement is a High School Diploma. Individual employers may require an associate degree. Their employer may offer retirement benefits for cable installers. However, starting an IRA is highly recommended.

20. Gas Utility Service Worker

Different employers have different educational requirements for this position. However, they all require a minimum of a High School Diploma or a GED. The local gas utility companies offer a range of jobs, but the most well known to the public is the “gas utility worker.”

Average Salary

The average annual salary for a utility worker is close to $40K per year, depending on if it is part of a union. Retirement plans depend on the employer. Pensions are still available, but employer-sponsored 401k plans are taking over.

21. Construction Worker

Construction is another utility job that only requires a High School Diploma. This job does on-the-job training for the specialty sought by the employee. Even with a changing economy and uncertain times, construction workers will continue to be needed for essential maintenance.

Average Salary

The national salary average is almost $36K per year. Retirement plans and options are offered by the union and possibly by the employer, so one will have to investigate them further for full details.

While all the jobs listed above only require a High School Diploma and most are part of unions, their importance to the communities they serve is always in high demand. They may not be glorious jobs, but they pay about average compared to other jobs that require a bachelor’s degree.

Public Transportation

Although recessions tend to eliminate jobs, it does not eliminate the need for people to get around. From getting to work to running errands around town, not everyone can afford a vehicle and insurance. Some things like groceries must be brought in from out of state, and some business activities require traveling from one side of the country to the other. Here are just some of the public transit positions that are still needed during a downturn of the economy.

22. Commercial Driver

To be a bus or truck driver, the minimum education requirement is a High School Diploma or a GED. However, the most critical form of education is the successful passing of the Commercial Drivers License (CDL) test to obtain a CDL. It can take between three weeks to six months to obtain, depending on how long an applicant wants to study and how well they perform on the test.

This license must be renewed every five to eight years. The cost of schooling and how much the permit will cost is dependent on the state. However, the average cost of this education ranges from $3K to $7K.

Average Salary

A CDL truck driver’s national average salary is $66K, while a CDL bus driver makes $42K. A retirement plan for any CDL driver is dependent on the retirement options offered by the company. The company may offer a retirement pension or package. If they do not, then one has the possibilities of a traditional IRA or a Roth IRA.

23. Air Traffic Control

When you think of public transportation, an air traffic controller job may not be a career you think of. However, they are the extra eyes and ears that pilots rely on to travel safely. The educational requirements to be an air traffic controller requires one to attend the “Air Traffic Collegiate Training Initiative program” where students must complete an associate’s or bachelor’s degree and pass exams set forth by the Academy of Federal Aviation Administration.

Besides the educational requirements, one must also pass a background check, a medical physical, and be a U.S citizen. Air traffic control is one of the most stressful careers one can have.

Average Salary

The pay may make it worthwhile for an air traffic controller’s national average salary of $123K per year. There is a retirement pension offered.

24. Commercial Airline Pilot

To become an airline pilot, you need a bachelor’s degree in aviation or some other related field and complete at least 1,500 hours of flight experience.

Average Salary

How much a pilot gets paid depends on various factors like experience and job title. However, the nationals average for a commercial air pilot is $175K per year. Many pilot jobs are union jobs, so what kind of retirement options one has varies. One may be offered a retirement pension from one employer while a different employer may give others a 401K.

While the educational requirements for these public transit workers jobs have a wide range, the dedication of providing an available service is still there. There will always be a demand for these positions to be filled.

Mail And Postal Services

In a world filled with technology, everyone still relies on the postal services to receive their packages. No matter how much we rely on paperless billing and paying bills online, there are some things that computers cannot do.

25. United States Postal Service

A career with the United States Postal Service is a government job with great benefits. The minimum educational requirement is a High School Diploma. The job’s minimum requirements are proof of citizenship, having a clean driving record, and passing a background check.

The hardest part of getting a job with the post office is passing the Virtual Entry Assessments, previously known as Postal Exam 473. A minimum passing grade of 70% or higher is required before an in-person interview. The higher the score, the better your chances of landing a job.

Average Salary

The annual national average is $58K. The retirement plan that postal workers are offered is a retirement package called “the Federal Employment Retirement System.” A postal worker can also draw from Social Security.

26. FedEx

The minimum educational requirement to work for FedEx is a High School Diploma. Still, they prefer to have a bachelor’s degree in logistics, business, or related fields.

Average Salary

The national average salary is a little over $35K per year. FedEx offers a 401K for a retirement plan.

27. United Parcel Service (UPS)

There is no minimum educational requirement to meet when going for an entry-level position.

Average Salary

The national average salary for a UPS driver is over $83K per year. UPS offers a 401K retirement plan.

Finance Industry

During a recession, personal finances can be significantly impacted. However, the financial industry continues to thrive during these economic cycles. Tax season does not stop, nor does the preparation it requires. From individual and business tax filling to people needing to file bankruptcy, financial services will continue to be needed.

28. Tax Professionals

There is no definite required minimum education required to become an entry-level tax preparer; however, there are college certificates and tax preparation courses available to take. The Internal Revenue Service (IRS) now requires a paid tax filer to have a “Preparer Tax Identification Number.” Depending on the job you are seeking in the tax field, you may need additional education, such as a Certified Personal Accountant designation.

Average Salary

The annual average salary for a tax professional is $39K per year. It depends on the company if they offer a retirement plan or not. Most can expect to have a 401K, a traditional IRA, or a Roth IRA.

29. Accountants

To get into an entry-level job as an accountant, you need a minimum of a bachelor’s degree in accounting. Some states also require you to pass the “Certified Public Accountant exam” as part of their educational requirements.

Average Salary

The national average for an accountant is an annual salary of over $70K. Accounting companies may offer retirement pensions, but most do not. The best option would be to start a 401K, a traditional IRA, or a Roth IRA.

30. Bankruptcy Attorneys And Divorce Attorneys

To become a bankruptcy attorney, a person needs to graduate law school and pass the bar exam before practicing law. To be a successful lawyer, you must have good communication and negotiation skills and a great understanding of current laws.

Average Salary

The national salary average for a bankruptcy lawyer is $119K per year. For a lawyer to prepare for retirement, they should enroll in a 401k, a Roth IRA, or a traditional IRA.

Other occupations that would fall under finance that could be interesting would be network administrators, finance specialists, or budget analysts. If someone is good with numbers, working in the finance industry could be a temping recession-proof job career change.

Jobs In Education

There is a wide range of teaching positions within the education system that can ignite your passions. There are two things you must think about when narrowing down what grade you wants to teach. The first is to decide what age range of students you would enjoy teaching. The second is what subject you enjoy and would like to instruct. Once these questions are answered, the information below will give further details of a possible career change.

31. Elementary Teacher

Each state has minimum educational requirements to become an elementary school teacher. Some states only require a bachelor’s degree while others go a step further and require a master’s degree.

Average Salary

The national average for an elementary teacher is $59K per year. Elementary teachers receive a state pension when they retire after an average of 30 years of service, as well as a 403B option.

32. High School Teacher

A bachelor’s degree is required to become a High School teacher, along with additional educational certificates.

Average Salary

The average national salary for a person who teaches at a high school level is a little over $64K per year. Teachers receive a pension as a retirement package and a 403B option.

33. College Professor

The minimum educational requirement to become a College Professor is a master’s degree. However, many universities require a Ph.D.

Average Salary

The average national salary of a college professor is $155K per year. Most colleges and universities provide a pension to eligible instructors.

Be sure to research the minimum requirements required to become a teacher in the state you live in. Also, many states pay their teachers and professors well under the national average, which also means a low pension in retirement. While having a teaching position is more recession-proof than other jobs, it does not guarantee an easy career.

Essential Workers

This pandemic has brought to light the importance of which jobs are deemed necessary for the public’s survival. No matter how the epidemic has affected your income, the revelation of which jobs survived during the shut down reveals which jobs will more likely survive a recession. No matter the economy, people still need to eat, get to work, and, unfortunately, people continue to die.

34. Grocers

Every grocery chain has different requirements for the range of positions they offer. The minimum educational requirement they all desire is a High School Diploma or a GED.

Average Salary

The national salary average for a grocery store worker is $25K per year. Mangers, of course, make slightly more. Retirement plans for grocery workers depend on if or what the employer offers. The best options would be a traditional IRA or a Roth IRA.

35. Auto Mechanics

The minimum educational requirement to become a vehicle mechanic is a High School Diploma or equivalent. Depending on the shop you want to work at, and what type of vehicles you enjoy fixing, the requirements may vary. Some dealers require additional vocational education and manufacturer-specific certifications, which must be renewed every few years.

During tough times, people drive older cars rather than new ones. This increases the need for mechanics.

Average Salary

The national salary average for this profession is a little over $40K per year. The shop owner may offer retirement plans; however, creating an IRA or Roth would be the best bet if no retirement plan is provided.

36. Fast Food Workers

Fast-food workers may not be the first choice for many people. It is not the most glamorous, but it is more secure since people will always need to eat. Fast food is a cheap way to feed a family and continue to thrive even in economic downturns. The minimum educational requirement for most fast food positions is a High School Diploma.

Average Salary

The average national salary for a fast-food worker is $23K per year. It depends on the employer if any retirement plans are offered. Having an IRA or a Roth is recommended.

37. Funeral Home Director

The funeral industry will continue to thrive, regardless of how the economy is doing. The minimum educational requirement to be a funeral director is an associate degree; however, some locations may require a bachelor’s degree. Both degrees must be in mortuary science. Once undergraduate courses have finished, the next step is to complete an apprenticeship before taking the state exam.

Average Salary

The average salary for a funeral director is $49K per year. If a director becomes part of the “National Funeral Directors Association,” retirement plans like a 401K and pensions are available.

No matter what a chief economist says, essential jobs will be needed throughout the country during the recession’s highs and lows. These jobs are not fancy and do not strike excitement on a resume, but they pay the bills.

Other Skills Needed For A Recession-Proof Job

When tough times hit, many people look for other sources of income. From side gigs, pursuing a secondary degree, or change careers, it’s natural to look for a change that will make our lives financially more stable.

Computer Coding

Computer coding is continually being sought after by tech companies as a needed specialized skill. If you have the ability to master this programming language, doors will open for you in the world of software development as a software engineer in the tech industry.

Primary coding languages are HTML (Hypertext Markup Language), CSS (Cascading Style Sheets), Python, and JavaScript. The best examples of completed HTML coding are in emails and Office Word documents with the bold lettering, italics, underlining, and enlarging or shrinking of words’ size. Users see the finished product front end and not the detailed coding language behind the scenes.

CSS is another coding system that allows HTML to be read and changed to specific web design requirements. JavaScript enables websites to update with new information continuously. The languages get more complex, the higher up the web development chain you go.

To learn all the different tech skills, additional vocational or computer trade schooling may be required. Website development is one of the careers you can land if you have coding skills.

Average Salary

The national salary average for a website developer is almost $70K per year. However, there are other jobs or side gigs available to tech-savvy people. These jobs include:

• Freelance writer

• Coding Teacher

• Software application developer

• Database administrator

• Computer programmer

• WordPress developer

Now that we have gone over jobs that are recession-resistant and possible side gigs that can help make ends meet, we will now go over the risky jobs during tough times. These jobs only do well when the economy is doing well.

Risky Recession Vulnerable Jobs

This list comprises some of the less recession-resistant jobs which may be more likely to be cut.

1. Employees Of The Arts

This topic has a wide range of careers within the entertainment industry, and with good reason. The theater has actors, dancers, costume dressers and designers, sewers, wig techniques, and just the back and on-stage positions. Then there are the people who sell the tickets and ushers who take people to their seats. The list goes.

From Broadway, photoshoots, fashion shows, music concerts, and more, these jobs rely heavily on tourism and the economy doing well enough for people to go on vacation. When the people stop coming, sales slip, leading to hours being cut and then finally shut down.

2. Travel Agents

Travel agents are another industry that relies heavily on tourism and people traveling.

3. Nail Technicians

Getting one’s nails done becomes expensive if one follows the rules of getting the nails filled every one to two weeks, and the nails themselves being replaced every month. This is before adding any extra decorative things to the nails. Depending on where one is going and how often they go to the nail salon, one can be spending hundreds of dollars of month.

As a nail technician, this is a great business, but when a recession hits and customers can not afford to pay the same amount of money, the company takes a nosedive.

4. Cosmetologists

Cosmetologists and Hairstylists have the same problem that nail styles do. When the economy is good, and the money is flowing, people are more than willing to try new hairstyles. However, when money is tight many will dye their hair at home and find a cheaper, simple haircut.

5. Retail Clothing Employees

Sales at clothing stores plummet when a recession hits. Many retail clothing stores end up closing permanently during tough times. A negative in the retail industry is involves the return policy. People will try to return clothes they have not worn to get some money back, and they are not willing to splurge on a new outfit when rent is due.

Unable to sell clothes at full price, many stores resort to having more sales than usual and intentionally selling their items for less than what the cost was to have them made. This lost revenue leads to employees’ hours being cut and even job loss.

6. Bartenders

When the economy is on fire, the drinks flow. When people can afford to go to the clubs, shows, parties, and fancy restaurants, bartenders do well. People do not mind spending money on alcohol and giving big tips when the financial belt is not so tight. Bartenders can survive a recession; however, they may need a side gig or two to survive.

Staying Optimistic To Survive A Recession

All countries, no matter how well established, will have periods of recession. Before this pandemic, the previous recession was in 2008-2009. Economists report that the U.S.’s growth since 2009 had been one of the best bounce backs in this country’s history. Unfortunately, the 2008 recession collapse is said to be the worst economic dip since the Great Depression.

With the government shutting down to curb the spread of COVID-19, it is unknown how long this recession will last. We can only guess when the bounce back will begin and if or how well the U.S. economy will recover from this pandemic. Hopefully, you’re in a financially stable position. If not, check out one of the recession-proof jobs listed above to give yourself the best chance of a quick recovery.

This post originally appeared on Arrest Your Debt.

3D printing technology is still a new concept for most people. However, the technology has been around for a few decades now, and a savvy group of people has figured out how to make money with 3D printers.

Learning as much as you can about 3D printing today is important as different manufacturing sectors move towards this technology. With 3D printing, manufacturers can reduce the prices of products. Better yet, the software pipeline has gotten better, allowing 3D models to print with ease, and at record speeds.

Engineers and hobbyists turn their crafting passions into a reality using 3D printing technology. These enthusiasts might use 3D pens to create models from the comfort of their homes. However, the 3D pen does not come close to the precision of a printer.

Again, it is costly to buy and maintain a 3D printer at home. This is where you can offer your help and make money with 3D printing services and rapid prototyping skills.

You do still need a 3D printer? Later in this article, we will list some of the most popular 3D printers for sale. There are many ways to make money from 3D printing as long as you have the knowledge and passion. In this guide, we look at some of the ways to make money with a 3D printer.

Print 3D Models On-Demand With A 3D Printer

You can run your 3D printing business like a paper printing business. Here, you set up shop and wait for customers to bring their designs for printing. It is a classic way for tech hobbyists to start making money.

Now is a great time to make 3D printed products because the rise in the popularity of 3D printers has reduced these machines’ overall cost. Depending on the printing load and the number of customers you expect to attract, you have different printer choices.

The only challenge you face is increasing competition, thanks to the low prices of 3D printers. Today, you can buy a 3D printer for around $200. This means offices and hobbyists might choose to buy the machines outright instead of choosing on-demand services. Because of this, you need to make your services high quality and reliable at all times.

Again, established large space service providers might offer low prices for their services, making it even more challenging for you.

To beat the competition, you need to invest in a reliable 3D printer. Do your research before you buy the printer to ensure you only get the best. Instead of competing with established businesses on price, the focus should be on delivering quality 3D models at all times.

Understanding Your Target Audience And Potential Clients

Once you get that first customer, it’s important to make a great initial impression so you can enjoy a stream of new customers through future referrals. You can rely on that customer to market your services through word of mouth as you look for the next.

Lucky for you, some marketplaces can help you source for customers. All you need to do in these market places is register as a printer service provider and start marketing your 3D Printing Designs in an online shop.

Most of the platforms accessible to you are free to use. Some even offer guides and a framework that you can use to price and print out your models. The only challenge is that you will have to pay a small percentage of the money you make from the service.

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Shapeways – Shapeways offers a platform for 3D service providers to find potential clients and receive payment for their services. As a printing service provider, you may not have the design skills you need to create the models requested by your customers. On Shapeways, you can hire freelance designers to work on your models and give you ideas for 3D objects. Here, people start with no design and end up with a unique product. Registration is free, and you only pay a small percentage of your earnings.

Treatstock – This is another 3D-focused platform that connects clients to 3D service providers. It is a manufacturing platform, and all service providers are manufacturers on the platform. All you need to do is create an account and start fulfilling orders on 3D products.

Fiverr – Fiverr is a freelance platform for a variety of freelance work. The platform has freelance designers, service providers, and clients. It offers an easy way to acquire customers. Your customer will leave reviews after your work, allowing you to gain even more customers in this e-commerce space.

MakeXYZ – MakeXYZ is a simple platform for designers, 3D printing service providers, and clients. The three come together in this user-friendly software to create impressive models. The platform is easy to use and is rich in impressive features for clients and service providers.

3D Hubs – Unlike Fiverr, 3D Hubs is a platform designed specifically for 3D prints. It is a professional manufacturing hub where you can find clients for your on-demand printing services. It is easy to create a free account, after which you enlist yourself as a 3D printer owner available for work.

The advantage of this service is that it connects people in the same region. As such, most clients who request your services will be from your neighborhood, making it easy for you to deliver the finished product promptly.

Other e-commerce sites you might consider include Sculpteo, imakr, Ponoko, and i.materialize. There is no problem if you want to be in two or more of these marketplaces to source clients. The more the marketplaces you are in, the higher the chances of getting clients.

When shopping for the best marketplace, consider the ease of use of each platform, the platform’s fees, and its popularity. Popular platforms usually have many more clients compared to new platforms.

How To Create 3D Prints And Make Money With 3D Printed Products

Printing on demand is easier because your clients want specific items, and they may even have their own designs. In fact, in most cases, when you print-on-demand, your clients are engineers and companies that already have models.

Selling printed items mean that you have to research the best items to print, hire designers to create unique designs, print the items, and market the items. Granted, you need much more input when you need to sell printed items.

To succeed in this field, you need to have the best designs and come up with items that interest consumers. The items need to not only look attractive but also offer value to potential customers. Again, your items need to have an economical design that allows you to print with ease while remaining cost-effective.

You can learn to design 3D prints through YouTube videos, online courses on 3D, or hiring experienced designers. You also need to find a niche where your services and products will offer value to potential customers. To find a product of value, you need to consider the following:

The need to create the product

The ability of the product to fulfill the need it is designed for

How the product works under different conditions

Different 3D Printers Have Different Abilities

3D printers are not created equal. While there is a wide range of printers, each printer has a unique characteristic that makes it better at one function or the other. There is a printer for every shape that you may need to create. As such, you need to take your time when shopping for a printer to ensure you get the best for the items you need to create.

Again, printers offer different functionalities. To create perfect designs, you need to understand how to use the functionalities and the features to your advantage based on your technical skill.

You can start your research on marketplaces and social media sites. Browse through the items to see which items sell more on these marketplaces. If, for instance, you note that ornamental items or personalized crafts sell more, hire a freelance designer to work with. A designer can create a unique design of a product to help you beat the competition.

Today, most 3D printing services specialize in homemade products such as jewelry. You can create similar wearable products and custom jewelry, but ensure your designs are unique to attract more customers. Unique and funky jewelry can be appealing to customers who are looking for something different. When doing so, you need to take care to avoid copyright infringement.

It is okay to create your own unique spin from a successful product, say your unique design of successful plastic cups. However, printing someone else’s exact designs is considered copyright infringement and is wrong ethically and legally.

Which 3D Prints And 3D Designs Sell Quickly?

There is an exhaustive list of 3D items for every 3D printing entrepreneur. You need to identify your niche based on the needs in your neighborhood.

According to marketplaces, the following items are a great place to start:

1. Customized Shoes

You do not have to create complex shoes to get customers; you only need to personalize your clients’ shoes. Most printing service providers offer jewelry and other common items, but you can do shoes. Flip flops and crocs are the easiest to print. You can create your crocs and flip flops to match the contours on the foot of the wearer. Here, you only need flexible materials such as TPU Filament.

2. Robotic Kits

3d robotic kits

You can create anything from children’s learning guides to RC cars and smart whiteboards with the right skills. With the world embracing robots more, there is a chance for you to create impressive designs that meet the needs of different customers.

With the Internet of Things rising in popularity, there are so many fields that you can experiment with. However, you need to be creative and inventive to create robots.

3. Movie Props

Movie props are a fan favorite. The only thing you need is to clear the legal challenges of printing such items, and you are good to go. Research the most popular movie or game in your neighborhood and start printing the props. Die-hard fans and collectors might ask for a full Iron Man suit. Be ready to design and print it. After printing, you may need professional finishing on the props.

The challenge with movie props comes in the work that goes into designing them and the legalities surrounding printing and selling such items.

4. Architectural Designs

If you love architecture, you can create your own architect designs and print them for selling. You can also work with an architect to help you design and model for printing. You can create models of houses in different sizes and different designs to attract different customers. To do this, you need to have architecture skills or hire someone who can create the designs for you.

5. Jewelry and Ornaments

It is easy and affordable to buy photopolymer-based 3D printers today. Granted, it is easier for you to create bespoke jewelry using wax casting. Here, all you need is to create a design, say a ring, and send it to the printer. The printer then uses UV light curing wax to give a ring the shine it needs.

While easier said than done, you do need 3D printing skills to create jewelry that sells. However, once you master the art, it becomes easier to create your own jewelry line and attract a breed of clients who love your designs and fashion accessories.

You can start by targeting a specific niche and then change the materials and the designs you use to attract the customers you need. The good news is, modern printers can print jewelry with as small as 0.1mm nozzles. Aim for fashion publications to feature your products.

6. Kids Toys

print 3d toys

Toys are everywhere, and you can still print more. However, you have to make your toys unique to attract more customers than your competitors. Toys come in all shapes and sizes, and it is up to you to be creative enough to design toys that sell.

7. Customized Household Décor Pieces

From vases to portraits, there are so many items you can design to decorate a house. You can print portraits of animals, flowers, and attractive shapes. You can have ready designs and ready items, or you can create them in order.

8. Electronic Device Casings

Mobil phone cases and custom earbuds are functional as they are decorative. You can create and sell these items. All you have to do is market your business right, and you will be good to go. Creating attractive and unique cases can take a lot of time, but it will be good to start making money once you have a selling design.

Custom cases are even more time consuming as you have to design a case for every customer, but you can usually charge premium rates.

9. Move With The Current Trend

Instead of printing cups and spending all your free time marketing them, why not create items that are trending? If Marvel unveils a new superhero, you can create props for that and make money before the trend fades. Keep watch of trends, and you will always have customers without the additional cost of extensive marketing.

10. Other Items

You can print many more items, including prosthetics industry items, depending on the needs you identify. Here are a few additional 3D printing ideas:

Custom equipment parts

Board games

Cat and birdhouses

Learning models for students for brains and other organs

Key chains

Phone cases

Lawn ornaments

Bottle openers

Lighting fixtures

Kitchen equipment/kitchen products

Fetus figurines

Electric device casings

Promotional materials

Nerf guns

Tennis rackets

Guitar picks

Fake nails extensions

Construction archetypes

One-off items

And much more. Only your creativity and skills can limit the number of quality products you can print and sell.

Where Do You Sell the Items You Print?

You can start a shop in your neighborhood, but that means you are restricted to the number of customers you reach. Instead, consider platforms such as an Etsy store, eBay, Facebook Marketplace, and Bonanza, and other online communities such as social media platforms.

Alternatively, you can create an online store for your 3D printed items. Today, platforms such as Shopify, Squarespace, and Wix allow you to create an e-commerce site with ease.

Selling 3D Models Without A 3D Printer

If you do not have a printer, but you have the skills to design unique models, you can sell these services as well. There are so many printing services and hobbyists who need models, and you can sell your skills. If you do not have the expertise, but you have the creativity to come up with new ideas, you can hire a designer affordably on Fiverr or any other marketplace. Once the model is ready, you can sell it on one of many marketplaces.

Just like selling printed items, you need to identify your niche and ensure your designs are stellar. This way, you will always have ready customers. Popular 3D model marketplaces include:

CGtrader

Cults3D

Pinshape

Turbosquid

Skrimarket

MyMiniFactory

Can You Print Food With A 3D Printer?

Yes! There are 3D printers designed to print food. These printers are ideal for paste based food-items such as candies, creams, sauces, and potato mash. 3D printing technology works fast, and as long as you have the right skills, you will end up with delectable dishes.

Food printers come in different forms, with simple pancake printers starting around $300 and complex professional printers costing thousands of dollars.

If you are interested in this field, you can print frozen food items and sell them to businesses or directly to clients. Your dishes only need to be pleasing to the eye, and you can attract so many customers interested in these unique products.

Comparing Top 3D Printers To Match The Needs Of Your Business

How much money do you have to start a 3D printing business? What do you need to print? How reliable do you need your printer to be? Answering these questions will help you choose the right printer for the job.

Consumer-Grade Printers

These are 3D printers you find in homes and small offices. They are simple and may not be so reliable for large-scale printing. These printers are available for around $200 and offer both Fused Deposition Modeling (FDM) and Stereolithography (SLA) modeling. When shopping, look for a model with the best reliability. Such a model will cost you between $700 and $1000, but it will not fail you when you need it the most.

FDM Extrusion printers, like this one on Amazon, offer the biggest advantage when you need low running costs, especially in maintenance costs and the type of material needed for production. The cost of filament material varies from one material to the next. Some advanced 3D printer models can use plastic, metal, and other composites. Whichever printer you choose, note that certain types of filaments are more affordable than liquid resins.

While FDM printers are more affordable to maintain, they may not offer the same print quality as a resin-based printer at the same price.

Resin-based printers, like this top-rated Phrozen Sonic Mini Resin 3D printer are also fast in executing tasks. If you have a resin-based printer, you will need to create great designs as these printers need additional processes such as curing prints, washing in alcohol, and much more to get the prints ready. If you use liquid resins, you need to use gloves to protect your hands from the toxins in them.

Unless you need precision to a hundredth of a millimeter, you can use an FDM printer for most of the printing work you do. They are cheaper to buy and maintain, and they also offer reliable printing.

If you print 3D items on-demand, you need to have a set of printers, and you also need to have a variety of printing materials to meet every client’s needs.

Metal Printers and Multi-Material Printing

Metal 3D printers are ideal for established manufacturing firms. Startups may not be able to afford the cost of these printers. Metal printers are ideal when you need large metal blocks that do not require precisions to the hundredth millimeter. The average cost of a metal printer is around $50,000.

Multi-material 3D printing is also expensive, and unless your business is established, you may not need to start with such expensive printers.

If you need to mass-produce items, go for jetting printers to produce multiple items simultaneously.

Other Ways to Make Money From 3D Printing Technology

In the last few decades, 3D printing has progressed from complex technology to something almost every industry wants to adopt. As a businessperson, you can apply your knowledge in 3D printing and your business skills to make real money.

Besides printing on demand, selling printed items, and selling 3D models, you can also earn money from the following methods:

Offer 3D Printing Classes Online

As other businesses rush to buy 3D printers for on-demand printing, you can offer the needed knowledge since you have mastered the learning curve. Schools and businesses are willing to pay experts for 3D printing courses. If you understand the design and printing process, you can teach students in colleges and universities and employees of different customers to use a 3D printer.

As the future of manufacturing inches slowly towards 3D printing, colleges and universities might soon be looking for 3D printing teachers. You do not have to wait for colleges and other educational institutions to hire your services because you can start with targeted training sessions for individual students and progress from there.

The benefit of teaching is that you become better at 3D printing the longer you do it. If you need to start a printing business in the future, you will have more knowledge as a teacher as long as you keep improving your skills.

Invest In A 3D Printing Business

The growth in the 3D printing industry will see a rise in the growth of major stocks in the industry. The 3D printing industry is expected to hit the $10 billion mark in 2020, and you can choose to invest in stocks instead of buying a printer. Investing in stocks can be as easy as buying shares in a reputable company and waiting for dividends. It can be as complicated as doing a lot of research and investing in different companies to get the best from all of them.

There are many 3D printing stocks to choose from, but some are an investor’s haven. They include:

Stratasys (SSYS)

3D Systems (DDD)

Hewlett-Packard Company (HPQ)

AutoDesk, Inc (ADSK)

3M Co (MMM)

Adobe Systems Incorporated (ADBE)

Microsoft Corporation (MSFT)

VoxelJet AG (VJET)

Materialise NV (MTLS)

Organovo (ONVO)

ExOne Co (XONE)

Arcam (AMAVF)

You can invest in companies that produce 3D printers such as HP, others that offer 3D printing services, and others that use 3D printing to better their services and products. When investing, look at the stocks in terms of value in three or more years to come. If you only look at the first three years of your investment, the stocks might be overvalued. However, if you look at the future, the growth in 3D companies is almost limitless.

Running Your 3D Printing Business Like Any Other Successful Business

Although there is a lot of potential in the 3D printing industry, this doesn’t mean you will not face competition or do not need to market your services to people. You need to develop a business model that helps you make money from your skills and knowledge.

You need to have a marketing department and any other department you would have a paper printing business. Most importantly, your products’ quality needs to be top-notch for customers to believe in your services.

Conclusion

To make money with a 3D printer, you need design skills and knowledge to succeed in this potentially lucrative venture. There is a shortage of designers and workers who can operate the printer, and you may have to run and manage every aspect of your business. However, you can train a few people to help you out.

If you do not have the skills, you can still hire people from previously mentioned online platforms who can help you run your business.

Is 3D printing a get-rich-quick scheme? No. You will need to put the work in. With so many people getting into the industry, competition is stiff, and you need something that makes you stand out. Are you ready to start making money from a technology that may be the future of marketing?

This article originally appeared on Arrest Your Debt.

For many Americans, screaming, “We’re Debt-Free!” and ultimately living a life without financial stress seems somewhat impossible. The messaging on the internet, social media, news, and even within homes promotes a culture of buying now and paying later.

The consumer system is set up so that most purchases depend on applicant creditworthiness and a focus on being in debt responsibly. A high credit score will get you lower interest rates on major purchases, and a low credit score is a cause for worry because of higher interest rates. Many people also struggle to build their credit, and they must be careful about which personal finance decisions impact credit scores.

The average American builds credit by opening a credit card account, acquiring student loan debt, or making car payments. Many people also live paycheck to paycheck, making it difficult to avoid applying for loans if they urgently need money.

The availability of easy to obtain high-interest credit options results in many people incurring debt over their lifetimes, which, if not managed, can result in being overwhelmed with thousands of dollars in debt. Many Americans are also not financially literate, increasing their chances of landing debt options with high-interest rates and longer terms of payment. All these factors could result in living an undesirable life of debt.

My Debt-Free Life Started Late In My Adult Life

After buckling down for about seven years, my wife and I were able to pay off our home mortgage, vehicle loans, credit card debt, recover from a prior-forclosure, and set us up to retire with over a million dollars in my employer-sponsored retirement fund. We did this by hitting rock bottom by living a “normal life” and realized we were tired of living paycheck to paycheck.

To change our lives so we could eventually say, “we’re debt-free” required several tactics:

Significantly reduced living expenses

Sold unused household items

Increased income through multiple sources

Focused on reducing credit card debt

Built an emergency fund

Sold our expensive vehicles with high car payments

Ignored social media

Established financial goals, together

Made the minimum payment on all our debts except the one we were trying to pay off

Put financial independence at the front of our goals and dreams

Delayed most major purchases that were not needed

Improved our relationship with money

Used a monthly budget religiously

Started investing in my employer-sponsored retirement plan

We quickly found out that no personal finance class, debt-free scream, or expensive Total Money Makeover book would be the cureall for our debt disease. To become debt-free people, we needed to take on a different mindset of what we wanted in our lives and be stubborn enough to achieve it.

How Do People End Up In Debt? (Like We Did)

While living in debt is not the end of the world, paying off your debt and living a debt-free life opens many options to a more fulfilling and peaceful life. However, debt is unavoidable for some people since they are stuck in socioeconomic situations beyond their control. On the other hand, most of the factors that lead people into debt revolve around their environment and mindsets.

Social Media And The Need To Impress

Social media’s influence can easily create the illusion that material possessions are a source of success and happiness. For example, when your friend posts about their brand-new Mercedes on Facebook, you might feel compelled to buy a new luxury car to stay current, too.

After all, you probably earn around the same income as your friend, and a new car would not hurt your finances. You convince yourself you can always pay off the car over a few years.

This mindset could lead you down a path of unnecessary debt. You might not have a complete understanding of your friend’s financial situation, and making a purchase, you did not plan for could set your finances back and put you in even more debt.

A similar pressure could be the need to conform to the social environment around you. If most of your work colleagues are buying houses in fancy neighborhoods, you might feel compelled to join the bandwagon so you can fit in. This could also lead to unplanned and unnecessary debt.

Impulse Purchasing

The world of consumer advertising also influences impulsive purchases that lead people to more debt. For example, many car dealerships advertise very low-interest rates and zero down on new car purchases. Someone looking to buy a new car might find this to be a great deal.

However, this is often not the case, as it is only consumers with higher credit scores who can qualify for the low-interest rates. The zero dollars down often means that the interest rate on the auto loan will be high over the course of the loan term, resulting in more debt over time.

Limited Financial Literacy

Being financially literate is important because it allows you to make better financial decisions regarding purchases, investments, and future financial planning. Unfortunately, the teaching of financial literacy related to personal finance is not emphasized in many schools, and most people do not have access to financial literacy classes throughout their lifetime.

The average American has about $10,000 in credit card debt, with a large percentage of this amount resulting from accrued interest. With a limited understanding of how credit cards work, many people end up paying more interest than they should over the term of their credit card.

Most people also do not know much about retirement saving and investment options and eventually reach retirement age with few savings. Additionally, many individuals and families do not have emergency funds to cater for unexpected expenses or loss of job income.

14 Ways You Can Also Live A Debt Free Life

Even with all the above-mentioned difficulties, it is possible to live a debt-free life. Depending on how much debt you have, reaching your financial goals is a process that takes significant dedication, focus, and hard work.

It is important you set specific goals that are both realistic and manageable. This will prevent you from getting overwhelmed by your debt or easily getting distracted during the debt payment process.

Here are some ways you can work towards living a debt-free life:

1. Organize Your Finances

It is important to organize your finances because they play a big role in determining how fast you can live a debt-free life. The chances are that you will probably have to make decisions about spending or saving every day. Below are some important ways to organize your finances.

2. Budget For Monthly Expenses

Budgeting your monthly income and expenses helps to plan your debt-free journey in an organized and goal-oriented way. A good budgeting system should be based on your monthly income, so your expenses do not exceed your income.

3. Separate Fixed And Variable Expenses

It helps to separate your expenses into fixed and variable expenses. Fixed expenses are typically those you cannot forego, such as rent and utility bills, while variable expenses are those that you could adjust monthly, as necessary.

4. Prioritize Debt Pay Off

When planning your budget, you must factor in how long it will take to make payments on your various debts. One of the proven strategies to systematically reduce your debt over time is Dave Ramsey’s popular debt snowball method.

With debt snowballing, you can plan to pay off debts such as credit cards by starting with the smallest payment, regardless of interest rate, and work your way up to the largest debt. As you pay off the smallest debts, you continue making the minimum payment on the larger debts.

This method is practical and effective because once you have paid off your smallest debt, the amount you previously budgeted for this debt can be allocated to the next larger debt. As you work towards the larger debts, you have more money budgeted each month to pay off larger portions of these debts until all your debts are fully paid.

5. Use A Cash Envelope System

You can also use systems like the cash envelope system, in which you categorize expenses into different envelopes. Instead of using a credit card to pay for these expenses, you put the budgeted amount of cash into envelopes corresponding to specific expenses at the beginning of every month.

Cash limits your spending on each expense to just the amount of cash available in its corresponding envelope, preventing you from overspending on purchases.

6. Reduce Or Eliminate Monthly Subscriptions

Monthly subscriptions for streaming services such as Netflix, Hulu, or Spotify can also unknowingly take up a portion of your expenses that could be used in paying down debt. For example, the cost of a standard Hulu subscription is $5.99 monthly, and that of Netflix is $13.99 monthly.

While it does not seem like much, it is approximately $20 monthly and $240 annually, amounts that could easily have been used to pay off one of your debts. If you do not happen to watch shows or movies frequently, this could be an expense you could sacrifice for the period of your debt-free journey.

It is also important to review your current subscriptions to periodicals and services to ensure you are actually using what you pay for. For example, it might not be feasible to keep an Amazon Prime subscription that costs $12.99 monthly or $119 annually if you only order packages from Amazon once or twice a year.

7. Have An Accountability Partner

It also helps to have someone with whom to go through the debt-free journey so that you can remain accountable together. For couples, both partners can be accountability partners, celebrating small wins together, and encouraging each other when the process feels overwhelming. Having someone to whom you are accountable for your debt-free journey also keeps you on track to make payments on time each month.

8. Reduce Debt On Major Purchases

For most Americans, most of their debt comes from major purchases such as cars and mortgage payments. It helps to pay off the loans for these purchases as quickly as possible to minimize the loan term’s accruing interest.

Here are a few ways to reduce the amount owed on debts from major purchases.

9. Pay Off Your Mortgage Early

Although mortgage lenders offer mortgages ranging from 15 to 30 years, you are better off taking out a shorter mortgage and paying it off as fast as you can. A 15-year mortgage will reduce the amount of interest you pay for the loan by tens of thousands of dollars. When planning to buy a house, you should take some time to research houses that would fit your income and budget.

Before applying for a home mortgage, saving up a large down payment is necessary to reduce the amount of mortgage interest you end up paying. Making a down payment lower than 20% of the mortgage also means that you would apply for private mortgage insurance, which can increase your monthly payments over the course of the mortgage.

Therefore, even though owning your own home is the American Dream, it is in your best interest to save as much as possible for a large down payment on a house you can afford. If you happen to have a 30-year mortgage already in place, you could consider refinancing to a shorter-term mortgage to avoid paying a lot more in interest over time.

10. Make Smart Decisions About Car Purchases

While it is tempting to buy a nice-looking new car because your current car is getting old or has a few issues, you should consider how expensive car loans will impact your debt situation over time.

Rather than purchasing a new car, you could consider investing in a used car in good condition. If your transportation needs are as simple as commuting or running errands, it is more feasible to make lower payments on a cheap car as you pay off as much of your debt as possible.

If your car is still in good condition and requires minimal repair work, it might be worthwhile to focus on performing these repairs rather than trading it in for a new one. However, if the cost of repairs is much higher than you can afford and is about the same as buying another car, you could consider cheap options for a vehicle purchase.

Depending on your location relative to your workplace, you could also consider selling off your car and using public transportation as you pay off your debt. You could put the money from the car sale towards paying down more debt. The chances are that public transportation might even be cheaper than the costs of gas and vehicle maintenance.

11. Increase Your Cash Flow And Sources Of Income

While all the above strategies can help reduce your debt, increasing your income will boost your debt-free journey. Even after bringing down your expenses to a manageable level, maintaining the same amount of income each month will only allow you to pay off a certain chunk of debt. You can make significant reductions to your debt using some of the below methods.

12. Work Multiple Jobs, For A While

In addition to your daytime job, finding another job to work either evenings or weekends can provide extra income to pay off debt. There are multiple options for part-time or weekend jobs that could include delivering meals, working at a local store, or working at a restaurant.

13. Find A Part-Time Gig To Boost Your Income

If you have a certain talent or skill or are very experienced in a trade, you could also do part-time gigs to make extra income on the side. Since we live in a digital age, there are many options to make extra money online on a part-time basis.

The other benefit of focusing on a part-time gig is that it can help you develop your skills or talents and increase the chances of this gig, turning into a full-fledged business. As a business owner, you could also qualify for certain tax breaks that could eventually save you more.

14. Spend Your Tax Return To Pay Down Debt

I know it sounds unAmerican, but using your tax return on something other than a vacation or a new toy may be the best move. Depending on the size of your tax return, you may be able to eliminate a good portion of your outstanding credit card payments.

Living Debt Free Is Worth It And Will Change Your Life

Paying off all your debt allows you to focus more on other aspects of your life and gives you peace of mind regarding your financial freedom. Here are some of the benefits of living debt-free.

It Allows You to Invest In Your Financial Future

Once you have all your debts paid off, you can comfortably make various investments. For example, if you contributed a small percentage to your 401(k) account, you could even increase the contribution per paycheck and increase the compound value of your retirement savings. This can especially be beneficial if your employer matches your 401(k).

A debt-free life also gives you the peace of mind to invest in real estate properties of your choosing. This can be a valuable investment because the value of real estate usually appreciates over time. You could also invest in the stock market and buy shares in various companies of your choosing, without the worry of debt wearing you down.

Debt-Free College Degree For Your Children Is Possible

Living debt-free also gives you the option to invest in your children’s future by investing in a trust fund or college fund. This provides peace of mind that your investment decisions secure your children’s financial future. You can also invest more money in a life insurance policy, leaving your children with a secure future in the unlikely event of your demise.

Besides, debt-free living can help you pay cash for a community college plan to set your kids up with a normal life free of student debt. If your kids don’t get scholarships, a great debt-free college plan is to send your kids to two years of community college to get their pre-requisites for much less than a University. After completing the prereqs, they can complete the last two years at the University.

I wrote this article about how to send your kids to college even if you have no money saved.

By teaching your children how to avoid student loan payments, you will improve their relationship with money so they too can be debt-free people much earlier than you were.

Start A Small Business Built Around Your Passions

Without the worry of debt, you can spend more time focusing on growing a business idea. You also have more capacity to save capital to start a business you might be passionate about. Paying off debt and living debt-free can also allow you to save up enough money to quit your job and focus on scaling up your business.

You Can Spend More Time with Family

For younger families, being completely debt-free can allow one partner to stay at home to focus on raising children while the other partner focuses on bringing home an income. This prevents the stress that might come with balancing work and family responsibilities while also struggling with a load of expenses.

If You Want To Scream, “We’re Debt-Free!” In this Life Time, It Is Possible

Although the debt-free journey to financial independence is different for everyone, with a lot of hard work, effort, and perseverance, it’s possible and worth it in the end. It all starts with setting manageable personal finance goals and staying the course until you achieve them.

This article originally appeared on Arrest Your Debt.

Debt does have a place in this world and it’s not always a negative thing. If managed correctly, you can actually use debt to your advantage. However, not everyone has a lump sum set aside for emergency expenses or large purchases, and many people resort to using credit cards or taking out loans for both unexpected and expected expenses.

As you may be fully aware, debt becomes a problem when you are unable to keep up with the monthly payments.

If you are overwhelmed by a significant amount of debt, it can be a major point of frustration in your life and wreak havoc on your finances. No matter how bad your financial situation is, know you’re not alone. Debt and financial stress seems to be the American way.

Luckily, there’s a way out if you’re willing to buckle down and change your financial habits. To help you cope with this financial difficulty, here are some of the things you can do when you’re struggling with debt repayments.

Cut Down Non-Essential Spending

It’s hard to manage your debts when your entire financial situation is out of control. When juggling payments for multiple debts become too much, it’s time to take a hard look at your spending habits. A monthly budget is your secret weapon to take control of your money and set yourself up to get out of this mess.

A budget plan helps you manage your money, and it’s the key to getting out of debt. However, when your spending habits don’t match up with your income, your budget is bound to fail. Take a serious look at what you spend your money on each month and what you should probably cut out of your monthly routine.

Your primary goal should be to pay off your debts without compromising your basic needs. While you’re still in debt, it’s more practical to give up the non-essentials like your monthly Netflix or Spotify subscription and other entertainment expenses. By doing this, you’ll have a larger amount to spare for your debt.

Draw On Your Savings

If you have an emergency fund that’s equal to or greater than your debt, it’s time to get out of debt and replenish your fund. Missing payments on high-interest debts can lead to further financial problems. It makes more sense to use your savings to repay your debts on time rather than piling up more high interest on your credit cards or loans.

However, don’t use all your savings to pay off debts. Keep some as your emergency fund and continue building it up. It’s also important to note that relying on your savings to make debt repayments is not always a good idea. When an emergency expense arises and you don’t have extra cash, you may need to borrow more, leading to more debt.

Consolidate Your Debts

Having multiple sources of debt can be pretty overwhelming. With a bunch of different debts with various due dates and interest rates, it can be difficult to manage. Chances are you’re going to incur late or missed payments, which will result in more interest and debt that snowballs out of control. If you don’t want this to happen, you can opt for a debt consolidation loan.

By consolidating your debts, you can make repayments more manageable. You only have to keep up with one monthly payment instead of juggling multiple debts with different due dates and minimum payments. It’s worth pointing out that debt consolidation doesn’t erase your original debt, but combines them into one loan to a single lender.

Moreover, you’ll be paying a lower interest rate if you roll your debts into one, helping you save money in the long run. It can also reduce stress since you would only have to deal with one creditor.

Reach Out To Your Creditors

When you’ve done everything you can on your own and you still find it hard to keep up with payments, reaching out to your creditors is another great option. You might be more relieved once you negotiate with your creditors directly and work out a debt settlement. In fact, you must contact them right away if you’re starting to have trouble with payments to avoid significant damage to your credit report.

Don’t wait to make a late or missed payment before you reach out to your creditors. If you’re struggling to make payments for a situation out of your control, such as an illness, unemployment, or a pandemic, they may be willing to renegotiate the terms of your debt. You may be able to reduce or temporarily suspend your payments, depending on your negotiation.

Seek Out Debt Advice

When struggling with multiple debts becomes a cycle in your financial life, consolidating them and contacting your creditors may only be a temporary solution. It wouldn’t hurt to seek advice from a debt management expert to help you pay off debts and manage your finances.

A great first step is to sign up for my newsletter to start receiving weekly tips to help you get out of debt and start building wealth.

Many people are not sure how to pay off debt, and that’s where a mentor can step in and help. Financial coaches, such as myself, can help you create a plan to take control of your money rather than allowing your money to control you. A financial coach will help you find the right plan to manage or clear your debts, and they also advise on how to build financial habits that work for you rather than against you.

Takeaway

Struggling with debt payments is both stressful and frustrating. Fortunately, there is always a way out as long as you are determined to change your bad financial habits and take control of your life. It will take short-term sacrifices, focus, and determination but it’s possible to change your life.

This post originally appeared on Arrest Your Debt.

When discussing salaries, you often hear about six-figure salaries. For many, six-figures feel like that mythical and legendary wall that few can get past. For others, it is the minimum salary needed to live comfortably due to the high cost of living in their area.

This article is going to touch upon several topics when it comes to 6-figures:

We will clearly define what it means to make a six-figure salary.

We’ll illustrate what a six-figure lifestyle really looks like.

We will then explore how common a six-figure annual income really is.

We will cover the common traits of people who earn six-figures in annual compensation.

Lastly, we will explore a few different ways to start earning 6-figures if you haven’t quite hit that threshold yet.

Clearly Defining The 6-Figure Salary

We need to be on the same page here, which means we need to clearly define what six-figures means. In general, when people use the term six-figures, and for this article’s purposes, it means earning a salary of anywhere between $100,000 and less than $1 million a year. If it is a currency other than the US dollar, it refers to its equivalent in the local currency.

Keep in mind the term six-figures is usually referring to the lower end of the range listed above. When people say they want to make a six-figure salary, they are usually thinking of something in the $100,000-$200,000 median salary range.

As the number increases beyond that, people referring to their salaries will begin to use terms like mid-six-figures or high six-figures. When their yearly earnings are close to $1 million, people will usually include the word million by saying something like “just shy of a million” or “almost a million.”

While this can be relative, earning $100,000 per year is the beginning of what being rich looks like in many circles. You’re not yet a millionaire, but if you started making a six-figure salary at a young age and started building wealth by saving and invested your money properly, you could easily be a millionaire within 10-15 years.

Now that we have clearly defined what we are talking about when we refer to six-figures let’s take a closer look at what that means in the next section.

What Does A 6-Figure Salary Really Look Like?

If we take the minimum amount that fits the definition, an gross annual salary of $100,000, and break it down into a standard workweek of 40 hours a week over 52 weeks, for a total of 2,080 working hours in a year and a 6 figure salary equals:

Hourly Income = $48.08 per hour

Weekly Income = $1,923.08

Bi-Weekly Income = $3,846.15

Semi-Monthly Income = $4,166.67

Monthly Income = $8,333.33

Quarterly Income = $25,000.00

Semi-Annual Income = $50,000.00

\= an annual salary of $100,000.00

What Does A $100,000 (6-figures) Salary Get You?

Let’s first look at it in terms of a house. Some financial experts say that you can afford to spend about 28% of your monthly salary on a mortgage payment. If we assume a 4.5% fixed interest on a 30-year loan, you should not spend more than $450,000 on a home loan.

However, the type of house six-figures can buy depends on the area you are buying in. In certain locations in the United States, a $450,000 price tag will purchase a four, or five-bathroom house with a significant amount of land around it. For some of the most expensive cities in the US, like New York City or San Francisco, this can be a nice but relatively small one-bedroom apartment.

Greater Opportunities To Build Wealth

When it comes to saving money every month, many industry experts recommend saving around 20% of your salary. If we don’t take taxes into account, the monthly savings on $100,000 is around $1,600-$1,700 per month. That is a significant savings contribution every month.

However, if you start saving this amount at an early age, you will quickly establish financial security and take wealth building to a whole new level. By investing in an employer-sponsored retirement program, you will build long term wealth to enjoy a very comfortable retirement due to the power of compounding interest.

Depending on the cost of living in your area and your budgeting discipline, it is possible to save even more than this.

While someone making $100,000 per year really shouldn’t be driving a Lamborghini or a Ferrari, they can usually afford the payment and insurance on a nicer vehicle with a mid-range price. Granted, to maintain financial freedom with this 6-figure salary, it would make more sense to save up and buy a gently used vehicle in cash.

Experiencing A New World View

Unless you are spending entirely too much on your cost of living expenses, a person earning a $100,000 salary can usually afford to take dream vacations not financially available to most Americans. This can include upgraded seating to business class and booking nicer hotels.

Of course, if your salary were into the mid-six-figures or high six-figures, all of the things mentioned in this section would improve relative to your income as long as you avoid lifestyle creep.

What Cities Have The Most People Making A Six-Figure Income?

Location plays a big part in the ability to earn a 6-figures income from a full-time job. Large companies that pay well are often located in large cities with a higher cost of living. Out of the top 10 cities with the most six-figure earners, only one city isn’t located on either the east or west coast.

That city is Minneapolis, Minnesota.

Because the other nine in the top 10 are coastal, this is where most of the six-figure job potential lies.

The Top Cities With High-Income Earners

Topping the list, at no surprise due to the high concentration of tech companies, is Silicon Valley. This California region covers primarily the San Jose, Sunnyvale, and Santa Clara area. If going a little further, you can include San Francisco, Oakland, and Hayward. Silicon Valley has the highest percent of six-figure earners at 34.64% of all tax returns claiming a six-figure annual salary.

The Bridgeport, Stamford, and Norwalk areas of Connecticut have the highest concentration of six-figure earners on the east coast. After that is the area surrounding Washington DC. The areas surrounding both Seattle and Boston also have a high percentage of people making at least $100,000 per year.

While many employees who make a six-figure annual salary tend to live near some of the country’s most expensive cities, keep in mind that the cost of living makes a big difference in how making six-figures feels.

For instance, making $100,000 in San Francisco is the equivalent of making only $71,000 in Cheyenne, Wyoming. Therefore, you can make less in a lower cost of living city and actually be able to save more than someone earning more in a large metropolitan city.

How Many People In The United States Are Making 6-Figures A Year?

The percentage of Americans that are making $100,000 in the US might actually surprise you. While many might see it as a wall that few get past, it is surprisingly common these days compared to being a millionaire.

At first glance, 5.4% of the US population makes a six-figure income every year. However, this number is a bit skewed. It takes into consideration the entire population. This means it includes infants, students, and spouses who choose to stay at home instead of work. When you factor out these demographics and focus only on full-time workers, around 9% of all earners in the US make at least six-figures.

This means that almost 1 out of 10 full-time workers in the United States make at least $100,000 per year. Of course, this number increases when it comes to geographic location, profession, experience, and education level.

How Does Education Affect Earning Six-Figures?

When it comes to making a six-figure salary, education tends to play a big part. While there are plenty of exceptions of people who earn $100,000 or more per year without a college degree, having a higher education opens more opportunities for a six-figure salary.

The fields of study that lead to a 6-figures median salary tend to be in the STEM fields, or Science, Technology, Engineering, and Mathematics. This is expected since all of these fields are much easier for employees to figure out the exact financial value these positions bring to their respective companies.

While there are examples of people making six-figures in other fields like humanities, the arts, or other non-STEM fields, the overwhelming majority lies in STEM majors.

Engineers in several skilled trades tend to be the most common type of six-figure workers:

Petroleum engineers

Chemical engineers

Mining and geological engineers

Electrical engineers

Mechanical engineers

Aerospace engineers

Several others are all at the top when it comes to an annual income of over $100,000.

The following are fields of study like economics, applied mathematics, computer science, industrial management, pharmaceuticals, and medical degrees of all types.

Surprisingly, degrees in business weren’t, on average, as high of earners as the other fields of study listed above, even though this field is common for people who go into it for the money. The exception to this is if you filter out the people with business degrees that go into business for themselves instead of working for another company.

What Professions Make Six-Figures Without A Four Year Degree?

While a four-year degree certainly helps if you’re looking at things from a statistics point of view, what about high-earning professions that don’t require a college degree? For many of these, some training or education is required for a specific job. However, many of the training requires much less time involved, and the employee pays for most of the certification requirements.

Avoiding the student loan debt that comes with a four-year degree can greatly impact the ability to meet your financial goals and build wealth.

Air Traffic Controllers

Topping the list are air traffic controllers. The high level of responsibility and focus required to do this job effectively pays very well. Air traffic controllers have a median income of around $125,000 per year and go up drastically with years of experience.

Being an air traffic controller requires only an associate degree that can be completed within two years or less. It also requires several years of intense, on the job training.

Real Estate Agent

Being a real estate broker might be one of the most common ways to earn a six-figure salary without the need for a college degree. Your salary will be highly dependent on commissions, so being great a sales will make a big difference in your success.

Commercial Airline Pilot

Being a commercial airline pilot pays a six-figure salary, and it technically only requires a pilot license. While having a four-year degree can make it easier to land a job, it isn’t required.

Funeral Director

Commonly overlooked but an essential career, a funeral director’s average salary is in the six-figure range. This important profession is good for someone who can show compassion to families going through a difficult tragedy in their lives.

Hard Labor Jobs

Several jobs pay six-figures due to the hard, physical requirements and the danger involved. These are things like working on oil platforms, powerline repairers, power plant operators, or even nuclear reactor operators.

Many of these jobs require a little vocational school and extensive training while on the job.

Police Officer Or FireFighter

Depending on your location, even positions like a police officer or a firefighter can make a six-figure income. This will vary when it comes to states and cities, and it is also heavily dependent on how many years of service you have accumulated.

Making 6-Figures From Your Investment Strategy

A salary isn’t the only way to make six-figures per year. Some people who don’t quite make that kind of money from their full-time job still manage to live on six-figures every year after retirement.

To do this, they need to live frugally and then save and invest as much of their income as they can. Through the strategic use of a company’s 401k matching and other pre-tax retirement savings, your money can begin to snowball. Compounding interest can really make a huge difference, too, as long as you continue contributing regularly and never touch your retirement money while you’re still working.

Use Compound Interest To Your Advantage

Commonly, the amount people can expect to make from interest on their retirement investments every year is around 5-8%. To make $100,000 per year just on the interest without spending the base investment, you need about 2 million dollars in a retirement fund. Keep in mind that this isn’t all put in by you, but your retirement grows to over the years.

The earlier you begin investing in your retirement fund, the better. Also, even if you aren’t making $100,000 per year in your salary, the more money you make and the higher percent you manage to save for retirement, the quicker your retirement fund will grow.

There are several online calculators and other tools to help you figure out how to reach this goal. You simply add your current retirement savings, the number of years you have left for retirement, and your retirement goal. It will then tell you how much you need to be contributing every month to hit that goal.

For more information, check out my free retirement calculator to see how you’re doing.

At the very least, you should be maximizing your 401k contribution and taking advantage of employer matching programs. If you aren’t maximizing the amount that your employer will match, you are essentially throwing away free money.

The trick is not to live like you’re making $100,000 per year so that you can save and invest properly. Upon retirement, you can spend $100,000 a year by living off the interest you make without ever spending a dollar of your $2 million nest egg.

What Are The Best Ways To Start Earning Six Figures?

Reading through this article, you have probably already figured out several ideas on how to work your way to making a six-figure income. To be clear, let’s outline the most important things first.

If making a median salary of $100,000 per year is your goal, then it is important to take stock of your strengths and weaknesses, as well as your experience. If you’re young and in college or about to attend college, it is most beneficial for you to choose a STEM field with a high paying career path similar to those mentioned above.

Do your best to avoid student loans if at all possible.

If college isn’t your thing or you are significantly older and fear the cost of an education may not be worth it to go back to school, you should start researching one of the non-college career paths listed. Find a vocation that interests you and start working towards completing the technical school or other requirements.

Increase Your Value And Become Irreplaceable

If you have a career already and you aren’t making six-figures yet, but you know it is possible in your field, then you need to be doing everything you can to increase your value to your employer. You need to remember that it is always easier to get a raise by switching companies every few years than getting recurring promotions at your current company.

Studies have repeatedly shown that most of the time, a competitor is willing to pay more to get an experienced worker from another company than they are willing to give large raises to their current employees or promoting from within. If you’re young, in your 20s, then, every few years, it may be a successful strategy to pursue a higher paying position in your industry with another company.

You can choose a final company to stay with for the remainder of your career once you’re comfortable with your salary and the ranking of the position you hold within the company. This is usually the fastest route to a six-figure income.

What About The Higher End Of 6-Figures?

When it comes to the higher end of six-figures, say $500,000 or more, this is where the traditional professions start to fall short. When people make high six-figures or even seven-figures per year, it’s usually because they have either landed a chief executive position with a large company and have a high-end sales position with no commission limit, or they own their own business.

Working For Yourself Is The Secret

Real estate seems to be the most common way to reach the higher end of six-figures and beyond the paths previously mentioned. Depending on your location and your selling skill, you can make a high six-figure income as a real estate agent, either working for a company or working for yourself.

People who work in real estate commonly start investing in real estate as well. They will buy properties as rentals, or if they see an incredible deal on a property that needs some work, they will buy it and flip it. Even though this article is talking about six-figure earners, keep in mind that real estate is the industry that has produced more self-made millionaires than any other industry.

Getting an upper management position that pays above $500,000 is really only common for some of the largest companies in the world. On top of this, it usually also involves decades of experience in corporate life, often in that industry, before you can land one of these coveted positions.

Starting your own business is another way to make $500,000 or more, but like many things in this article, it will be based on your skills and abilities to succeed in the industry that you start a business in.

Don’t Forget About Uncle Sam And 2021 Tax Brackets

Keep in mind, the more money you make, the more you will pay in taxes. The Internal Revenue Service recently announced the 2021 income tax bracket structure:

37% for individuals making over $523,600 or $628,300 married filing jointly

35% for individuals making over $209,425 or $418,850 married filing jointly

32% for individuals making over $164,925 or $329,850 married filing jointly

24% for individuals making over $86,375 or $172,750 married filing jointly

22% for individuals making over $40,525 or $81,050 married filing jointly

12% for individuals making over $9,950 or $19,900 married filing jointly

10% for individuals making less than $9,950 or $19,900 married filing jointly

How Common Will A Six-Figure Salary Be In The Future?

Because of economic growth, a rising cost of living, inflation, and competitive pay for the most in-demand positions, a six-figure salary will become more and more common. In as little as 20 years, $100,000 per year will likely be the median salary in most larger, more expensive US cities.

Soon after that, people will likely start talking about a seven-figure salary like they currently talk about a six-figure salary. People see this salary as a mythical wall that is incredibly hard to hit, but over time, more and more people will begin making a seven-figure salary.

In the end, it is really all about how much you make in relation to the lifestyle that you live.

This post originally appeared on Arrest Your Debt.

When you are facing debt, you might feel considerable uncertainty and confusion. How should you proceed to minimize the rate of interest you pay? How do you quickly and efficiently eliminate your debt? Should you consolidate your debt or opt for credit counseling to see what your options are?

We hope that this article will help you decide which of the two possibilities–credit counseling or debt consolidation–is right for you and your situation.

If you aren’t sure about the best way to approach paying off your debt, it’s important to carefully consider your options. You can use resources such as Supermoney to look into debt relief services like credit counseling, debt consolidation, debt settlement, and credit repair.

Credit Counseling: What It Is and How It Works

During credit counseling, you will speak with a certified credit counselor, discuss your finances, and then look at various options for paying off your debt. A credit counselor will help you acquire a broad, objective overview of your financial situation and a better understanding of the consequences of each debt-payoff option.

To get the clearest and most comprehensive advice possible, provide your credit counselor with all the relevant financial information, such as how much you owe, your monthly income and expenses, any assets in your possession, and so on.

After a thorough analysis of your financial situation, the credit counselor will suggest several possible solutions. Depending on your individual case, these may be:

Budgeting: This will usually include breaking down your monthly income and all of your expenses to figure out where you can make cuts and how much you can put each month towards paying off the debt.

Debt management: Typically, this will involve negotiating a repayment plan with your creditors to secure a lower interest rate or a lower amount in minimum monthly payments, though the total amount of debt you repay will remain the same. The credit counselor may serve as a mediator—they receive a monthly payment from you and pay your creditors in turn. Usually, if you stick to the terms of the agreement and make all the payments, this won’t have a negative effect on your credit history.

Debt consolidation: Traditionally, this is done through a bank or financial institution that lends you money. To qualify, you will usually need to have an excellent credit score.

Debt settlement: This usually involves negotiating with your lenders to enable you to repay a reduced amount of debt. Many creditors have standard policies as to what amount of loan they will forgive and under which conditions. Take into account that this may negatively impact your credit score.

Bankruptcy: Usually, if all other means have failed, this is the last resort a credit counselor would recommend.

In some cases, a credit counselor will charge a fee. But, many times, a National Foundation for Credit Counseling representative will work pro bono or for a very low fee.

It’s important to know whether a credit counselor receives compensation for the advice they give you, and, if so, whether any action you take will result in higher compensation for the counselor. Knowing this will help you see whether the counselor is truly working in your best interest.

A debt management program via a credit counseling agency has certain benefits and drawbacks you should be aware of.

Pros

Credit counseling agencies can typically get lower interest rates from credit card companies and help you negotiate a manageable monthly payment based on your income.

You are not taking another loan or opening another line of credit.

You can qualify even if your credit score is less than optimal.

You will receive valuable financial coaching for the future.

Cons

If you are unable to keep up with payments, this lack of dependability may nullify the agreement the credit counseling agency had negotiated with your creditors.

The agreement will require you to cancel all your credit card accounts except one, which you may only use for emergency purposes. This will reduce your available credit and may negatively impact your credit score. However, your score will improve as you start paying off the balance.

Debt Consolidation: What It Is and How It Works

Debt consolidation means taking a large loan and putting it towards paying any smaller debts you may have. When done right, this can minimize the number of payments you make each month, enable you to focus on paying off a single loan, and reduce the amount of interest you pay.

If you qualify for a consolidation loan at a lower interest rate than your current debts, it means that, overall, repaying the consolidation loan will cost you less than repaying each of the debts separately.

In most cases, people choose to consolidate unsecured debt with a higher interest rate, like payday loans and credit card debts.

People commonly use two options for debt consolidation:

A personal loan, which you would typically need to repay within one-to-seven years, may seem daunting, but with a fixed time frame, paying off debt will usually be more effective than with a revolving credit line that requires minimum monthly payments.

A personal loan will typically have an interest rate between 5% and 36%, but the lower end of this range is uncommon. Even people with a great FICO credit score usually won’t receive an interest rate lower than 10%.

A credit card that offers a promotional 0% APR (annual percentage rate) on balance transfers gives you a chance to repay your debt with zero interest. However, the downside is that these offers typically last from several months to just under two years. If you fail to repay the amount in full during this time, you’ll have to pay with the standard interest rate or find another promotional offer.

In some cases, you might have to pay a balance transfer fee that may amount to as high as 5%.

Here are some pros and cons of taking a debt consolidation loan:

Pros

You will receive a lump sum that will enable you to pay off all your debts at once.

Typically, the interest rate on the consolidation loan will be lower than what you would pay otherwise.

You can still use your credit cards while you are repaying the consolidation loan.

Cons

A consolidation loan usually comes with borrowing fees.

If your credit score is not high enough, you might not qualify for a loan or may only qualify for a loan with a high-interest rate.

You won’t have a go-between, like a credit counseling agency, to negotiate with your creditors on your behalf.

If you fail to make payments on time, you might have to pay late fees and possibly other penalties.

A consolidation loan adds another line of credit, which negatively impacts your credit score.

Credit Counseling vs. Debt Consolidation: Which Should I Choose?

Both debt consolidation and debt management via a certified credit counselor are practical, time-proven ways to get out of debt.

Knowledgeable credit counselors can be lifesavers for people who:

are struggling not just with their current debt but with their finances in general

are overwhelmed by everything finance-related

can’t even make the minimum monthly payments

don’t know how to start budgeting

The insight and clarity that competent credit counseling provides may help such people start on a new road to financial well-being.

A reputable credit counselor will be committed not only to helping you address your present debt issue but also to give you the knowledge and motivation necessary for more successful financial planning in the future. They may require you to participate in financial education and credit counseling programs as a condition for getting approval for a debt management plan.

Debt consolidation, on the other hand, can be an obvious choice for people who can repay their debts easily enough but are looking into paying less interest. For example, you might have several credit card bills that you can consolidate into a personal loan with a much lower interest rate. This will save you money and enable you to be debt-free sooner.

Sometimes You Need Both

In some cases, credit counseling and debt consolidation will go hand in hand–you might need credit counseling to realize that debt consolidation is the best option for you.

Ultimately, paying off debt is a matter of hard work and discipline. Credit counseling may help you get a better insight into your finances, give you the tools that you need to budget effectively, and offer you a roadmap towards becoming debt-free. In the end, however, it’s up to you. Are you motivated enough to do what it takes to pay off debt? Are you willing to face your financial situation and, if necessary, make significant lifestyle changes?

Before you make any decision, weigh your options and compare several suggestions. Always make sure you understand the terms and interest rates of any loan. Once you choose a plan, stick to it until you are debt-free.

This post originally appeared on Arrest Your Debt.