According to a Bankrate survey, nearly two-thirds of smartphone users have at least one financial app on their phone.[1] But because everyone has a different savings style, ranging from hands-on to set-it-and-forget-it, you’ll need to find a tool that’s the right fit for you.

There are three main types of money-saving apps: those that help you save money toward a goal, apps that help you save while shopping, and apps that help you cut back expenses. Depending on your goals and preferences, you might need some, one, or all.

To help you make the best decision, let’s discuss the best money-savings apps in each category.

Best Automatic Saving Apps

We all know saving money is important, but finding the motivation or even remembering to tuck your money away can be the hard part. We found several apps that help you save money the way that works for you. Apps that round up change, for instance, move your spare change into a savings account.

For most of these, you’ll need to download the app, set up a profile, and link your checking account or credit card.

1. Acorns: Best for new investors

Acorns is an investing app that rounds up your purchases on linked credit and debit cards and moves that spare change into an investment portfolio. Once you get into the habit of investing small change, you can boost those round-ups by 2x, 5x, or even 10x. You can also set daily, weekly, or monthly recurring deposits.

To get you into the right investment portfolio, Acorns will ask you about your financial situation, income, goals, and risk tolerance. It will then recommend one of its five ETF-based investment portfolios, but you can override their selections.

There’s even a rewards feature: When you spend with Acorns’ partners including Airbnb and Nike, you get cash back.

It’s a good app for beginners, but you might consider upgrading to another service for larger investments down the road.

• Available on: iOS and Android
• Price: $1–$5/month

Learn More: DollarSprout’s Acorns Review

2. Qapital: Best for goal setting

Sometimes you need a little fun to make a chore feel worthwhile. With Qapital, you can set up multiple rules that trigger savings, like saving a preset amount every time you post on Instagram or as a reward when you spend less than expected. Or you can choose a more straightforward approach, such as saving a percentage of each paycheck.

You also choose whether the money goes into an interest-bearing FDIC-insured account or an investment portfolio. With so many ways to save and track progress, it’s a solid app for setting goals. According to the company, the average user saves $5,000 a year.

• Available on: iOS and Android
• Price: 30-day free trial, then $3–$12/month

3. Simple: Best banking alternative

Simple is an all-in-one savings app that offers a free checking account, debit card, and budgeting tools. To help you avoid overspending, the app scans your available funds and shows you how much you can safely spend each week. It can also automate your savings by rounding up every debit transaction to the nearest dollar and automatically moving the money to an FDIC-insured savings account.

Simple banking accounts are mobile-first, so it’s a good tool for those who prefer banking on a smartphone. But because it doesn’t have brick-and-mortar branches, you might look elsewhere if you think you’ll need in-person help.

• Available on: iOS and Android
• Price: Free

4. Digit: Best for simplicity

Digit is a savings app that calculates what you can save based on your checking account balance, spending patterns, and the goals you’ve set up with the app. It then automatically moves money into an FDIC-insured savings account and distributes the money among your goals. You also get a 0.5% savings bonus every three months based on your average daily Digit balance. So if your average daily balance is $1,000, then you would earn $5.

The nice thing about Digit is that it simplifies a lot of the legwork. Your income, expenses, and spending might change from week to week, so Digit’s number-crunching can go a long way in saving you money and time.

• Available on: iOS and Android
• Price: 30-day free trial, then $5/month

Learn More: DollarSprout’s Digit Review

5. SmartyPig: Best free money savings

SmartyPig allows you to create multiple money market accounts that act as virtual “piggy banks.” You attach goals with deadlines to each, such as “Europe trip 2021, $3,000″ and can either automate your savings from a linked checking account or manually move money into the FDIC-insured accounts. SmartyPig also tracks your progress on each goal, which you can adjust anytime.

It’s a money-saving app that’s easy to use, and because it takes a few days for any withdrawn funds to hit your checking account, the buffer can help if you’re tempted to drain your savings. But its best feature is that it’s free.

• Available on: iOS and Android
• Price: Free

6. Chime: Best for spotty banking history

Chime is a financial technology company, not a bank. Banking services provided by, and debit card issued by, The Bancorp Bank or Stride Bank, N.A.; Members FDIC.

Chime is another free money-saving app that includes other banking services, including checking and savings accounts. Through the app or a browser, you can automatically save a percentage of every paycheck or ask Chime to round up your purchases and tuck away the rest into savings.

Chime is a helpful option for people with a spotty banking or credit history because the bank doesn’t run a credit check or look at your ChexSystems report before you can open an account. That’s part of the bank’s “second chance banking” program, which also includes zero overdraft and monthly maintenance fees and no minimum balance requirements.

• Available on: iOS and Android
• Price: Free

Learn More: DollarSprout’s Chime Bank Review

Best Money-Saving Apps for Shopping Savings

No one wants to pay more for something than they have to. But the old-school method of clipping coupons (and remembering to bring them with you) can be pretty inconvenient. Enter cash-back apps, which can help you save money on just about any purchase using your smartphone or browser extension.

7. DollarSprout Rewards: Best browser extension

DollarSprout Rewards is a free coupon-finding browser extension that alerts you to better prices for your online purchases. Once you install the extension, the extension will send pop-up notifications when you’re shopping on a site that has digital coupons or a cash back offer available.

It’s an easy way to save money on everyday online purchases and there’s absolutely zero cost to you. Entirely free cash back at the click of a button. 

• Available on: Chrome (Desktop) and Safari (Desktop)
• Price: Free

8. Swagbucks: Best for earning rewards

Swagbucks is a website where you can earn rewards for taking online surveys, playing games, shopping, and watching videos. Once you sign up for an account and fill out a profile survey, the site looks for points-earning matches for your demographics.

You earn points, known as SBs, for completing these tasks and can redeem them for gift cards. There are even more chances to earn SBs when you shop at Swagbucks partners, including Amazon, Walmart, Target, and Starbucks.

• Available on: iOS and Android
• Price: Free

Learn More: DollarSprout’s Swagbucks Review

9. Fetch Rewards: Best for simplicity

Fetch Rewards is a free mobile app that lets you earn rewards by taking pictures of your receipts. If the receipt contains participating brands, you’ll earn points based on the cost of the product. You can redeem points for gift cards, donate them to charity, or use them to enter monthly sweepstakes.

It’s a good tool if you don’t want a browser tracking your searches and purchases, you don’t have the time to earn rewards by completing tasks, or you don’t want to fuss with coupons (even digital ones).

• Available on: iOS and Android
• Price: Free

Learn More: DollarSprout’s Fetch Rewards Review

Best Apps for Budget Tracking

According to another Bankrate survey, 21% of consumers aren’t saving any money at all, typically because everyday expenses use up most of their hard-earned dollars._[2] But the best budgeting apps can help you make way for savings.

10. Trim: Best browser service for hands-on savings

Trim is a service that helps you negotiate your bills and cut out unused subscriptions like those pesky trials you forgot to cancel. There’s no app, so you’ll sign up online and connect your bank accounts.

Then, Trim analyzes your transactions to find recurring expenses and sends you alerts. If you’re not interested in keeping recurring services, Trim cancels them for you or offers to negotiate your bills on your behalf. If you end up saving money, Trim takes 33% of the amount you save in your first year.

• Available on: Your smartphone’s web browser
• Price: Free to set up; if you use bill negotiation, Trim takes 33% of your savings

Learn More: DollarSprout’s Trim Review

11. Rocket Money: Best app for hands-on savings

Rocket Money is an app that connects to your financial accounts and monitors your spending and expenses, then negotiates your bills for free. It’s a lot like Trim, with a few key differences. If you wind up saving money, both services take a percentage of your savings. Rocket Money takes 40% (versus Trim’s 33%) and has fuller budgeting capabilities, including a monthly spending report.

One of the main differences between Rocket Money and Trim is the logistics of using them: Trim doesn’t offer an app, while Rocket Money does.

• Available on: iOS and Android
• Price: Free to set up and use; optional Premium service is $3–$12/month.

Learn More: DollarSprout’s Rocket Money Review

12. Empower: Best all-in-one app

Empower is an app that combines some of the best features of other money-saving services, including Cash Advance of up to $250*, Automatic Savings, budget tracking, customized recommendations, and Interest-bearing Checking. Once you link the app to your checking account, it analyzes your balance every day and transfers money to your AutoSave Account when you can afford to do so. If you don’t have enough funds in your checking account one week, Empower will try again the following week.

Empower also analyzes your spending patterns, income, and expenses to offer personalized money-saving recommendations. You’ll also receive alerts for things like bank fees, bill increases, and missed payments.

Users can’t set up multiple savings goals, but the other features of this app more than make up for this shortcoming.

• Available on: iOS and Android
• Price: Free for 14 days, then $8/month

Learn More: DollarSprout’s Empower Review

*Eligibility requirements apply. Free instant delivery is available for eligible Empower Checking Account customers with an activated debit card. Banking services provided by nbkc bank, Member FDIC.

13. Tiller: Best for spreadsheet budgeting

Tiller is a customizable budgeting add-on that works with Google Sheets and Excel. Once you connect your bank, credit card, and other financial accounts, Tiller pulls that information into your spreadsheets and continually syncs the accounts.

With the standard Foundation Template, you can check your net worth, divide your transactions into more than 200 categories, share your spreadsheets with other people, and more. While this tool doesn’t automatically trim your expenses, you get an in-depth look at all of your accounts in one place.

The Monthly Budget tab shows you how much of your budget is allocated for each category and what percentage of your budget is left compared to how many days are left in the month. By checking this tab, you can either adjust your spending accordingly or change how much of your budget to allocate to a certain category.

• Available on: No app available; uses Google Sheets or Excel
• Price: Free for 30 days, then $79/year

Learn More: DollarSprout’s Tiller Money Review

14. Undebt.it: Best for debt payoff

Undebt.it is a tool that helps you set up a customized debt-payoff plan. Once you set up an account, you enter your debts along with how much you owe, the interest rate, minimum payment, and due date. Undebt.it lists the information on your easy-to-read dashboard and uses the information to calculate your debt-repayment plan.

There are many debt-payoff strategies, and it might be hard to figure out which one is best for your situation. Undebt.it compares several debt-payoff methods (including the “debt snowball” and “debt avalanche”) to help you figure out which is best for you, but it also lets you customize the plan according to your own goals.

Undebt.it says users are paying off $9 billion in debt using the service.

• Available on: Web browsers
• Price: Free; $12/year for the premium version

Is It Worth Paying for an App That Helps You Save Money?

Paying for a money-saving app sounds like contradictory advice, but the top money-saving apps are worthwhile if they help.

First, figure out which app works with your saving and spending style. If you need help understanding how much you’re spending, finding ways to cut back your expenses, and saving money automatically, then choose an automatic savings app that offers guidance. But if you like being in control, then a hands-on app is best for you.

Then, estimate how much you could save with the app and compare that amount to the price. If you’re on a tight budget, consider starting with a free service and then moving to a paid subscription once you have some money tucked away. Or, you could start with a savings or budgeting app, then only sign up for a shopping app if you have the time and money for it.

Generally, good money-saving apps support you where you need help so you can hit your financial goals faster.

Related: How to Get Out of Debt: A Step-by-Step Guide

The post 14 Best Money-Saving Apps to Help You Reach Your Savings Goals appeared first on DollarSprout.

But you only have seconds to make an impression. Recruiters spend an average of 7.4 seconds scanning a resume, according to a study by Ladders Inc._[1]

That’s why it’s important to learn how to make a resume that will catch anyone’s eye.

How to Make a Resume for Your First (or Next) Job

When you write a resume, it should be tailored to the job but also reflect your own experience and strengths. Whether you need to make a resume for your first job or you’re on to the next, these experts weigh in on how to get it right.

1. Choose the right resume format or template.

Before you build a resume, you need to decide which type of template to use. These provide a basic structure for your resume, so you simply edit to include your own information. The right template showcases your strengths and downplays your weaknesses.

There are three main types:

• Chronological: This template is best for someone with a steady, advancing career path with plenty of experience that’s relevant to the position. Write your job history starting with the most recent role at the top, moving in reverse-chronological order.
• Functional: This type of template emphasizes skills over job experience, so it might start with a summary followed by a list of skills and examples of using those skills. If you have gaps in your job history or you tend to quickly move from one role to the next, this is a good template for you.
• Combination: This combines aspects of the chronological and functional template, and it’s best if you want to emphasize skills but also need to list your previous roles. Lead with your qualifications and skills, followed by a reverse-chronological employment history.

“Unless you are in a major career change, I always recommend a reverse-chronological or a combination resume,” says Cassie Hatcher, certified professional resume writer. Employers tend to prefer these because they’re easy to scan and show you have the job experience for the role.

But you might decide to use a functional resume if you’ve had very similar roles without a lot of differentiation, says Kim Sarmiento, certified professional resume writer. That can help keep the resume from becoming very repetitive.

Microsoft Word and Google Docs both offer free resume templates. You can also use DollarSprout’s free resume template. For more help and sleeker designs, MyPerfectResume’s Resume Builder walks you through the exact step-by-step process of creating a resume. You choose a template you like, follow their prompts to add your resume content, and download your completed resume.

They’ll offer helpful suggestions along the way with pre-written examples you can customize based on your work experience. When you’re ready to download your resume, you can choose 14-day access for less than $3 or a monthly subscription of $5.95.

2. Fill in your contact information.

Even if you nail the rest of the resume, it won’t mean much without a contact section. Prospective employers need this information so they can schedule interviews and ask follow-up questions.

List the following information near the top:

• Name (and credentials, if relevant)
• Professional email address
• Phone number
• Location
• LinkedIn profile link
• Portfolio link (if relevant)

Recruiters commonly visit your LinkedIn profile next if they’re interested in knowing more, says Myra T. Briggs, executive search consultant and practice leader at Nonprofit HR.

“From the applicant’s perspective, it’s also a good way to track the interest your resume is generating by reviewing the ‘who’s viewed my profile’ section in your account,” Briggs adds.

Just make sure your LinkedIn profile is error-free and as well-written as the resume.

3. Write your resume summary.

Job seekers used to write their “objective” near the top of a resume, but Sarmiento says trends have shifted toward using a “summary.”

“Think of it as your 30-second commercial on paper,” Briggs says.

This paragraph should communicate what you offer the employer, show that your skills align with the job requirements, and set you apart from other applicants. In a few sentences, you’ll establish your expertise, highlight one or two major accomplishments, and explain the value you offer using keywords from the job description, if possible.

Here are some resume examples of a summary:

If you have extensive experience, Hatcher offers this example:

“Strategic operations and program manager with 20+ years leading government and military operations. Agile leader with proven success evaluating programs. Managed a $700K annual budget. Possesses a comprehensive background in program management and operations derived from directing domestic and global operations. Top Secret Security Clearance until July 2023. Sustained $4.6M in assets, property, and equipment while leading up to 1,100+ personnel.”

If you’re new to the job market, you can use a summary like this:

“Recent college graduate with a BA in journalism and political science and eight months’ campaign internship experience. Seeking to leverage knowledge and work experience to fill your campaign communications role. A dedicated worker aiming to help you achieve company goals and quickly take on more responsibility.”

If you’re changing careers, try to follow this example:

“Experienced and accomplished sales manager with 10 years’ experience looking to leverage an extensive background in customer service and leadership to an entry-level human resources position.”

4. Add your work experience.

The work experience section is the most important part of your job application because it “defines you as a candidate,” says Kathy Robinson, founder of TurningPoint, a company that provides career counseling. “Hiring teams look here to vet that you have the chops to fill the role.”

For each job, you’ll include the job title, company name and location, dates employed, and work responsibilities. When phrasing those responsibilities, Robinson says you should:

• Use keywords and language from the job description to help show you have experience doing the work that the job demands.
• Avoid writing in first person. Write in the past tense for previous jobs and present tense for current jobs.
• Use numbers where possible (such as percentages and dollar amounts) to show how you increased sales, leads, or results.

Here are some examples of ways to demonstrate on your resume how you helped solve a relevant problem and by how much:

Good:

• “In response to economic circumstances and increased competition, reorganized sales operations to consolidate teams and deliver sales efficiency, resulting in combined growth of product and services pipeline expected to contribute multi-year revenue of $10M. Exceeded sales KPI by 10% for the quarter.” (from Kathy Robinson)
• “Executed the transition plan to relocate the North American corporate headquarters (from Boston to Houston), resulting in a $4M annual cost savings.” (from Kim Sarmiento)
• “Automated analysis and cleanup of 30 million general ledger line items through adoption of an AI tool, reducing labor hours 30%.” (from Kim Sarmiento)

Needs work:

• “Reached out to potential customers over the phone or email to maintain relationships and upsell products. Tracked and reported leads for three months.”
• “Reorganized and consolidated sales operations, which led to company-wide savings.”
• “Analyzed labor hours and made suggestions for consolidation, resulting in savings.”

If you need help coming up with relevant statistics, Hatcher says you can ask yourself:

• Did I increase sales? If so, by what percentage or amount?
• Did I generate new business, bring in new clients, or forge affiliations?
• Did I save the company money? If so, how much?
• Did I create or institute any new system or process? If so, what were the results?

“You can roll up multiple years if need be, or add things together, or even talk about expected revenue,” Robinson says. “You also always want to tie the number to a business problem that is relevant to the current economy and the company in question.”

If it’s your first full-time job or you’re fresh out of school, you can list other relevant experience such as volunteer work, part-time jobs, or leadership roles.

Related: 10 Resume Mistakes to Avoid (and What to Do Instead)

5. Tailor your resume to the job.

Before your resume reaches a recruiter’s eyes, it typically goes through an electronic applicant-tracking system (ATS) to rank resumes and weed out candidates who don’t fulfill the basic requirements.

You can get through this initial scan by looking for keywords and phrases in the job posting and weaving them throughout your resume and other parts of your job application like the cover letter. These descriptions “are basically cheat sheets that you have right in front of you — use them,” Briggs says.

First, read through the job posting to understand the employer’s needs and check out their website to get a feel for their brand and values. Then, look through listings for the same position at different companies. Pick out the most popular keywords and phrases. But because ATS machines also uncover keyword spamming, make sure you use the keywords naturally.

Here’s an example of how to use keywords from a job description in your resume:

6. List your education.

Typically, recruiters are more interested in your recent work achievements than your educational accomplishments. But the education section is important because it shows employers you meet the academic requirements for the role.

Make sure to include the university name, type of degree(s), major(s) and minor(s), and years attended. In addition, you should also:

• List your highest degree first and others in reverse-chronological order.
• If you’re a new graduate, list this first above work experience.
• Only list high school information if you don’t have a university degree.
• Mention GPA if you’re a new graduate and have a 3.5 or higher.
• If you’ve completed some college, list relevant completed credits.

Feel free to leave out the years attended, Sarmiento says. When working with clients, she only includes this detail if she needs to explain why the applicant has less than 10 years’ experience.

7. Include additional resume sections that fit the job.

You can write a good resume using the sections covered so far — they’re must-haves for any job application. But adding some additional information can round you out as the best candidate.

Skills

Job skills should be included throughout your resume, mainly in your summary and previous roles.

But you might need a special “skills” section if you couldn’t find a good place for one. This usually happens if you’re changing careers and your previous work experience doesn’t reflect skills you picked up outside of your jobs.

In this section, you can list hard skills needed for the job, such as your proficiency with industry software or a certification to run machinery, or soft skills that any employer will look for.

If possible, list your proficiency level for each skill (e.g., beginner, intermediate, expert).

Languages

This section on your resume includes the languages you speak and your proficiency.

You can define your mastery of the language as basic, conversational, proficient, or fluent. But you’ll also want to include your specific language skills, which include reading, writing, speaking, and listening.

If the job doesn’t have language requirements, you can list any level of proficiency, Sarmiento says. But if the employer does need you to use those skills at work, only include languages if you’re proficient or fluent.

Hobbies, interests, and extracurricular activities

This section can showcase skills that are relevant to the role, Sarmiento says. For instance, if you’re a computer salesperson and an avid motorcycle rider and you’re applying for a sales position at a motorcycle company, “you might want to list [motorcycle riding] as a hobby on your resume and go into some details in your cover letter,” she says.

If your hobbies don’t align with the position but you feel they’ll help you stand out as a candidate, you don’t have to list them on your resume. “LinkedIn is a great place to share your personality,” Hatcher says. “Are you a deep-sea diver, Eagle Scout, or avid gardener? Share it in your (LinkedIn) summary section.”

You can also save other interesting hobbies for the interview, Briggs suggests. “Surely a question about what interests you will come up during any conversations with recruiters.”

Volunteer work

In this section of your resume, list volunteer roles if they’re relevant to the job or the company’s mission. This section can be a good stand-in if you don’t have much work experience or you’re switching careers and you have volunteer experience in your new field.

“Volunteer work is most relevant when it ties to your community (or network) or what you want to do professionally,” Sarmiento says.

But you’ll need to prioritize. Resumes are typically one or two pages, so if you’ve run out of room, list your volunteer work on LinkedIn and leave it off your resume.

Certifications and awards

Here’s where you list relevant honors you earned along with certifications that show you’re proficient in a particular skill.

Listing certifications can be especially helpful if you’re changing careers or don’t have much experience in the field you’re applying to. For example, if you work in finance and you’re applying for an SEO-marketer position, then being Google Analytics-certified would give you some credibility.

Awards can help demonstrate soft skills such as problem-solving abilities, leadership, and teamwork. List these if they’re relevant to the position and can help you stand out.

Projects and publications

If you’ve worked on a big project, you were featured in a major publication, or you write as a side hustle, you can list these accomplishments in a special section.

These can show you have a passion in your field and help set you apart. If you’re applying to a newspaper job, for example, you can list a book you wrote. For any publication or project, list a URL if possible so the recruiter or hiring company can check it out. If you’re a graphic designer or other type of artist, portfolio websites can be a good way to showcase your skills, or you can list them on LinkedIn.

8. Proofread your resume before sending.

Before the interview, your resume might be the only connection you have with the employer. Make a strong impression by checking your resume several times before submitting to the hiring company.

“If you have typos or formatting errors, they are likely to assume that your attention to detail is sub-par, and that could hurt your standing with key stakeholders,” Robinson says.

In fact, 77% of employers immediately disqualify resumes for spelling and grammatical errors, according to a CareerBuilder survey.

Give yourself a few days to run these checks:

• Once you’ve written the resume, use editing tools such as Grammarly to catch errors.
• Print the resume and proofread it yourself. Check for formatting issues, too.
• Ask a friend, family member, or mentor to proofread the resume and give feedback.
• Prepare the resume as a PDF unless instructions say otherwise.

Put aside time for a final line-by-line check before sending it out, Robinson says. It should be as perfect as possible.

Keep Your Resume Simple and Relevant

As you write the resume, focus on what’s most important. It’s a balance between showing you can do the job, amplifying strengths that set you apart, and doing all of this in as little space as possible. Most resumes are one page, but you can stretch to two pages if you have extensive experience.

Keep the format simple, too. In the Ladders Inc. study, the best resumes had simple layouts, clearly-labeled sections, bold keywords, and bulleted lists.

“It’s your job to make sure your resume’s simple, succinct, and customized for each employer,” Robinson says, “so it’s easy for them to read, easy for them to know what you can do, and easy for them to pick up the phone and call you in for an interview.”

The post How to Make a Resume in 8 Simple Steps appeared first on DollarSprout.

“Not only does [art] appreciate over time, but it’s a strong way to diversify,” said Blair Haden, registrar at Restoration Division, a company that restores art pieces. “If the stock market crashes, fine art can remain unaffected and even continue to rise in value.”

The art market has seen both peaks and valleys, but it consistently returns 7.6% to investors, according to one price index, and outperformed the stock market in 2018. According to a 2020 report by Art Basel and UBS, the art market is now worth $64.1 billion[1].

And there are plenty of ways to capitalize on this lucrative asset. You can purchase artwork, invest in art funds, or even use new services like Masterworks to invest in famous paintings. If you’re looking for an alternative to stocks and other traditional forms of investing, here’s what to know.

What Is Fine Art and Why Are People Investing in It?

Though you may think fine art only includes paintings by famous artists like Picasso or Van Gogh, it’s more than that. Fine art includes just about any creative object made primarily for enjoyment and artistic expression. Fine art also includes several categories beyond paintings and drawings.

Briana Brownell, CEO and founder of Pure Strategy Inc., invests in paintings, sculptures, photography, collectibles, and even fashion pieces. “For me, one of the most compelling things about art investing is you get to live with that piece of art in your life,” she said.

Art has been a popular way to invest for several decades, especially in times of economic uncertainty. For instance, Michael Wenner, vice president of marketing at Masterworks, said that during the coronavirus pandemic, people were looking for alternative investments to the stock market. “People are looking to keep a portion of wealth in something slightly safer that’s asset-backed,” he said.

This type of investing is best for people who truly enjoy art, but it’s also a good fit if you’re looking for ways to diversify your investment portfolio and balance your risk. And because the time horizon on profit is typically measured in years or decades, you should be in it for the long haul, at least 10 years.

4 Ways to Invest in Art

Some investors approach art as purely an investment strategy, while others are lifelong art lovers. Both investor types pursue profits, but some prefer looking at a sculpture instead of a stock certificate, Brownell said. Either way, you have a few options for investing in fine art.

1. Join Masterworks

Masterworks is a service that allows many investors to collectively own one piece of art. Because the minimum buy-in is low, this service has opened the door for retail investors who don’t have millions to spend.

Here’s how it works: Masterworks buys a piece of art, registers it as its own company with the Securities and Exchange Commission, and sells shares to individual investors. The minimum investment depends on your overall investment portfolio. For example, someone with $1 million in various investments would have a higher buy-in than someone starting out with $1,000.

When Masterworks sells the painting, each investor shares the profit or loss. The timeline for earning a profit is between three and seven years, with a target appreciation of 10% to 25%.

One of the benefits is that Masterworks cuts down on the work involved, Haden said. “They have experts in art doing the research behind what they offer, and you can have greater confidence in their estimates and returns.”

Masterworks says it focuses on “blue-chip” art, which is art produced by the top 100 artists whose work is reliably profitable. Blue-chip art has appreciated by 14.1% annually from 1995 to 2021.

“If you were to research a stock or bond, you would want to buy something that has a track record you can analyze,” said Wenner. “That’s why we do artists like Monet and Basquiat and Picasso. You can see how well they’ve done at auction over time and build a quantitative approach.”

But it’s also important to consider the drawbacks. You own just a small amount of the painting and have limited control over the investment. You can either wait until Masterworks sells the painting, which takes a few years, or sell your shares on the secondary market to turn a profit. And like most investments, the fee structure will cut into your profit margin.

An annual 1.5% management fee covers storage, transportation, and insurance, and Masterworks will keep 20% of any profit made on an artwork sale.

To date, Masterworks has sold 3 paintings with a net annualized gain of over 30% for each. This isn’t an indication of the overall performance and doesn’t guarantee future results. But it shows investors still can see attractive results despite the fee structure. 

Related: What Is Micro Investing and Is It Worth It?

2. Invest in an Art Fund

A mutual fund is similar to Masterworks, where each person in a group owns a little bit of the piece of art. In mid-2014, there were more than 70 art funds operating.

Mutual funds tend to be more exclusive in terms of starting price; minimum buy-in may start anywhere from $2,500 to upward of $1 million. You also pay a management fee of around 1% to 3%, and the fund will keep a percentage of profits made.

But art funds generally come with more control and greater return potential than traditional investing. Art investment fund Anthea said it returned 23.4% between 2013 and 2014, with its best investment earning a 404.3% return. The Fine Art Fund Group says it provided a 9% return before fees.

Aside from the high buy-in, there’s another major downside to this method: You typically don’t get to enjoy the art yourself. But at least one private fund, the Artemundi Global Fund, has found a workaround by allowing investors to take turns displaying the artwork in their homes.

3. Flip Art

Like homes or cars, you can purchase artwork in hopes of quickly reselling the piece for a profit, typically within 5 to 10 years.

Art flipping can be lucrative. In one impressive example, a Jean-Michel Basquiat painting was thrice sold at auction between 2005 and 2012, ultimately fetching $9 million — a 450% price increase.

Many art pieces resell for a higher price, but you’re not guaranteed a profit. Many investors lose money on potentially promising pieces. For example, paintings by Lucien Smith sold for around $390,000 in 2013. But prices on his work dropped to around $5,000 to $20,000 in later years.

The art community frowns on the practice of art flipping. It can result in artificial price spikes, which especially hurts young, up-and-coming artists. Additionally, when a piece of art enters the secondary market, the original artist usually doesn’t see any profit from sales.

4. Collect and Sell Art

When you buy artwork, you may choose to sell the pieces later on or pass them down to your children and other family members.

If you decide to sell, your earnings could fall in line with the 7.6% average return. A good place to sell is through a fine art auction house. However, they typically take around 5% to 25% of your sale price.

Before you buy a piece of art, whether it’s at an art gallery, art fair, or online, you can take some precautions to ensure a good investment. Haden recommends researching the artist, the art piece, and the art dealer. Once you own the art piece, take care of it to preserve the value and consider having it insured.

You also might need to invest in a restoration, which “revitalizes artwork, increases its longevity, stops degradation, and can increase the final sale price,” Haden said.

When you’re looking to sell the art, Haden advises to get an appraisal, verify the artist’s signature, and check open auction sale prices. Once you know the market value for an artist and any sales fees involved, you can plan how best to sell the piece.

Related: A Beginner’s Guide to Investing in the Stock Market

How to Invest in Art with Caution

Before investing in fine art, you should first make sure you’ve contributed enough to your other investment accounts, including retirement. Most people dedicate only a portion of their investment portfolio to art because it may not provide enough profits for a steady income.

You should also think about the types of art you want to invest in and how much you want to spend upfront.

“I started with making my own purchases and choosing pieces that were important to me or that I really liked,” said Brownell, who tracks the value of her collection about every five years. “I have pieces that I paid less than $1,000 for. They’ve increased a lot since then. But if you’re savvy enough, you can get in at the lower amount.”

Here are a few expert tips in turning a profit through art investing:

• Diversify your portfolio. Make sure art is only a small part of your portfolio. A financial adviser should help you develop an investment strategy.
• Be realistic. Art investing isn’t a get-rich-quick method. Rather, it’s a long-term investment.
• Do your research. You should regularly track artists, their artwork, and sales prices, and try to make objective decisions. For example, Haden advises that before investing in pieces from last year’s hottest artist, check how their art is selling now.
• Purchase from a living artist. Great artists who are deceased, like Picasso, have well-established reputations with prices to match. But if you find work by a young artist who shows promise, the work might start at a lower price point and increase over time, Brownell says.
• Consider donating your art. You may be able to get a tax deduction for donating pieces from your collection. Brownwell said, “In that case, the investment is about being able to offset some of your tax burden.”

Keeping this advice in mind can guide your art purchases, especially for people new to this type of investment.

Is It Risky to Invest in Fine Art?

Most investing comes with some form of risk, and art is no exception. The art market contracts periodically, just like stocks and bonds. It’s also hard to determine the true value of artwork because it partially depends on the artist’s reputation and the overall economy.

Additionally, art is non-liquid, meaning it’s difficult to quickly convert your investment to cash. If you want to sell it, you’ll need to get the artwork appraised, find an auction house willing to take on the sale, and hope someone buys the piece.

“You may end up having a lot of your money tied up in assets where it’s difficult to sell them when you want to,” Brownell says.

And like any physical asset, there’s always the risk of artwork being destroyed in an accident or depreciated through wear and tear.

For these reasons, it’s important to do your research, figure out how much you can invest, and discuss with an adviser before investing in this asset class. It can be a great path to enjoying your portfolio in a new way.

The post 4 Best Ways to Invest in Art (Even as a Beginner) appeared first on DollarSprout.

“I built up a following and then listened really carefully to my viewers,” Wallace says. “All the people who were asking questions—they created my product.”

Her YouTube channel, Go Natural English, started as an extra resource for her language students in Japan. But once other viewers started asking for private lessons and requesting new video topics, she saw potential. Nine years later, her YouTube channel is thriving with 1.86 million subscribers and students from more than 130 countries.

If you’re looking to monetize your own YouTube channel, take a look at how Wallace grew her business from the ground up.

How Gabby Grew a YouTube Following

YouTube can be a great way to make money online, but it probably won’t happen overnight. Wallace’s YouTube following started with about 100 students in 2011 and steadily increased every year until she hit a million subscribers in 2018.

Here’s what she did right from the start.

She used her existing skills.

Before she set up Go Natural English, Wallace had developed a special skill set. Since she was already good at planning lessons, teaching English, managing students, and thinking on her feet, there wasn’t a huge learning curve when she shifted from in-person to online teaching.

And while she did have to learn how to shoot and edit videos, Wallace’s genuine interest helped her develop those new skills. Her talent as a teacher, high-quality tutorials, and ability to meet customer needs set her apart in her niche.

Related: How to Take Your Brick-and-Mortar Business Online

She asked for feedback.

From the beginning, Wallace sought to understand her audience. She regularly asked for feedback and adjusted her content to benefit her viewers.

“When you start out, don’t hit ‘publish’ and expect YouTube to do all the work,” Wallace says.

You’ll need to pay attention: Which videos are getting a lot of views and which ones aren’t? Wallace tries different approaches with her videos and threads new topics and pop culture into her lessons. For example, she recently posted a video about using Netflix shows to train your accent and “sound American.”

To gauge reactions from viewers, Wallace recommends promoting your YouTube videos on social media, in marketing emails, and through your website if you have one. Track the feedback you get and use it to adjust your content.

How She Earns Money Using YouTube

YouTube has more than 2 billion users who collectively watch 1 billion hours’ worth of videos every day. Putting your content in front of those viewers can help you earn money.

Here’s what Wallace does.

The YouTube Partner Program

The YouTube Partner Program lets video creators monetize their YouTube channels through ads. You’re eligible to earn money through the program once you accumulate 4,000 hours of watch time and reach 1,000 subscribers. Because Wallace set up Go Natural English in 2011, before YouTube established these standards, she was able to start earning ad revenue quicker.

Her earnings fluctuate, but she recently earned $39,000 in a month from a combination of ad revenue and sponsorships.

Sponsored content

Once she had a strong following, companies started asking Wallace to use their products and services in her videos. She also does research and contacts companies she wants to work with. Some of her sponsors include Duolingo and Lingoda online tutoring services — two well-known names in the language learning industry.

These sponsorships help build her credibility as an expert in the field and, of course, help her earn money.

Extra products and services

Although Wallace earns money through YouTube ads and sponsorships, she also uses the videos to drive traffic to her website. From there, customers can buy her English courses or eBook.

She set up the website after her YouTube viewers started asking for one-on-one English tutoring. But as demand for her private tutoring increased, she realized she didn’t have the time to teach everyone who wanted lessons. To meet the need and demand, she scaled her business by creating an eBook and course, which have become her main source of income.

Related: How to Get Paid to Teach with Outschool (Even with Zero Experience)

More YouTube channels

Wallace recently decided to create a new channel, Freedom Seekers, and gear it toward personal finance. She sees it as a way to reach a new audience, share what she’s learned about managing money, and grow her personal brand.

Having this second channel can lead to new sponsorship opportunities and more ad revenue.

Staying Relevant on YouTube

Wallace posts between one and three videos per week to keep her audience steadily growing. While there’s no formula to follow, she suggests posting consistently and regularly. You’ll also want to pay attention to what others in your niche are doing.

There are also other steps you can take to stay relevant on YouTube.

Use readily available resources.

You don’t need fancy equipment to get started with your videos. While she has some decent equipment now, Wallace started out using simple tools. She says the following resources should work fine until you’re ready to grow your business:

• A smartphone to film and edit your videos. The YouTube Studio App (available for Android and iPhone users) can also help you upload videos and manage your channel.
• TubeBuddy is a browser extension that shows you how to optimize your videos, analyze your audience, and organize your content strategy. There are free and paid versions available.
• The YouTube Creators Channel is a free resource that teaches you to set up a channel, create content, and grow your audience.
• Your community of other YouTube creators can provide a lot of support, Wallace says. “They’re like your cheering squad. They help you solve problems, have your back, or want to work with you.”

Once you start earning money on YouTube, you might decide to invest some of it back into your business. Consider whether you need higher-priced equipment, software, or even consulting services for creating a YouTube marketing strategy.

Time your business transition.

If your dream is to become a paid social media influencer, you might want to start by making it a side hustle. There’s less risk if you have a full-time job that covers your bills. As you post content on YouTube, track how much you earn and get a feel for whether you enjoy it.

Wallace didn’t make the switch to full-time YouTuber until she was making about the same or more as she did as a teacher. Then, she gradually shifted to full-time YouTube creator. Once she was confident that she could cover her bills and pay others, she hired a team of four part-time employees to help grow the business.

Don’t fall for time-wasters.

While Wallace seeks feedback, she tries to strike a balance between getting advice and ignoring internet trolls.

“Reading comments is helpful,” Wallace says, “but it’s a time-waster to get emotionally hung up on the negative comments.” That’s time you could be creating videos, working on sponsorships, and developing your business.

She also says it’s a mistake to seek perfection. While you should look presentable and create the best product you can, “‘Done’ is better than ‘perfect’ in some cases,” she says. There are weeks you don’t feel like posting content or days when you don’t look your best, but you’ve got to push through for your business.

Related: 50 Side Hustles You Can Use to Make Extra Money

You Could Be the Next High-Earning YouTuber

YouTube gives users plenty of opportunities to earn money on the platform. In Wallace’s case, she posted videos about a topic she knew a lot about. And over time, she grew an audience by meeting customer demand.

Whether you want to post cute pictures of your dog or start the next YouTube fitness channel, there’s an audience out there for you — you just need to find it.

The post How This Teacher Turned YouTuber Makes $40,000 per Month appeared first on DollarSprout.

The first day at a new job “sets the tone for what kind of worker you’ll be in the future,” says Darren Easton, Vice President and Creative Director at The Cyphers Agency. “If you immediately show that you have a good, positive attitude and get along with people, you’ll be someone who your coworkers not only want to work with but also support if and when you face challenges.”

People can form first impressions within seven seconds, according to Psychology Today._[1] These can turn into long-term perceptions that inform your success in your role and your career, making it important to get it right from the start.

7 Ways to Make a Good First Impression at Your New Job

Your new colleagues and supervisors will notice whether you exude confidence, emotional intelligence, and leadership qualities. These soft skills in the workplace are important because they can help you fit in and succeed in the new role.

Whether you work remotely or in an office, start showing these traits by taking the following steps:

1. Show up early.

Showing up early conveys you’re responsible, organized, and you value your job. But it’s important to time this right, depending on the type of job you have. Remote workers should log in to conference calls a minute or two early, and hourly employees should arrive just a few minutes early as well. Although you’re not getting paid for the extra time, timeliness can set a good tone on the first day at a new job.

If you’re a full-time in-house employee, then your manager may need time to prepare for your arrival — and you don’t want to come across as overeager. A good rule of thumb: Arrive 15 minutes early with in-person jobs, suggests Myra T. Briggs, Executive Search Consultant and Practice Leader at Nonprofit HR.

“That gives you time to sign in with security, figure out parking, or grab a cup of coffee. Then, announce yourself five minutes before your start time,” Briggs says.

And if you haven’t done the commute before, practice it once or twice ahead of your first day. Arriving late because you got lost or hit traffic can come across as disorganized.

Related: 11 Good Work Habits for Becoming a Stand-Out Employee

2. Dress for the job.

You don’t need to dress like the executives, but your attire does need to reflect that you take your work seriously. Ask about the dress code during the interview process, and show up in your best version of it on your first day.

“If the everyday culture is jeans and athletic shoes, for instance, opt for pristine jeans, casual shoes, and a business-casual top,” Briggs says.

Many organizations have a “dress for the day” policy, Briggs adds. That means you should dress appropriately for the obligations of each day but may dress casually if you don’t have any externally facing responsibilities.

And if you work remotely, your shirt might be the only piece of clothing that appears on video conference calls. It should look professional, though, and you should appear groomed with a clean background.

3. Learn the building layout or company structure.

You’ll probably get a tour of the building on your first day at a new job, but you likely won’t be expected to remember where everything is.

Knowing where you can find key rooms — offices, the bathroom, or the break room — can help you appear organized. Plus, you’ll save time by not getting lost. Your human resources manager might have a chart of the building and where everyone sits, but you can also make your own chart or simply take notes.

Remote employees should ask for a list of employee names, titles, and email addresses. Start figuring out who you should contact and for what purpose.

Every new job comes with a learning curve, so don’t be afraid to ask a coworker for help or directions or even who is responsible for what tasks. It can be a good way to strike up an initial conversation and form work friendships.

4. Bring new ideas to the table.

Innovation is a trait that most managers love to see. But you might appear egotistical if you show up on the first day at a new job with a list of changes. Instead, try this longer-term process of developing ideas, which can start on your first day:

• As you carry out the main tasks of your job, think about what can be improved.
• Write down notes about new processes, projects, and tools that can help your team.
• At an appropriate time — during catch-ups with your supervisor or in meetings, for example — bring up the solutions you’ve thought through.
• If another employee helped with the brainstorming, give them credit.
• If your schedule allows, help implement the changes.

Creating these new ideas can help you stand out at work and get ahead in your career.

5. Volunteer for tasks.

When you volunteer for tasks, you show initiative and a willingness to learn something new. You might offer to make a photocopy, email a client, or organize a meeting.

As a new hire, 90% of your attention should go toward learning your job, while the other 10% can go toward these small tasks, says Kathy Robinson, Founder of TurningPoint, a company that provides career counseling. You want to be sure you dedicate enough time to learning your role.

However, “you have to be careful not to become the dumping ground for grunt work that no one else wants to do,” Robinson says.

Try to strike a balance between being helpful and staying productive at work. Stay connected with your boss, whether it’s through regular catch-ups or occasional emails, to make sure what you’re agreeing to take on is actually doable.

6. Learn names.

According to a Psychology Today article, 85% of adults forget names. But learning names is critical, from the people you interact with most, like your managers and coworkers, to the building receptionist, maintenance staff, security, and so on.

“It’s a sign of respect,” Briggs says. “It’s always a challenge, but taking the time to do this shows you value your coworkers. It’s also very important to learn how to pronounce names, so don’t be afraid to ask.” By knowing people’s names, you’ll also be seen as an insider, which will help you fit in with the company and exert influence in your role.

During your first conversation with someone, repeat their name. Ask them to spell it if it’s complicated. Then, repeat the name when you say goodbye. You can also use what Psychology Today calls the “look, snap, connect” method:

• Look: Focus on the name.
• Snap: Create a mental image of the name and face.
• Connect: Connect the name and mental image so you can retrieve the information later.

If the person uses a nameplate in their office or on their desk, that can help, too.

7. Show respect to your boss and coworkers.

Respect is a key feature in any work environment. It promotes teamwork and professionalism and lets people know they’re valued. In fact, “more than anything, people want to feel heard and respected at work,” Robinson says.

You can show respect in many ways, starting with these small steps:

• Practice good body language. About 55% of communication is shared through body language. You can send a respectful message by making eye contact, standing tall with good posture, and not crossing your arms or rolling your eyes.
• Be a good listener. When another person is talking, don’t interrupt. Listen to what they’re saying, then add something valuable to the conversation.
• Do your work. You might fall behind on work if you arrive late, get lost in work gossip, or don’t manage your time well. Coworkers may have to pick up your slack, which can communicate that you’re inconsiderate.
• Be punctual. Arrive to work on time and make sure you complete your work by the deadline. Then take a few minutes here and there to form bonds with your coworkers.
• Practice clear communication. When you discuss work projects with your coworkers through email or in person, be straightforward so they know exactly what you need. Practice using diplomatic language to come across respectfully.
• Don’t dump your work problems on others. Issues arise at work all the time, but what’s important is how you solve them. Try to find solutions and remain level-headed before you bring the issue to someone else. Explain how you think they can help.

If you find that you’re struggling with respecting a coworker for whatever reason, talk to your manager or human resources. They might have some suggestions or be able to facilitate a meeting to work out the issues.

The First Day at a New Job Sets a Precedent for the Future

Robinson says good organization is the main ingredient behind forming a good impression and developing your long-term career. Organized people typically get their work done because they manage their time well, suss out problems (and potential solutions), and may have time to volunteer for extra tasks.

Eventually, you can even ask for a raise once you’ve proven yourself a good employee.

“The more you can deliver, the more likely you are to make a good impression,” Robinson says, “and, ultimately, get the career progression you want.”

The post How to Make a Good Impression on Your First Day at a New Job appeared first on DollarSprout.

About half of adults have made a dramatic career change at some point in their lives, according to a survey conducted by Indeed.com._[1]

But jumping immediately to a new career could cost you time, money, and energy — for a new role that might not be a good fit. If you’re interested in changing careers, it’s best to set up a plan of action first.

Ways to Find a New Career

A lot of people know they hate their jobs, but they’re not sure why or how to improve their work-life. They also might expect a career change to happen overnight.

“A typical job search within the same career field can take months,” says Brie Reynolds, career development manager at FlexJobs. “But a career change to something very different may take much longer.”

The process starts with figuring out why you need a change and what risks are involved. Once you have a firm sense of what you need, find the right fit.

1. Take a career quiz.

Online career quizzes like the Princeton Review Career Quiz take you through a series of questions and measure your interests and personality. Every quiz is a little bit different, so you may get varying recommendations depending on which one you take. Take several. Career quizzes can serve as a starting point, directing you toward a particular industry, providing a list of jobs, and explaining why you’re a good fit.

Some even describe the training involved and starting salary to help you make a more informed decision about changing careers.

2. Update your skills and intentions on LinkedIn.

Recruiters often use LinkedIn to find job candidates, so having a well-crafted profile on this professional networking site can help you land an interview in your new field.

Danisha Martin, senior search consultant at Nonprofit HR, offers these tips for updating your LinkedIn profile:

• Ask for recommendations. Whether they come from colleagues, managers, or clients, these should emphasize your potential to transition careers. Ask them to highlight your transferable skills, coachability, and adaptability.
• Use keywords linked to your new career. Recruiters use keywords to search for candidates, so include them throughout your profile. Personalize it with your voice, especially the summary paragraph.
• Include volunteer work and part-time jobs. These are easy ways to gain experience in your new field, so list these opportunities in your profile and any skills you developed.

Once you’ve polished your profile, connect and network with others by joining groups, participating in discussions, and posting articles.

3. Volunteer or work part-time.

If you’re not ready to fully commit to a new career yet, test the waters with a temp agency or by volunteering, job shadowing, or working part-time.

It’s a good way to “do a controlled test before jumping in with both feet,” says Kathy Robinson, founder of TurningPoint, a company that provides career counseling.

Websites such as VolunteerMatch and FlexJobs can help you find these new opportunities. Use this time to learn everything you can about the industry, network, and invite people to exploratory interviews. Working side by side with someone is “where you have an opportunity to truly assess if what they do for work would be meaningful for you,” Martin says.

Related: FlexJobs Review: Pros, Cons, and When a Membership Is Worth It

4. Consider education and training requirements.

Gaps in your skillset may make it hard to crack into a new career. Get yourself up to speed by making a list of skills you already have, the skills you need, and any requirements of the new role.

“For some fields, short online training and certification courses are great,” Reynolds says. “For others, they may require a new degree. Talk to people in the new field through informational interviews to see what’s recommended.”

Also research any costs involved and whether you qualify for grants and scholarships that might help offset the expense of any courses, certifications, or training. “If there’s a positive from the COVID-19 situation, it’s the increase in available online training,” says Anna Huffman, human resources director for the National Federation of Independent Business. “Resource availability has increased, and costs in some areas have decreased.”

5. Research your interests.

Whether you love cooking, writing, or taking care of animals, there’s likely a way to turn your hobby into a job. “If people can turn their hobbies into their careers, they will never work a day in their life,” says Renee Frey, a recruiting expert, speaker, and author of “I Hate Mondays: A Guide to Landing a Job That Makes You Jump Out of Bed.”

The career quiz you used at the beginning of your research can match you with a new industry, while your interests, personality, and goals can help guide you to a specific role. If you’re matched with the medical field and you tend to stay calm under pressure and enjoy helping people, then a career in nursing may be a good fit.

Here are a few ways to let your interests guide your career research:

• Think back to your childhood dream job. Did you tell everyone you wanted to be a veterinarian, actor, or writer? Remembering these goals might help you figure out what you’re still passionate about.
• Take money out of the equation. If you didn’t have to earn an income, would you start a charity, volunteer with kids or animals, or travel? Think about ways to monetize these passions.
• Think about what you do really well. Maybe you’re a great chef, a skilled woodworker, or advanced yogi. How can you jump-start a career with these skills?

As you think through these questions, write them down in a notebook or Google document. Take some time to reflect on your answers as you consider which career might be the best fit for you.

6. Build relationships in your desired industry.

Networking and building relationships will be critical to success in your new career.

“The No. 1 way people find jobs is through who they know,” Frey says. “It’s easier to transition to a completely different career if people know you and can vouch for you.”

While in-person conferences and networking events are typically the best way to create relationships, there are ways to virtually network that are just as effective:

• Using LinkedIn, connect with successful people in your new career
• Do an informational interview via video chat
• Join virtual meet-ups
• Attend virtual conferences and webinars

Once you make connections and let people know you’re looking to change careers, colleagues in your new industry may be able to help you find a new role.

7. Hire a career counselor.

A career counselor can help you find good career options, set up a plan of action, and even introduce you to others in the new industry, but they may charge a fee for their services.

If you want to go the free route, find someone who’s successfully made a career change and schedule some time to talk with them. They can give you the low-down about what it takes to switch over.

You can also reach out to your college’s career services center or alumni network for assistance.

Once You’ve Chosen a New Career Path

Once you’ve nailed down your career choice, you’re ready to tackle your action plan.

1. Start building skills.

Now it’s time to develop the skills you researched at the beginning of your search. You might need to take a course, complete an online certification, or earn a degree. Ask your current supervisor for stretch assignments, challenging projects intentionally beyond your current skillset, to develop skills that might transfer to your new career.

You might also develop these skills during a part-time job, which “may actually give you experience that counts toward your new field,” Reynolds says.

2. Create a new resume.

It’s crucial to make your resume stand out so you land an interview and get the job you want.

“Hiring leaders and recruiters only look at the top quarter of the first page on your resume,” Frey says. “In seven seconds, they make a determination if they will read your resume or if you are going in the recycle bin.”

Need a little help creating a great resume? Sites like MyPerfectResume.com can help you write the perfect resume and cover letter to highlight the top skills employers look for. Tell MyPerfectResume how long you’ve been working, and they’ll recommend an appropriate resume template. From there, they’ll walk you through each section one at a time, from your personal information to education, work experience, and certifications.

They’ll also provide helpful, pre-written examples that you can tailor based on your work experience. Once you finish creating your resume, choose a 14-day access pass for $2.95 or a monthly subscription of $5.95. With either plan, you’ll have unlimited access to create, spell check, and download resumes and cover letters. If you aren’t satisfied with your experience for any reason, you have 14 days to request a refund.

Related: 10 Resume Mistakes to Avoid (and What to Do Instead)

3. Start your job search.

Leverage the contacts you made when networking, volunteering, and researching your new industry.

“Reach out to your network to find contacts who currently work in the new field,” Robinson says. “Ask for guidance and any connections they’re willing to share.” Their company may also have an opening that’s a perfect fit for you.

Start researching companies, learn about the culture, and consider whether you’d fit in. Martin suggests identifying your top 25 companies and looking for open roles. Write a cover letter tailored for each position, and start submitting applications with your letter and resume.

To keep track of your job search and to make yourself a better interviewee, Martin suggests keeping a spreadsheet of where you apply and adding notes about your interviews and any feedback you receive.

Related: How to Make a Good First Impression the First Day at a New Job

4. Schedule job interviews.

It’s exciting when your resume gets noticed and you get a call to schedule an interview. This meeting is where you can talk about your experience and show why you’re a good fit for the company and the role, even if you have no prior industry experience.

“Create a succinct story of why you’re changing careers that shows your enthusiasm and energy for your new field,” Reynolds suggests.

Here are some ways to prepare for a job interview in your new career:

• Research the mission and goals of the organization you’re applying to.
• Prepare relevant questions that show you understand the new industry.
• List your experience in the new industry, which can include volunteer work and part-time jobs.
• List transferable skills from previous roles that you can use in the new industry.

You should also prepare the items you’ll bring to the job interview. Afterward, consider sending a thank-you note, asking for feedback, and applying the advice in the future.

5. Negotiate your new salary and benefits.

You might feel like starting a job in a new career means taking a pay cut, but that’s not necessarily true. You can negotiate a good salary with some preparation.

Using websites like Glassdoor and Payscale, you can research the average salary of your new position. Use that information in conjunction with your previous experience to negotiate a fair salary.

Also think about what would make you happy at the new job. You might be willing to take a pay cut if the new role allows you to strike a work-life balance, offers more benefits, or provides training and opportunities for salary growth.

6. Put in your notice at work.

Most organizations want to keep top talent, so give your employer a chance to keep you on board, Huffman suggests. Your organization may be able to promote you to a new position, transfer you to a new department, or increase your responsibilities and pay.

But if your mind’s made up, then make sure you leave the job on good terms. Give at least two weeks’ notice, and tell your manager you’re resigning to pursue a personal passion.

“Don’t speak negatively about your experience,” Frey says. “Keep everything positive. You never know when your paths may cross again.”

Don’t Be Afraid to Try Something New

A career change can be a great way to fulfill a dream or break out of a rut. Use this list as a starting point to figuring out what career you want and how you’ll get there. A good plan can help you adjust your career path so it aligns with what you’re passionate about, Robinson says.

“It’s sort of like a custom-fit suit versus grabbing something off the rack and not ever really liking how you feel in it,” she says. “The thinking goes: The more you like what you do, the more reward you get.”

The post How to Change Careers in 7 Easy Steps appeared first on DollarSprout.

When her friend told her about VIPKid, an English language tutoring service geared toward students in China, she thought it would be a good fit. She applied for a teaching position, got hired, and opened up for business. After teaching a few dozen lessons, “I was hooked,” Saulters said. “By the end of my first year, I had taught about 2,000 classes.”

Teaching with VIPKid has become a lucrative career for Saulters, who now averages about 220 lessons a month and consistently earns about $2,500. Throughout three years with the company, she’s learned some tricks that can help you get booked for lessons and boost your earnings.

What to Know About VIPKid and Teaching English Online

VIPKid is a great way to earn money online. Knowing how its pay structure works, when to open your schedule, and how to budget can help you succeed.

How the pay structure works

VIPKid sets a minimum rate per lesson, but you can earn bonuses, too.

Base pay per lesson

Your minimum earnings for each 25-minute lesson is based on your qualifications, and how well you perform a demo lesson in your interview. This ranges from $7 to $9 per tutoring session, and teachers can usually teach two sessions per hour. 

“In general, with incentives, a teacher can earn the equivalent of $14-22 per hour with VIPKid,” the company website states. 

Some teachers, like Saulters, have a higher-than-average base pay. This is because VIPKid used to give pay raises every year; they no longer have that policy.

Related: VIPKid Teacher Review 2023: Job Description, Pay, Benefits & More

Bonus pay

VIPKid groups teachers into one of 10 “tiers” based on the number of lessons taught with the company. You can earn bonuses based on the number of lessons you teach. Saulters is in tier 9, which means she’s taught between 7,000 and 9,999 lessons total. Her starting pay rate is $9.50, and she earns an extra $0.80 to $3.10 for each lesson taught. She teaches about 220 lessons in a month and earns about $2,500 — averaging $23.50 an hour.

Sarah Franz, another VIPKid teacher, is in tier 7. Because she teaches fewer lessons compared to Saulters, her bonus pay is a bit lower. She averages about $19 an hour.

How to get booked

Although VIPKid caps your hourly rate, there are things you can do to ensure you get booked for lessons.

Take advantage of peak hours.

Like other online jobs, VIPKid gives you more flexibility in your schedule, and you can take advantage of the nontraditional hours. For instance, you’re more likely to get booked between 6 p.m. and 9 p.m. Beijing time, which is 5 a.m. to 8 a.m. if you’re on Eastern Time. Saulters teaches every day around this time frame.

Based on where you live, the hours you choose might be in the evening, through the night, or immediately when you wake up. But Saulters suggests figuring out your sleep schedule, finding your most productive hours, and sticking to a routine. “I don’t teach overnight, ever,” she said. “I need my sleep.”

Get certified to teach more classes.

VIPKid groups students into levels based on their English-speaking ability. You’ll need to take and pass VIPKid’s internal courses to teach each level. These courses are free for teachers. And while you won’t earn more, “it will broaden your reach,” Franz said. “More people can see you and book your classes.”

But consider your comfort level, she adds. If you have a lot of experience teaching young children, then you might choose to teach the lower levels — where younger students begin.

Form relationships with your students.

Both Saulters and Franz build relationships with their students to keep them coming back for more lessons.

“Most of my students come back to me because we connect really well,” Franz said. “And communication helps. I leave personalized feedback on each student for the parents to read.” Saulters does this, too, and also keeps in touch with the parents of her students through social media.

Saulters also points out that any work you do outside of the video lessons, like updating your classroom background or reading lesson plans, effectively reduces your hourly rate. Because you won’t get paid for them, she suggests limiting these activities to about an hour a week or less.

How to budget as a VIPKid teacher

Your income can fluctuate as a VIPKid teacher, and you’ll need to budget around that.

Franz said she manages the ebbs and flows by opening up her schedule to get more business. But she also teaches more than she needs to during the busy months, and she stashes away the extra earnings in a dedicated savings account. “If I lose classes here and there during other months, it won’t be that big of a deal,” she said.

Saulters has noticed that fewer students book lessons during Chinese holidays (around January or February) and around finals in June. Her schedule starts picking back up in July and August.

To account for the inconsistent income, determine how much you need to pay your monthly bills. These can include expenses like your rent, groceries, car payment, and the occasional night out. Then, based on your pay rate, calculate the minimum number of lessons you need to teach per month to cover those expenses.

Aim to teach more lessons than you need to each month, and save your extra money. Only dip into the savings account during slow months, when you need money to pay a bill.

Set aside money for taxes

Because you’re an independent contractor rather than a traditional employee, you’ll need to budget for quarterly tax payments. A good rule of thumb: Save 25% of your income for these payments.

Additionally, any expenses incurred — including your computer, portions of your internet bill, and props you use in the classroom — can be deducted on your income tax return.

Related: How to Avoid an Unexpected Tax Bill as a Side Hustler or Gig Worker

Tips for acing the interview

Get started

Up to $22/hour Pay $14 to $18/hour base pay

DollarSprout Rating Work from home, flexible hours

VIPKid is an English language tutoring service available to students ages 4-12 in China. To sign up to teach with them, you need a bachelor's degree, reliable internet, and one year of teaching experience. After completing the application process, you can start booking classes and earning money.

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Pros

• Flexible hours
• Easy to get started
• Can earn up to $22 per hour
• Opportunities for training

Cons

• Technology issues may impact your earnings
• Peak hours are typically early morning (depending on your time zone)
• Difficult to cancel classes

When Saulters went through the hiring process, she attended an in-person interview and “taught” two sample classes. This helped VIPKid understand her teaching style and measure how well she would teach the material.

If you choose to teach with VIPKid, you’ll go through the same process. The company will also check your credentials and verify your teaching background.

And when it comes to the interview, “just be yourself,” Saulters advises. Whether you have a bubbly personality or you’re more introverted, what matters most is that your students learn.

Franz said these tips may help improve your student lessons, but you can use them to ace your demo lesson, too:

• Smile to help put your students at ease.
• Show enthusiasm for teaching and the subject matter.
• Have some energy — mainly so you can focus and communicate.
• Use “total physical response” or TPR, in your activities. This helps students link their new language to their actions.
• Speak clearly and slowly — but not like a robot.

Once you get hired, Saulters said you should exercise patience. She opened lesson slots and waited for nearly two months before booking a single student. Her waiting paid off, too. Now she teaches hundreds of classes a month.

Get camera-ready

Unlike traditional classrooms, your lessons on VIPKid are recorded, and it can take some time to get adjusted to the format.

Franz said it took her about six months to feel completely comfortable teaching through the online platform, even with a lot of in-person teaching experience. “I remember being sick to my stomach in the beginning,” Franz said. “I know people who got so intimidated that they stopped doing it. But I made myself get through that phase.”

If being recorded makes you nervous, you might want to practice being in front of the camera. You can do this by recording short YouTube videos, Instagram Lives, or even TikTok videos.

You can also practice in front of a mirror or with some friends and family and record yourself while teaching. Then, watch the videos and make note of what you do well and where you can improve.

Build a support system

By networking in your area or using social media, you can connect with other VIPKid teachers. Franz said this is a good way to share ideas and get advice.

If you’re looking to connect with other teachers online, you’ll find VIPKid on the major social media networks:

• Join the Facebook group @VIPKid.
• Follow the hashtag #VIPKidteachers on Instagram.
• Follow #VIPKidteachers on Twitter.

Saulters also uses Hutong, which is VIPKid’s virtual teacher’s lounge, and attends in-person VIPKid teacher meetups. Because working from home can be a little isolating, she said it’s a good idea to build your own community. People who are in the field know what you’re going through and are willing to help out.

Start Your Online Teaching Career

VIPKid is just one of many online tutoring jobs to consider. If you’re looking to diversify your income, you might choose to teach through a few different platforms. For instance, Franz also teaches through Outschool, which is an online learning marketplace that connects young students with teachers.

Eventually, you could even turn your side hustle into a full-time job teaching English online. It can be a great way to cash in on your love of teaching. And because you can work from home, you can fit your lessons seamlessly into your everyday routine.

Related: How to Get Paid to Teach With Outschool (Even with Zero Experience)

The post How a Retired Teacher Makes $2,500 per Month as an English Language Tutor appeared first on DollarSprout.

But the “hard skills”— the specifics of how to get the job done—aren’t the only skills employers look for. Soft skills are just as important.

“Soft skills highlight your interpersonal skills, problem-solving, conflict resolution, and adaptability,” says Renee Frey, a recruiting expert, speaker, and author of “I Hate Mondays: A Guide to Landing a Job That Makes You Jump Out of Bed.” According to Frey, “Employers seek soft skills because they want to know how you will behave in certain situations and if your personality will fit into their company culture.”

That means you’ll need more than a stellar resume to land your dream job. You’ll also need to demonstrate the soft skills employers look for.

The Top 11 Skills Employers Look for in a New Hire

Employers know you might not have every soft skill on this list, says Yvonne Rivera, director of talent acquisition for Nonprofit HR. “Rock-star candidates who can bring every one of these skills to every situation are few and far between,” she added.

But having the right soft skills for the job can be the deciding factor between you and another candidate. During job interviews, be prepared to give real-life examples of how you’ve displayed some of these traits in the workplace.

If you’re returning to the workforce or you’ve never had a job before, you may have learned these skills in everyday life, at school, or in volunteer opportunities, and you can relay those experiences in an interview as well.

1. Independence

Independent employees don’t need constant guidance from managers. They can take a project and run with it, checking in only when necessary. Many managers prefer independent workers because it frees up time for them to work on other tasks.

“Your boss needs to trust that the important project delegated to you will not only get done but done well,” says Anna Huffman, human resources director for the National Federation of Independent Business.

While you should try handling problems on your own, it’s just as important to know when to update your manager on your progress or get feedback on the next steps. Scheduling periodic check-ins can help. You can do them via daily emails, weekly meetings, or a monthly report.

2. Adaptability

Adaptable employees are flexible and can adjust to change with a positive mindset. Plenty of workers are practicing this skill amid the COVID-19 pandemic.

“There is no playbook for navigating a pandemic,” says Dana Case, director of operations at MyCorporation.com. With little notice, employees had to shift to work-from-home schedules, communicate completely online, and handle the minutiae of their jobs all against the backdrop of pets, children, and other work-from-home distractions.

Some employees made the change seamlessly, while others got a crash course in developing this skill. In an interview, you might be asked how you would react in a situation that requires adaptability. Be prepared to explain the steps you would take or share a previous experience.

Related: How to Make Your Resume Stand Out from the Crowd

3. Coachability

On day one of a new job, employees should have about 70% of the skills necessary for that position, Frey says. “This will allow someone to be able to grow in the role.”

That’s why coachability is a key personality trait in any worker. Coachable employees can implement feedback and are willing to learn any skills they lack. “Pairing them up with a mentor is a great exercise to help them grow in the role,” she adds.

To demonstrate your coachability in an interview, give an example of how you learned from a past mistake and grew both professionally and personally. You can discuss how you implemented feedback, were receptive to criticism, or other ways you made adjustments as a result.

4. Confidence

Confident employees know what they’re good at, understand their value, and exude self-assurance. Confidence is a top skill employers look for because confident workers tend to be productive and motivate others.

“Despite all the knowledge you may have, you will not be taken as seriously as you should without confidence,” Huffman says.

Confidence in your ability to do your job well is a trait built over time. Setting goals (and following through), learning new skills, and investing your energy in tasks you love are small but powerful confidence boosters.

Related: How to Ask for a Raise with Confidence (the Advice No One Ever Gave You)

5. Emotional intelligence

In recent years, employers have started prioritizing a worker’s EQ (emotional quotient) over their IQ (intelligence quotient), Huffman says.

Employees with a high EQ exhibit self-awareness, independence, motivation, empathy, and social skills. Employers want to know you can think logically through challenges and respond in a crisis or everyday situations, Rivera says.

In preparing for your next job interview, be ready with stories that show your EQ. That could include how you collaborate with colleagues, implement feedback from managers, and help customers solve problems while keeping a level head.

6. Leadership

Hiring managers look for strong leadership qualities—such as confidence, passion, and initiative—even when the candidate isn’t applying for a leadership or management role. An interview is a good place to share your experience as a leader and how you might use those skills in the new role.

Employers want to know they can hand you a project on day one or ask you to lead a small team. “Employees who raise their hands for projects or lead teams really help support their managers,” Frey says. “Having leadership skills can allow you to take the stance and help others rise up as leaders on your team, too.”

If you feel you need to strengthen your leadership skills, then consider taking a course or training. You can even ask your current supervisor for more responsibilities like training a new employee or leading a meeting or project.

Related: 10 Tips to Negotiate Your Salary for a New Job

7. Time management

On any given workday, you’re probably juggling a list of competing priorities. Time management helps you get those things done on time.

“Candidates must describe how they manage their time well to accomplish all their responsibilities,” Rivera says. “Strong organizational skills fall under this as well.”

Here are some ways to improve your time management:

• Schedule your week, blocking off time for critical tasks.
• Set aside time throughout the day to check and respond to messages.
• Track and limit the time spent on each task. Apps such as RescueTime and Toggl can help.
• Give yourself periodic breaks for a quick mental refresh.

If you find you’re still struggling with time management, ask your supervisor or coworker for some feedback. You might get advice on how to implement a different system, or your manager might decrease your workload (or extend your deadlines) until you demonstrate improvement.

8. Ingenuity

“Ingenuity” means using creativity to solve problems. Employees who display ingenuity are able to see a challenge, tackle it with a positive mindset, and create a solution.

“Creativity is more in demand than ever,” Huffman says. “Employers want employees who can imagine what does not exist and find a way to achieve it.”

Ingenuity might not come naturally to you, but it is something you can grow and develop. As you do your job, look for ways to streamline processes, solve problems, and contribute ideas at meetings. This is a good way to demonstrate your confidence and independence as well.

Related: 10 Things You Should Always Bring to a Job Interview

9. Responsiveness

Have you ever sent an email and never received a response? You may have felt ignored or even thought the recipient was disorganized.

Responsiveness, or simply following up promptly, is an important part of moving things along at work, and it’s one of the top skills employers look for. Productivity experts recommend setting aside small chunks of time throughout the day to answer emails and prioritize tasks.

“It’s another important skill as we work from home,” Case says. “Check in with your team regularly. Do not fall off the grid or write back at hours where you are unapproachable.”

A good rule of thumb: If it takes 10 minutes or less, answer the message immediately. Less urgent replies can wait up to 24 hours. If you can’t provide a thoughtful answer now, then touch base and let them know when you can follow up.

10. Exceeding expectations

This is where you can stand out among your peers. You may be assigned new and exciting projects when you go beyond your duties, which will help you grow in your career.

“While often considered a cliche, candidates who describe how they not only complete work but do so in a spirit of high-quality customer service shows consideration and thoughtfulness,” Rivera says.

“Going the extra mile” at work generally means showing initiative and helping out because you know it benefits the whole team. You might volunteer to lead projects, mentor a colleague, or stay late to meet a deadline. Be prepared to share these examples in an interview.

11. Big-picture thinking

Although you probably focus on concrete tasks and deliverables at work, it’s also important to keep the big picture in mind. That means seeing beyond your duties and understanding how your work impacts other departments and the organization as a whole.

“Employers want to know that candidates can see and explain big-picture ideas, and that they can lead others to create those steps to help accomplish monumental objectives,” Rivera says.

What are your company’s goals, and what can you do to help the company achieve them? Take some time to reflect on your role in your company and how you can help it grow and succeed. Then use that information to guide your daily activities and decisions.

Related: 11 Good Work Habits for Becoming a Stand-Out Employee

Use Your Interview to Show You Have the Skills Employers Look for

An interview is your time to shine. As you prepare for it, think about times when you used the skills on this list. When did you come up with a creative solution to a problem, resolve a conflict at work, or show leadership in a difficult situation?

Though you might not have all of these skills yet, you can “fine-tune the skills you already have, then focus on developing skills in areas where you’d like to learn more,” Case says.

There are plenty of books, podcasts, and courses to help you learn the basics or polish many of these skills. Time and experience on the job can help, along with the guidance of a great manager. Frey also recommends keeping a journal of how you handled a certain situation, and how your approach could improve.

Every job requires hard skills, but as Huffman reminds us, “success comes from adapting and learning to use both.”

Related: How to Make a Resume That Lands You an Interview

The post 11 Skills Employers Look for That Most People Never Think About appeared first on DollarSprout.

Freelancers make up 36% of the U.S. workforce and contribute $1 trillion to the national economy._[1] But some are dealing with less work right now while others are working overtime to keep up with new demand. And on top of an uncertain financial future, some freelancers might be struggling with isolation and anxiety.

12 Things Freelancers Can Do During The Coronavirus

There are still ways to build a community, find sources of income, and stay productive during the pandemic. Here are 12 steps you can take to manage the emotional impact and keep earning a living.

1. Communicate with your clients.

Reaching out to current and prospective clients with a professional, empathetic tone can put them at ease in the face of uncertainty. When you contact those clients, ask about scheduling a phone call to discuss their concerns or needs. These small gestures can go a long way now and after the crisis passes.

“Many experts predict that post-COVID-19 freelance work is going to be even more in demand,” says Andi Smiles, a small business financial consultant. “Connecting with people now means that they could refer to you later.”

To prepare, consider creating some of these resources:

• A page on your website explaining your pay rates and services.
• Another page detailing how you’re handling change during the pandemic and any new services you’re offering.
• Social media posts that help clients understand how you’re handling the crisis—and why you’re the best go-to freelancer to contact.
• Email templates to send to new and existing clients.

Hang on to these resources, and document how you handled issues throughout the pandemic so you’ll be better prepared for future crises when they arise.

Related: 50 Sites to Find Your Next Freelance Gig

2. Pivot to meet demand.

Freelancers are natural adapters, but COVID-19 may be pushing you to work even harder. If some clients have stopped sending you work altogether, you may need to find different sources of income or adjust your services.

Jackie Lam, a freelance writer and financial coach for artists and creatives, offers these tips:

• Look for ‘cross-sections.’ That’s the intersection between your skills and what’s in demand. For example, a pet sitter with relationship-building skills can pivot to delivering groceries and other items to her clients.
• Focus on what’s in demand. What do your clients and their end users need right now? This will be specific to your industry, so you can reach out to your network for ideas or do your own research.
• Repackage your services. Go over your full suit of services and think about how you can adjust them to remain competitive.
• Reach out to new clients. Send them an email, reach out via social media, or ask a colleague to make an introduction. Explain how you think your services can help their business.

Logan Allec, a CPA and founder of personal finance blog Money Done Right, noticed a shift in demand for his services during the pandemic.

“I’m a financial expert,” Allec says, “but during COVID-19, people aren’t worried about their taxes. They were worried about unemployment and stimulus checks and things like that.”

He began creating YouTube videos to help people understand how COVID-19 affects their money and how to get financial help. “I ended up making over $30,000 in YouTube ad revenue in April alone, excluding affiliates,” he says.

Related: 21 Inexpensive or Free Ways to Market Your Small Business

3. Find support in your freelance community.

Even if you thrive working from home without co-workers, it’s important to build a network with others in your industry.

“Colleagues are there to help you maintain your sanity, provide guidance if you’re struggling with some aspect of your business, and point toward promising work leads,” Lam says. And if you’re lucky enough to have a mentor, “they can help you define your values and drum up a game plan to achieve your business goals.”

Your community is especially important during crises like the COVID-19 pandemic. “People remember the people who helped them and made them feel better during a scary time,” Allec says. “Be there for people right now even if there’s no immediate return, and you could forge relationships that could become extremely mutually beneficial when things pick up again.”

You can establish these business relationships through social media groups, virtual meetups with local business owners, and freelance friends. Conferences also offer a great way to meet colleagues—although in-person events may be on hold.

4. Review your contracts.

Long-term contracts between freelancers and clients typically protect the client rather than the freelancer. Clients might cut budgets during tough times, but they shouldn’t ghost you when it comes to paying invoices and honoring retainer contracts.

It’s critical to have a contract that protects you and clearly defines the scope of work, rates, and payment terms. This can help you pursue legal action if a client doesn’t pay up.

Go through your contracts or create a new template, if you don’t have one already. An attorney who specializes in freelance work can help, or you can check out the Freelancers Union’s free contract creator.

5. Evaluate your finances.

Now is a good time to review your budget and eliminate unnecessary expenses. Go through your business transactions from the last three to six months and consider ditching services and products you don’t use or that won’t help you earn money.

You also might want to check on your personal finances, too. If you don’t know where to start, reach out to a nonprofit credit counselor. For example, GreenPath Financial Wellness and the Association of Independent Workers, two national nonprofits, have teamed up to offer free services for independent workers during the pandemic.

6. Apply for grants.

A grant is money that you apply for but don’t have to repay—which can be a lifesaver if your income has taken a hit.

To start, look for grants for freelancers within your city or state or ones that are specific to your industry. Some grants align with your demographics, too. For example, some are geared toward women or people of color.

Smiles recommends getting specific: “Freelancer grants are very competitive, and the general funds are exhausted quickly. The more nuanced you get, the better chance you have of receiving a grant.”

7. Leverage federal programs.

In the past, independent workers couldn’t apply for unemployment insurance benefits. But “pandemic unemployment assistance,” or PUP, expands these benefits to the self-employed.

“It can be a game changer for people’s financial security,” Smiles says. “The con is that you have to stay on top of the compliance requirements.” Look for details at your state’s unemployment website, and check whether you need to apply through PUP.

Your freelance business might also qualify for a federal loan or grant. Check out the Paycheck Protection Program or other resources through the Small Business Administration. An SBA office near your city may be able to give you more specific advice.

Related: 25 Programs to Get Free Money from the Government

8. Take care of items on your to-do list.

In the months leading up to the pandemic, you may have pushed certain tasks to the bottom of your to-do list; but now’s a great time to tackle them.

“If you’re facing a lull, think about how you can make the most of the downtime,” Lam says. “You might’ve been so busy with client work that you haven’t had a chance to revamp your website, or be consistent in posting to your social media channels.”

Some items to tackle on your to-do list might include:

• Responding to emails.
• Catching up on invoices.
• Updating your contacts.
• Networking with colleagues.
• Creating your website or developing new content for it.
• Making a list of people you’d like to work with or projects you’d like to do.

Related: How to Make More Money as a Freelance Writer

9. Set short- and long-term goals

Although it’s satisfying to check off your to-do list items, it’s also important to revamp and revisit your business goals. Smiles advises also using this time to create a roadmap for setting or achieving long-term goals.

Those long-term goals may include:

• Growing your business and hiring people.
• Brainstorming long-term projects, like hosting workshops or events.
• Developing a social media strategy.

Don’t forget to set short-term goals as well. These might include increasing your rates, renegotiating a contract with a high-paying client, or offering a new service.

10. Work on a passion project.

A passion project is typically a creative side project that excites and inspires you. Maybe you’ve always wanted to write a book, create a podcast, or start a charity. And if you lacked the time or energy to put toward your project in the past, you might have all the time in the world now.

Even if the passion project isn’t related to your work, it may still help advance your freelance career. These projects can demonstrate your full capabilities, expand your skill set, and provide a new platform for different work. “You’re also telling clients, ‘Hey, this is what I’m about,’ or ‘This is my dream project. Look at what I can do,’” Lam says.

Get the ball rolling by defining your result or goal. Then plan out the steps, figure out if you need to get others involved, and set up a timeline. But remember: While the project might benefit your work, it should also make you happy.

11. Enroll in training programs.

If you aren’t earning income right now, Lam suggests carving out some time for self-improvement. You can invest in your business by improving your craft, learning new skills, or simply chatting with seasoned freelancers.

You can do it on the cheap, too, as dozens of online courses are free right now. Earning a professional certification is another option. For example, a personal finance writer might check out Certified Financial Planner (CFP®) courses. Although you may have to spend money on the education program, the new designation can help you charge more for your services.

Related: The Best Online Writing Courses for New Freelance Writers

12. Take a mental break.

The coronavirus pandemic is causing a historic rise in mental health issues—and they’re only compounded if your income is taking a hit, too.

If you’re struggling, The Centers for Disease Control offers a few ways to manage stress:_[2]

• Take breaks from the news if it’s making you feel anxious.
• Exercise regularly. Go for a walk or run, stretch, and meditate.
• Eat healthy meals and avoid alcohol.
• Get at least eight hours of sleep each night.
• Make time for activities you enjoy.
• Connect with others through video chats and phone calls.

You should also take regular breaks, set regular office or working hours, and stick to a routine. Work-life balance is important, even if your finances feel uncertain.

Taking care of yourself also means taking care of your mental health. If you need to speak with a professional, some therapists are offering virtual therapy sessions.

Related: Is Working from Home Bad for Your Mental Health?

Take Time to Consider Your Next Steps

If you’re feeling the mental and emotional effects of the pandemic, it’s OK to hit the pause button. These tips are a starting point for taking care of yourself and your business. During this time, you may choose to work on your business, get some rest, or do a combination of both.

But it doesn’t have to be an overwhelming process, Smiles says.

“You don’t have to make huge, sweeping changes to your business model,” she advises. “Even the act of questioning how you could improve your business will help you expand your offerings and income.”

The post 12 Steps Freelancers Should Take During the Coronavirus appeared first on DollarSprout.

Whether you’re working remotely or in an office, distractions pop up, and tasks that earn you money or a promotion take a back seat.

While some distractions are inevitable, they shouldn’t steal your focus from doing things that create value and help you earn money, says Grace Marshall, author of the award-winning book “How to Be Really Productive” and productivity expert at Think Productive.

According to Marshall, productivity is about managing your time, energy, and focus—so you can get work done, get money, and still have time to, well, get a life.

15 Ways to Maximize Your Productivity and Earnings

With that in mind, here are 15 ways to boost your productivity and earning potential.

1. Find your most productive hours.

There’s usually a time of day when you’re ready to do your best work, but that time of day differs for everyone. “For me, my creativity comes alive late at night, so I reserve the evenings for working on big campaign ideas and new client proposals,” says Aimee Joseph, founder of marketing boutique Brand Love Solutions. “My advice would be to determine when you’re most creative and work with it.”

To find your golden hours, listen to your body to get a sense of when you feel focused and motivated to tackle big projects. Plan your day so you’re doing the highest-priority work during your most productive hours, while routine tasks can be done when you don’t need as much concentration.

2. Figure out which office lifestyle is best for you.

Some people work best independently, while others thrive in an office setting. “In my experience, introverts really tend to enjoy working from home because they are energized by alone time,” says Alexis Haselberger, a productivity, time management, and leadership coach. “Extroverts tend to have a harder time working from home for the opposite reason; they are energized through time with others.”

Have you noticed that where you work impacts your output and focus? Consider finding a job or shaping your career path based on where you can work: remotely, in an office, or a combination of the two.

Related: 29 Best Work from Home Jobs for 2023

3. Track and limit time spent on each task.

After a few months in the same role, you probably know how long it takes to complete your normal, routine tasks. When you need to schedule one, allot a reasonable amount of time and aim to get it done within that time frame.

If you need help figuring out where your time goes, tools like RescueTime can help. This app automatically tracks how you spend your time, lets you set daily goals, and provides regular reports. Based on your customizations, it also limits the time spent on any task and blocks temptations like social media, notifications, and news alerts.

4. Schedule your week.

Racheal Cook, business strategist and productivity expert, says she creates a weekly Google Calendar and first blocks out time for family, friends, and fun. She then blocks out major work tasks during defined hours to help create boundaries between work and her personal life. If you don’t make time for both, “then work can quickly take up every available moment in your week,” Cook says.

Blocking out time also keeps you on track and helps you to be realistic about deadlines, Haselberger says. She also decides (in advance) what time she’ll stop working each day.

5. Give yourself periodic breaks.

Working at 100% capacity at all hours just isn’t sustainable. “If you don’t take regular breaks, you risk burnout,” Haselberger says.

Some productivity methods suggest working in short bursts followed by a short break. For example, productivity-software company DeskTime says the most productive people work for 52 minutes, then break for 17 minutes. Remove yourself completely from work during this time. “A quick walk or reading an article can really reset your brain to get back into productive mode,” Haselberger says.

6. Make time for personal and career development.

“When we’re busy delivering the work that gets us the next paycheck, we react to what’s very immediate,” Marshall says. But it’s important to also think about your long-term personal and career goals and what steps it will take to get there.

Career development could include attending a training course for the next step in your career, watching a self-development seminar, or reading a book. Investing time in yourself might mean skipping billable client work now, but it boosts your earning potential over time. And focusing on personal goals can help you round out your work-life balance.

7. Avoid meetings if possible.

You’ve probably heard this workplace one-liner: “This meeting could have been an email.” While meetings can be an efficient way to collectively brainstorm ideas and create solutions, more than $37 billion per year is spent on unproductive meetings, according to one estimate._[2] But if you must have one, Haselberger offers these tips:

• Ensure every meeting has an owner. This person schedules the meeting, sets the agenda, and facilitates the discussion.
• Only include necessary attendees. Information can be disseminated to others on a need-to-know basis via other means.
• Always have an agenda. The owner sends the agenda to all attendees. It should state the objective, items for discussion, and any relevant materials to prepare attendees.
• Define the goal for the meeting. If you don’t know what you hope to accomplish, don’t schedule a meeting.
• Decision vs. discussion. Decide whether the purpose of the meeting is for decision-making or brainstorming and discussion.

Employing a strategy will make meetings more organized, productive, and a better use of time.

8. Outsource or delegate work if you can.

Whether you’re running a business or part of a large project with co-workers, everyone has a strength and a role. Delegating or outsourcing work means “letting others do what they can do, so you can do what only you can do,” Marshall says.

For best practices, Marshall suggests communicating the results you want and defining ground rules. Although someone else will do the task differently than you would, “sometimes they’ll do it better or in a different way that still achieves the results you want,” Marshall says.

9. Avoid time wasters.

Distractions can torpedo your workday. These come in the form of household chores, co-workers or kids, and emails and notifications. “Most people check email on average 37 times a day,” Haselberger says. “Every time we are interrupted or distracted, it takes, on average, 23 minutes to refocus.”

Don’t let these derail your schedule. Instead of pausing work to tackle small tasks, you can:

• Block off time to check and answer your emails.
• Turn off notifications on all devices during work hours.
• Set communication boundaries with co-workers or household members.
• Dedicate time for chores.

Incorporating these necessary tasks into your schedule ensures that they are done while still allowing you sufficient, undistracted time to complete your larger tasks.

10. Create your own work processes.

If you’ve figured out a good way of getting things done, “let’s not reinvent the wheel,” Marshall says. Creating resources like processes, checklists, and pricing structures allows you to do the thinking and the work just once. Having the documentation will also help if you plan to grow your business in the future, Marshall says.

11. Automate tasks when possible.

In any business, repeat tasks need to get done but take up precious time. Some of these can be automated, which means using technology to speed things up. For example, instead of emailing back and forth about setting up a chat, you can use an app like TimeTrade.

Collaborating with project management tools, using accounting software, and scheduling social media posts are some other ways to automate tasks.

12. Exercise regularly.

Exercise does so much more than lower your blood pressure and help you fit into your jeans. In one study, employees who visited the gym said they were more productive, managed their time more effectively, and had smoother interactions with their colleagues._[3] Exercise can also:

• Boost your concentration, memory, and creativity.
• Help you learn faster.
• Lower your stress levels.

Joseph says that exercising gives her a surge of creativity. When that happens, she captures ideas on her smartphone to check later. “Writing down everything is key for me, as my brain gets overloaded with ideas. Reviewing my ‘ideas dump’ later on is a great way to weed out the weak and identify the ones with real opportunity.”

You can use voice memos or another app to record your ideas if it’s easier than stopping what you’re doing to write them down.

Related: 13 Apps That Pay You to Walk

13. Take time to rest and recharge.

Plenty of folks work nights and weekends, take few vacations, and retire late in life. “People often think about free time as a luxury or an afterthought,” Marshall says. “But rest is fuel for productivity.” It can also improve your immune system, increase creativity, and reduce stress.

Rest will look different for everyone, but here are a few ways to make it happen:

• Block off at least one day a week where no work is allowed.
• Practice self-care, which generally means sleeping enough, eating well, and exercising.
• Take a “mental health day” if you need it.
• Make time to visit friends and family. But don’t be afraid to say “no” to social visits if you’re feeling overwhelmed.

Spending time away from work and projects is important not only because it gives you a chance to rest and recharge, but you might find yourself inspired or with a fresh perspective when you get back to your desk.

Related: Is Working from Home Bad for Your Mental Health?

14. Get enough sleep.

“If we’re not feeling refreshed, it can hamper our ability to do our best work,” Marshall says. “Research suggests that if you’re sleep-deprived, the long-term cognitive impairment is equivalent to being drunk.”

According to the Centers for Disease Control and Prevention, about 1 in 3 adults don’t get enough sleep._[4] What’s considered “enough” varies by age and person. But generally, adults should get between seven and nine hours of sleep each night, the CDC says. Here are some ways to help that happen:

• Save caffeine for the morning, and cut it from your afternoon and evening.
• Get into a consistent sleep schedule by going to sleep and waking up at the same time each day, including on weekends.
• Don’t use smartphones and other devices right before bedtime. They emit light that can mess with your circadian rhythm and ability to fall asleep.
• Avoid exercising and eating close to bedtime.

Establishing a bedtime routine and better sleep habits ensures that you’re well-rested and able to perform at your best the following day.

15. Make good food choices.

It may come as no surprise that food is directly tied to your energy level. You’ve probably grabbed a 2 p.m. snack or coffee to boost your brainpower for the afternoon. But while any food generally fuels your body, some types of food are better at promoting productivity. Here are some general guidelines:

• Have healthy food choices available. In particular, fruits and vegetables have been shown to promote curiosity, motivation, and engagement._[5] Nuts are also a healthy option.
• Don’t skip breakfast. A meal full of protein and complex carbohydrates gives your body the energy it needs to get through the day.
• Graze. Hunger can lead to lower levels of productivity, so have a steady stream of healthy snacks on hand to eat throughout the day.

If finding ways to incorporate healthy food choices into your day is difficult, consider setting one day aside for meal prepping. It’ll not only save time and decision fatigue, but it can save you money as well.

Bottom Line

It’s normal to let distractions or procrastination get the best of us every now and then. But learning strategies to harness your focus and energy will help you use your time more meaningfully and efficiently.

This list serves as a starting point for taking care of yourself, setting goals, and squashing the time wasters that don’t contribute value to your work or personal life. You can start with one or combine a few into a more comprehensive strategy. Whether you’re freelancing or pushing for a raise at your full-time job, one thing is true: greater productivity equals more money in your pocket.

The post 15 Ways to Maximize Your Productivity and Earnings appeared first on DollarSprout.