Shelter-in-place jobs Posted on May 11, 2020July 6, 2020 by ksimas Work remotely from the safety of your own home In these challenging times, if you’re looking to replace wages lost to the coronavirus crisis, you may want to explore remote job opportunities during this shelter-in-place era. The type of work and required skills vary widely, but all can be done from the safety of your home, and options are available to nearly everyone. Teach English If you are a native English speaker, you may be able to teach English to children in China through several online platforms. VIPKid, Qkids and Magic Ears all hire native English speakers to teach after dinner and on weekends, but on Beijing time. So a California-based teacher would need to need to be ready to work around 3 a.m. Tutoring If you have skills in things like English, science, math or the arts, you may be able make money tutoring online. Wyzant, Varsity Tutors and Chelsea International Education all offer work opportunities with students needing academic help. If you have art, dance, drama or music skills, you can tutor online through LessonFace and TakeLessons. Writing If you’re a writer, dozens of online platforms will pay you to write. Platforms where you can find well-paying writing jobs include Contently, Skyword and Cracked. Editing If you have experience editing books or documents for content or errors, you may be able to make money editing for Reedsy. This platform mainly works with self-published authors who need advice and copy editing. Be a virtual assistant Virtual assistants can do almost everything remotely that executive assistants do in an office. Some schedule meetings, travel and conferences, while others handle social media or update company websites. The higher pay tends to go to those with social media or technical skills. If you’re interested, check out Boldly or Belay. Professional services If your skill set is on the professional side, there are a variety of platforms that can connect you with well-paid work. FreeUp is where content creators, accountants, marketing experts, web developers and administrators can find work. Remote finds work-at- home positions for people in a variety of professional fields. Wahve connects executives in insurance, human resources and accounting with small businesses that need regular help. Get your side hustle on You can find information, rates and reviews about each of these online platforms and many other side-hustle opportunities at SideHusl.com. Source: latimes.com/business/story/2020-03-27/sidehusl-remote-jobs-coronavirus
The CARES Act Posted on May 11, 2020June 18, 2020 by ksimas Coronavirus financial relief for individuals On March 27, 2020, the $2.2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law. Following is a summary of the Act’s provisions designed to provide relief to individual Americans. Direct cash payments Federal government cash payments of $1,200 will be made to each individual adult and $500 for each child age 16 or younger. Single adults with Social Security numbers who have an adjusted gross income of $75,000 or less will get the full amount. Married couples with no children earning $150,000 or less will receive a total of $2,400, and head of household filers will get the full payment if they earned $112,500 or less.1 Above these amounts, payment decreases until it stops for single people earning $99,000 or married people who have no children and earn $198,000. No payment will be made to an adult who someone has claimed as a dependent. Payments are expected to begin in mid to late April and will start with direct deposits to taxpayers who have provided their bank information to the IRS. Expanded unemployment insurance for uncovered workers Temporary Federal unemployment insurance is available to individuals who would not otherwise be eligible for state unemployment insurance such as the self-employed, independent contractors, gig workers, part-time employment seekers, those who lack sufficient work history, or those who have exhausted their unemployment benefits under existing programs. Federal student loan relief Through September 30, 2020, there is a suspension of federal student loan payments, federal student loan interest, and loan debt collection from those in default. This provision applies only to non-defaulted Direct Loans and FFEL loans currently owned by the Department of Education. Retirement plans and income tax deadline The income tax filing deadline, and the deadline for 2019 IRA and HSA contributions, are extended from April 15, 2020 to July 15, 2020. There are no required minimum distributions (RMDs) from 401(k), 403(b), 457(b) and other employer-sponsored plans in 2020.2 Pre-59 1⁄2 penalty-free withdrawals of up to $100,000 from for 401(k), 403(b, 457(b) and other employer plans are now available, with the ability to repay the account (if the plan allows repayment) and pay any applicable Federal income taxes over the next three years. The limit on retirement plan loans has been increased from $50,000 to $100,000 for loans taken from March 27, 2020 through December 31, 2020. Loan repayments can be delayed by up to one year. 1. Based on the latter of 2018 or 2019 Federal income tax filing. 2. RMDs for 2020 will still be required for 457(b) top hat plans. Sources: studentloanborrowerassistance.org/what-the-cares-act-means-for-repayment-of-federal-student-loans/ natlawreview.com/article/cares-act-expansion-unemployment-insurance-and-benefits nytimes.com/article/coronavirus-stimulus-package-questions-answers.html forbes.com/sites/zackfriedman/2020/03/29/should-you-really-stop-paying-your-student-loans-due-to-coronavirus/#60b01d0f4d46 Bill opens up access to 401(k) money, Los Angeles Times, March 29, 2020 Lenders appear to be flexible, Los Angeles Times, March 27, 2020
6 Ways to stay afloat without a paycheck Posted on May 11, 2020June 18, 2020 by ksimas If you are one of the millions of Americans out of work due to the coronavirus pandemic, the harsh reality of losing paychecks can be overwhelming. If your family is struggling with the loss of all or part of its monthly income, here are some steps you can take that might help you stay afloat during this unprecedented crisis. 1. Apply for unemployment benefits Most states have revised and expanded unemployment-benefits coverage for employees affected by coronavirus-related layoffs, furloughs, shutdowns and work-hour reductions. Visit your state’s unemployment insurance website for any online, expedited claims-filing process available. 2. Establish a budget List all of your monthly expenses in order of necessity. Next, calculate your household’s monthly income. If your family’s income is not enough to cover essential expenses such as food, housing and utilities, you may need to take measures to reduce expenses. 3. Look for ways to save Cancel your home phone, cable, online or printed subscriptions and membership services. Reduce your cellphone plan to only basic phone, text and data needs. 4. Talk with your creditors Don’t hesitate to contact your credit card issuers, mortgage holders and landlords and ask if you can work out a payment plan. Many mortgage providers are offering forbearance options, and lenders are telling customers they will not report late or missed payments to credit agencies during the pandemic. 5. Pay the minimum or stop If possible, continue to make minimum credit card payments. But if it comes down to making a payment or keeping food in the fridge, simply forgo payments until you are back on your feet. Be sure to contact your credit card company or lender and ask them to waive any fees during the crisis. 6. Use your savings accounts As a very last resort, you may need to temporarily reduce or stop your ongoing contributions to your retirement and/or college savings plan accounts and/or take advantage of currently relaxed loan and withdrawal restrictions for employer-sponsored retirement plans. If you feel you must disrupt your savings strategies, please contact us first and we’ll make a plan to help replenish your accounts when things return to normal. We will get through this. Making extreme changes during this extraordinary crisis won’t be easy, but remember that this will not last forever and we’ll get through it together. Making temporary sacrifices today could help you stay above water until this terrible storm passes.
Dollar Cost Averaging Posted on May 11, 2020June 25, 2020 by ksimas A potential upside of down markets During this unprecedented time of crisis, the volatile stock market is on everyone’s mind. While it is hard to feel good about any market decline, using a long-term dollar cost averaging strategy could provide bright side to this down market. How does dollar cost averaging work? The concept of dollar cost averaging is simple. You just invest a fixed dollar amount every month, quarter or other regular interval. This type of systematic investing is a built-in benefit to 403(b), 457(b), 401(k) and other workplace retirement plans where contributions are taken automatically from each paycheck. You can also integrate a dollar cost averaging strategy into your IRA and other savings plans by making equal contributions that are automatically deducted from your bank, as long as your total contributions do not exceed the annual IRA contribution limits. What are the benefits? The benefits of dollar cost averaging are best realized with longer-term investments in fluctuating markets. When the stock market is down and prices are lower, your fixed contribution amount buys more shares. When the market is up, your systematic contributions purchase fewer shares at higher prices. In markets that fluctuate in the short term but rise in the long term, the results can be more shares purchased, a lower average price per share and a higher ending value. To see how this works, take a look at the above table that compares an investment that fluctuates in price to an investment with a steadily increasing price. Notice that when share prices are lower, each $100 contribution buys more shares. Also, notice that when share prices fluctuate up and down, the end result is more shares purchased and a higher ending value. By making a fixed investment on a regular basis, you can take advantage of down markets and purchase the same investment at a lower price, which may translate into higher returns when the market recovers. Dollar cost averaging also encourages discipline and helps take the emotion and guesswork out of investing. However, dollar cost averaging does not ensure a profit nor protect against loss in declining markets. And because dollar cost averaging involves continuous investment in securities regardless of fluctuating price levels, you should consider your financial ability to continue your purchases throughout periods of market fluctuations.
The stock market’s history of volatility and growth Posted on May 11, 2020 by ksimas As we all struggle with the unprecedented Coronavirus crisis and the corresponding stock market crash, it may provide some small degree of comfort to view the current market turmoil from a historical perspective. When investing for the long term, it’s important to keep in mind that while stocks have far outperformed other investments over the long term, they have also been subject to short-term periods of sharp decline. Financial Market Performance Growth of $10,000 investments From January 1, 1970 –– December 31, 2019 Source: Morningstar Office. Stocks measured by Standard & Poor’s 500 Index, bonds by the Ibbotson Associates SBBI US Long-Term Government Bond Index, and money market by the SBBI US 30-Day Treasury Bill Index. All results assume reinvestment of dividends on stocks or coupons on bonds and assume no taxes. It is not possible to invest directly in an index. The hypothetical investment results are for illustrative purposes only and should not be deemed a representation of past or future results. Actual investment results may be more or less than those shown. The graph above illustrates the growth of hypothetical $10,000 investments in stocks, bonds and money market securities over the last 50 years. Notice that during this 50-year period, stocks have provided vastly superior long-term performance than bond or money market investments, but at the same time have subject to a far higher level of short-term volatility. This volatility is illustrated by the more dramatic peaks and valleys of the blue line depicting stock market performance. Note that at the end of the fifty-year period, the $10,000 stock investment has grown to nearly three times the amount of the bond investment, and more than five times the amount of the money market investment. Included in this 50-year time period were the “2nd Black Monday” stock market crash of 1987, the “dot-com bust” crash of 1999–2000, and the “Great Recession” crash of 2008. Following these and other significant stock market declines, the market rebounded to eventually reach new record highs. While past stock market performance is not a guarantee of future results, the historical performance of the market suggests it will eventually recover from its current decline just as it did with previous ones. It is possible to lose money by investing in a money market fund. Although the fund seeks to preserve the value at $1.00 per share, it cannot guarantee it will do so. The fund may impose a fee upon the sale of shares or may temporarily suspend sales of shares if its liquidity falls below required minimums because of market conditions or other factors. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund’s sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide such support at any time.
3 common coronavirus scams Posted on May 11, 2020July 6, 2020 by ksimas Avoid adding to your financial struggles As millions of Americans struggle financially from the coronavirus pandemic, scammers are flourishing. According to the Federal Trade Commission (FTC), Americans have lost more than $13 million to coronavirus-related scams.1 Here’s a look at three of the most common coronavirus-related scams. 1. Stimulus payment scams The government is in the process of sending out stimulus payments to millions of Americans, and scammers are capitalizing on the confusion of the process to trick people into divulging their bank account information. This can result in both the theft of your money and identity. They may call pretending to be from the government or your bank and ask you to verify your bank account info for quick delivery of your check. Keep in mind that IRS and any other government branch, as well as your bank, will never contact you by phone, email or mail asking you to verify your information. 2. Coronavirus product, testing and treatment scams Scammers are creating fake websites pretending to offer hand sanitizer, face masks and other hard-to-find products. Some are also claiming to have access to home coronavirus test kits or treatments, but there are none approved by the Food and Drug Administration for home use at this time. When you visit these types of sites, you may be paying for something you will never receive, and/or malicious software may be downloaded to your computer that steals your personal information. Don’t visit or buy anything from unfamiliar websites without first investigating the site’s legitimacy, and look for a lock icon near the URL bar that indicates the site is secure. 3. Charity scams Many companies and individuals are generously donating money to charities to help those affected by the coronavirus. Scammers may call or email you claiming to work for a well-known or fake charity to request a donation, but your donation will go into their pockets instead of the intended recipient. If you’re going to donate, make sure it’s to a legitimate charity. You can search for the certified charitable organizations through the IRS Tax-Exempt Organization Search Tool.2 If it’s a genuine charity, go to their website for safe ways to contribute. If you think there is any possibility that you’re being scammed, do not give out any personal information. Make note of whatever information the scammer gives you, including names, websites, and phone numbers, and report it to the FTC3and/or the IRS4. Also, never click on any links within the emails of unfamiliar senders. For more information about coronavirus scams, visit FTC Coronavirus Advice for Consumers. Sources: 1. consumer.ftc.gov/blog/2020/04/covid-%2019-scam-reports%20numbers 2. apps.irs.gov/app/eos/ 3. ftccomplaintassistant.gov/#crnt&panel1-1 4. irs.gov/privacy-disclosure/report-phishing