Money Management

MasterClass and Udemy are both excellent learning platforms that can provide good value for your money. Find out what sets these online learning giants apart. 

Online learning can be a cost-effective way to learn new skills at your own pace. Whether you want to master a new language, learn how to code, manage your personal finances, or activate your inner faery, there are some fantastic courses and platforms out there.

MasterClass and Udemy are both excellent places to broaden your knowledge. But which one is the better value? Read on to find out which one might be right for you.

MasterClass vs. Udemy

In some ways MasterClass and Udemy are on opposite ends of the spectrum. MasterClass is all about high production values with courses taught by people who are unquestionable leaders in their fields. In contrast, Udemy has a course for almost everything you could imagine (including said faery activation), taught by almost anybody you could imagine.

Udemy

With over 210,000 courses available, Udemy knocks MasterClass out of the water in terms of breadth. However, the quality can be patchy and, frankly, sometimes boring. The comprehensive 13-hour course on SEO only cost me $10, but since I only completed the first 30 minutes, it was money down the drain.

That said, I’ve done some great Udemy courses. There are a couple of journalism courses that I go back to time and again. One of the things I love about Udemy is that once you’ve bought a course it is yours forever, so you can go back and rewatch whenever you want. Udemy has some other great features too, such as the ability to schedule regular learning sessions that pop up on your calendar. Learn more at Udemy.com.

How much does Udemy cost?

Individual courses on Udemy cost anything from $20 to $200, but that’s only part of the story. Udemy has so many regular sales that it rarely makes sense to pay the full amount. As I write this, the site was advertising a sale that ended in four hours with courses for as little as $12.99. You could get discounts of as much as 85%. Udemy is also currently piloting a subscription-based offer for some users.

Udemy money-saving tips: Always buy courses when they are on sale. But don’t let the special offers and ticking clock tempt you to buy more than you can handle. Take your time and look at the previews to get a feel for the instructor so you don’t waste money on courses you won’t use.

MasterClass

MasterClass has over 180 courses available and is a very different beast from Udemy. Where I might use Udemy to help me with the nitty gritty of online marketing, I would turn to MasterClass to hear Daniel Pink speak about sales and persuasion. Or former FBI negotiator Chris Voss teaching negotiation.

If you want to get certifiable skills that you can put on your CV, MasterClass is not for you. MasterClass is more about lifelong learning. For example, Dr. Jane Goodall’s videos about conservation and her experiences with chimpanzees were mind blowing. It’s also worth checking out the MasterClass sessions feature, which lets you get hands-on experience alongside other learners. It is project-based and helps users put what they have learned into practice. Learn more at MasterClass.com.

How much does MasterClass cost?

One of the big downsides of MasterClass is that you can’t sign up for individual courses. Not only that, but you can’t pay monthly — the plans are all billed annually. MasterClass does give a full refund if you cancel in your first 30 days.

Individual: $120 a year (1 account, 1 device)Duo: $180 a year (1 account, 2 devices)Family: $240 a year (1 account, 6 devices)

Tips for saving money on MasterClass: Consider splitting your subscription with a couple of friends or family members. If you split the family membership between six people, it works out to $3.33 per person per month. Plus, if you’re not sure about whether you’ll make time to watch, that 30-day trial period could be useful. Just make sure you cancel in time, otherwise you’ll be stuck paying for the whole year.

Key takeaways

Udemy is worth your money if you’re looking to brush up on professional skills, whether that’s data analysis, software testing, or marketing. I also recommend it if you’re trying to get a grip on specific software such as Adobe Photoshop.

MasterClass is worth your money if you want to learn broader skills from extraordinary people you admire. Whether that’s cooking with a celebrity chef like Gordon Ramsay, or singing with Christina Aguilera, it is always interesting and often inspirational.

That said, if you don’t have enough money in your bank account to cover essential bills, now may not be the time to sign up for Udemy or MasterClass. You might instead look for free online courses that cover similar topics, or see what your local library has to offer. Similarly, if you already have a backlog of books you haven’t read or courses you haven’t completed, consider finishing those before you spend money on another one.

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Have you saved enough money given your age? Read on to find out. 

They say that 30 is the new 20, or something along those lines to make all of us feel better about the inevitable act of aging. But the reality is that while today’s 30-year-olds may not be in the same financial shape as when their parents were 30 years old, by age 30, there are certain financial milestones you should hope to achieve.

The operative word here is “hope.” Not everyone can meet their financial goals by a given age due to a world of factors — injuries and associated time off from work, medical bills, or bad luck with a car that didn’t live up to its expectations. But as a general rule, it’s a good idea to try to achieve a certain level of retirement and cash savings by age 30. Here’s what your account balances should look like.

Your emergency fund should be able to pay for three months of bills

You never know when you might need to pay for a home repair or cover another bill you weren’t expecting. Similarly, you might one day lose your job through no fault of your own, leaving you to scramble to cover your expenses.

That’s why it’s so important to have a solid emergency fund by age 30. Ideally, that account should have enough money to pay for three months of essential expenses — things like groceries, rent, utility bills, and medication.

You may not have a three-month emergency fund just yet. But if not, try to slowly but surely build up reserves to get to that point so you have good protection against unplanned expenses.

One option that might help you build savings sooner is joining the gig economy. If you find flexible work you can do on the side, it could make it possible to pump more cash into savings.

Your retirement plan should equal a year of pay

It’s important to start saving for retirement from a young age. The more time you give your money to grow, the more wealth you can build for your senior years.

Fidelity says that by age 30, you should have the equivalent of a year’s salary in your IRA or 401(k) account. And that’s feasible if you started saving for retirement years back. If you only started more recently, your balance might be lower.

One good way to ramp up retirement savings, though, is to put the process on autopilot. If you have a 401(k) through work, your contributions will be automatically deducted from your paychecks, removing the temptation to spend that money. But if you have an IRA, it pays to set up an automatic transfer from your checking account so money gets moved over for retirement savings every month.

Also, if you’re looking to catch up on retirement savings, make sure you’re claiming your full employer match in your 401(k). Unfortunately, IRAs don’t get funded with employer dollars, so as is the case with building an emergency fund, you may need to look to the gig economy to catch up on savings there.

At this point, you may have a general idea of what savings you should have by age 30. But don’t panic if your balances look different, because everyone’s situation is different. If you have less than these targets, do your best to ramp up, but don’t beat yourself up over being behind.

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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

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Aldi’s no-frills approach is one reason it’s so popular, but not every product is a hit. Find out some that Aldi buyers say they won’t buy again. 

If you’ve ever asked a question and hoped for a variety of diverse responses, you may have turned to the internet. When we went looking for which Aldi products shoppers have sworn off, we turned to Reddit. Here’s what we found.

Reddit users weigh in

Here’s a selection of consumer opinions from Reddit on specific Aldi products.

1. Pizza rolls

A user going by the screen name Aaaandiiii wrote:

I have had so many different store brands of pizza rolls and if they lacked in filling flavor, the crust redeemed them. Aldi’s does neither. They’re chronically under-filled (if not empty) and the crust tastes like flour. The last package I salvaged by deep frying and topping with cheese and pizza sauce. It was delicious then.

2. Paper towels and more

Reddit user goldengirlsmom added a list of Aldi products that were not to her liking:

Their paper towels are useless. The Ultra ones used to be good then they made those cheap too.Bananas, they always go straight from green to brown.Coffee filters. I need to double them up otherwise I get grounds in my coffee.

3. Cling wrap and more

OldmillennialMD also created a list on Reddit:

I’m going to be suffering with terrible cling wrap for years probably.AvocadosParmesan cheese

4. Pad Thai

According to itsall19 on Reddit:

The microwaveable pad Thai was a gloopy nasty mess. Not even my husband ate it and he’s got crow gut (can eat like literal garbage and be fine lol.) Their brand wheat thins were nasty. Like weirdly salty and all overcooked.

5. No-bean canned chili and pasta sauce

Reddit user HattieMac says that she’s crossed no-bean canned chili and $1 jarred pasta sauce off her Aldi list. She states, “Both are just runny, colored water IMO.”

The professionals weigh in

Like people, no store is perfect. There are going to be winners and losers, products that are worth your money, and things better left on the shelf. After all, you don’t want to pull out your favorite credit card to pay for food your household won’t consume.

According to Money Talks News, here are some of the worst things to spend money on at Aldi.

Paper products

Did you hear that? It was the sound of goldengirlsmom shouting, “You got that right!” While they didn’t mention anything about the quality of Aldi paper products, Money Talks News says that the price on those products is comparable to the price at Target, Walmart, or other chains, as long as you use a coupon.

Avocado oil

The problem with Aldi avocado oil isn’t the price, but the fact that it didn’t pass muster in independent testing by ConsumerLab.com. According to the lab, its fatty acid profile did not quite match the profile of pure avocado oil.

This may be the case of cutting true avocado oil with another (less expensive) oil to keep costs down.

Chicken

Yes, the store’s chicken is inexpensive, but according to Aldi shoppers, it’s also a bear to trim. One shopper said that by the time she’s cut away the fat and veins, there’s not much chicken left. You may want to check out Sam’s Club or Costco for your next chicken purchase.

The great thing about Aldi is its no-frills approach to retail and the way you can shop without draining your checking account. What’s trickier is figuring out which Aldi items you can’t live without and which are not so great. But, since the same can be said of any grocery chain, Aldi is certainly still worth a try.

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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.Dana George has positions in Target and Walmart. The Motley Fool has positions in and recommends Costco Wholesale, Target, and Walmart. The Motley Fool has a disclosure policy.

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It’s important to manage your savings wisely in retirement. Read on to see why a once-popular guideline doesn’t work so well anymore. 

Ideally, you’ll go into retirement with a nice sum of money in your 401(k) or IRA. But one thing you don’t want is for that money to run out on you in your lifetime.

Imagine being 85 years old with only a modest Social Security check when your 401(k) funds run dry. Your monthly benefits may not be enough to cover your bills, from food to healthcare to housing. That’s a tough spot you don’t want to be in.

That’s why it’s so important to manage your savings in a savvy manner. Rather than just take withdrawals at random, it’s essential to come up with a strategy for removing money from your nest egg.

For years, financial advocates were big on the 4% rule. But it may not be a smart rule for you to follow.

How the 4% rule works

The idea behind the 4% rule is simple: Start by withdrawing 4% of your savings balance during your first year of retirement. Then, adjust subsequent withdrawals to account for inflation. If you stick to this system, your money should last for 30 years, which is generally considered to be a long enough period to avoid having people outlive their money.

So here’s how that might work. In Year One of retirement, you’d remove $20,000 if you have a $500,000 nest egg. Then, let’s say inflation drives living costs upward by 2% during that year. For Year Two, you’d withdraw $20,400. And so forth.

Why the 4% rule no longer works

The concept of starting with a specific withdrawal rate and adjusting it as needed for inflation is a good one. The issue with the 4% rule lies with that 4% figure itself.

For one thing, the 4% rule assumes a relatively even mix of stocks and bonds. Retirees are often encouraged to load up on bonds because they’re a less volatile asset than stocks — meaning, their value is less likely to swing wildly from one day to the next. That’s an important thing when you’re tapping your assets to drum up cash to live on.

But back when the 4% rule was established, bond yields were higher. Nowadays, bonds aren’t generating the same amount of income for people’s portfolios, generally speaking. So that’s one reason why the 4% rule no longer works so well.

Another reason is that people are living longer these days. That’s a good thing, of course! But the 4% rule is designed to have savings last for 30 years. If you retire at age 60, you might need more than 30 years’ worth of savings if you have great health and a family history of longevity.

That’s why you may want to adjust the 4% rule to 2% or 3%, depending on your investment mix, needs, and comfort zone. In fact, a good bet is to sit down with a financial advisor and talk through different withdrawal rates together.

Of course, this isn’t a step you need to take right now if you’re in your 30s or 40s and are nowhere close to retirement. But if you’re inching closer to that milestone, then it’s a conversation worth having.

Once you establish a withdrawal rate that works for you, you’ll know roughly how much annual income to expect from your savings, at least to start. And that could help you make informed decisions about the expenses you take on as a retiree.

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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

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