Money Management

Alexa, order one million LEGOs! 

One of the handiest features of Amazon — and similar online retailers — is that you can store your credit cards right in your account. This way, you don’t need to input the information each time you want to make a purchase.

Convenient, right?

But what if that convenience was part of Amazon’s plan to get you to spend more money? Because it is.

Instead of letting convenience rule your purchases, consider removing your credit card information from your Amazon account. Here are a few ways it could help.

1. Purchase friction can curb impulse buys

We’ve all been there. You’re on the sofa, enjoying an evening drink, scrolling the “deals” on Amazon. A couple days later, a package shows up — one you only sort of remember buying.

Even if you’re not prone to late-night shopping, pretty much everyone with an Amazon Prime account has let one-click shopping talk them into a purchase (or two, or three) they later regretted.

Removing your credit card information from your Amazon account is an excellent way to curb those impulse buys. In fact, it’s the whole reason Amazon — and every other online retailer — encourages you to store that information in the first place.

The less friction there is in the sale, the more likely you are to complete it. And the opposite is equally true: The more friction you introduce to the process, the less likely you are to make it.

If you have to track down your credit card and input the information for each and every purchase, you’re baking in some important second-thought time. Do I really need to make this purchase? Will I actually use this thing?

If it’s not worth getting off the sofa to get your credit card, you probably shouldn’t be buying it in the first place.

2. Get back to comparison shopping

There’s another big reason Amazon wants you to rely on the “convenience” of your stored information: comparison shopping.

If you’re already programmed to think of Amazon as your no-fuss, go-to place to buy your essentials, well, chances are good you click first, ask questions never. This means you’re missing out on all of the comparison shopping you’d otherwise perform to ensure you get the best deal.

And Amazon isn’t always the best deal.

Taking your credit cards out of your account can encourage you to think twice not just about whether you need a given purchase, but if you need to get it from Amazon.

3. No more ‘accidental’ pet/kid orders

I often get a good laugh out of the social media posts about how someone’s kid — or, even more amusing, their dog or cat — figured out how to place an Amazon order without their parents’ knowledge. Usually it’s through Alexa, or one of those weird little buy-it-again buttons you can get.

As funny as it is for me, however, it’s probably a lot less funny for the person footing the bill.

And it’s not just your family you have to worry about. For every cute story about a kid asking Alexa for a pallet of chocolate, there’s a less-cute story of someone’s account being used by thieves or hackers to run up a bill.

You know how you ensure this never happens? Don’t store your credit card information in your account. No payment method, no purchases. After all, Amazon isn’t going to ship it if you haven’t paid for it.

4. The best card, every time

Alright, so this one is mostly for rewards maximizers like me. But it’s still valid.

If you need to manually input your credit card information for each purchase, you can ensure you’re using the best rewards card for each and every transaction.

Maybe you have an issuer offer on a specific card that you forgot about, or perhaps your rotating category card offers a bonus on Amazon purchases this quarter. Whatever the case, taking the time to ensure you’re using the best card possible can go a long way towards ensuring you’re making the most of your rewards.

Convenience isn’t everything

If you’re one of the folks who set up automatic Amazon shipments on your necessities, keeping a credit card on file is a basic requirement. For everyone else, however, it’s down to simple convenience.

But convenience isn’t everything. And at a certain point, you have to ask what Amazon’s convenience is really costing you.

Convenience can be expensive. Whether it’s impulse buys or missing deals, sometimes it’s best to slow down the process so you can be sure you’re really making the best purchase before hitting that checkout button.

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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.John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Brittney Myers has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Amazon.com. The Motley Fool has a disclosure policy.

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If you’re going to change jobs anyway, why not find somewhere you’ll be happy?  

The past few years have ushered in a period of soul-searching. Many of us have asked ourselves how happy we are with our current jobs. As adults, we understand that no job is rainbows and unicorns every day. Still, most of us long to care about the work we do and the people we work with.

A Fast Company-Harris Poll found that 59% of middle-income workers think about changing jobs. And the big draw? Remote work. Many Americans have decided that working remotely offers the life/work balance they seek. Some want to work from home, a coffee shop, or the deck of a pontoon boat 100% of the time. Many prefer a hybrid schedule that takes them to the office two or three days a week.

This desire for change led us to these questions: Do some corporate cultures provide a more positive work environment than others? Can a job represent more than money in the bank? Is changing jobs even worth the effort?

Fortunately, our friends at FlexJobs provided an answer by cross-checking its remote work database with Comparably’s Happiest Employees list. They came up with a list of 60 companies that not only hire remote employees but also have a reputation for being great places to work.

Here, we share a sample of what FlexJobs researchers came up with.

1. 6sense Insights

In a nutshell, 6sense is involved with account-based marketing (ABM) powered by artificial intelligence (AI). Companies can work with 6sense to learn more about what drives their customer’s buying decisions. Knowing what customers are looking for helps them identify the products and services they should be offering.

6sense embraces a collaborative approach to work, and with team members from over a dozen countries, offers employees a chance to spread their wings a bit. While some of the remote jobs posted by 6sense have specified that employees must live in a specific city, state, or country, many are open to anyone across the U.S. Here are several examples of past listings:

HR Data AnalystData ScientistEnterprise Account Executive

2. A Place for Mom

A Place for Mom helps people locate the types of services their aging loved ones may need. This includes home care, specialized memory care, residential care homes, skilled nursing, independent living, and assisted living facilities. In short, they’re helping families at a difficult time in their lives and trying to ease the burden. The company is known for providing great benefits and creating a positive work environment. Here are some of the jobs that have recently been posted by A Place for Mom:

Workforce Planning and Optimization ManagerData and Business Intelligence AnalystTechnical Project Manager — Home CareManaging Editor

3. ADP

You may recognize ADP as payroll or benefits administrators, but they do much more. For example, the company also handles talent management and helps clients comply with regulatory changes.

With more than 600,000 clients, it’s no surprise that ADP utilizes “pipeline listings” in its hiring process. This means that a single job post may represent a large number of openings. Here’s a look at jobs ADP has recently posted:

Client Support SpecialistDigital MarketerClient Account ManagerClient Advocacy Manager

4. Farmers Insurance

Farmers offers jobs for both entry-level candidates and experienced professionals. Remote jobs involve everything from consulting to marketing — and insurance, of course. As one of the largest insurance brands in the country, Farmers serves more than 10 million households. These are the kinds of jobs most recently posted by Farmers Insurance:

Life ActuaryCustomer Care RepresentativeCompliance SpecialistUser Experience Design Lead

5. GoodRx

GoodRx is in the business of helping to reduce the high cost of prescription drugs in the U.S. Not only do everyday consumers use GoodRx to find the best price on the medications they need, but the company is also used by more than 100,000 physicians. Here are the types of jobs most recently posted:

Senior Analyst, Business AnalyticsSEO EditorClient Events and Experience ManagerClient Success Manager

6. OpenPhone

147 years after the first telephone was patented, OpenPhone takes business phones a few steps forward. Using their internet connection, OpenPhone allows businesses to make unlimited calls and texts. Better yet, it captures phone numbers so employees in every department have access to the contact and a record of conversations via text. That way, no one is left out of the loop

The company was founded in 2018, but since that time it has carved a niche for itself. OpenPhone is seen as the builder of a “new kind of business phone,” and a generous employer. Here are some of OpenPhone’s recently posted job openings:

Head of ProductMarketing DesignerFrontend Software EngineerVP of Marketing

7. Navan.com

Formerly known as TripActions, Navan offers a corporate travel management application that makes it easier for companies to get people together. The San Francisco Chronicle named Navan one of its top workplaces in 2022, with work-flex arrangements, hybrid schedules, and 100% remote work options. Here’s a peek at some of the jobs listing Navan has recently posted:

French Speaking Travel AgentIncident Response LeadSenior AccountantPeople Success Business Partner

8. Wistia

Launched in 2006, Wistia provides video software to businesses. This software makes it possible for businesses to create customized videos while growing their enterprise. To date, Wistia has helped more than 300,000 businesses grow.

Part of Wistia’s mission is to provide an “inclusive, diverse workplace that makes team members feel comfortable, happy, fulfilled, respected, and welcome.” Past job postings include:

Administrative AssistantSenior Product DesignerDirector of Customer SupportFrontend Engineer

Consider this before finding a new job

A few things to keep in mind before searching for your next career opportunity:

Decide in advance the type of work situation you want. For example, do you want to work part-time in an office and part-time at home, or do you prefer to work remotely 100% of the time? As you search through job listings, check any geographical requirements. Some jobs require you to live in a specific area, even if you’ll mostly be working from home. If you want to be free to live and work anywhere in the country, look for a listing that specifies “U.S. National.” Tweak your cover letter and resume to highlight the qualifications required for the job for which you are applying.

There was once a time when a person stayed with one employer until the day they retired, but those days are long gone. According to the Bureau of Labor Statistics (BLS), people born between 1957 and 1964 held, on average, 12.4 jobs between the ages of 18 and 54. That works out to a new job every 2.9 years.

The point is this: When the time is right, don’t be afraid to make the leap.

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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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It’s not uncommon, but it’s a decision that can do serious damage to your relationship. 

It’s never easy to tell your spouse that you have credit card debt. You might feel embarrassed or worried about what they’re going to think. That’s probably why a sizable portion of people in relationships prefer to keep this a secret.

In a recent study by Bread Financial, 30% of men and 19% of women admitted to hiding a credit card balance from their partners. As tough as it may be to open up about this, being honest with your significant other is a much better choice.

The dangers of financial infidelity

Hiding credit card balances from your spouse is a form of financial infidelity, a term for financial dishonesty in a relationship. Even if you think it’s for the best or not a big deal, financial infidelity takes a significant toll on your relationship, and 52% of Americans consider it a form of cheating.

Among married couples who went through financial infidelity, 76% said it harmed their relationships, according to a study by the Financial Therapy Association. In addition, 10% said that financial infidelity led to divorce.

The data is pretty clear, and it’s understandable why dishonesty about money is so problematic. Trust is crucial in a relationship, and it’s hard to rebuild once broken. If your partner finds out you didn’t tell them about hefty credit card balances, they may wonder if you’ve hid anything else from them. And they’ll probably worry the same thing could happen in the future.

How hiding credit card balances can impact your relationship

We’ve covered why hiding credit card debt is problematic in the general sense. It’s financial infidelity, and financial infidelity hurts relationships. But it’s also important to explain how credit card balances affect you and your partner, and why this isn’t something to sweep under the rug.

It’s not necessarily because your partner will be responsible for your credit card debt. That’s a common misconception. Even if you’re married, you’re generally only liable for your own credit card balances, not your spouse’s. There are just a few exceptions:

Spouses are equally liable for credit card debt either one incurs during the marriage if they live in one of the nine community property states.Spouses are equally liable for balances on joint credit cards.If the primary account holder on a credit card makes their spouse an authorized user, then they’re liable for charges their spouse makes.

Outside of those select circumstances, your spouse won’t be liable for your credit cards. But those credit card balances could get in the way of financial goals you and your spouse have.

For example, let’s say you and your spouse want to buy a home. You’ll both need to apply for a mortgage together, where the lender will go over your respective credit scores and debt-to-income (DTI) ratios. Here are a few ways having too much debt could impact your mortgage application:

Your card balances will raise your credit utilization ratio, a key factor in your credit score. A lower credit score could mean a higher interest rate on your mortgage.Your card balances will also raise your DTI ratio. If this is too high, the lender may deny your mortgage application.

Talking about credit card debt with your partner

It’s never a good idea to hide things in a relationship, and that includes credit card debt. Even though this isn’t an easy subject to bring up, there are ways to make it easier on you and your partner.

If you two don’t discuss your finances on a regular basis already, make money talks part of your monthly routine. Use these to go over goals you each want to work toward and your current financial situations.

Before you have this conversation with your partner, make a plan for how to pay off your credit card debt. If you just tell them “I have $3,000 on my credit cards,” and you have no idea what to do about it, that’s going to be stressful. Here’s an example of what you could say to make this conversation go better:

I’ve made a budget, so I know I can afford to pay $350 per month toward my credit card debt.I’m going to apply for a balance transfer credit card I found that has a 0% intro APR on balance transfers for 18 months. There’s a 3% balance transfer fee, but I’ll be able to avoid interest this way.I plugged everything into a credit card payoff calculator, and I’ll have my cards paid off within nine months.

A plan like that will definitely help you pay off your credit card balances, and it will also put your partner more at ease. Talking about this could still be challenging, but once you’ve gotten everything out in the open, you’ll be glad that you did.

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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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It’s definitely something to consider, given the cost of raising kids today. 

Having kids changes a lot of things in your life. It means having to incur added costs, from healthcare to childcare, and it means having to balance your time so you’re tending to your kids while also keeping up with work-related obligations.

There are a number of important financial moves you should make once you have kids. First, it’s essential to rework your household budget to account for added expenses — things like extra clothing, food, and even entertainment. You should also aim to pad your savings account so you’re prepared for emergencies and unplanned expenses related to your kids, like medical bills. And you should definitely look into increasing your life insurance coverage if you bought a policy before having kids.

Does your coverage suffice?

The whole purpose of life insurance is to protect your loved ones financially. But let’s say you bought life insurance when it was just you and a spouse. Just as it costs more money to raise kids than to simply live as a couple, so too will you probably need more money in the form of a life insurance benefit if you pass away and leave kids behind.

You might also need to look at the length of your policy if you have term life insurance. Maybe you put a 10-year policy in place when it was just you and a spouse. You may want a long enough period of coverage to protect your kids through early adulthood. So increasing your coverage from a 10-year policy to a 20- or 30-year policy could make a lot of sense. And it could give you peace of mind as a parent.

An important expense not to overlook

When you’re deep in the throes of raising children, the bills can really add up. In fact, in 2017, the U.S. Department of Agriculture projected that it would cost an average of $284,594 to raise a child through age 17. But then inflation came along. And now, because of generally higher living costs, the Brookings Institution has adjusted that figure to a whopping $310,605.

Having to spend money on life insurance — or added coverage — may not be the easiest thing given the expenses you’re juggling. But it’s an expense worth prioritizing nonetheless, especially given the cost of raising kids today. If you were to pass away and leave a surviving spouse to raise your kids on their own, that spouse might really struggle financially.

Prioritize adding life insurance coverage

Many parents would stop at nothing to protect their kids financially. Buying life insurance is really the best way to do that. And so if it means increasing your existing coverage, and/or extending the length of it, that’s something to focus on sooner rather than later.

That said, it’s always a good idea to shop around when buying life insurance — whether for the first time or in the context of upping your coverage. At a time when you’re also grappling with the cost of raising kids, every bit of savings could really help.

Our picks for best life insurance companies

Life insurance is essential if you have people depending on you. We’ve combed through the options and developed a best-in-class list for life insurance coverage. This guide will help you find the best life insurance companies and the right type of policy for your needs. Read our free review today.

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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How retiree-friendly is your state? 

One of the largest expenses for many retirees is taxes. Depending on how you saved during your working years, most or all of your income in retirement could be taxable at the federal level. However, savvy savers could reduce or eliminate their state tax liability by understanding how different states tax retirement income.

Zero income tax states

The easiest place to start in our breakdown is with the states that don’t charge income tax at all. Residents in these states need not worry about paying taxes on post-retirement income, or any income at all for that matter.

There are eight states that don’t charge any income taxes at all. They are:

AlaskaFloridaNevadaSouth DakotaTennesseeTexasWashingtonWyoming

While New Hampshire doesn’t charge an income tax, it does tax dividends and interest, which are often part of a retiree’s portfolio.

Retirement income can come from a variety of sources, including Social Security payments, pension payments, qualified plan withdrawals, annuity payments, military retirement pay, and more. How each of these is taxed can vary from state to state, but as a general rule, retirees in the states listed above will not be subjected to taxes on their income.

States that tax Social Security

Every month, nearly 67 million Americans receive Social Security benefits — the vast majority of them retirees. The taxes levied on these benefits can be even harder to calculate than on traditional income, which is why many states have done away with taxing Social Security payments altogether.

Currently, only 11 states tax a retiree’s Social Security check. They are:

ColoradoConnecticutKansasMinnesotaMissouriMontanaNebraskaNew MexicoRhode IslandUtahVermont

How these states tax Social Security payments ranges widely. Some states, including Minnesota and Utah, tax a portion of Social Security benefits using the same combined income approach as the federal government. Many other of these states offer up to a 100% deduction of benefits from taxable income according to a taxpayers age, income or both.

Qualified distribution exemptions

Another common cash flow for retirees is withdrawing retirement savings from qualified plans. While the federal government treats any withdrawal from a pre-tax 401(k) or Individual Retirement Account as taxable income, not every state follows the same rules.

In addition to the eight states without income taxes, another three offer exemptions for pension payments and 401(k) and IRA distributions. They are

IllinoisMississippiPennsylvania

Additionally, while Alabama and Hawaii tax retirees on 401(k) and IRA distributions, both offer at least partial exemptions for pension payments.

Your tax liability in retirement depends on many things, including income sources and what state you live in. However, certain states offer favorable treatment for retirees receiving Social Security benefits and pension payments or withdrawing from retirement savings accounts. Each state taxes retirement income differently, so consult with your tax advisor for advice specific to your situation.

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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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