Money Management

There are several strategies you can use to build credit if you don’t have a regular 9-to-5 job. Here’s one that can make a big impact quickly. [[{“value”:”

If your monthly budget is based on your income as a gig worker, it can be difficult to build credit — especially if you didn’t already have an established track record of responsible credit usage before you became one. After all, gig workers often have inconsistent incomes, which can make it difficult to qualify for mortgages and auto loans, at least until you establish a steady income record over a period of years.

I’m a Certified Financial Planner™, but I’ve also been in the same boat. I’m technically a self-employed gig worker myself, and have been for over a decade. And when I started, I did not have strong credit — but I do now. Here’s how I did it, and how you can give your credit score a jumpstart.

Building truly great credit as a gig worker can take time

First, consider how your credit score is calculated. While the FICO® Score formula is a closely-guarded secret, we do know the weighted categories of information that it uses:

35% of your score comes from your payment history30% comes from the amounts you owe15% comes from the length of your credit history10% comes from new credit10% comes from your credit mix

Much of this takes a long time to truly maximize. For example, it takes a long time to establish a history of responsible on-time payments. The “length of your credit history” category is weighted in favor of long-established credit accounts. And with your credit mix, which considers the variety of accounts on your credit report, it can take at least a couple of years of steady self-employment income to qualify for a mortgage or other type of installment loan.

Gig workers can certainly achieve great credit. My credit score has been in the 800s for much of the past several years and I haven’t had a full-time W-2 job since 2013. But to get there (especially from a low starting point) takes time.

There are some ways you can have a quick impact

Having said all of that, there are some ways that you can have a meaningful impact in a short period of time.

Some of these are very specific to your situation. For example, if you have unpaid collection accounts on your credit report, getting those settled or paid off can be the easiest way to boost your score.

However, getting a credit card and using it responsibly can be the quickest way to have a meaningful impact on your credit score as a gig worker. This is especially true if you don’t already have one.

Think of it this way. Using a credit card and paying the balance off each month establishes a strong payment history (just a few months can be a big credit score boost if you don’t already have any active credit accounts). It also helps the “amounts you owe” category, as paying the balance each month keeps this at a minimum.

As a gig worker, you can also qualify for business credit cards, which can provide perks that are extremely valuable to you and can reward you for necessary business spending. Or, if you travel for your gig employment, a travel credit card can be a valuable financial tool.

If you don’t have any established credit, or you’re trying to overcome an adverse credit history, it can be impossible to get a standard credit card. In this case, a secured credit card could be the solution. Secured credit cards work in the same way as standard credit cards — they report your payment activity to the credit bureaus each month, charge interest on carried balances, and more — but they require a security deposit to open. I used a secured credit card to rebuild my credit about 15 years ago, and can tell you firsthand that getting one and using it wisely can make a big difference.

The bottom line

To be sure, this advice doesn’t apply to everyone. If you already have an established credit history prior to becoming a gig worker and already have credit cards, a mortgage, or other loans with a strong payment track record, opening a new credit card is unlikely to have a major credit score impact. But if that’s not the case, and you want to make your score rise in just a few months, getting a credit card and using it wisely can be a smart choice.

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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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The right software can make a huge difference to your bottom line. Discover apps that can save you time, reduce stress, and make your company more visible. [[{“value”:”

As a small business owner, it can be hard to keep all the plates spinning. Time and money are limited, and you’ll often need to be an expert in everything from public relations to accounting to stay on top of it all. The good news is that there’s a smorgasbord of apps and software that can ease the pressure.

While it’s great to find new tools, it’s often better to choose well-known providers for the cornerstones of your company, such as accounting and customer management. You’re less likely to encounter bugs, and customer support is often better. Check out our guide to top CRM software to find popular options that could help you manage leads and clients.

Here’s a look at a handful of lesser-known tools that could make a difference to your business. Even better? They won’t break the bank or take hours to set up and maintain.

1. Miro

Miro is a game changer for online collaboration. It’s like a virtual whiteboard that comes into its own when you’re brainstorming, making a presentation, or mapping out a project. It’s ideal if a lot of your team works remotely or isn’t always available at the same time, or you need to make virtual client presentations.

Say goodbye to unproductive meetings where only the loudest people get heard. With Miro, everybody can share their ideas through virtual notes on the board as you go along. Use the timer function to avoid endless discussions. Plus, you can share any tasks and outcomes with the click of a button.

Miro is super easy to use, with easy-to-follow instructions and built-in demonstrations. Plus, it integrates with Slack, Zoom, Microsoft Teams, and Google Workspace. There is a free version with basic functionality, and the paid tiers start at $10 per user, per month ($8 if billed annually).

Website: Miro.com

Why it’s good for your business: It’s a visual way to collaborate in person or online.

2. Connectively

Formerly known as HARO (Help A Reporter Out), Connectively will let you set yourself up as an expert in your field. Journalists use the site to find interviewees. Companies can get free publicity by pitching ideas or responding to journalist requests. If you want to raise your profile and don’t have a lot of cash, Connectively can be a good way to get more exposure.

Start with the free version and upgrade to paid versions for between $19 and $149 a month if you need more.

Website: Connectively.us

Why it’s good for your business: Low-cost way to build a reputation.

3. Google Console

Google has so many tools that it’s hard to keep track of them. If you haven’t already done so, I’d urge you to look at all Google’s small business products to see which ones could help you. You may have used Google Analytics to see how well your site is performing. But have you used its Search Console?

Search Console is a free tool that will remove any roadblocks the bots face when looking for information on your site. That might mean you get an email about indexing problems or issues with spam. You can also view how often your site appears in Google searches and how many people click through. It’s a great way to make sure you maximize traffic from people’s searches.

Website: Get started with Google Console

Why it’s good for your business: The search engine giant is many people’s gateway to the internet. Ignore it at your peril.

4. Ten Percent Happier

When I started my first small business over 20 years ago, I would never have imagined I’d put a meditation app on a list like this. But I learned the hard way that if you don’t look after yourself, the impact will almost certainly damage your business. Running your own business is hard work — and it can be stressful.

Ten Percent Happier is a straight-talking meditation and mindfulness app. It addresses questions like whether meditation will blunt your competitive edge, or how the practice can boost your productivity. As a result of using the app, I handle stress better. I am more able to engage with my team and less likely to burn out. After the seven-day free trial, it costs $8.33/month (billed annually).

Website: tenpercent.com

Why it’s good for your business: Bite-sized meditation can help you reduce stress and stay the course.

There’s an app for that

There is an app for almost everything these days, and some of them clutter up your phone or computer with very little reward. When you’re considering trying a new business tool, think about what it will cost in both time and money. Subscription costs can eat into your budget as both a business and an individual, so think twice before filling in your business bank account details on an app.

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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.Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. Emma Newbery has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet and Microsoft. The Motley Fool recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy.

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Earning a six-figure salary is a popular goal. Discover how many American families earn this much and what you can do to increase your own income. [[{“value”:”

In most of the United States, making six figures means you have a high income. The median U.S. household income was $74,580 in 2022, according to the U.S. Census Bureau.

Six-figure salaries have been getting more common over the years as incomes rise. But they also don’t have as much buying power as before, because of inflation. So, just how rare is it to earn $100,000 or more? Here’s the latest data.

Over one-third of American families earn $100,000 or more

The U.S. Census Bureau found that 37.1% of U.S. households earned at least $100,000 in 2022. Here’s a more detailed breakdown of six-figure income brackets and the percentage of households in each one:

$100,000 to $149,999: 16.9%$150,000 to $199,999: 8.7%$200,000 or more: 11.5%

There are still plenty of households that earn an average or below-average income. Just over half (50.2%) make under $75,000 per year. But big earners are fairly common — who knew that over 10% of households are pulling in $200,000 or more every year?

It’s not all about income — buying power is also important

There’s no arguing that income matters. If you manage your money well, life gets easier as your income increases.

But when you see these income statistics, keep in mind that a six-figure income doesn’t mean the same thing everywhere. The buying power depends on where you live. Many of the households that earn the highest incomes live in cities with a high cost of living.

For example, the median household income in San Francisco was $136,689 in 2022. That’s 83% more than the national median. But the cost of living in San Francisco is 79% more than the national average, and housing costs are a staggering 207% more, according to PayScale. So a six-figure income doesn’t actually get you a whole lot there.

What you can do to increase your income

While income isn’t everything, earning more can help you out financially. I try to raise my income every year. It helps me stay ahead of inflation. It helps me save and invest more. And it improves my quality of life.

Since I’m a freelancer, I have some control over how much I make. It depends on how much I work and how efficiently I work. Here are a few tips you can try to boost your own income:

Develop new skills. Look into training programs and classes you can take, either at or outside your place of work. You could provide more value by building your skillset, and this is a big part of how much you’re paid.Negotiate a raise or apply for a promotion. If you’ve been doing well in your current role, talk to your manager about a raise. Also, keep an eye on openings at your company to see if there are any new, higher-paying positions you could apply for.Look for new jobs regularly. Sometimes the biggest pay increases come from switching jobs. Browse job boards and set up alerts for opportunities that fit your qualifications.Add a new income stream. There are plenty of side hustles you can do to make extra money. Another option is starting your own small business or offering freelance services.

Financial habits to follow at any income

No matter how much you make, what matters most are your financial habits. If you spend every last dollar you make, that’s going to be a problem whether you earn $50,000, $100,000, or $200,000 per year.

There are a few habits you should follow at any income:

Spend less than you earn. It’s one of the most basic money rules, and it’s also arguably the most important. If your bills are currently costing more than you make, start looking for places to cut back.Save money every month. Try to save at least 5%, and ideally 10%, of your income. Set up an automatic transfer to a high-yield savings account to ensure this always happens.Invest for the future. It’s also a good idea to invest 5% to 10% of your income in the stock market and build your retirement savings. You can do so through retirement accounts or a regular brokerage account.Build and maintain an emergency fund. Emergencies will happen. Experts generally recommend saving until you have three to six months of living expenses in your emergency fund.

These habits are all key parts of being financially secure, now and in the future. Start following them right away, stick with them as your income increases, and you’ll set yourself up for success.

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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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‘Til death do us part means a travel partner for life. Use these perks to make that travel more fun — and more affordable. [[{“value”:”

Right off the bat, newlyweds traditionally have a big trip to plan — and pay for: the honeymoon. So, long before you say “I do,” you may want to start thinking about your post-nuptial travel rewards card strategy.

Top travel cards offer tons of great perks for couples, particularly when you start doubling up your cards. Here are some of the best perks to maximize as newlyweds.

Rewards and welcome bonuses

The rewards are the top perk of any good travel rewards card, particularly when those points can be transferred to hotel and airline loyalty programs. That’s how you score free travel and can get values of $0.03 per point and higher.

But when you have two players in the game, the rewards possibilities explode. For instance, you’re now able to earn twice as many welcome bonuses — you can even double up on the same card if the bonus is particularly awesome.

Of course, just as your rewards are now shared, so, too, is your debt. Make sure neither spouse is charging more than can be comfortably repaid before interest starts to accrue.

Companion passes

If you regularly travel with your spouse, then airline ticket companion passes can be a very valuable perk. These passes, offered by some airline credit cards, essentially offer an annual certificate for a free buy-one-get-one plane ticket.

For example, several Delta credit cards offer a companion pass each year after your card anniversary (and annual fee) date. Depending on the card, your companion pass could get you two first class round-trip tickets for the price of one (and a few government fees).

Airport lounge access

Airport lounge access is easily one of my top-three favorite travel perks. Yes, lounges can get busy. But hanging out in even a busy lounge is better than trying to find a seat at an inevitably crowded gate.

Plus, lounges offer free food and drinks — including alcohol in most cases — and much nicer bathrooms, typically without lines. Airline-branded lounges are also great places to get help with flight questions and rebookings.

If your credit card offers lounge access, you can likely get not only yourself in for free, but also your spouse. Guest pass policies will vary by lounge, though, so check the fine print before your flight.

Free award nights

The best hotel credit cards are ones that pay for themselves through free award nights. These certificates hit your account every year after your cardholder anniversary (and annual fee payment). Then, you can use them to pay for a free hotel night.

As a couple, you can make even better use of this perk by doubling up on your cards. Book two nights — using each spouse’s free night — and enjoy a long weekend. Most hotels will work with you to stay in the same room if you explain things politely at check-in.

Hotel elite status

Nearly all cobranded hotel credit cards offer some sort of complimentary elite status for cardholders. And while a lot of hotel elite programs have been devalued over the years, I’ll still argue that they can be worth having (especially when they’re included with your card).

Heck, even just skipping the check-in line by hitting the dedicated members desk can save you time — and, let’s be honest, it feels pretty good, too. Beyond that, a surprise upgrade is always an enjoyable perk. And sharing a complimentary breakfast with your spouse is a great way to start the day.

Luxury hotel benefits programs

With or without elite status, travel rewards cards could unlock a ton of perks for you and your spouse through their luxury hotel programs. For example, American Express has its Fine Hotel & Resorts program, which offers extra perks when you book a stay at eligible hotels through Amex Travel. (Chase has a similar perk called the Luxury Hotel & Resort program.)

These benefits can be very lucrative, and include:

Free breakfastRoom upgradesProperty creditsGuaranteed late checkoutComplimentary wifi

The extra perks can easily turn a small splurge into a luxury-packed weekend at a five-star hotel. How’s that for a date night?!

Free checked bags

If you — or your partner — or both of you — tend to overpack, then flying as a couple can get expensive once all those checked bag fees add up. In that case, consider picking up an airline credit card for your airline of choice.

A lot of airline cards will offer free checked bags as a cardholder perk. Even better, this typically extends to at least four people in your party, meaning you can apply the perk to you and your new spouse without needing a second card.

Maximizing perks: Authorized users vs. two players

With some credit card perks, adding your spouse as an authorized user is enough to give them access. For instance, authorized users typically share the primary cardholder’s lounge access.

However, not all perks will be doubled or shared. Statement credits, for instance, may be triggered by the spending of an authorized user, but they aren’t doubled.

In this case, consider when it’s beneficial for your Player 2 to open their own card account. This lets them earn the welcome bonus as well as enjoy any other perks or credits that aren’t shared by authorized users.

Travel rewards cards are a great way to improve your travel experience — and value. And that goes double (often literally) when your new spouse starts playing the game, too.

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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.JPMorgan Chase is an advertising partner of The Ascent, a Motley Fool company. American Express is an advertising partner of The Ascent, a Motley Fool company. Brittney Myers has positions in American Express. The Motley Fool has positions in and recommends JPMorgan Chase. The Motley Fool has a disclosure policy.

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