Money Management

Paying full price for a business-class flight can be costly, but there are ways to score a deal. Find out how to save money on a business-class ticket. [[{“value”:”

Flying in business class differs significantly from flying in a coach. However, paying the standard ticket price for a business class ticket is beyond the budget of many travelers. The good news is, you don’t have to spend all the funds in your checking account to fly in style. You can score a better deal to experience business class without going broke.

I’ll share the best way to save money on business-class flights so you can make your business air travel goals a reality.

Pay to upgrade your seat after buying an economy ticket

You may know how pricey a business-class ticket can be if you’ve recently researched flight prices. But you can fly in business class even if you don’t initially buy a business-class ticket. One way to score a business-class ticket is to pay for a seat upgrade after you buy an airline ticket for a lower fare.

Many airlines offer upgrade opportunities to passengers who have already purchased economy tickets. These offers can be found in your airline’s mobile app or by logging into the airline’s website. While offers aren’t always available (all available seats may already be fully booked), a seat upgrade can present a more affordable way to land a business-class ticket.

Seat upgrade prices vary significantly by route, date, and airline. However, a good upgrade deal can save you thousands of dollars on a business-class ticket. As long as you keep your personal finances in mind and never spend beyond your means, it can be smart to upgrade your seat to business class instead of buying a full-price business-class ticket.

My recent experience upgrading to business-class seats

Last December, I lucked out with an affordable business-class seat on a long-haul international flight thanks to an in-app upgrade offer. My husband and I were flying to South America on an overnight route. Since he doesn’t fly nearly as often as I do, I wanted to make the experience as comfortable as possible so we could have a more enjoyable journey.

I monitored the upgrade prices shown in the American Airlines app multiple times a week leading up to our departure date. Surprisingly, seat upgrade prices dropped to just over $650 per person. This was for a one-way seat upgrade, not round-trip.

But at that affordable price, it was well worth the added expense, knowing that we would have a better chance of getting some sleep on our overnight flight. So, I rushed to upgrade our seats. Our travel experience was improved because we had lie-flat seats for the flight. In the future, I plan to check upgrade offers for other flights to see if I can score another deal like this.

Pay attention to seat upgrade offers

As you can see, it pays to stay alert to seat upgrade offers. While you may not want to spend several thousand dollars on a long-haul business-class flight, upgrading your economy ticket to a business-class ticket through a paid seat upgrade offer can be much more affordable. This way, you can enjoy the perks of a business-class ticket without ignoring your budget.

Earn rewards on your travel spending

Whether buying economy- or business-class flight tickets or booking a train for your next trip, paying for your travel experiences with a travel credit card is beneficial. You can earn valuable rewards and get access to credit card benefits that improve your travel experience. Check out our list of the best travel reward credit cards to browse our credit card recommendations.

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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.Natasha Gabrielle has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

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Eager for a boost in pay? Read on for ways to get one before the year is over. [[{“value”:”

In 2023, 96% of companies increased salaries, according to WTW. And average pay raises amounted to 5.4% last year.

Still, you may be unhappy with your current salary. And if you didn’t get a raise at the start of 2024, then you may not be ready to give up that fight. After all, earning higher wages could work wonders for your budget and help you meet your financial goals. With that in mind, here are a few tactics that could help you snag a pay boost.

1. Find out what you’re worth

It’s one thing to want a higher paycheck because it’ll help you pay your bills and build your savings account balance. But your employer probably needs a better reason than that to give you a raise.

Take the time to find out how much money your job is worth. First, research salary data to see what people in your geographic region with your job title typically make. That should give you a baseline to work with. Sites like Glassdoor and Salary.com are great resources in that regard.

Next, sit down with a recruiter and ask them to give you a number. If you’re currently earning $80,000 a year but a seasoned recruiter who focuses on your industry tells you they could most likely find you a job paying $90,000, that should help give you the confidence you need to negotiate on your own behalf.

2. Build skills no one else on your team has

If you work as an accountant, there may be other people in your department who know how to crunch numbers like you do. But what if you were to put in the time to become proficient in the new accounting software your company has announced it will be switching to in a few months? Suddenly, you’re bringing skills to the table that other people on your team may not have since your peers’ plan may be to wait for that software to roll out and go through in-house training.

This is just one example, but the point is that knowing things most people in your company don’t could go a long way toward earning a boost in pay. So think about the skills you can build that will bring more value to the table.

Keep in mind that you may have to spend some money to build certain skills. But consider that an investment in a higher paycheck. If you spend $500 on an online course that raises your pay by $2,000 this year, from that point on, any raise you get on top of that will be calculated on a higher base salary. In time, your $500 outlay could more than pay off.

3. Look beyond compensation alone

Many people approach pay negotiations with a fixation on raising their salaries. But it’s in your best interest to take a more flexible approach to compensation and be willing to look at the big picture.

Let’s say you’re having a hard time paying your bills on your $65,000 salary, so you’re trying to push your employer to raise your pay to $68,000. If the company doesn’t seem to want to budge, think about other ways you could possibly gain $3,000 in a year with your company’s help.

If you were allowed to work from home, for example, you might save $250 a month on commuting costs. Or if you’re able to work from the office until, say, 3:00 in the afternoon but do your last couple of hours of work remotely each day, it might save you the money you’re currently paying an after-school babysitter to collect your kids from the bus stop and look after them until you return. That could be worth $3,000 over the course of a year.

Even though we’re already well into 2024, it’s not too late to score yourself a raise. But remember, the labor market is strong today. So if your employer really won’t budge on your salary, it may be time to dust off your resume and explore your options elsewhere.

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A CD ladder is a great place to keep money you don’t want in the market. Find out why it’s ideal for retirees who need generous returns, but accessible cash. [[{“value”:”

If you are retired, you could find building a CD ladder beneficial. This safe investment can help you maximize your returns, while reducing the chances your retirement accounts run dry while you’re still relying on them.

Not sure what a CD ladder is or why it’s a good idea to have one? Here’s what you need to know.

A CD ladder is the perfect investment for retirees for a simple reason

As you probably know if you’re a senior, you need money in your golden years to supplement Social Security, which replaces only about 40% of pre-retirement benefits. This money likely will come from your savings, including cash in investment accounts.

You don’t want to have to take money out of those investment accounts during a downturn, though. If you do, you have to sell stock and lock in losses. This puts you at greater risk of running out of money. That’s why you shouldn’t have too much of your portfolio invested as a senior. You need to be more conservative.

Since it’s typically a bad idea to have money invested that you’ll need in the next five years or so (since you won’t have time to wait out market downturns if things go wrong), you should have around five years’ worth of money out of the market. This cash should be accessible to live on in case of a prolonged market slump.

Putting a good portion of this money in a CD ladder can help you to still earn competitive returns, without taking risks, and while ensuring it’s readily available when you need it.

Why does a CD ladder work so well for retirees?

Why is a CD ladder a great choice for seniors? Here’s how it works.

Let’s say, for simplicity’s sake, that you need $120,000 to cover your living expenses for the next five years. Here’s what you do:

You keep $20,000 of this money in a savings account. If you need it, you can take it out right away. Pick a high-yield savings account and you can still likely earn above 5.00% APY right now.You put $20,000 into a CD that matures in one year (Find one here on our list of the best 12-month CDs)You put $20,000 into a CD that matures in two years (Pick from our list of the best 2-year CDs)You put $20,000 into a CD in three years (Pick from the best 3-year CDs)You put $20,000 into a CD in four years (Pick from among the best 4-year CDs)You put $20,000 into a CD in five years (Pick from among the best 5-year CDs)

With this approach, at any given time, you’ll have a year of liquid savings to cover expenses until your next CD matures. You won’t have to break a CD term early, even if the worst happens and you must live entirely on your cash savings because of a market downturn. But the rest of your uninvested money will be safe in an FDIC-insured account that earns a generous return.

Don’t pass up the chance to build a CD ladder at the perfect time

This strategy can work well in most situations because CD rates tend to be higher than savings account rates. But now is an especially great time to implement it.

CD rates have been hovering around the 4.00% to 5.00% range for all term lengths. This is unprecedented in recent history (thanks to the Federal Reserve repeatedly raising rates to fight higher inflation). These high rates are guaranteed for the duration of the CD term (unlike with a high-yield savings account, which has a variable rate that will fall if the Fed begins to lower rates).

If you start a CD ladder now, you can keep earning this competitive return on a relatively risk-free investment for at least the next five years. This is especially important now, as the Fed has signaled an intent to lower rates later this year. You can make the most of the money saved for a rainy day without putting it at risk, thereby giving you more to live on if you need it.

Start building your ladder soon before the Fed lowers rates. You won’t regret it.

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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.
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If getting a Mother’s Day gift “just right” is especially important, you’ll want to keep reading. Here, we share some of Sam’s Club’s best options. [[{“value”:”

The first official Mother’s Day was celebrated 117 years ago. It’s safe to say that families have spent a little time each year since then, hoping to find the right gift for the person they call “Mom.” Whether it’s a biological mother, adoptive mother, grandmother, aunt, family friend, or Dad who’s taken on the role of mother, we all want to get it right.

Here, we look at gifts available at Sam’s Club, each sure to make Mom happy.

Jewelry

A necklace is a gift Mom can keep forever, a constant reminder of your love for her. Naturally, though, you’ll want to buy a gift that balances a memorial gift with your personal finances. Here are several ideas.

1. 0.25 CT. T.W. Diamond X and O Necklace in 14K Yellow Gold

Sam Club’s price: $399

This pendant necklace features an X and O shape studded with white diamonds and hanging from a 14-karat gold chain. The 18″ chain is designed to be worn alone or stacked with other necklaces. With an IGI appraisal of $700, this deal is pretty unbeatable.

2. 0.33 CT. T.W. Diamond Love Pendant in 14K Gold

Sam’s Club price: $599

Instead of an X and O, on this pendant necklace, you’ll find the word “love,” written out in cursive and covered in 0.33 carats of diamonds. The lobster lock chain is adjustable to 16″, 17″, and 18″, making it perfect for layering.

3. Sterling Silver and Diamond Identity Necklace

Sam’s Club price: $99

Part of the “Script Line” collection, this necklace features a word as its centerpiece, designed to let the world know who’s wearing it. For example, you can get the word “Mama” or “Gigi” for the special mother (or grandmother) in your life. With words written in elegant script, the necklace is made of 925 sterling silver and covered with white diamonds that have been assessed and certified by the International Gemological Institute (IGI). The sturdy lobster claw clasp secures a chain that can be adjusted to 16″ or 18″ in length.

Fragrances

Whether you’re looking for a new bottle of Mom’s favorite scent or want to give her the chance to try something new, Sam’s Club has several great options.

4. Yves Saint Laurent Libre Eau de Parfum, 1.0 fl oz

Sam’s Club price: $65

Sephora at Kohl’s price: $95

It’s tough to describe a smell, but featuring lavender essence from France Yves Saint Laurent Libre Eau de Parfum includes orange blossom, musk accord, and vanilla for a warm, memorable scent.

5. Versace Bright Crystal Eau de Toilette, 3.0 fl oz

Sam’s Club price: $58

Ulta price: $110

Versace’s reputation for high-end apparel extends to its fragrances. Bright Crystal Eau de Toilette features pomegranate, peony, magnolia, lotus flower, amber, musk, and notes of yuzu, a citrus fruit valued for its aromatic flavor. In short, it’s a fresh floral scent perfect for everyday wear.

6. Marc Jacobs Perfect Eau de Parfum, 1.6 fl oz

Sam’s Club price: $80

Macy’s price: $106

This Marc Jacobs spray features a lovely floral fragrance with notes of daffodil, almond milk, cedarwood, rhubarb, and the warm, woody, musky scent of cashmeran. It’s just different enough to create a truly memorable fragrance.

Fortunately, any of these lovely fragrances can be purchased without busting your household budget.

Experiences

Would you rather find an experience Mom can enjoy on her own or share with the people she loves? Why not consider a discounted Sam’s Club gift certificate? Here are a few easy ideas.

7. Darden $75 Gift Card Multi-Pack, 3 for $25

Sam’s Club price: $72 for $75 worth of gift cards

The Darden $75 Gift Card Multi-Pack features three $25 cards that can be used separately or together. These physical gift cards can be delivered to your home in four to 10 business days. Darden gift cards can be redeemed at any Olive Garden, LongHorn Steakhouse, Cheddar’s Scratch Kitchen, Bahama Breeze, Seasons 52, or Yard House restaurant in the U.S. They can be used for online-to-go orders, catering, or dine-in meals, whichever your mother would prefer.

8. Cold Stone Creamery $30 Gift Card Multi-Pack, 3 for $10

Sam’s Club price: $30 worth of gift cards for $21

These are also physical gift cards that require four to 10 business days to be delivered. However, if Mom is a “go out for ice cream” kind of person, she’ll likely adore the fact that you’re making it so easy for her to pick up fresh ice cream, cakes, smoothies, shakes, or whatever her heart desires. The fact that you enjoyed $9 off the total price can be your little secret.

9. Starbucks $30 Gift Card Multi-Pack, 3 x $10

Sam’s Club price: $30 of gift cards for $28.98

If your Mom enjoys a good cup of Joe and regularly stops by Starbucks for a drink, why not make it easier on her by providing her with three physical gift cards, each worth $10? Your mother can use the cards to make purchases at participating stores, online, or through the Starbucks app.

10. Flowers

If you regularly order flower arrangements, you’ve no doubt noticed that service fees and shipping can cost more than the actual arrangement. That’s not the case at Sam’s Club. You find an arrangement online that you like, and that’s the price you pay. As long as you’re a Sam’s Club Plus member, you won’t be hit with shipping charges — at all. It’s that simple.

Of course, if you’re not a Plus member, you can always go into a Sam’s Club warehouse, find an arrangement that strikes your fancy, and take it with you. While there are those who think flower arrangements are silly because they eventually wilt, the rest of us are touched by the thoughtful expression of love.

If Sam’s Club isn’t normally your go-to for Mother’s Day, perhaps it should be. After all, what other store has so many products to choose from, one sure to make Mom smile? If you see a gift idea online that you’re wild about, we recommend you call ahead to ensure it’s carried in-store or order it online. Truly, there are very few ways to buy the perfect Mother’s Day gift without draining your bank account, but Sam’s Club gives you options.

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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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A study of millionaires found that there are a few common paths people follow to build wealth. Find out what they are and which is right for you. [[{“value”:”

For five years, author and Certified Financial Planner™ (CFP®) Tom Corley studied the habits of 233 millionaires. He also studied habits of people in poverty to see what differences he could find and the key habits in building wealth.

Based on his Rich Habits study, Corley found that there are four typical paths people follow to become millionaires. Some of them are long shots, but there’s also one that’s accessible to most Americans.

No matter how high your financial goals are, it’s good to know what has worked for other people. Here are the four paths that Corley identified.

1. Saver-investor

The saver-investor path is a simple one: Consistently save 20% or more of your income. Contribute that money to savings and investments, including any retirement accounts and brokerage accounts you have.

This is the long road to becoming wealthy, taking an average of 32 years, but it’s also the most common. Among self-made millionaires, 49% are saver-investors. Unlike other paths, this one doesn’t require special skills or talents. It’s an option for anyone who can save (and invest) 20% of each paycheck.

Now, that’s easier said than done. But if you make it a habit, you could build quite a bit of wealth. Let’s say you’re able to invest $10,000 per year (about $833 per month). You get an 8% annual return, which is realistic based on the stock market’s average growth. After 30 years, you’d have contributed $300,000 — but your balance would be $1.22 million.

2. Company climber

A company climber by Corley’s definition works for a big company and climbs the ladder to become a senior executive. Expanding on it a bit, this path could also include those who increase their salaries by job hopping or by working their way up to other high-paying positions. There’s more options for these out there than just senior executive jobs.

This is the second-fastest way to become a millionaire. It takes company climbers an average of 20 years to become wealthy, but it requires long hours and excellent relationship-building skills.

While the company climber path is intense, it’s usually a good idea to maximize your earning potential. Even if you’re not interested in climbing to the very top, getting the occasional raise is important to keep up with (and preferably, beat) inflation.

3. Virtuoso

A virtuoso has advanced skills or knowledge that they use to make money. Corley divides them into knowledge-based virtuosos and skill-based virtuosos. Examples of knowledge-based virtuosos include lawyers and doctors. Skill-based virtuosos include musicians and professional athletes.

With this path, it takes an average of 21 years to become wealthy. That’s largely because of how much time it takes to develop the skills or knowledge required to be a virtuoso. It can also be a costly endeavor because of the education, coaching, or mentorship needed.

4. Dreamer-entrepreneur

The dreamer-entrepreneur path involves pursuing a dream that can be monetized. For entrepreneurs, that dream is starting a successful business.

This is the fastest path to become a millionaire. It took self-made millionaires an average of just 12 years to become wealthy this way. But it’s also arguably the riskiest and most difficult. You need a high risk tolerance, and you need to devote long hours to your dream to be successful.

Which path should you follow?

It’s important to clarify that these paths aren’t all mutually exclusive. For example, even though saver-investor is its own path, millionaires who follow the other three paths eventually save and invest, too. It just tends to take longer for virtuosos and dreamer-entrepreneurs to start doing that, because they need to build their income first before they can build their savings account balances.

Think about where your talents lie and which path is best for your personality. If you like where you work, you may want to see how high you can climb on the company ladder. If you’ve always wanted to launch your own business, then the entrepreneur path will likely be the most fulfilling. And if you don’t want a path that’s too intense or requires long hours, being a saver-investor could be the perfect fit.

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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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On the surface, payroll may be a mundane administrative task. But accurate payroll is vital to employee satisfaction. Here’s why. [[{“value”:”

A lot of the conversation around employee satisfaction tends to center around pay. And that’s to be expected. (Regardless of anything else, you can’t pay your rent with good vibes.)

But it isn’t just the dollar figures on the checks that matter. It’s also ensuring that those checks are accurate and on time, every single time.

A missed check can launch a cascade of problems

A paycheck error isn’t just inconvenient. For the majority of people, one incorrect or missed paycheck could be enough to cause a cascade of financial disasters.

Studies suggest that at least two-thirds (and up to three-quarters) of U.S. households are living paycheck to paycheck. This means many families don’t have the emergency savings to weather even a small interruption in the flow of income.

Without savings in the bank, a paycheck problem can put employees in a tight spot. This may mean missing meals or forgoing other needs. If the late paycheck means bill due dates are missed, we could be talking about substantial late fees that exacerbate the problem.

In the worst case, we could even be talking about a missed rent payment that leads to eviction.

Employees stressed about falling behind on payments — or finding a new place to live — aren’t going to be happy or productive employees.

People want reliable employers

Even when folks aren’t worried about the financial impacts of a missed paycheck, payroll problems can be a big hit to morale.

The basic covenant behind this whole “work” thing is that employees perform the agreed-upon tasks in the agreed-upon time period. In exchange, the employer pays them the agreed-upon amount of money at the agreed-upon time.

If either side doesn’t hold up their end of the bargain, the whole thing collapses.

In other words: You’d probably question your employee’s reliability if they stopped showing up for work. When payroll problems happen — especially if they are recurring or unresolved — your employees may start questioning your reliability as an employer.

How to keep your payroll rolling

Ultimately, it doesn’t necessarily matter how you make payroll happen. As long as your system leads to accurate, on-time paychecks, you do you.

However, if you’re not already taking advantage of modern payroll software, it could be worth a look. (Especially if you’ve experienced payroll issues and/or are scaling your business.)

Quality payroll software can help you avoid mistakes by handling a lot of the calculations and data transfers for you. It can even connect to your business bank account to handle the transfers. Plus, the best payroll software will integrate seamlessly with your accounting software to automate the entire process.

With a few clicks of the button, the software can tackle everything from generating accurate paychecks from employee timesheets, to initiating direct deposits, to calculating tax withholdings. This eliminates nearly all of the pain points of providing error-free, on-time payments.

Workin’ hard for the money

We can talk about atmosphere, benefits, and team-building all day, but that’s worth nothing if your employees aren’t getting paid accurately and on time.

Even folks who aren’t “in it for the money” still, you know, need the money. So, whether you choose to use payroll software, thousand-line spreadsheets, or an abacus and stone tablets, make sure you’re staying on top of this all-important part of employee satisfaction.

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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.Brittney Myers has no position in any of the stocks mentioned. The Motley Fool recommends Flow. The Motley Fool has a disclosure policy.

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