How to Build a Capsule Wardrobe

Save more, spend smarter, and make your money go further

There are so many fashion trends that come and go; but what does that mean for your pockets? You’re left overspending, making impulse decisions, or buying items because others are doing the same thing. Remember, fashion is a personal experience. It’s unique to each one of us as we all express our personal style in different ways. The cost of living along with everyday essentials are on the rise; what are a few ways to remain stylish while making sure it’s budget friendly? Use the following tips to build a classic wardrobe that’s always on trend – no matter the occasion.

What is a capsule wardrobe?

A capsule wardrobe consists of a set of tops, bottoms, outerwear, shoes, and various accessories that are versatile and can be mixed based on occasion to create a multitude of looks. The focal point of a capsule wardrobe is to own more on quality pieces that can transcend through the various seasons.

Ranging from between 25 – 75 pieces (or more; just depends on your preference) the key is to be able to identify all your clothing items easily and severely cut down on the time it takes to decide what you’re going to wear from day-to-day. Your new wardrobe should be able to reflect you personally while also remaining super functional.

Step 1: Take an assessment of your closet

Before we get started with hitting our favorite stores or buying everything online; take note of what’s currently in your closet. Begin to create a few mounds of clothes – keep, purge, and repurpose piles. What are the items that no longer fit? What items don’t necessarily fit your personal style anymore?

Be honest with yourself during this exercise. For example, if the clothes fit but you haven’t worn them within the past six months, chances are you may not be in love with them like you thought during the initial purchase. Also consider gently used clothes that are still in good shape to donate or sell to a consignment shop. The funds made from items already in your closet can go toward new pieces for your capsule wardrobe! Consider your current lifestyle as well – are you self-employed, working a 9-5 or a stay-at-home parent? All of this will impact your personal decisions as it relates to clothing.

To streamline this process even further, take pictures of the items you’re going to keep and have them all in one album on your phone. This way, you’re able to track each piece you have before making any new purchases. We often believe we have nothing to wear when it’s time to get dressed – when we really are just unsure of what we have. Reprogram your mind to utilize what you already have versus spending out of impatience and frustration.

Step 2: Identify your personal style and experiment

Social media exposes us to so many people, their personal styles and fashion inspirations. When you take a step back from everyone else’s thoughts and opinions; who inspires you? Create a mood board with outfits that pique your interest, that are classic in nature and are flattering to your body type. Ask yourself the following questions:

  • Are these pieces something I’m going to love years from now?
  • Will I feel confident no matter the occasion?
  • Does this fit my work and personal lifestyle?
  • Am I committed to investing in quality items?

Answering these truthfully are a great baseline to tailoring your wardrobe for you – regardless of what’s ever changing on social media. Next is the fun part; begin experimenting with what’s in your closet! Make sure all your items are in one area in your closet or buy a fashion rack so you’re able to easily identify your growing capsule wardrobe. Using either of these methods should not only cut down your decision time when getting dressed, it gives you the opportunity to create multiple looks with the same pieces. The main goal is functionality – make sure it’s adaptable to your lifestyle and its’ demands.

Step 3: Spend wisely and fight the urge against fast fashion

Quality over quantity is the mantra to live by when wanting to build a capsule wardrobe. Think about it in this way – how can you remain timeless while also having a distinct personal style?

When you’re looking for items to add to your capsule, focus on durability and quality. There’s no point in buying a lot of clothes that can’t withstand a few cycles in the washing machine (lack of quality) or shopping for one specific event (non-functional pieces). Refer to the pictures that’ve been taken of your current items so they’re handy during any shopping trip. Don’t forget to leverage consignment shops or thrift stores during this process. Bulkier, yet timeless items such as trench coats or vests with neutral colors can often be found. If you find that shopping for each season initially is too difficult, begin offseason shopping. During the summer, fall and winter clothes can be reduced heavily in price; use these opportunities as a cost savings.

Step 4: Take your time and have fun!

Transitioning from your current wardrobe to a fully functional one isn’t easy. Don’t overwhelm yourself with trying to finalize each piece in your closet over a designated amount of time. Not only is that not realistic, but it’s also expensive (which partly defeats the purpose) and stressful. This should be a fun, experimental, yet intentional time.

Take note of the outfits you enjoy the most. What about them makes you confident? You’ll discover you love every item in your closet versus simply dealing with pieces to complete an outfit. Take a note of items that may be currently missing from your wardrobe that can be worn at least three ways.

Taking this into account, you’ll be able to add those items into your rotation easily. Every purchase should be strategic and purposeful. While others are chasing trends that change every season, you’ll be peaceful and empowered with a wardrobe distinctly curated by you and your wants.

Save more, spend smarter, and make your money go further

Marsha Barnes

Marsha Barnes is a finance guru with over 20 years of experience dedicates her efforts to empower women worldwide to become financially thriving. Financial competency and literacy are a passion of Marsha’s, providing practical information for clients increasing their overall confidence in their personal finances. More from Marsha Barnes

Source: mint.intuit.com

How Moving to a New City Can Give You a Fresh Financial Start

Save more, spend smarter, and make your money go further

Summer is a common time for many people to change up their living situations by moving either across town or across the country. And whether you are moving for a new job, a recent graduation, or just a change of scenery, moving to a new city can help give you a fresh financial start. Here are a few things to keep in mind as you plan your move.

Changing (lowering) your cost of living

The biggest thing to make sure that you’re aware of when moving to a new city is that your overall cost of living is going to change. This may be obvious to many people, but goods and services cost different amounts in different areas of the country and world. From very expensive places like New York and San Francisco to less expensive places like Tulsa or Boise and everywhere in between. 

Before you move to a new city, make sure to understand the difference in the cost of living between your current city and your new city. There are many online calculators that can compare the cost of living between two different cities. Make sure to dig deeper than just the overall cost of living. The cost of living accounts for lots of different areas of spending like housing, food, transportation, and more. Understanding how different things might change in price from what you’re used to can help you plan a budget for your new city.

Hopefully, you are moving to an area with a lower cost of living. That’s a great opportunity to take your extra money and start saving or investing it. If you are moving to a higher-cost area, you can take the chance to really get serious about budgeting

New friends and family

Your new city will also give you the chance to change who you interact with and how much. You may be moving closer to family, or have the chance to meet new friends. Changes in your family or friend’s situation can also impact your finances. If you are moving closer to extended family, you may have an opportunity to collaborate on child care and save some money that way. 

If you’re moving to a new city where you don’t know anyone, consider how that might affect your budget and your social life. Will you be spending more money at bars, events, and other places to meet new people? Work those expenses into your new budget!

Updating your recurring subscriptions

Recurring subscriptions can be an easy way to lose your money if you’re not careful. Without tracking them with a budgeting tool like Mint, it’s easy to find yourself paying for monthly subscriptions that you don’t actually use. Moving to a new city can be a great way to update your recurring subscriptions and be proactive about which ones you want to pay for.

While some monthly subscriptions like streaming services are easy to transfer with you when you move, others won’t make as much sense. It probably isn’t a good idea to continue paying for your local gym membership if you move halfway across the country. Take the time as part of your move to really take a look at which monthly payments you are making and which are still providing value.

Budgeting for your move

A budget is one of the most important tools you have to achieve a positive financial future. Budgeting for your move is important in two different ways. We’ve talked a bit already about how to adjust your budget for your new situation, but it’s also important to make a budget for the move itself.

Without a budget, it can be easy to spend much more than you intended to on your move. Moving is always stressful, so before you notice it, you can find yourself spending hundreds or thousands of extra dollars. Make sure to do your research on moving options, and don’t forget to give yourself some grace in the budget to account for unexpected things to come up while moving.

The Bottom Line

Moving to a new city is an exciting time, and can be a great opportunity to get a fresh financial start. Make sure to compare the cost of living in your new city, and how it compares to the prices that you’re used to. Adjust your budget for your new living situation and don’t forget to budget for the move itself. One great way to update your budget is to take a look at some of your recurring monthly subscriptions and have an honest conversation with yourself and others in your household about which subscriptions are worth it for you. Following these tips can get you off to a great start in your new city and with your new life.

Save more, spend smarter, and make your money go further

Dan Miller

Dan Miller is a freelance writer and founder of PointsWithACrew.com, a site that helps families to travel for free / cheap. His home base is in Cincinnati, but he tries to travel the world as much as possible with his wife and 6 kids. More from Dan Miller

Source: mint.intuit.com

Dear Penny: We Have Bad Credit. Is There Any Hope for a Debt Consolidation Loan?

Dear Penny,

We have credit scores in the 500s, and we are being declined for loans to consolidate our debt to improve our credit.

We understand the importance of improving our credit scores and are frustrated that the debt consolidation we have been advised to apply for is not working out — no approvals. Who can we turn to for a loan?

-D.

Dear D.,

When you have a smorgasbord of debts, life feels like a juggling act. So many due dates, so many interest rates, so many terms and conditions to keep track of.

Then you see the claims in the ads for debt collection loans. Get rid of high-interest credit card debt today! One low monthly payment!

It sounds like a magic little pill that will cure all your financial ailments, right? If only it were that simple.


Unfortunately — as you’ve learned — the people who could benefit most from a debt consolidation loan often don’t qualify. Most lenders require a credit score of at least 620.

You could try applying through a credit union, though membership is required. Unlike big banks, credit unions tend to look beyond your credit score at your overall financial health when you’re seeking a loan.

You can also use websites like Credible, Even Financial or Fiona to shop around for loans. (No, none of them paid me to say that.) But keep in mind that many of the lenders these sites partner with will also require a credit score in the 600s.

While you might be able to consolidate with a lower credit score, you’ll often pay astronomical interest rates — sometimes as much as 30% — which kind of makes the cure as bad as the disease.

But here’s the thing about debt consolidation: Often the benefit is more psychological than mathematical. Sure, life would be a lot simpler with a single monthly payment, but if you can’t lock in a lower interest rate, debt consolidation won’t save you money.

You say you want to consolidate to improve your credit score. If you have enough money to make at least your minimum payments, you’ll gradually see your score increase as you make on-time payments and lower the percentage of your credit you’re using.

Consider speaking with a credit counselor, especially if you can’t afford your minimum payments. The world of debt relief is rife with scammers, so make sure any counselor or organization you work with is a nonprofit that’s accredited by the National Foundation for Credit Counseling.

A credit counselor will help you figure out how to manage your money and debts. The counselor may work out a debt management plan where you make a single payment each month to the counseling organization, which will pay your debts on your behalf. They might be able to lower your monthly payments by negotiating lower interest rates or a longer repayment period, though they generally won’t be able to reduce what you owe.

Avoid companies that offer to work out a debt settlement plan, in which you’ll stop making payments so the company can negotiate to reduce your debt. Not only will these plans kill your credit, but you’ll also owe taxes on the amount that’s forgiven.

It’s easy to get discouraged when you’re deep in debt and low on options for rebuilding your credit. But keep in mind that while a debt consolidation loan might improve your credit somewhat in the short term, it won’t fix the underlying causes of your debt.

Building good credit doesn’t happen quickly. You have to figure out a way not to rely on credit, and to spend less than you make. It requires discipline and a commitment to financial health. And there’s no magic pill for that.

Robin Hartill is a certified financial planner and a senior writer at The Penny Hoarder. Send your tricky money questions to [email protected] or chat with her in The Penny Hoarder Community.

<!–

–>

Source: thepennyhoarder.com

5 Expert Tips for Protecting Yourself from the Next Crypto Crash

If you’re investing in cryptocurrency, it needs to be part of a balanced portfolio that meets your goals. For most people, this means allocating no more than 5% of your portfolio to a risky investment like crypto.
Possibly the most important thing for investors to remember is don’t panic. Cryptocurrency is a highly volatile investment and these types of price swings are to be expected.
— Cody Lachner, certified financial planner and director of financial planning at BBK Wealth Management
Most investors are seeing a broad pull back in all their investments right now, including stocks. There’s not much investors can do in such situations except to keep their portfolios balanced and diversified.
The machine worked great — until it didn’t.
The collapse of terra and luna erased some billion in market capitalization in a week. Experts say that money is unlikely to return. The fallout sent ripples across the entire crypto ecosystem, causing bitcoin and ethereum to hit lows not seen since December 2020.
The crash in crypto has reminded us why a long-term investment strategy is so important. The crypto community has even come up with the phrase HODL which means “hold on for dear life.”
Source: thepennyhoarder.com
In the months and weeks ahead, cryptocurrencies will face the same challenge as other major asset classes — rising interest rates — which tend to negatively impact the value of risky investments.
Sometimes people only look at the upside when investing. They think “Wow, I could have made a lot of money if only I had invested in this or that.”
— Chris Brooks, co-founder of Crypto Asset Recovery
But why did investors sink so much money into these tokens?
By May 12, the stablecoin once pegged at was trading for less than a penny.
When investing for the long-term, you understand that corrections are part of a normal market. That makes it easier to ride out the lows and wait for the eventual recovery.
Terra’s value is meant to stay at . But it wasn’t backed by real-world assets. Instead, the two tokens were tied in value to one another like a seesaw. One token would be automatically created or destroyed based on the supply and demand of the other.

How To Protect Your Portfolio From Another Crypto Crash: 5 Experts Weigh In

A portrait of Robert Persichitte
Photo courtesy of Robert Persichitte

1. Don’t Go All in

Ready to stop worrying about money?
Get the Penny Hoarder Daily
Eventually, trust will re-enter the market and you’ll get another shot.
— Lance Elrod, a certified financial planner with Next Step Financial Transitions

This is a portrait of Erik Goodge who is wearing an eye patch while sitting in a green office chair.
Photo courtesy of Erik Goodge

2. Read the Fine Print

— Robert Persichitte, a tax accountant and certified financial planner at Delagify Financial
Rachel Christian is a Certified Educator in Personal Finance and a senior writer for The Penny Hoarder.
New York Magazine described the system “as a perpetual wealth-creation machine, a way to always make money through the magic of code and financial engineering.”
Terra’s algorithm eventually broke — there’s still some confusion and debate over why — and its value started nosediving May 8. As investors sold off UST, the supply of luna ballooned, causing its price to plummet. From there, UST and luna locked arms in a death spiral race to the bottom.

3. Be Safe, Be Secure

By May 16, bitcoin traded at around ,000 — more than a 50% decline in value from its all-time high of roughly ,000 five months ago.

This is a portrait of Chris Brooks.
Photo courtesy of Chris Brooks

Cryptocurrency investors are reeling and wondering what comes next after a massive market shakeup sent the price of bitcoin plummeting to its lowest level in 17 months last week.
Privacy Policy

A portrait of Lance Elrod.
Photo courtesy of Lance Elrod

4. Play the Long Game

One positive that can occur during a correction like this is a tax-loss harvesting opportunity: You can sell certain assets to capture losses and offset capital gains tax you may owe next year.
Many cryptocurrency investors are now wondering what comes next and how to safeguard their portfolios. After all, it’s not just cryptocurrency that’s suffering — the entire U.S. economy is sluggish. Inflation is high, interest rates are rising, stocks are down (the S&P 500 has lost 16% of its value so far in 2022) and many experts are forecasting a recession in the next six to 12 months.
But few terra/luna investors paused to realize they were stacking risk on top of risk on top of more risk.

A portrait of Cody Lachner, certified financial planner and director of financial planning at BBK Wealth Management.
Photo courtesy of Cody Lachner

5. Buy and Hold (on for Dear Life)

— Erik Goodge, a certified financial planner and president of uVest Advisory Group
No one has perfect foresight. That’s why it’s so important to diversify with other assets.
Employ best practices in diversity, securing your private keys and don’t over-leverage yourself. Know that while this is a setback, it’s a temporary one.
We sat down with five experts who offered insight into navigating these uncertain times — and the best ways to protect your portfolio from a future crypto crash.

The phrase reminds us that investing in crypto is anything but a smooth ride. <!–

–>


A scheme known as the Anchor protocol promised crypto investors annual returns of nearly 20% in exchange for lending out their terra holdings. With cryptocurrency markets relatively stagnant since December, the lure of 20% returns seemed too good to pass up.

Brace Yourself: The Price Tag on Cars is About to Go UP!

Save more, spend smarter, and make your money go further

If you’ve done any car shopping lately, this will come as no surprise: automobile prices are going through the roof. Unfortunately, that trend doesn’t appear to be slowing down any time soon.

We’ll walk you through the factors driving this sharp increase, and give you some tips on how to avoid blowing up your budget when buying a car.

How Car Prices are Changing

Research from CarGurus.com found that used car prices are up more than 30% from June 2020. Prices have been steadily rising since the Covid-19 pandemic, and numbers have never been this high.

Not all brands are increasing at the same rate. For example, Tesla has only increased by 6% in the past year while Ram trucks have increased 40.5%. You can find a complete list of car manufacturers and their year-over-year increases here.

Why Car Prices are Going Up

Global supply chains were disrupted during the pandemic last year, and many car manufacturers did not produce as many vehicles as they normally would. The influx of stimulus checks and mass avoidance of public transit caused more people to buy cars, further limiting the available car supply.

Since 2020, there has been a global chip shortage causing massive delays for automakers. The average car can have hundreds of these chips, which explains why automobile production has slowed down even as other industries have begun to ramp back up.

How to Budget for Higher Car Prices

If you need to buy a car right now, prepare to pay higher prices than you might have paid a year or two ago.

Here’s how to plan ahead:

Look at your overall budget

Whether you’re planning to buy a car in cash or take out a loan, you should look at your budget to see how much you can afford to pay.

Because prices for other goods are also rising, it’s important to allow some flexibility in your budget. Don’t buy the most expensive car you can afford, and don’t raid your savings to pay for it. While the economy seems to be rebounding, you should still keep a sizable emergency fund in case of future layoffs or furloughs.

Compare interest rates

According to Bankrate.com, interest rates for auto loans are the lowest they’ve been since 2015. If you’re getting a car loan, one of the most important factors is the interest rate and APR. The interest rate affects your monthly payments and the total amount of interest paid over the life of the loan.

Start by getting quotes from your current bank, and then get outside quotes from other banks, credit unions, and auto lenders. Compare the APR and not just the interest rate. The APR is the more comprehensive number, reflecting both the interest rate and any fees.

Get the most for your trade-in

Because used car prices are going up, you will likely earn more for your trade-in than you would have in the past. Look up your car’s value on Kelley Blue Book and Edmunds.com to see what it’s worth.

Then, maximize your trade-in value by getting multiple quotes from dealerships and listing your car for sale on sites like eBay, Craigslist, and Cars.com. You’ll earn more from a private seller but may have to deal with flaky buyers. If you’re selling a car to an individual, you’ll also need to verify that the check or cash you receive is legitimate.

When selling to a dealership, try to leverage quotes from multiple dealers against each other to create a bidding war. Remember that inventory for used cars is low, so many companies are willing to pay more than you might expect for a used car.

Get a longer-term loan

If you can’t afford to pay for the car in cash, a car loan is your next best option. Car loan terms range from 24 to 84 months, and interest rates generally increase as the term gets longer. Because car prices are higher right now, you may need a longer loan term to end up with monthly payments you can comfortably afford. Use a car loan calculator and play around with the numbers to find your upper loan limit.

Here’s how the monthly payments can change depending on the term. Let’s say you receive two quotes from an auto lender for a $20,000 car. The first option is a three-year term with a 5% interest rate and a $582 monthly payment. The second option is a six-year term with a 6% interest rate and a $331 monthly payment.

You review your budget and determine that the maximum amount you can afford each month is $350. In this case, you would be better off choosing the six-year term with the higher interest rate.

It’s better to have a payment you can easily make every month than a lower interest rate and less wiggle room in your budget. You can always make extra payments on the car loan to pay it off faster if your income increases. Most auto lenders don’t charge a prepayment penalty, so there’s no extra fee if you repay the loan ahead of schedule.

Budget for car insurance

If you’re about to buy a new car, call your car insurance provider and ask them what the new monthly premium will be. In most cases, buying a newer car will increase your premiums because it will cost more to replace if there’s an accident.

But if your new car has additional safety features that could reduce the chances of an accident, then your premiums may not change as much. Still, it’s better to find out now what the premium will be instead of after you’ve bought the car.

Bottom Line

It’s impossible to predict where prices may be in the future. If you don’t need to buy a car right now, you might be better off waiting a few months to see if prices cool off.

Save more, spend smarter, and make your money go further

Zina Kumok

Zina Kumok is a freelance writer specializing in personal finance. A former reporter, she has covered murder trials, the Final Four and everything in between. She has been featured in Lifehacker, DailyWorth and Time. Read about how she paid off $28,000 worth of student loans in three years at Conscious Coins. More from Zina Kumok

Source: mint.intuit.com

How to Become a Plumber in 2022

Licensed master plumbers have the highest earning potential. The top 10% of plumbers can earn ,920 a year, according to the Bureau of Labor Statistics.
And on the high end, earning potential for master plumbers nearly reached 0,000 for the top 10%.
How Much School Do Plumbers Need?

How to Become a Plumber in 4 Steps

Potential education topics at a vocational school might include plumbing theory, water distribution, blueprint reading, draining and venting, pipe cutting and soldering and even electrical basics.
If you are currently a high school student interested in becoming a plumber, take all the math courses you can. In addition, choose classes like physics and shop to help you build an effective knowledge and skills base.
Becoming a plumber is all about licensure, so college is not a requirement. However, plumbers typically need to have their high school diploma or general equivalency diploma (GED) to start an apprenticeship. A diploma or GED is also important if you plan to take any plumbing courses at a community college (more on that below).

1. Get Your High School Diploma or GED

To be considered a journeyman plumber, you will need to pass your state’s licensing exam. In general, you will need to renew this license every three to five years and take continuing education courses to maintain your licensed status.
A plumber’s skill set is varied. As a plumber, you will need the technical knowledge to diagnose plumbing problems and make repairs. You will also need to be proficient in using a wide variety of tools, including saws, hammers, screwdrivers, wrenches and torches. Remaining in top physical condition is crucial, as you will frequently do heavy lifting and perform tasks that require stamina, often in very hot or cold environments.
Most states require you to operate as a journeyman plumber for a set number of years (between two and five) before you can seek licensure as a master plumber. To earn your license, you’ll need to pass a written and practical exam.

2. Become an Apprentice

Upon completing your apprenticeship, you can apply to become a licensed journeyman plumber. Once you reach this status, you will be able to work unsupervised on commercial and residential projects.
Becoming a plumber does not require the college career path. Instead, you will complete high school and find work as an apprentice. After a few years, you can get licensed as a journeyman plumber and then a master plumber.
We’ve found the answers to the most commonly asked questions about becoming a plumber, including how long it takes until you’re repairing leaky sinks on your own.
To earn a plumbing license, you must first complete a four- to five-year apprenticeship and then pass the journeyman exam; an apprenticeship includes classroom instruction but no formal school program. Some plumbers choose to attend a year or two of plumbing trade school before their apprenticeship.
A plumbing apprenticeship program includes on-the-job training and some classroom instruction, but many plumbers choose to attend a vocational school as a first step. Plumbing trade schools may offer special certification or even a two-year associate degree.

3. Become a Journeyman Plumber

In general, you can find a plumbing apprenticeship program through trade unions, community colleges, trade schools and even private businesses. You might need to pass an exam or interview with a licensed plumber.
How Long Does It Take to Become a Plumber?
How Much Money Do Plumbers Make?

4. Become a Master Plumber

Ready to stop worrying about money?
Depending on your state, you may be able to earn special endorsements and certifications. For example, in the Lone Star State, in addition to your Texas plumbing license, you can obtain endorsements for medical gas piping installation, multipurpose residential fire protection sprinkler installation and water supply protection installation and repair.
Scroll on to learn how to become a plumber — and what you can expect out of the career.

Wondering how to become a plumber? Our guide covers the education, apprenticeship and licensing requirements on your journey to getting certified as a licensed plumber — and offers a peek into the day-to-day, job outlook and typical salary.

Optional: Go to a Trade School

Earning a special degree or certification can give you a leg-up when applying for competitive apprenticeships.
In high school, math will be crucial to your role as a plumber. Each day, plumbers use concepts from algebra and geometry, and they’re regularly calculating using various units of measure.
At the journey level, you can work for a plumbing company or start your own business.

How Much Do Plumbers Make?

Plumbers can work on both residential and commercial projects. The day-to-day duties might include remodeling bathrooms and kitchens, replacing and repairing water and drain lines, installing new water heaters, installing new faucets, installing new toilets and installing water filtration systems.
In 2021, the median pay for plumbers was ,880, but the top 10% earned ,920.
As a master plumber, you’ll reach peak earning potential and can even run your own plumbing business.

What Do Plumbers Do?

If you want to work in a supervisory capacity or be able to employ additional plumbers for your business, you will need to become a licensed master plumber.

Necessary Skills

Get the Penny Hoarder Daily
Plumbing apprenticeships generally last four to five years, during which time you’ll receive roughly 2,000 hours of on-the-job training in the plumbing trade, plus technical instruction. During this time, you’ll learn about local plumbing codes and regulations, how to read blueprints and OSHA safety regulations.Advanced education may cover topics like plumbing fixtures and drainage systems. Unlike pursuing a college degree, however, plumbing apprenticeships are paid.

Challenges

The median pay for plumbers last year was ,880, according to the Bureau of Labor Statistics. Though the labor is tough, hours can be long and the work can be dangerous, becoming a licensed plumber may be well worth it if you have the necessary skills and dedication.

Frequently Asked Questions (FAQs) About Becoming a Plumber

Privacy Policy

Becoming a licensed plumber takes at least four to five years, as this is the general length of an apprenticeship. Some aspiring plumbers choose a year or two of vocational school before their apprenticeship. After completing an apprenticeship, you can earn your journeyman and then master plumber license.
As an apprentice plumber, you won’t be able to tackle projects yourself. Instead, you will shadow a journeyman plumber or a master plumber, depending on the program.
License laws and types vary by state. Determine the state that you wish to operate in as a plumber, and research those specific guidelines. The steps below offer a more general look at how to become a plumber.
Plumbers need to be able to cut and solder pipes, diagnose and troubleshoot issues with plumbing systems and interpret (or even draw) blueprints. If you run your own plumbing company, you will also need to handle advertising, scheduling, taxes and billing — or hire someone to do that for you.
An apprenticeship offers on-the-job experience and classroom education. Programs vary by state and organization in terms of structure, length and application process.
Skilled plumbers fulfill a crucial need in society, and demand for plumbers continues to grow. Though the manual labor is often grueling, a career in plumbing can be quite lucrative — and doesn’t require expensive schooling and massive student loan debt.

Once you have your diploma or GED, the next step to becoming a licensed plumbing contractor is either attending plumbing school or completing an apprenticeship. Plumbing school is typically optional (but we’ve got more details below); many plumbing hopefuls skip straight to an apprenticeship. <!–

–>


While the BLS targets 5% job growth through 2030, the increase in home renovation projects due to the ongoing pandemic may create even more plumbing jobs in the years ahead.

Is Recession Coming? Watch These Signs

recession market scare crash downturn stock business men
By Andrey Burmakin / Shutterstock.com

There’s no time stamp on when recessions pop up, or how long they last. Our last recession was two months long at the onset of the COVID-19 pandemic in 2020, making it the shortest on record.

The one before that was the Great Recession starting in 2007 and lasting 18 months, the longest downturn since World War II.

If the stock market and economy are keeping you on the edge of your seat, you can look for signs of a recession before it hits. That can help you determine whether you should start preparing for a recession, and the act of getting your finances ready for a possible downturn should give you some peace of mind.

An inexact science

work worry
Stock-Asso / Shutterstock.com

Before we dive into the possible warning signs of a recession, it’s worth noting that predicting a recession is not an exact science.

So, while the following warning signs historically have served as indicators that a recession might be on the horizon, that doesn’t mean they are foolproof. The economy is dynamic, and there is no list of indicators that have preceded every past recession.

Still, the following indicators tend to be a good place to start looking if you’re worried about whether a recession lies ahead.

Sign No. 1: The yield curve inverts

Positive yield curve
hafakot / Shutterstock.com

Typically, long-term bonds pay more than short-term bonds, as illustrated above. This makes sense: If you agree to tie up your money for longer periods, you should be paid more for your trouble. This is why a five-year certificate of deposit (CD) pays more than a one-year CD.

Rarely, however, the reverse is true: Long-term bonds start paying less than short-term bonds. When that happens, a recession often follows. In fact, this situation, known as an inverted or negative yield curve, has proven a highly accurate recession predictor.

Why would long-term bonds ever pay less than short-term bonds? The nation’s central bank, the Federal Reserve — or “the Fed” for short — controls short-term rates, but the market controls the rates on longer-term securities.

The Fed can raise short-term rates, which is exactly what they started doing in March 2022, for the first time since 2018. But if investors start thinking things don’t look so good in the economy, they keep their powder dry by buying long-term bonds. The more they buy and bid up the price, the lower the rates on these securities go.

The yield curve did dip into negative territory in late March 2022. It quickly recovered, but it’s worth noting that it was the first time the yield curve turned negative since 2019 and, before that, 2006.

What to watch: You can find Treasury yields on the U.S. Treasury Department’s website. CNBC also tracks in real time the spread, or difference, between the yields on two-year and 10-year Treasurys.

Sign No. 2: The Leading Economic Index slips

Jenga game at risk of slipping
88studio / Shutterstock.com

The Conference Board’s Leading Economic Index (LEI) is one predictor of global economic health. The Conference Board, a nonprofit research group, describes the index as one of “the key elements in an early warning system to signal peaks and troughs in the global business cycle,” with the LEI specifically anticipating turning points in the business cycle.

Monthly dips in the Leading Economic Index aren’t alarming. However, year-over-year drops in the benchmark have been followed by recessions in the past.

The LEI increased by 0.3% from February to March, and by 1.9% over the six months leading up to March, so there’s no reason for concern based on this indicator right now.

What to watch: Keep an eye on Conference Board press releases or media coverage of the index.

Sign No. 3: Interest rates rise

Federal Reserve
Orhan Cam / Shutterstock.com

Government monetary policy can be another economic bellwether. We’ll explain what to watch, but first, a quick refresher on how it works.

The Federal Reserve influences the economy by using a couple of tools. One of those tools is control over short-term interest rates via the target federal funds rate. If the economy is in the doldrums, it can lower the federal funds rate to encourage consumers and businesses to borrow, buy and invest, which stimulates the economy. That’s why this rate was kept near zero for years following the Great Recession that began in December 2007.

On the other hand, if the economy is growing too fast, that can lead to rising prices, otherwise known as inflation. To cool things down, the Fed raises the federal funds rate, which serves to put the brakes on the economy by discouraging both consumers and businesses from borrowing and spending as much.

While interest rates don’t directly affect the stock market, if businesses have to pay more in interest, that hurts their profits, which will ultimately be reflected in a lower stock price.

Also, as rates rise, investors often sell stocks, driving prices lower. Why do they sell? Think about it: If you can earn high interest from insured bank accounts or guaranteed Treasury bonds, why take a chance on stocks?

Again, the Fed resumed raising the federal funds rate in March 2022, marking the first rate hike since 2018. The hike in May — a half-point — was the largest increase since 2000.

What to watch: The Federal Reserve’s Federal Open Market Committee posts statements, which include any votes to change the federal funds rate, after each of its regularly scheduled meetings. The meetings are also widely covered by the financial media.

Sign No. 4: Consumer sentiment falls

Upset shopper at a grocery store
C.Snooprock / Shutterstock.com

Another economic indicator published by the Conference Board, the Consumer Confidence Survey, monitors everything from Americans’ buying intentions and vacation plans to their expectations for inflation, stock prices and interest rates.

After an uptick in March, consumer confidence fell slightly in April. The Consumer Confidence Index was at 107.3 for the month, down from 107.6. During the recession at the beginning of the COVID-19 pandemic, the index was less than 90.

Fluctuation is normal, especially as economic conditions shift. The pandemic, the rising costs of products and the war in Ukraine can change how people feel about the economy from month to month. But if consumer confidence continues to drop, that could be a sign of a looming recession.

What to watch: The Consumer Confidence Survey is updated monthly. Track press releases for it on the Conference Board’s website. The survey is also widely covered in the media.

Sign No. 5: Business confidence cools

Upset businessman holding his head at his computer
Rido / Shutterstock.com

Like consumer confidence, business confidence can shed light on the direction of the economy.

The Conference Board’s Measure of CEO Confidence remained in positive territory — 57 — in the first quarter of 2022. (The board considers measures of more than 50 points as positive, and lower readings as negative.) But this measure marked the third consecutive quarter of decline.

CEOs’ assessment of the current general economic conditions, and their expectations for the near future, also declined.

The outlook of small-business owners isn’t any rosier, according to the National Federation of Independent Business’ Small Business Optimism Index.

In March, inflation overtook labor quality as the top problem among small businesses. In fact, the share of owners raising their average selling prices reached its highest level in the survey’s 48-year history.

Moreover, the share of owners who expect better business conditions over the next six months fell to its lowest level in the survey’s history.

What to watch: Business confidence gauges like the Measure of CEO Confidence and CFO Survey are updated quarterly. The Small Business Optimism Index is updated monthly.

Sign No. 6: Vanguard’s risk forecast worsens

Vangaurd
Casimiro PT / Shutterstock.com

Vanguard is one of the biggest asset management firms in the world, so its economic outlooks can help paint a picture of how to monitor fluctuation in the economy.

Before the recession that started in late 2007, Vanguard’s six-month forecast had said the probability of a recession in six months was greater than 40%, according to The New York Times.

The firm’s forecast for 2022 — subtitled “Striking a better balance” — was overall optimistic, if cautiously so:

“While the economic recovery is expected to continue through 2022, the easy gains in growth from rebounding activity are behind us. We expect growth in both the U.S. and the euro area to slow down to 4% in 2022.”

In March, however, Vanguard downgraded its 2022 estimated growth for the U.S. from 4% to 3.5% — which is where it remained going into May.

What to watch: Vanguard posts its monthly market perspectives on its “Our Insights” webpage and issues press releases about its annual outlooks.

Disclosure: The information you read here is always objective. However, we sometimes receive compensation when you click links within our stories.

Source: moneytalksnews.com